# EDGAR Filing Document

**Accession Number:** 0001323404
**File Stem:** 0001193125-25-175629
**Filing Date:** 2025-8
**Character Count:** 551011
**Document Hash:** 33fe096f8a4cd6f9fa2fe9193fc06798
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-175629.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001193125-25-175629

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wheaton Precious Metals Corp.
- **CENTRAL INDEX KEY:** 0001323404
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980459455
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32482
- **FILM NUMBER:** 251195743

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 3500
- **STREET 2:** 1021 WEST HASTINGS STREEET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 0C3
- **BUSINESS PHONE:** 604 684 3123

**MAIL ADDRESS:**
- **STREET 1:** SUITE 3500
- **STREET 2:** 1021 WEST HASTINGS STREEET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 0C3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silver Wheaton Corp.
- **DATE OF NAME CHANGE:** 20050411

?xml version='1.0' encoding='ASCII'? 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the

Securities Exchange Act of 1934

For the Month of August, 2025

Commission File Number: 001-32482

WHEATON PRECIOUS METALS CORP.

(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street

Vancouver, British Columbia

V6E 0C3

(604) 684-9648

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☑

This report on Form 6-K shall be incorporated by reference into the registrant's Registration Statement on Form S-8 (File No. 333-128128), on Form F-10 (File No. 333-286521) and on Form F-3D (File No. 333-194702) under the Securities Act of 1933, as amended.

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#### DOCUMENTS FILED AS PART OF THIS FORM 6-K
See the Exhibit Index to this Form 6-K.

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | WHEATON PRECIOUS METALS CORP. | WHEATON PRECIOUS METALS CORP. | WHEATON PRECIOUS METALS CORP. |
| August 7, 2025 | By: | /s/ Curt Bernardi | /s/ Curt Bernardi |
|  |  | Name: | Curt Bernardi |
|  |  | Title: | Executive Vice President, Strategy |
|  |  |  | and General Counsel |

---

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#### EXHIBIT INDEX

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| | |
|:---|:---|
| 99.1 | [News Release dated August 7, 2025](d47627dex991.htm) |
| 99.2 | [Management's Discussion and Analysis for the period ended June 30, 2025](d47627dex992.htm) |
| 99.3 | [Unaudited Condensed Interim Consolidated Financial Statements for the period ended June 30, 2025](d47627dex993.htm) |
| 99.4 | [Certification of the Chief Executive Officer pursuant to Form 52-109F2](d47627dex994.htm) |
| 99.5 | [Certification of the Chief Financial Officer pursuant to Form 52-109F2](d47627dex995.htm) |
| 101 | Interactive Data File (formatted as Inline XBRL) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g47627g80a50.jpg)

August 7, 2025

Vancouver, British Columbia

*SECOND QUARTER FINANCIAL RESULTS* 

**Wheaton Precious Metals Announces Record Revenue and Operating Cash** 

**Flow for the Second Quarter of 2025** 

"Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings, and operating cash flow for both the second quarter and the first half of 2025," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful, long-term value for all stakeholders."

**Record Financial Performance and Strong Balance Sheet** 

● Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record
$286 million in adjusted net earnings, and a record $415 million in operating cash flow.

● Declared a quarterly dividend<sup>1</sup> of $0.165 per common share and made
two quarterly dividend payments totalling $150 million.

● Balance Sheet: Cash balance of $1.0 billion, no debt, and an undrawn $2 billion revolving credit facility as
at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on
June 30, 2030.

**High Quality Asset Base** 

● Streaming and royalty agreements on 20 operating mines and 26 development and other projects<sup>5</sup>.

● 83% of attributable production from assets in the lowest half of their respective cost curves<sup>2,4</sup>.

● Attributable gold equivalent production<sup>3</sup> ("GEOs") of
158,600 ounces in the second quarter of 2025, a 9.5% increase relative to the comparable period of the prior year primarily due to stronger production at Salobo coupled with the commencement of production at Blackwater.

● On May 2, 2025, Artemis Gold Inc., ("Artemis Gold") announced the commencement of commercial production
at its Blackwater mine, with mining operations exceeding 90% of planned tonnage, and both tonnes and grades reconciling favorably to the resource model.

● On June 30, 2025, B2Gold Corp. ("B2Gold") announced the first gold pour at its Goose project, with the
mill running consistently at approximately 50% of nameplate capacity as planned.

● Growth profile was further de-risked as construction activities advanced at a
number of development projects including Mineral Park, Platreef, Fenix, Kurmuk and Koné.

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**Leadership in Sustainability** 

● Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by
MSCI and Prime rated by ISS.

● Recognized among the top 10 companies on Corporate Knights' annual Best 50 Corporate Citizens in Canada.

● Published annual Sustainability Report highlighting our commitment to responsible business practices and providing a
comprehensive review of Wheaton's performance in environmental, social and governance topics.

● Published annual Climate Change Report detailing how Wheaton is addressing climate change risks and opportunities, as
well as potential climate-related impacts.

**Operational Overview** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (all figures in US dollars unless otherwise noted) | <br> Q2 2025 | <br> Q2 2024 | <br> Change | <br> YTD 2025 | <br> YTD 2024 | <br> Change |
|  **Units produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 91968 | 83743 | 9.8% | 184637 | 176101 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 5407 | 5047 | 7.1% | 10100 | 10529 | (4.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 2435 | 4338 | (43.9)% | 5096 | 8801 | (42.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 647 | 259 | 149.7% | 1187 | 499 | 137.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>3</sup> | 158608 | 144904 | 9.5% | 309209 | 303393 | 1.9% |
|  **Units sold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 98973 | 77326 | 28.0% | 210270 | 169345 | 24.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 4868 | 3823 | 27.3% | 9351 | 7890 | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 2575 | 4301 | (40.1)% | 5032 | 9075 | (44.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 353 | 88 | 301.1% | 618 | 397 | 55.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>3</sup> | 157916 | 123462 | 27.9% | 323212 | 265756 | 21.6% |
|  **Change in PBND and Inventory** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>3</sup> | (11551) | 7986 | 19537 | (38205) | 9322 | 47527 |
|  **Revenue** | $503218 | $299064 | 68.3% | $973629 | $595870 | 63.4% |
|  **Net earnings** | $292270 | $122317 | 138.9% | $546254 | $286358 | 90.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share | $0.644 | $0.270 | 138.5% | $1.204 | $0.632 | 90.5% |
|  **Adjusted net earnings <sup>1</sup>** | $286004 | $149565 | 91.2% | $536830 | $288398 | 86.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share <sup>1</sup> | $0.630 | $0.330 | 90.9% | $1.183 | $0.636 | 86.0% |
|  **Operating cash flows** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234393 | 77.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453773 | 71.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share <sup>1</sup> | $0.914 | $0.517 | 76.8% | $1.709 | $1.001 | 70.7% |

---

*All amounts in thousands except gold, palladium & gold equivalent ounces, and per share amounts.* 

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**Financial Review** 

***Revenues***

Revenue in the second quarter of 2025 was $503 million (65% gold, 33% silver, 1% palladium and 1% cobalt), with the $204 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; and a 28% increase in the number of GEOs³ sold.

Revenue was $974 million in the six months ended June 30, 2025, representing a $378 million increase from the comparable period of the previous year due primarily to a 34% increase in the average realized gold equivalent³ price; and a 22% increase in the number of GEOs³ sold.

***Cash Costs and Margin***

Average cash costs¹ in the second quarter of 2025 were $470 per GEO³ as compared to $437 in the second quarter of 2024. This resulted in a cash operating margin¹ of $2,717 per GEO³ sold, an increase of 37% as compared with the second quarter of 2024, a result of the higher realized price per ounce. The higher margin reflects the leverage provided by fixed per-ounce production payments across the majority of Wheaton's operating streams, which accounted for 85% of revenue during the quarter. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton's business model in leveraging rising commodity prices while maintaining strong cash operating margins.

Average cash costs¹ for the six months ended June 30, 2025 were $458 per GEO³ as compared to $435 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $2,554 per GEO³ sold, a 41% increase from comparable period of the previous year, a result of the higher realized price per ounce.

***Cash Flow from Operations***

Operating cash flow in the second quarter of 2025 amounted to $415 million, with the $181 million increase from the comparable period of the prior year, due primarily to the higher gross margin.

Operating cash flows for the six months ended June 30, 2025 amounted to $776 million, with the $322 million increase from the comparable period of the previous year being due primarily to the higher gross margin.

***Produced But Not Yet Delivered***

As at June 30, 2025, approximately 130,000 GEOs were produced but not yet delivered ("PBND") representing approximately 2.7 months of payable production. Total PBND ounces decreased quarter-over-quarter as strong production levels in the first quarter of 2025, resulted in an increase to sales realized in the second quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of its forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.

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***Balance Sheet*** *(at June 30, 2025)* ****

● Approximately $1.0 billion of cash on hand.

● The Company extended its existing undrawn $2 billion revolving term loan (the "Revolving Facility") with
its maturity date now June 30, 2030. In addition, the Company added an incremental $500 million accordion feature, providing expanded financial capacity.

● During the second quarter of 2025, the Company made total upfront cash payments of $347 million relative to the
mineral stream interests consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $156 million relative to the Koné PMPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $144 million relative to the Salobo III expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $44 million relative to the Kurmuk PMPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $3 million relative to the Cangrejos PMPA.

● Subsequent to the quarter, the Company made additional upfront cash payments of $206 million relative to the
mineral stream interests consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $156 million relative to the Koné PMPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $50 million relative to the Fenix PMPA.

● With the existing cash on hand coupled with the fully undrawn $2 billion revolving facility coupled with the
$500 million accordion and ongoing operating cash flows, the Company believes it is well positioned to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream
interests.

**Senior Management Promotions** 

On June 18, 2025, Wheaton was pleased to announce key senior management promotions as the Company positions itself for its next era of innovation and growth. Effective June 30, 2025, Haytham Hodaly, formerly Senior Vice President of Corporate Development, was appointed to President of the Company. In addition, Curt Bernardi, formerly Senior Vice President Legal and Strategic Development, was promoted to Executive Vice President, Strategy and General Counsel. Randy Smallwood remains the Chief Executive Officer of Wheaton.

**Second Quarter Operating Asset Highlights** 

***Salobo:*** In the second quarter of 2025, Salobo produced 69,400 ounces of attributable gold, an increase of approximately 10% relative to the second quarter of 2024, primarily due to higher throughput, partially offset by lower grades. On July 22, 2025, Vale S.A. ("Vale") announced that following the implementation of Salobo 3, the Salobo complex has reached full ramp-up and is consistently delivering strong operational performance.

***Antamina:*** In the second quarter of 2025, Antamina produced 1.3 million ounces of attributable silver, an increase of approximately 31% relative to the second quarter of 2024 primarily due to higher grades, partially offset by lower recoveries and the impacts of a full safety shutdown which lasted approximately one week.

***Peñasquito:*** In the second quarter of 2025, Peñasquito produced 2.1 million ounces of attributable silver, a decrease of approximately 7% relative to the second quarter of 2024, primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.

***Constancia:*** In the second quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,600 ounces of attributable gold, an increase of approximately 22% for silver production and a decrease of approximately 27% for gold production relative to the second quarter of 2024. The decrease in gold was primarily the result of lower grades as

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more material was mined from the Constancia pit and reclaimed from the stockpile compared with the prior year. On July 3, 2025, it was reported that protests by informal miners in Peru led to intermittent roadblocks along the Southern Road Corridor, impacting major copper operations including Hudbay's Constancia mine and MMG Limited's Las Bambas mine<sup>8</sup>. MMG Limited later confirmed that transportation resumed as of July 15, 2025, following an agreement by artisanal miners to lift the blockades. Wheaton's second quarter deliveries from Constancia remained unaffected by these temporary disruptions.

***San Dimas:*** In the second quarter of 2025, San Dimas produced 7,000 ounces of attributable gold, a decrease of approximately 1% relative to the second quarter of 2024, primarily due to lower grades and recovery as well as the change of the gold to silver conversion ratio from 70:1 to 90:1, partially offset by higher throughput. In accordance with the San Dimas PMPA, effective April 30, 2025, the fixed gold to silver conversion ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 13 of this press release for more information).

***Stillwater:*** In the second quarter of 2025, the Stillwater mines produced 1,700 ounces of attributable gold and 2,400 ounces of attributable palladium, a decrease of approximately 21% for gold and 44% for palladium relative to the second quarter of 2024, primarily due to lower throughput as Stillwater West operations were placed into care and maintenance in September 2024.

***Voisey's Bay:*** In the second quarter of 2025, the Voisey's Bay mine produced 647,000 pounds of attributable cobalt, an increase of approximately 150% relative to the second quarter of 2024, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground continues. On April 15, 2025, Vale reported the consistent ramp-up of Voisey's Bay's underground operations. The full ramp-up is expected by the second half of 2026.

***Other Gold:*** In the second quarter of 2025, total Other Gold attributable production was 4,800 ounces, an increase of approximately 721% relative to the second quarter of 2024 ****due to the initial reported production from the Blackwater Mine, which achieved commercial production on May 1, 2025. Notable operational updates for assets included within 'other gold' include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Blackwater:*** On May 2, 2025, Artemis Gold announced the commencement of commercial production at its
Blackwater mine, with mining operations exceeding 90% of its planned tonnage, and both mined tonnes and grades reconciling favorably to the resource model. On June 19, 2025, Artemis Gold announced the acceleration of the design and
implementation of Phase 2 of the Blackwater Mine, with a final investment decision by their board anticipated by year-end 2025. On July 14, 2025, Artemis Gold announced that it had further ramped up
operations and was  **** ** producing at a steady state with the mill operating above design capacity for the month of June. Artemis Gold also notes that gold production is expected to be weighted to the second half of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***Marmato:*** **  On May 7, 2025, Aris Mining Corporation ("Aris") reported that the
processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

***Other Silver:*** In the second quarter of 2025, total Other Silver attributable production was 1.5 million ounces, an increase of approximately 8% relative to the second quarter of 2024, as the initial reported production from Blackwater was offset by lower production at Los Filos.

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**Recent Development Asset Updates** 

***Goose Project:*** On June 30, 2025, B2Gold announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity during this initial phase, as planned. B2Gold expects a ramp up to commercial production in the third quarter of 2025.

***Mineral Park Project:*** During the quarter, Waterton's Origin Mining achieved a key milestone by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-up to commercial production is underway and expected to be reached during the second half of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.

***Platreef Project:*** On July 30, 2025, Ivanhoe Mines ("Ivanhoe") announced that development ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world's largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.

***Fenix Project:*** On July 31, 2025, Rio2 Limited ("Rio2") reported that construction was 41% complete, and remains on track and on budget for first gold production in Q1 2026. Rio2 reports the leach pad will be ready to receive minerals in August 2025, with completion of the Mine Expansion Study targeted for December 2025.

***Kurmuk Project*:** On August 6, 2025, Allied Gold Corporation ("Allied") reported that engineering and procurement are approximately 90% complete, with mining fleet mobilization well underway and first units expected to arrive on site imminently. Concurrently, Allied is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput and other targeted optimizations. Allied continues to forecast the commencement of production by mid-2026.

***El Domo Project:* **On April 23, 2025, Silvercorp Metals Inc. ("Silvercorp") reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. On August 5, 2025, Silvercorp announced that the Constitutional Court of Ecuador has delivered a unanimous decision to uphold the validity of the environmental license for the El Domo project.

***Koné Project*:** On May 27, 2025, Montage Gold Corp. ("Montage") provided a construction update for its Koné project, where construction continues to progress rapidly and remains well on track for first gold pour in Q2 2027. Montage notes that significant progress has been made on the key ongoing workstreams which include the water storage and abstraction facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two months ahead of schedule, marking a key milestone. On July 21, 2025, Montage reported that its exploration program continues to provide significant confidence in achieving the previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources. As a result of ongoing successful results and drilling efficiency, Montage states that its exploration program has increased from 90,000 meters to 120,000 meters in 2025.

***Copper World Project:*** On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.

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***Santo Domingo Project:*** On July 31, 2025, Capstone Copper Corp. ("Capstone") reported that it is at an advanced stage in its partnership process and expects to announce a partner during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.

***Marathon Project:*** On May 22, 2025, Generation Mining Ltd. announced that it has received the final key permit required for the construction of the Marathon project in Northwestern Ontario. The Environmental Compliance Approval – Industrial Sewage Works permit, received from the Ontario Ministry of Environment, Conservation and Parks, is for the management and discharge of water for the construction phase of the project.

***Cangrejos Project*:** On June 23, 2025, CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC") announced that it had completed its previously disclosed acquisition of Lumina Gold Corp<sup>9</sup>. CMOC reports that it has assembled a multidisciplinary project team to fast-track development of the Cangrejos project, with commercial production targeted for 2028.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

**Sustainability** 

***Annual Sustainability & Climate Change Reports***

Wheaton published its annual Sustainability and Climate Change reports on May 22, 2025. These reports are part of Wheaton's voluntary suite of sustainability disclosures demonstrating the Company's commitment to responsible business practices and ESG performance.

***ESG Ratings & Awards***

On June 25, 2025, Wheaton was named as one of Corporate Knights' 2025 Best 50 Corporate Citizens in Canada ranking ninth on the list. With a significant portion of the score linked to sustainable revenue, this ranking reflects Wheaton's commitment to responsible business practices and underscores the quality and sustainability performance of the Company's mining partners.

***Future of Mining Challenge***

Subsequent to the quarter, on July 2, 2025, Wheaton announced the return of its Future of Mining Challenge, inviting ventures from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts. For the 2025/26 challenge, Wheaton will award US$1 million to a cleantech venture with innovative technology that seeks to advance sustainable water management in the mining industry. Wheaton will accept expressions of interest until the end of day on Friday, August 29, 2025. Once all expressions of interest have been received and reviewed, Wheaton will invite select ventures to submit a full application in September 2025. For more information about Wheaton's Future of Mining Challenge and how to submit an expression of interest, visit <u>www.futureofmining.ca</u>.

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***Community Investment Program***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the second quarter, Wheaton extended its longstanding support for Hudbay's Agricultural Development Program,
which focuses on using agriculture and livestock-oriented initiatives to help local communities near the Constancia mine diversify their income and build sustainable livelihoods. In addition, building on the success of Vale's Maranhão
Women's Network, which supports communities near the Salobo mine, Wheaton has committed ongoing support to the program, funding a two-year investment to strengthen the cooperative's production cycle,
launch new social enterprises, and expand its product portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wheaton's Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale
Canada, Hudbay, First Majestic, Newmont, Artemis, Aris Mining and Ivanplats to support the communities influenced by the mines and provide vital services and programs, educational resources, health and dental programs, poverty reduction initiatives,
entrepreneurial opportunities, and various social and environmental programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the second quarter of 2025, Wheaton was the lead sponsor for the Canadian Cancer Society's Daffodil Ball, Coast
Mental Health's Courage to Come Back Awards and the Pacific Salmon Foundation's Gala.

**2025 and Long-Term Production Outlook** 

Wheaton's estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs<sup>3</sup> of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs<sup>3</sup>, unchanged from previous guidance<sup>2,3</sup>.

Annual production is forecast to increase by approximately 40% to 870,000 GEOs<sup>3</sup> by 2029, with average annual production forecast to grow to over 950,000 GEOs<sup>3</sup> in years 2030 to 2034, also unchanged from previous guidance<sup>6,7</sup>.

**About Wheaton Precious Metals Corp.** 

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

In accordance with Wheaton Precious Metals<sup>™</sup> Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.

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**Webcast and Conference Call Details** 

Wheaton will release its 2025 second quarter results on Thursday, August 7, 2025, after market close. A conference call will be held on Friday, August 8, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

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| | |
|:---|:---|
|  Dial toll free from Canada or the US: | 1-888-510-2154 |
|  Dial from outside Canada or the US: | 1-437-900-0527 |
|  Pass code: | 51154# |
|  Live audio webcast: | <u>Webcast Link</u> |

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Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until August 15, 2025 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

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| | |
|:---|:---|
|  Dial toll free from Canada or the US: | 1-888-660-6345 |
|  Dial from outside Canada or the US: | 1-289-819-1450 |
|  Pass code: | 51154# |
|  Archived audio webcast: | <u>Webcast Link</u> |

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This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca.

Mr. Wes Carson, P.Eng., Vice President, Mining Operations, Neil Burns, P.Geo., Vice President, Corporate Development for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures, Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at <u>http://www.wheatonpm.com.</u>

**For further information:** 

**Investor Contact** 

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: <u>info@wheatonpm.com</u>

**Media Contact** 

Simona Antolak

Vice President, Communications & Corporate Affairs

Tel: 1-604-639-9870

Email: <u>simona.antolak@wheatonpm.com</u>

------

*Condensed Interim Consolidated Statements of Earnings* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (US dollars and shares in thousands, except per share amounts - unaudited) | **2025** | 2024 | **2025** | 2024 |
|  Sales | $503218 | $299064 | $973629 | $595870 |
|  Cost of sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales, excluding depletion | $75169 | $54007 | $149805 | $115562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion | 75002 | 58865 | 151695 | 122541 |
|  Total cost of sales | $150171 | $112872 | $301500 | $238103 |
|  Gross margin | $353047 | $186192 | $672129 | $357767 |
|  General and administrative | 11022 | 10241 | 24547 | 20705 |
|  Share based compensation | 9962 | 6241 | 22143 | 7522 |
|  Donations and community investments | 2368 | 703 | 5060 | 2273 |
|  Earnings from operations | $329695 | $169007 | $620379 | $327267 |
|  Other income (expense) | 9736 | 5122 | 17256 | 12317 |
|  Earnings before finance costs and income taxes | $339431 | $174129 | $637635 | $339584 |
|  Finance costs | 1427 | 1299 | 2868 | 2741 |
|  Earnings before income taxes | $338004 | $172830 | $634767 | $336843 |
|  Income tax expense | 45734 | 50513 | 88513 | 50485 |
|  Net earnings | $292270 | $122317 | $546254 | $286358 |
|  Basic earnings per share | $0.644 | $0.270 | $1.204 | $0.632 |
|  Diluted earnings per share | $0.643 | $0.269 | $1.202 | $0.631 |
|  Weighted average number of shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 454663 | 454104 | 454550 | 453888 |

---

------

*Condensed Interim Consolidated Balance Sheets* 

---

| | | |
|:---|:---|:---|
| (US dollars in thousands - unaudited) | **As at<br>June 30**<br> **2025** | As at<br>December 31<br> 2024 |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1005885 | $818166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 15586 | 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4725 | 3697 |
|  Total current assets | $1026196 | $828080 |
|  Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral stream interests | $6669707 | $6379580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Early deposit mineral stream interests | 47094 | 47094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral royalty interests | 40421 | 40421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term equity investments | 171531 | 98975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 10517 | 8691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 16919 | 21616 |
|  Total non-current assets | $6956189 | $6596377 |
|  Total assets | $7982385 | $7424457 |
|  **Liabilities** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $7857 | $13553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | 112511 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of performance share units | 18194 | 13562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | 566 | 262 |
|  Total current liabilities | $139128 | $29504 |
|  Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units | $9515 | $11522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 7682 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable - non-current | 94701 | 113505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 386 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability | 5267 | 5289 |
|  Total non-current liabilities | $117551 | $135574 |
|  Total liabilities | $256679 | $165078 |
|  **Shareholders' equity** |  |  |
|  Issued capital | $3810111 | $3798108 |
|  Reserves | (5654) | (63503) |
|  Retained earnings | 3921249 | 3524774 |
|  Total shareholders' equity | $7725706 | $7259379 |
|  Total liabilities and shareholders' equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982385 | $7424457 |

---

------

*Condensed Interim Consolidated Statements of Cash Flows* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (US dollars in thousands - unaudited) | **2025** | 2024 | **2025** | 2024 |
|  **Operating activities** |  |  |  |  |
|  Net earnings | $292270 | $122317 | $546254 | $286358 |
|  Adjustments for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and depletion | 75322 | 59211 | 152316 | 123224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity settled share based compensation | 1809 | 1655 | 3234 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units - expense | 8153 | 4586 | 18909 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units - paid |  |  | (17209) | (11129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 45734 | 50513 | 88513 | 50485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income recognized in net earnings | (8742) | (4877) | (17789) | (11315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 164 | 640 | 3171 | 580 |
|  Change in non-cash working capital | (6709) | (3664) | (14450) | (1508) |
|  Cash generated from operations before income taxes and interest | $408001 | $230381 | $762949 | $444217 |
|  Income taxes refunded (paid) | (948) | (75) | (3182) | (191) |
|  Interest paid | (87) | (73) | (178) | (148) |
|  Interest received | 7993 | 4160 | 16163 | 9895 |
|  Cash generated from operating activities | $414959 | $234393 | $775752 | $453773 |
|  **Financing activities** |  |  |  |  |
|  Credit facility extension fees | $(862) | $(925) | $(862) | $(925) |
|  Share purchase options exercised | 1967 | 8348 | 4473 | 12164 |
|  Lease payments | (89) | (147) | (211) | (295) |
|  Dividends paid | (147939) | (139124) | (147939) | (139124) |
|  Cash used for financing activities | $(146923) | $(131848) | $(144539) | $(128180) |
|  **Investing activities** |  |  |  |  |
|  Mineral stream interests | $(347951) | $(35605) | $(443691) | $(486507) |
|  Mineral royalty interest |  | (10078) |  | (22025) |
|  Acquisition of long-term investments |  |  | (3) | (751) |
|  Proceeds on disposal of long-term investments |  | 177088 |  | 177088 |
|  Dividends received | 287 | 481 | 526 | 1181 |
|  Other | (231) | (193) | (491) | (789) |
|  Cash (used for) generated from investing activities | $(347895) | $131693 | $(443659) | $(331803) |
|  Effect of exchange rate changes on cash and cash equivalents | $163 | $(130) | $165 | $(100) |
| (Decrease) increase in cash and cash equivalents | $(79696) | $234108 | $187719 | $(6310) |
|  Cash and cash equivalents, beginning of period | 1085581 | 306109 | 818166 | 546527 |
|  Cash and cash equivalents, end of period | $1005885 | $540217 | $1005885 | $540217 |

---

------

*Summary of Units Produced* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|  Gold ounces produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 69417 | 71384 | 84291 | 62689 | 63225 | 61622 | 71777 | 69045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>3</sup> | 4508 | 4880 | 5259 | 3593 | 4477 | 5618 | 5823 | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 4604 | 4876 | 18727 | 10760 | 6269 | 14316 | 22781 | 19420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas <sup>4</sup> | 6987 | 8416 | 7263 | 6882 | 7089 | 7542 | 10023 | 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>5</sup> | 1654 | 1339 | 2166 | 2247 | 2099 | 2637 | 2341 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 748 | 757 | 622 | 648 | 584 | 623 | 668 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 4050 | 1017 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 4798 | 1774 | 622 | 648 | 584 | 623 | 668 | 673 |
|  Total gold ounces produced | 91968 | 92669 | 118328 | 86819 | 83743 | 92358 | 113413 | 105444 |
|  Silver ounces produced <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito <sup>6</sup> | 2103 | 1754 | 2465 | 1785 | 2263 | 2643 | 1036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1299 | 1087 | 947 | 925 | 992 | 806 | 1030 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 552 | 555 | 969 | 648 | 451 | 640 | 836 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Filos <sup>7</sup> |  | 37 | 29 | 26 | 27 | 48 | 26 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 684 | 585 | 637 | 537 | 699 | 641 | 510 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 449 | 459 | 494 | 425 | 432 | 524 | 573 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aljustrel <sup>8</sup> |  |  |  |  |  |  |  | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 174 | 174 | 192 | 185 | 177 | 173 | 185 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 8 | 8 | 7 | 7 | 6 | 7 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 138 | 34 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 1453 | 1297 | 1359 | 1180 | 1341 | 1393 | 1304 | 1806 |
|  Total silver ounces produced | 5407 | 4693 | 5740 | 4538 | 5047 | 5482 | 4206 | 3397 |
|  Palladium ounces produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>5</sup> | 2435 | 2661 | 2797 | 4034 | 4338 | 4463 | 4209 | 4006 |
|  Cobalt pounds produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 647 | 540 | 393 | 397 | 259 | 240 | 215 | 183 |
|  GEOs produced <sup>9</sup> | 158608 | 150601 | 187625 | 142716 | 144904 | 158490 | 164599 | 147047 |
|  Average payable rate <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold | 95.3% | 94.9% | 95.3% | 95.0% | 95.0% | 94.7% | 95.1% | 95.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver | 87.2% | 86.4% | 84.2% | 83.9% | 84.3% | 84.5% | 83.0% | 78.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium | 97.4% | 96.4% | 97.5% | 98.4% | 97.3% | 97.8% | 98.0% | 94.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO <sup>9</sup> | 92.1% | 91.9% | 91.3% | 90.9% | 90.7% | 90.6% | 91.6% | 90.9% |

---

1) All figures in thousands except gold and palladium ounces produced.

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

3) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

4) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 30, 2025, the fixed gold to silver exchange ratio has been revised to 90:1. For reference, attributable silver production from prior periods is as follows: Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces. 

5) Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit. 

6) There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

7) On April 1, 2025, Equinox Gold Corp., reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

8) On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025.

9) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

------

*Summary of Units Sold* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|  Gold ounces sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 76331 | 83809 | 55170 | 58101 | 54962 | 56841 | 76656 | 44444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>2</sup> | 2849 | 5632 | 4048 | 2495 | 5679 | 4129 | 5011 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 6827 | 9788 | 17873 | 5186 | 6640 | 20123 | 19925 | 12399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 7235 | 8962 | 6990 | 7022 | 6801 | 7933 | 10472 | 9695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>3</sup> | 1386 | 1947 | 2410 | 1635 | 2628 | 2355 | 2314 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 742 | 737 | 650 | 550 | 616 | 638 | 633 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 |  |  |  |  |  |  |  | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 3291 | 110 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo <sup>4</sup> | 312 | 312 | 312 | 447 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo <sup>4</sup> | - | - | 209 | 258 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other | 4345 | 1159 | 1171 | 1255 | 616 | 638 | 633 | 1067 |
|  Total gold ounces sold | 98973 | 111297 | 87662 | 75694 | 77326 | 92019 | 115011 | 74426 |
|  Silver ounces sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2112 | 1976 | 1852 | 1667 | 1482 | 1839 | 442 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1073 | 884 | 858 | 989 | 917 | 762 | 1091 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 625 | 730 | 797 | 366 | 422 | 726 | 665 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Filos | 8 | 57 | 29 | 26 | 24 | 44 | 24 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 520 | 446 | 452 | 488 | 597 | 297 | 449 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 224 | 218 | 154 | 185 | 216 | 243 | 268 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aljustrel |  |  |  |  |  | 1 | 86 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 154 | 164 | 158 | 148 | 158 | 147 | 141 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 9 | 8 | 7 | 6 | 7 | 8 | 9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 143 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 | - | - | - | - | - | - | - | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other | 1058 | 893 | 800 | 853 | 1002 | 740 | 977 | 1283 |
|  Total silver ounces sold | 4868 | 4483 | 4307 | 3875 | 3823 | 4067 | 3175 | 2965 |
|  Palladium ounces sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>3</sup> | 2575 | 2457 | 4434 | 3761 | 4301 | 4774 | 3339 | 4242 |
|  Cobalt pounds sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 353 | 265 | 485 | 88 | 88 | 309 | 288 | 198 |
|  GEOs sold <sup>5</sup> | 157916 | 165297 | 141495 | 122242 | 123462 | 142294 | 154355 | 111218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative payable units<br> PBND <sup>6</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 89492 | 100512 | 123511 | 97929 | 90406 | 88145 | 92729 | 99891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 2849 | 3002 | 3431 | 2903 | 2972 | 2539 | 1973 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 4414 | 4596 | 4439 | 6186 | 6018 | 6198 | 6666 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 1168 | 917 | 678 | 796 | 513 | 360 | 356 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO <sup>5</sup> | 130036 | 141587 | 168241 | 137823 | 129560 | 121574 | 119780 | 123015 |
|  Inventory on hand |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | - | - | - | - | - | - | 88 | 155 |

---

1) All figures in thousands except gold and palladium ounces sold.

2) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

3) Comprised of the Stillwater and East Boulder gold and palladium interests.

4) The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company's MD&A for more information.

5) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

6) Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.

------

*Results of Operations* 

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash<br>Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) <sup>4</sup> | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salobo | 69417 | 76331 | 3315 | $429 | $402 | $252997 | $189543 | $220263 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>5</sup> | 4508 | 2849 | 3368 | 400 | 1326 | 9597 | 4679 | 8457 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 4604 | 6827 | 3315 | 425 | 323 | 22629 | 17527 | 19730 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 6987 | 7235 | 3315 | 640 | 290 | 23982 | 17253 | 19350 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 1654 | 1386 | 3315 | 590 | 421 | 4594 | 3193 | 3776 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 4798 | 4345 | 3350 | 988 | 790 | 14555 | 6830 | 10261 | 1206207 |
|  | 91968 | 98973 | 3318 | $470 | $433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510395 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2103 | 2112 | $33.83 | $4.56 | $4.86 | $71467 | $51574 | $61835 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1299 | 1073 | 33.83 | 6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.46 | 36303 | 19871 | 28948 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 552 | 625 | 33.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | 6.10 | 21138 | 13413 | 17227 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>7</sup> | 1453 | 1058 | 34.81 | 4.76 | 5.39 | 36831 | 26093 | 27480 | 721492 |
|  | 5407 | 4868 | 34.05 | $5.33 | $5.93 | $165739 | $110951 | $135490 | $1577424 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2435 | 2575 | 996 | $175 | $429 | $2564 | $1009 | $2114 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78814 |
|  | 2435 | 2575 | 996 | $175 | $429 | $2564 | $1009 | $2114 | $289833 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57584 |
|  | - | - | n.a. | $n.a. | $n.a. | $- | $- | $- | $67035 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 647 | 353 | 18.60 | $3.57 | $9.18 | $6561 | $2062 | $2907 | $225020 |
|  **Operating results** | **Operating results** |  |  |  |  | $503218 | $353047 | $422348 | $6669707 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  | $(11022) | $(10498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  | (9962) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  | (2368) | (2096) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (1427) | (2025) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 9736 | 8179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (45734) | (949) |  |
|  Total other | Total other | Total other |  |  |  |  | $(60777) | $(7389) | $1312678 |
|  |  |  |  |  |  |  | $292270 | $414959 | $7982385 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) at the end of this press release.

4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

6) Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provisions of the Santo Domingo PMPA. Please see the Company's MD&A for more information. 

7) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash<br>Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 63225 | 54962 | 2356 | $425 | $378 | $129466 | $85346 | $105795 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>4</sup> | 4477 | 5679 | 2357 | 400 | 1326 | 13383 | 3581 | 11106 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 6269 | 6640 | 2356 | 420 | 323 | 15640 | 10706 | 12849 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 7089 | 6801 | 2356 | 635 | 290 | 16021 | 9730 | 11701 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2099 | 2628 | 2356 | 415 | 421 | 6190 | 3994 | 5100 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>5</sup> | 584 | 616 | 2356 | 415 | 527 | 1450 | 870 | 1195 | 903067 |
|  | 83743 | 77326 | 2356 | $441 | $438 | $182150 | $114227 | $147746 | $4213083 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2263 | 1482 | $28.75 | $4.50 | $4.86 | $42599 | $28735 | $35932 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 992 | 917 | 28.75 | 5.75 | 8.46 | 26365 | 13337 | 21095 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 451 | 422 | 28.75 | 6.20 | 6.10 | 12122 | 6934 | 9508 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 1341 | 1002 | 30.14 | 4.35 | 4.50 | 30205 | 21336 | 21614 | 624616 |
|  | 5047 | 3823 | 29.11 | $4.95 | $5.76 | $111291 | $70342 | $88149 | $1565048 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4338 | 4301 | 979 | $175 | $429 | $4210 | $1611 | $3457 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78815 |
|  | 4338 | 4301 | 979 | $175 | $429 | $4210 | $1611 | $3457 | $295511 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57585 |
|  | - | - | n.a. | $n.a. | $n.a. | $- | $- | $- | $67036 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 259 | 88 | 16.02 | $3.11 | $12.78 | $1413 | $12 | $2081 | $346874 |
|  **Operating results** | **Operating results** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299064 | $186192 | $241433 | $6487552 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  |  | $(10241) | $(8962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  |  | (6241) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  |  | (703) | (614) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (1299) | (1057) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  | 5122 | 3668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (50513) | (75) |  |
|  Total other | Total other | Total other |  |  |  |  | $(63875) | $(7040) | $759530 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247082 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represent the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) at the end of this press release.

4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

5) Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

6) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

------

*Comparative Results of Operations on a GEO Basis* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2024 | Change | Change |
|  GEO Production <sup>1, 2</sup> | 158608 | 144904 | 13705 | 9.5% |
|  GEO Sales <sup>2</sup> | 157916 | 123462 | 34454 | 27.9% |
|  Average price per GEO sold <sup>2</sup> | $3187 | $2422 | $765 | 31.6% |
|  Revenue | $503218 | $299064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204154 | 68.3% |
|  Cost of sales, excluding depletion | $75169 | $54007 | $(21162) | (39.2)% |
|  Depletion | 75002 | 58865 | (16137) | (27.4)% |
|  Cost of sales | $150171 | $112872 | $(37299) | (33.0)% |
|  Gross margin | $353047 | $186192 | $166855 | 89.6% |
|  General and administrative | 11022 | 10241 | (781) | (7.6) % |
|  Share based compensation | 9962 | 6241 | (3721) | (59.6) % |
|  Donations and community investments | 2368 | 703 | (1665) | (236.8) % |
|  Earnings from operations | $329695 | $169007 | $160688 | 95.1% |
|  Other income (expense) | 9736 | 5122 | 4614 | 90.1% |
|  Earnings before finance costs and income taxes | $339431 | $174129 | $165302 | 94.9% |
|  Finance costs | 1427 | 1299 | (128) | (9.9)% |
|  Earnings before income taxes | $338004 | $172830 | $165174 | 95.6% |
|  Income tax expense | 45734 | 50513 | 4779 | 9.5% |
|  Net earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292270 | $122317 | $169953 | 138.9% |

---

1) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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. 

2) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) <sup>4</sup> | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salobo | 140801 | 160140 | $3084 | $429 | $390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362714 | $425126 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>5</sup> | 9388 | 8481 | 3032 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | 25714 | 11077 | 22307 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 9480 | 16615 | 3055 | 425 | 323 | 50752 | 38335 | 43698 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 15403 | 16197 | 3070 | 638 | 290 | 49733 | 34698 | 39392 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2993 | 3333 | 3057 | 536 | 421 | 10188 | 7000 | 8402 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 6572 | 5504 | 3245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | 863 | 17860 | 8332 | 13082 | 1206207 |
|  | 184637 | 210270 | $3082 | $457 | $427 | $648049 | $462156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510395 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 3857 | 4088 | $32.96 | $4.56 | $4.86 | $134738 | $96240 | $116097 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antamina | 2386 | 1957 | 33.02 | 6.65 | 8.46 | 64614 | 35040 | 51596 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 1107 | 1355 | 32.86 | 6.26 | 6.10 | 44514 | 27764 | 36034 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>7</sup> | 2750 | 1951 | 34.23 | 4.60 | 5.73 | 66811 | 46637 | 50549 | 721492 |
|  | 10100 | 9351 | $33.22 | $5.25 | $5.98 | $310677 | $205681 | $254276 | $1577424 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 5096 | 5032 | $981 | $174 | $429 | $4936 | $1903 | $4063 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78814 |
|  | 5096 | 5032 | $981 | $174 | $429 | $4936 | $1903 | $4063 | $289833 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57584 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67035 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 1187 | 618 | $16.15 | $3.09 | $9.18 | $9967 | $2389 | $6869 | $225020 |
|  **Operating results** | **Operating results** |  |  |  |  | $973629 | $672129 | $817215 | $6669707 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  | $(24547) | $(29875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  | (22143) | (17209) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  | (5060) | (4975) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (2868) | (3186) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 17256 | 16964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (88513) | (3182) |  |
|  Total other | Total other | Total other |  |  |  |  | $(125875) | $(41463) | $1312678 |
|  |  |  |  |  |  |  | $546254 | $775752 | $7982385 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) at the end of this press release.

4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

6) Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA. Please see the Company's MD&A for more information. 

7) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salobo | 124847 | 111803 | $2212 | $425 | $386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156742 | $199845 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>4</sup> | 10095 | 9808 | 2227 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 21844 | 5663 | 17920 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 20585 | 26763 | 2143 | 420 | 317 | 57363 | 37616 | 46112 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 14631 | 14734 | 2204 | 633 | 284 | 32469 | 18967 | 23147 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4736 | 4983 | 2222 | 394 | 463 | 11073 | 6801 | 9108 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>5</sup> | 1207 | 1254 | 2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | 527 | 2773 | 1618 | 2279 | 903067 |
|  | 176101 | 169345 | $2202 | $440 | $419 | $372839 | $227407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213083 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 4906 | 3321 | $25.97 | $4.50 | $4.42 | $86249 | $56636 | $71307 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1798 | 1679 | 26.48 | 5.26 | 7.82 | 44453 | 22484 | 35618 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constancia | 1091 | 1148 | 25.58 | 6.20 | 6.19 | 29358 | 15134 | 22242 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 2734 | 1742 | 27.48 | 4.27 | 4.35 | 47889 | 32873 | 37433 | 624616 |
|  | 10529 | 7890 | $26.36 | $4.86 | $5.39 | $207949 | $127127 | $166600 | $1565048 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 8801 | 9075 | $979 | $179 | $438 | $8887 | $3294 | $7265 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78815 |
|  | 8801 | 9075 | $979 | $179 | $438 | $8887 | $3294 | $7265 | $295511 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57585 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67036 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 499 | 397 | $15.61 | $2.99 | $12.77 | $6195 | $(61) | $9087 | $346874 |
|  **Operating results** | **Operating results** |  |  |  |  | $595870 | $357767 | $481363 | $6487552 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  | $(20705) | $(24920) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  | (7522) | (11129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  | (2273) | (1988) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (2741) | (2182) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 12317 | 12820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (50485) | (191) |  |
|  Total other | Total other | Total other |  |  |  |  | $(71409) | $(27590) | $759530 |
|  |  |  |  |  |  |  | $286358 | $453773 | $7247082 |

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1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) at the end of this press release.

4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

5) Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

6) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

------

*Comparative Results of Operations on a GEO Basis* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | YTD 2025 | YTD 2024 | Change | Change |
|  GEO Production <sup>1, 2</sup> | 309209 | 303393 | 5816 | 1.9% |
|  GEO Sales <sup>2</sup> | 323212 | 265756 | 57457 | 21.6% |
|  Average price per GEO sold <sup>2</sup> | $3012 | $2242 | $770 | 34.3% |
|  Revenue | $973629 | $595870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377759 | 63.4% |
|  Cost of sales, excluding depletion | $149805 | $115562 | $(34243) | (29.6)% |
|  Depletion | 151695 | 122541 | (29154) | (23.8)% |
|  Cost of sales | $301500 | $238103 | $(63397) | (26.6)% |
|  Gross margin | $672129 | $357767 | $314362 | 87.9% |
|  General and administrative | 24547 | 20705 | (3842) | (18.6)% |
|  Share based compensation | 22143 | 7522 | (14621) | (194.4)% |
|  Donations and community investments | 5060 | 2273 | (2787) | (122.6)% |
|  Earnings from operations | $620379 | $327267 | $293112 | 89.6% |
|  Other income (expense) | 17256 | 12317 | 4939 | 40.1% |
|  Earnings before finance costs and income taxes | $637635 | $339584 | $298051 | 87.8% |
|  Finance costs | 2868 | 2741 | (127) | (4.6)% |
|  Earnings before income taxes | $634767 | $336843 | $297924 | 88.4% |
|  Income tax expense | 88513 | 50485 | (38028) | (75.3)% |
|  Net earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286358 | $259896 | 90.8% |

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1) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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. 

2) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

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**Non-GAAP Measures** 

Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment
charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition
to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for per share amounts) | <br> 2025 | <br> 2024 | <br> 2025 | <br> 2024 |
|  Net earnings | $292270 | $122317 | $546254 | $286358 |
|  Add back (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on fair value adjustment of share purchase warrants held | (2134) | (197) | (2757) | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (expense) recovery recognized in the Statement of OCI | (3945) | 2863 | (6295) | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global minimum tax expense related to Q1-2024 earnings |  | 24755 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (187) | (173) | (372) | (346) |
|  Adjusted net earnings | $286004 | $149565 | $536830 | $288398 |
|  Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average number of shares outstanding | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average number of shares outstanding | 454663 | 454104 | 454550 | 453888 |
|  Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted earnings per share - basic | $0.630 | $0.330 | $1.183 | $0.636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted earnings per share - diluted | $0.629 | $0.329 | $1.181 | $0.635 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by
the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other
companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for per share amounts) | 2025 | 2024 | 2025 | 2024 |
|  Cash generated by operating activities | $414959 | $234393 | $775752 | $453773 |
|  Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average number of shares outstanding | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average number of shares outstanding | 454663 | 454104 | 454550 | 453888 |
|  Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating cash flow per share - basic | $0.914 | $0.517 | $1.709 | $1.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating cash flow per share - diluted | $0.913 | $0.516 | $1.707 | $1.000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by
dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning
prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to
generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 |
|  Cost of sales | $150171 | $112872 | $301500 | $238103 |
|  Less: depletion | (75002) | (58865) | (151695) | (122541) |
|  Less: cost of sales related to delay ounces <sup>1</sup> | (1009) | - | (1873) | - |
|  Cash cost of sales | $74160 | $54007 | $147932 | $115562 |
|  Cash cost of sales is comprised of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of gold sold | $46517 | $34066 | $96028 | $74427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of silver sold | 25934 | 18914 | 49122 | 38326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of palladium sold | 450 | 753 | 873 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of cobalt sold <sup>2</sup> | 1259 | 274 | 1909 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of sales | $74160 | $54007 | $147932 | $115562 |
|  Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total gold ounces sold | 98973 | 77326 | 210270 | 169345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total silver ounces sold | 4868 | 3823 | 9351 | 7890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total palladium ounces sold | 2575 | 4301 | 5032 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cobalt pounds sold | 353 | 88 | 618 | 397 |
|  Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of gold (per ounce) | $470 | $441 | $457 | $440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of silver (per ounce) | $5.33 | $4.95 | $5.25 | $4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of palladium (per ounce) | $175 | $175 | $174 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of cobalt (per pound) | $3.57 | $3.11 | $3.09 | $2.99 |

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1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross
margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain
investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate
cash flow.

The following table provides a reconciliation of cash operating margin.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 |
|  Gross margin | $353047 | $186192 | $672129 | $357767 |
|  Add back: depletion | 75002 | 58865 | 151695 | 122541 |
|  Add back: cost of sales related to delay ounces <sup>1</sup> | 1009 | - | 1873 | - |
|  Cash operating margin | $429058 | $245057 | $825697 | $480308 |
|  Cash operating margin is comprised of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of gold sold | $281837 | $148084 | $552021 | $298412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of silver sold | 139805 | 92377 | 261555 | 169623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of palladium sold | 2114 | 3457 | 4063 | 7265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of cobalt sold | 5302 | 1139 | 8058 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin | $429058 | $245057 | $825697 | $480308 |
|  Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total gold ounces sold | 98973 | 77326 | 210270 | 169345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total silver ounces sold | 4868 | 3823 | 9351 | 7890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total palladium ounces sold | 2575 | 4301 | 5032 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cobalt pounds sold | 353 | 88 | 618 | 397 |
|  Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per gold ounce sold | $2848 | $1915 | $2625 | $1762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per silver ounce sold | $28.72 | $24.16 | $27.97 | $21.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per palladium ounce sold | $821 | $804 | $807 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per cobalt pound sold | $15.03 | $12.91 | $13.06 | $12.62 |

---

1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's PMPA counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

• the future price of commodities;

• the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by
the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);

------

• the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the
realization of such estimations);

• the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA
counterparties at Mining Operations;

• the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's
obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;

• the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the
business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;

• future payments by the Company in accordance with PMPAs, including any acceleration of payments;

• the costs of future production;

• the estimation of produced but not yet delivered ounces;

• the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program;

• continued listing of the Common Shares on the LSE, NYSE and TSX;

• any statements as to future dividends;

• the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;

• projected increases to Wheaton's production and cash flow profile;

• projected changes to Wheaton's production mix;

• the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements
with the Company;

• the ability to sell precious metals and cobalt production;

• confidence in the Company's business structure;

• the Company's assessment of taxes payable, including taxes payable under the GMT, and the impact of the CRA
Settlement, and the Company's ability to pay its taxes;

• possible CRA domestic audits for taxation years subsequent to 2016 and international audits;

• the Company's assessment of the impact of any tax reassessments;

• the Company's intention to file future tax returns in a manner consistent with the CRA Settlement;

• the Company's climate change and environmental commitments; and

• assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

• risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious
metals or cobalt production at acceptable prices or at all);

• risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined
at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining
Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);

• absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other
information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;

• risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;

• risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's
PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such
companies, any acceleration of payments, estimated throughput and exploration potential;

• risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of
production by certain Mining Operations;

• Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting
policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, , or the ability of the Company to pay such taxes as and when due;

• any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative
impact to the Company's previous and future tax filings;

• risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the
Company's facts or change in law or jurisprudence);

• risks related to any potential amendments to Canada's transfer pricing rules under the Income Tax Act (Canada)
that may result from the Department of Finance's consultation paper released June 6, 2023;

------

• risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including Canada's
GMTA and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023;

• counterparty credit and liquidity risks;

• mine operator and counterparty concentration risks;

• indebtedness and guarantees risks;

• hedging risk;

• competition in the streaming industry risk;

• risks relating to security over underlying assets;

• risks relating to third-party PMPAs;

• risks relating to revenue from royalty interests;

• risks related to Wheaton's acquisition strategy;

• risks relating to third-party rights under PMPAs;

• risks relating to future financings and security issuances;

• risks relating to unknown defects and impairments;

• risks related to governmental regulations;

• risks related to international operations of Wheaton and the Mining Operations;

• risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;

• risks related to environmental regulations;

• the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and
rulings;

• the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting
requirements;

• lack of suitable supplies, infrastructure and employees to support the Mining Operations;

• risks related to underinsured Mining Operations;

• inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by
certain Mining Operations (including increases in production, estimated grades and recoveries);

• uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;

• the ability of Wheaton and the Mining Operations to obtain adequate financing;

• the ability of the Mining Operations to complete permitting, construction, development and expansion;

• challenges related to global financial conditions;

• risks associated with environmental, social and governance matters;

• risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious
metals or cobalt;

• risks related to claims and legal proceedings against Wheaton or the Mining Operations;

• risks related to the market price of the Common Shares of Wheaton;

• the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled
and experienced personnel;

• risks related to interest rates;

• risks related to the declaration, timing and payment of dividends;

• risks related to access to confidential information regarding Mining Operations;

• risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;

• risks associated with a possible suspension of trading of Common Shares;

• equity price risks related to Wheaton's holding of long-term investments
in other companies;

• risks relating to activist shareholders;

• risks relating to reputational damage;

• risks relating to expression of views by industry analysts;

• risks related to the impacts of climate change and the transition to a low-carbon economy;

• risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining
Operations;

• risks related to ensuring the security and safety of information systems, including cyber security risks;

• risks relating to generative artificial intelligence;

• risks relating to compliance with anti-corruption and anti-bribery laws;

• risks relating to corporate governance and public disclosure compliance;

• risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;

• risks related to the adequacy of internal control over financial reporting; and

• other risks discussed in the section entitled "Description of the Business – Risk Factors" in
Wheaton's Annual Information Form available on SEDAR+ at <u>www.sedarplus.ca</u> and Wheaton's Form 40-F for the year ended December 31, 2024 on file with the U.S.
Securities and Exchange Commission on EDGAR (the "Disclosure").

Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):

• that there will be no material adverse change in the market price of commodities;

• that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public
statements and achieve their stated production estimates;

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• that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates)
are accurate;

• that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is
accurate and complete;

• that the production estimates from Mining Operations are accurate;

• that each party will satisfy their obligations in accordance with the PMPAs;

• that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;

• that Wheaton will be able to source and obtain accretive PMPAs;

• that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;

• that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;

• that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving
the Company);

• that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that
Wheaton will be able to pay taxes when due;

• that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;

• that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there
has been no material change in the Company's facts or change in law or jurisprudence);

• that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation
of a 15% global minimum tax is accurate;

• that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and
clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;

• that the trading of the Company's Common Shares will not be suspended;

• the estimate of the recoverable amount for any PMPA with an indicator of impairment;

• that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic;
and

• such other assumptions and factors as set out in the Disclosure.

There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended.

**Cautionary Language Regarding Reserves and Resources** 

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

**Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:** The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission ("SEC") under the United States Securities Act of 1933, as amended (the "Securities Act") which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from <u>https://www.sec.gov/edgar.shtml</u>.

------

**End Notes** 

<sup>1</sup>Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in the Wheaton's news release dated August 7, 2025, titled "Wheaton Precious Metals Announces Quarterly Dividend."

<sup>2</sup>Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.

<sup>3</sup>Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt.

<sup>4</sup>Source: Company reports S&P Capital IQ estimates of 2024 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2024 and 2024 actual mill throughput and is weighted by individual reserve and resource category.

<sup>5</sup>Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 20 mining assets which are currently operating, 24 which are at various stages of development and 2 of which have been placed in care and maintenance or have been closed.

<sup>6</sup>Further details for long-term guidance can be found in the Wheaton news release dated February 18, 2025, titled "Wheaton Precious Metals Exceeds 2024 Production Guidance and Provides 2025 and Long-Term Outlook, Projecting 40% Growth in the Next Five Years."

<sup>7</sup>Wheaton's long-term production outlook is based on information available as of February 18, 2025, the date of publication**.** The Company will provide updated longer-term guidance in normal course in the first quarter of 2026, which will incorporate the impact of recent developments and corporate development activities announced in 2025.

<sup>8</sup> As reported by Reuters news outlet on July 11, 2025 in the article titled "MMG, Hudbay warn Peru copper output a risk amid wildcat protest, sources say".

<sup>9</sup>Under the Cangrejos PMPA, CMOC may purchase one-third of the Cangrejos stream if it provides notice of its intention to do so within 60 days of the change of control on June 23, 2025.

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g47627g00a01.jpg)

W WHEATON PRECIOUS METALS Corporate 2 SECOND QUARTER REPORT 2025 Management's Discussion & Analysis

------

**Management's Discussion and Analysis of Results of Operations and Financial Condition for the Three and Six Months Ended June 30, 2025** 

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with Wheaton Precious Metals Corp.'s ("Wheaton" or the "Company") unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024, the related MD&A and the 2024 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at www.sedarplus.ca. Reference to Wheaton or the Company includes the Company's wholly-owned subsidiaries. This MD&A contains "forward-looking" statements that are subject to risk factors set out in the cautionary note contained on page 49 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of August 7, 2025.

**Table of Contents** 

---

| | |
|:---|:---|
|  Highlights | 5 |
|  Outlook | 6 |
|  Mineral Stream Interests | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Updates on the Operating Mineral Stream Interests | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Updates on the Development Stage Mineral Stream Interests | 9 |
|  Early Deposit Mineral Stream Interests | 10 |
|  Mineral Royalty Interests | 11 |
|  Long-Term Equity Investments | 11 |
|  Summary of Units Produced | 13 |
|  Summary of Units Sold | 14 |
|  Quarterly Financial Review | 15 |
|  Results of Operations and Operational Review | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and Administrative | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share Based Compensation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and Community Investments | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Income (Expense) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance Costs | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Tax Expense (Recovery) | 26 |
|  Liquidity and Capital Resources | 26 |
|  Share Capital | 35 |
|  Financial Instruments | 35 |
|  New Accounting Standards Effective in 2025 | 35 |
|  Non-GAAP Measures | 36 |
|  Subsequent Events | 40 |
|  Controls and Procedures | 40 |
|  Attributable Reserves and Resources | 41 |
|  Cautionary Note Regarding Forward-Looking Statements | 49 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

------

**Overview** 

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. The Company is listed on the New York Stock Exchange ("NYSE"), the Toronto Stock Exchange ("TSX") and the London Stock Exchange ("LSE") and trades under the symbol WPM.

As of June 30, 2025, the Company has entered into 40 long-term agreements<sup>1</sup> (32 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 33 different mining companies, related to precious metals and cobalt relating to 20 mining assets which are currently operating, 24 of which are at various stages of development and 2 which have been placed into care and maintenance or have been closed, located in 18 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended June 30, 2025, the per ounce price paid by the Company for the metals acquired under the agreements averaged $470 for gold, $5.33 for silver, $175 for palladium and $3.57 per pound for cobalt. The primary drivers of the Company's financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

<sup>1</sup> Minto has been removed from the mine count due to Minto Metals Corp., being placed in receivership.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

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**Operational Overview** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YTD 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change |
|  Units produced |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 91968 | 83743 | 9.8% | 184637 | 176101 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 5407 | 5047 | 7.1% | 10100 | 10529 | (4.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 2435 | 4338 | (43.9)% | 5096 | 8801 | (42.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 647 | 259 | 149.7% | 1187 | 499 | 137.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>2</sup> | 158608 | 144904 | 9.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309209 | 303393 | 1.9% |
|  Units sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 98973 | 77326 | 28.0% | 210270 | 169345 | 24.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 4868 | 3823 | 27.3% | 9351 | 7890 | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 2575 | 4301 | (40.1)% | 5032 | 9075 | (44.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 353 | 88 | 301.1% | 618 | 397 | 55.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>2</sup> | 157916 | 123462 | 27.9% | 323212 | 265756 | 21.6% |
|  Change in PBND and Inventory <sup>3</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | (11020) | 2261 | 13281 | (34019) | (2323) | 31696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | (153) | 433 | 586 | (583) | 999 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | (182) | (180) | 2 | (25) | (647) | (622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 251 | 153 | (98) | 490 | 69 | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent ounces <sup>2</sup> | (11551) | 7986 | 19537 | (38205) | 9322 | 47527 |
|  Per unit metrics |  |  |  |  |  |  |
|  Sales price |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold per ounce | $3318 | $2356 | 40.8% | $3082 | $2202 | 40.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver per ounce | $34.05 | $29.11 | 17.0% | $33.22 | $26.36 | 26.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium per ounce | $996 | $979 | 1.7% | $981 | $979 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt per pound | $18.60 | $16.02 | 16.1% | $16.15 | $15.61 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent per ounce <sup>2</sup> | $3187 | $2422 | 31.6% | $3012 | $2242 | 34.3% |
|  Cash costs <sup>4</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold per ounce <sup>4</sup> | $470 | $441 | (6.6)% | $457 | $440 | (3.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver per ounce <sup>4</sup> | $5.33 | $4.95 | (7.7)% | $5.25 | $4.86 | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium per ounce <sup>4</sup> | $175 | $175 | 0.0% | $174 | $179 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt per pound <sup>4</sup> | $3.57 | $3.11 | (14.8)% | $3.09 | $2.99 | (3.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent per ounce <sup>2, 4</sup> | $470 | $437 | (7.6)% | $458 | $435 | (5.3)% |
|  Cash operating margin <sup>4</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold per ounce <sup>4</sup> | $2848 | $1915 | 48.7% | $2625 | $1762 | 49.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver per ounce <sup>4</sup> | $28.72 | $24.16 | 18.9% | $27.97 | $21.50 | 30.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium per ounce <sup>4</sup> | $821 | $804 | 2.1% | $807 | $800 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt per pound <sup>4</sup> | $15.03 | $12.91 | 16.4% | $13.06 | $12.62 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold equivalent per ounce <sup>2, 4</sup> | $2717 | $1985 | 36.9% | $2554 | $1807 | 41.3% |
|  Total revenue | $503218 | $&nbsp;&nbsp;&nbsp;&nbsp;299064 | 68.3% | $973629 | $595870 | 63.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold revenue | $328354 | $182150 | 80.3% | $648049 | $&nbsp;&nbsp;&nbsp;&nbsp;372839 | 73.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver revenue | $165739 | $111291 | 48.9% | $310677 | $207949 | 49.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium revenue | $2564 | $4210 | (39.1)% | $4936 | $8887 | (44.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt revenue | $6561 | $1413 | 364.3% | $9967 | $6195 | 60.9% |
|  Net earnings | $292270 | $122317 | 138.9% | $546254 | $286358 | 90.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share | $0.644 | $0.270 | 138.5% | $1.204 | $0.632 | 90.5% |
|  Adjusted net earnings <sup>4</sup> | $286004 | $149565 | 91.2% | $536830 | $288398 | 86.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share <sup>4</sup> | $0.630 | $0.330 | 90.9% | $1.183 | $0.636 | 86.0% |
|  Operating cash flows | $414959 | $234393 | 77.0% | $775752 | $453773 | 71.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share <sup>4</sup> | $0.914 | $0.517 | 76.8% | $1.709 | $1.001 | 70.7% |
|  Dividends declared <sup>5</sup> | $74899 | $70273 | 6.6% | $149780 | $140534 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share | $0.165 | $0.155 | 6.5% | $0.330 | $0.310 | 6.5% |

---

1) All amounts in thousands except gold and palladium ounces produced and sold, per ounce amounts and per share amounts. 

2) Gold-equivalent ounces ("GEOs"), which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

3) Represents the increase (decrease) in payable ounces produced but not delivered ("PBND") relative to the various mines that the Company derives precious metal from and, for cobalt, the increase (decrease) of payable pounds PBND and inventory on hand. Payable units PBND will be recognized in future sales as they are delivered to the Company under the terms of their contracts. Payable ounces PBND to Wheaton is expected to average approximately two to three months of annualized production for both gold and palladium and two months for silver but may vary from quarter to quarter due to a number of factors, including mine ramp-up and the timing of shipments. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. 

4) Refer to discussion on non-GAAP measures beginning on page 36 of this MD&A.

5) As at June 30, 2025, cumulative dividends of $2,497 million have been declared and paid by the Company. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]

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**Highlights** 

**Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For the three months ended June 30, 2025, relative to the comparable period of the prior year:

---

| | |
|:---|:---|
| ¡ | Production amounted to 158,600 gold equivalent ounces ("GEOs"), an increase of 9%, primarily due to higher production at Salobo coupled with the commencement of production at Blackwater.  |

---

---

| | |
|:---|:---|
| ¡ | Sales volumes amounted to 157,900 GEO's, an increase of 28%, a result of the higher production coupled with relative changes in the number of GEOs produced but not delivered ("PBND").  |

---

---

| | |
|:---|:---|
| ¡ | Revenue increased 68% or $204 million to $503 million (65% gold, 33% silver, 1% palladium and 1% cobalt), representing a record for the Company, with the increase being primarily due to a 32% increase in realized commodity prices coupled with the higher sales volumes.  |

---

---

| | |
|:---|:---|
| ¡ | Gross margin amounted to $353 million (70% of revenue), representing an increase of $167 million (an 8% increase as a percentage of revenue). The higher margin as a percentage of revenue reflects the leverage provided by fixed per-ounce production payments, which accounted for 85% of revenue during the quarter.  |

---

---

| | |
|:---|:---|
| ¡ | Net earnings amounted to $292 million, an increase of $170 million, primarily due to the increased gross margin.  |

---

---

| | |
|:---|:---|
| ¡ | Adjusted net earnings increased 91% or $136 million to $286 million, representing a record for the Company.  |

---

---

| | |
|:---|:---|
| ¡ | Operating cash flow amounted to $415 million, representing a record for the Company, with the $181 million increase being the result of the higher gross margin.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For the six months ended June 30, 2025 relative to the prior year:

---

| | |
|:---|:---|
| ¡ | Production amounted to 309,200 GEOs, an increase of 2%, with increased production from Salobo and the commencement of production at Blackwater being partially offset by lower production at Constancia and Peñasquito.  |

---

---

| | |
|:---|:---|
| ¡ | Sales volumes amounted to 323,200 GEOs, an increase of 22% resulting from relative changes in the number of GEOs PBND.  |

---

---

| | |
|:---|:---|
| ¡ | Revenue increased 63% or $378 million to $974 million (66% gold, 32% silver, 1% palladium and 1% cobalt), representing a record for the Company, with the increase being primarily due to a 34% increase in realized commodity prices coupled with the 22% increase in sales volumes.  |

---

---

| | |
|:---|:---|
| ¡ | Gross margin amounted to $672 million (69% of revenue), representing an increase of $314 million (a 9% increase as a percentage of revenue).  |

---

---

| | |
|:---|:---|
| ¡ | Net earnings amounted to $546 million, an increase of $260 million, primarily due to the higher gross margin, partially offset by higher income taxes.  |

---

---

| | |
|:---|:---|
| ¡ | Adjusted net earnings increased 86% or $248 million to $537 million, representing a record for the Company.  |

---

---

| | |
|:---|:---|
| ¡ | Operating cash flow amounted to $776 million, representing a record for the Company, with the $322 million increase being due primarily to the higher gross margin.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● On August 7, 2025, the Board of Directors declared a dividend in the amount of $0.165 per common share.

**Other** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● On June 30, 2025, B2Gold announced the first gold pour at the Goose mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During the second quarter of 2025:

---

| | |
|:---|:---|
| ¡ | The Company extended its existing undrawn $2 billion revolving term loan (the "Revolving Facility") with its maturity date now June 30, 2030. In addition, the Company added an incremental $500 million accordion feature, providing expanded financial capacity.  |

---

---

| | |
|:---|:---|
| ¡ | The Company made two quarterly dividend payments totaling $150 million.  |

---

---

| | |
|:---|:---|
| ¡ | The Company made total upfront cash payments of $347 million relative to the Koné PMPA ($156 million), the Salobo III expansion ($144 million), the Kurmuk PMPA ($44 million) and the Cangrejos PMPA ($3 million).  |

---

---

| | |
|:---|:---|
| ¡ | Subsequent to the quarter, the Company made additional upfront cash payments of $206 million relative to the Koné PMPA ($156 million) and the Fenix PMPA ($50 million).  |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]

------

**Outlook<sup>1</sup>** 

Wheaton's estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs<sup>2</sup>, unchanged from previous guidance.

Annual production is forecast to increase by approximately 40% to 870,000 GEOs<sup>2</sup> by 2029, with average annual production forecast to grow to over 950,000 GEOs<sup>2</sup> in years 2030 to 2034, also unchanged from previous guidance.

**Liquidity** 

From a liquidity perspective, the $1.0 billion of cash and cash equivalents as at June 30, 2025 combined with the liquidity provided by the available credit under the $2 billion revolving term loan ("Revolving Facility") and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

<sup>1</sup> Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. 

<sup>2</sup> Ounces produced represent the quantity of silver, gold, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]

------

**Mineral Stream Interests** 

The following table summarizes the mineral stream interests currently owned by the Company:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Total Upfront Consideration | Total Upfront Consideration | Total Upfront Consideration | | | | |
| Mineral Stream<br> Interests | Mine Owner ¹ | Location¹ | Attributable<br>Production | Production<br>Payment<br>Per<br> Unit <sup>2,3</sup> | Paid to<br> Jun 30, 2025 <sup>3</sup> | To be Paid <sup>1, 2</sup> | Total ³ | Cash Flow<br>Generated to<br>Date ³ | Units<br>Received &<br>Sold to Date ³ | Q2-2025<br>PBND <sup>3, 4</sup> | Term ¹ |
|  **Gold** |  |  |  |  |  |  |  |  |  |  |  |
|  Salobo | Vale | BRA | 75% | $429 | $3573360 | $- | $3573360 | $3033507 | 2354489 | 70529 | LOM |
|  Sudbury <sup>5</sup> | Vale | CAN | 70% | $400 | 623572 |  | 623572 | 343977 | 303302 | 9224 | 20 years <sup>5</sup> |
|  Constancia | Hudbay | PER | 50% | $425 | 135000 |  | 135000 | 361727 | 244241 | 1603 | LOM |
|  San Dimas | FM | MEX | variable <sup>6</sup> | $643 | 220000 |  | 220000 | 346099 | 282205 | 1757 | LOM |
|  Stillwater <sup>7</sup> | Sibanye | USA | 100% | 18% | 237880 |  | 237880 | 108513 | 72118 | 4557 | LOM |
|  Other |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper World | Hudbay | USA | 100% | $450 |  | 39296 | 39296 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato <sup>8</sup> | Aris | CO | 10.5% <sup>8</sup> | 18% | 85416 | 77584 | 163000 | 19682 | 11225 | 161 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo | Capstone | CHL | 100% <sup>9</sup> | 18% | 26903 | 260000 | 286903 | 3830 | 1383 |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix | Rio2 | CHL | 22% <sup>10</sup> | 18% | 50000 | 100000 | 150000 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | Artemis Gold | CAN | 8% <sup>11</sup> | 35% | 340000 |  | 340000 | 7429 | 3401 | 1661 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo ³ | Silvercorp | ECU | 50% <sup>12</sup> | 18% | (268) | 128904 | 128636 | 1203 | 467 |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | Gen Mining | CAN | 100% <sup>13</sup> | 18% | 21857 | 102617 | 124474 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goose | B2Gold | CAN | 2.78% <sup>14</sup> | 18% | 83750 |  | 83750 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cangrejos | CMOC | ECU | 6.6% <sup>15</sup> | 18% | 48000 | 252000 | 300000 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | Ivanhoe | SA | 62.5% <sup>16</sup> | $100 | 275300 |  | 275300 |  |  |  | LOM <sup>16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curraghinalt | Dalradian | UK | 3.05% <sup>17</sup> | 18% | 20000 | 55000 | 75000 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | BMC | CAN | 6.875% <sup>18</sup> | 20% | 13860 | 1800 | 15660 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koné | Montage | CIV | 19.5% <sup>19</sup> | 20% | 156250 | 468750 | 625000 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurmuk | Allied | ETH | 6.7% <sup>20</sup> | 15% | 87500 | 87500 | 175000 | - | - | - | LOM |
|  |  |  |  |  | $5998380 | $1573451 | $7571831 | $4225967 | 3272831 | 89492 |  |
|  **Silver** |  |  |  |  |  |  |  |  |  |  |  |
|  Peñasquito | Newmont | MEX | 25% | $4.56 | $485000 | $- | $485000 | $1668133 | 91015 | 1089 | LOM |
|  Antamina | Glencore | PER | 33.75% <sup>21</sup> | 20% | 900000 |  | 900000 | 817876 | 49707 | 1098 | LOM |
|  Constancia | Hudbay | PER | 100% | $6.26 | 294900 |  | 294900 | 312838 | 20875 | 137 | LOM |
|  Other |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Filos | Equinox | MEX | 100% | $4.74 | 4463 |  | 4463 | 45089 | 2372 | 24 | 25 years <sup>22</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | Boliden | SWE | 100% | $4.75 | 77866 |  | 77866 | 563909 | 36064 | 296 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratoni | Eldorado | GRC | 100% | $11.54 | 57500 |  | 57500 | 155868 | 10378 |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | Boliden | PRT | 100% | $4.55 | 35350 |  | 35350 | 193656 | 10829 | 51 | 50 years <sup>23</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aljustrel | Almina | PRT | 100% <sup>24</sup> | 50% | 2451 |  | 2451 | 48811 | 4274 |  | 50 years <sup>23</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pascua-Lama | Barrick | CHL/ARG | 25% | $3.90 | 625000 |  | 625000 | 372767 | 19775 |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper World | Hudbay | USA | 100% | $3.90 |  | 191855 | 191855 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navidad | PAAS | ARG | 12.5% | $4.00 | 10788 | 32400 | 43188 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato <sup>8</sup> | Aris | CO | 100% <sup>8</sup> | 18% | 7600 | 4400 | 12000 | 3546 | 168 | 3 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cozamin | Capstone | MEX | 50% <sup>25</sup> | 10% | 150000 |  | 150000 | 64626 | 2792 | 130 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | Artemis Gold | CAN | 50% <sup>11</sup> | 18% | 170800 |  | 170800 | 4519 | 143 | 21 | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo ³ | Silvercorp | ECU | 75% <sup>12</sup> | 18% | (96) | 46596 | 46500 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral Park | Waterton | US | 100% | 18% | 115000 |  | 115000 |  |  |  | LOM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | BMC | CAN | 6.875% <sup>18</sup> | 20% | 24640 | 3200 | 27840 | - | - | - | LOM |
|  |  |  |  |  | $2961262 | $278451 | $3239713 | $4251638 | 248392 | 2849 |  |
|  **Palladium** |  |  |  |  |  |  |  |  |  |  |  |
|  Stillwater <sup>7</sup> | Sibanye | USA | 4.5% <sup>26</sup> | 18% | $262120 | $- | $262120 | $166814 | 120090 | 4414 | LOM |
|  Platreef | Ivanhoe | SA | 5.25% <sup>16</sup> | 30% | 78700 | - | 78700 | - | - | - | LOM <sup>16</sup> |
|  |  |  |  |  | $340820 | $- | $340820 | $166814 | 120090 | 4414 |  |
|  **Platinum** |  |  |  |  |  |  |  |  |  |  |  |
|  Marathon | Gen Mining | CAN | 22% <sup>13</sup> | 18% | $9367 | $43979 | $53346 | $- |  |  | LOM |
|  Platreef | Ivanhoe | SA | 5.25% <sup>16</sup> | 30% | 57500 | - | 57500 | - | - | - | LOM <sup>16</sup> |
|  |  |  |  |  | $66867 | $43979 | $110846 | $- | - | - |  |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |  |  |
|  Voisey's Bay | Vale | CAN | 42.4% <sup>27</sup> | 18% | $390000 | $- | $390000 | $67830 | 4586 | 1168 | LOM |
|  **Total PMPAs Currently Owned** | **Total PMPAs Currently Owned** | **Total PMPAs Currently Owned** |  |  | $9757329 | $1895881 | $11653210 | $8712249 |  |  |  |
|  **Terminated / Matured PMPAs** | **Terminated / Matured PMPAs** | **Terminated / Matured PMPAs** |  |  | 1358502 | - | $1358502 | 3376971 |  |  |  |
|  **Total** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;11115831 | $&nbsp;&nbsp;&nbsp;&nbsp;1895881 | $&nbsp;&nbsp;&nbsp;&nbsp;13011712 | $&nbsp;&nbsp;&nbsp;&nbsp;12089220 |  |  |  |

---

1) Abbreviations as follows: FM = First Majestic Silver Corp; BMC = BMC Minerals; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CIV = Côte d'Ivoire, CO = Colombia; ECU = Ecuador; ETH = Ethiopia, GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]

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2) Please refer to the section entitled "Contractual Obligations and Contingencies – Mineral Stream Interests" on page 30 of this MD&A for more information.

3) All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled "Other Contractual Obligations and Contingencies" on page 32 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid. Certain contracts, including Santo Domingo and El Domo, contain delay ounce provisions whereby should construction of the mine not be completed by an agreed to date, the mine operator must compensate the Company for the delay until certain conditions are satisfied by delivering additional ounces. The value of these ounces on the date first due, net of amounts owed to the mine operator, is treated as a reduction to the upfront consideration paid. Sale of the resulting ounces received is treated as revenue, with the associated cost of sales being equal to the fair value of the ounces on the date received. 

4) Payable gold, silver, palladium and cobalt PBND are based on management estimates. These figures may be updated in the future as additional information is received. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. 

5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of June 30, 2025, the Company has received approximately $344 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. The term of the Sudbury PMPA ends on May 11, 2033. 

6) The original San Dimas SPA, entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1. 

7) Comprised of the Stillwater and East Boulder gold and palladium interests.

8) Once the Company has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA, the attributable gold and silver production will be reduced to 5.25% and 50%, respectively. 

9) Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company's attributable gold production will be reduced to 67%. The units sold under Santo Domingo relate to ounces received due to the delay ounce provision (see footnote 3, above). 

10) On October 21, 2024, the Company amended the Fenix PMPA. Under the original agreement, the Company was to acquire an amount of gold equal to 6% of the gold production until 90,000 ounces have been delivered, 4% of the gold production until the delivery of a further 140,000 ounces and 3.5% gold production thereafter for the life of mine. Under the revised agreement, the Company is entitled to purchase an additional 16% of payable gold production (22% in total) (subject to adjustment if there are delays in deliveries relative to an agreed schedule). Once Rio2 delivers the incremental 95,000 ounces (as adjusted), the stream reverts to the percentages and thresholds under the original Fenix PMPA (as described). Rio2 has a one-time option to terminate the requirement to deliver the incremental gold production from the end of 2027 until the end of 2029 by delivering 95,000 ounces (as adjusted) less previously delivered gold ounces, excluding those gold ounces which would have been delivered under the original Fenix PMPA. 

11) Once the Company has received 464,000 ounces of gold under the amended Blackwater Gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater Silver PMPA, the attributable silver production will be reduced to 33%. 

12) Once the Company has received 145,000 ounces of gold under the El Domo PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. The units sold under El Domo relate to ounces received due to the delay ounce provision (see footnote 3, above). 

13) Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%. 

14) Once the Company has received 87,100 ounces of gold under the Goose PMPA, the Company's attributable gold production will be 1.44%, and once the Company has received 134,000 ounces of gold under the agreement, the Company's attributable gold production will be reduced to 1.0%. 

15) Once Wheaton has received 700,000 ounces of gold under the Cangrejos PMPA, the Company's attributable gold production will be reduced to 4.4%. Under the Cangrejos PMPA, CMOC may purchase one-third of the Cangrejos stream if it provides notice of its intention to do so within 60 days of the change of control on June 23, 2025. 

16) Once the Company has received 218,750 ounces of gold under the Platreef Gold PMPA, the attributable gold production will reduce to 50% until 428,300 ounces have been delivered, after which the stream drops to 3.125%. Under the Platreef Palladium and Platinum PMPA, once the Company has received 350,000 ounces of combined palladium and platinum, the attributable palladium and platinum production will reduce to 3% until 485,115 ounces have been delivered, after which the stream drops to 0.1% of the payable palladium and platinum production. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 million tonnes per annum ("Mtpa"), the 3.125% residual gold stream and the 0.1% residual palladium and platinum stream will terminate. Under the Platreef Gold PMPA, Sandstorm Gold Ltd. (which acquired Nomad Royalty Ltd. on August 15, 2022) ("Sandstorm") is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable metal that Wheaton will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton and Sandstorm combined). The values set out herein pertain only to Wheaton's share of the payable gold. 

17) Once the Company has received 125,000 ounces of gold under the Curraghinalt PMPA, the Company's attributable gold production will be reduced to 1.5%. 

18) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered for a total of 660,000 ounces of gold and 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%. 

19) Once the Company has received 400,000 ounces of gold under the Koné PMPA, subject to adjustment if there are delays in deliveries relative to an agreed schedule, the attributable gold production will reduce to 10.8% until an additional 130,000 ounces of gold has been delivered, after which the stream drops to 5.4%. 

20) Once the Company has received 220,000 ounces of gold under the Kurmuk PMPA, the Company's attributable gold production will be reduced to 4.8%. During any period in which debt exceeding $150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop-down threshold is reached. 

21) Once Wheaton has received 140 million ounces of silver under the Antamina PMPA, the Company's attributable silver production will be reduced to 22.5%. 

22) The term of the Los Filos PMPA ends on October 15, 2029.

23) The term of the Neves-Corvo and Aljustrel PMPAs ends on June 5, 2057.

24) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. 

25) Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company's attributable silver production will be reduced to 33%. 

26) Once the Company has received 375,000 ounces of palladium under the Stillwater PMPA, the Company's attributable palladium production will be reduced to 2.25%, and once the Company has received 550,000 ounces of palladium under the agreement, the Company's attributable palladium production will be reduced to 1%. 

27) Once the Company has received 31 million pounds of cobalt under the Voisey's Bay PMPA, the Company's attributable cobalt production will be reduced to 21.2%. 

There were no significant amendments and acquisitions of mineral stream interests during Q2 2025. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in the Contractual Obligations and Contingencies section of this MD&A starting on page 30 of the MD&A.

**Updates on the Operating Mineral Stream Interests** 

**Constancia** 

On July 3, 2025, it was reported that protests by informal miners in Peru led to intermittent roadblocks along the Southern Road Corridor, impacting major copper operations including Hudbay's Constancia mine and MMG Limited's Las Bambas mine<sup>1</sup>. MMG Limited later confirmed that transportation resumed as of July 15, 2025 following an agreement by artisanal miners to lift the blockades. Wheaton's second quarter deliveries from Constancia remained unaffected by these temporary disruptions.

**San Dimas** 

In accordance with the terms of the San Dimas PMPA, effective April 30, 2025 the fixed gold to silver exchange ratio has been revised from 70:1 to 90:1. Please see footnote 6 on page 8 of this MD&A for more information.

<sup>1</sup> As reported by Reuters news outlet on July 11, 2025 in the article titled "MMG, Hudbay warn Peru copper output at risk amid wildcat protest, sources say".

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [8]

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**Blackwater** 

On May 2, 2025, Artemis Gold Inc., ("Artemis Gold") announced the commencement of commercial production at its Blackwater mine, with mining operations exceeding 90% of its planned tonnage, and both mined tonnes and grades reconciling favorably to the resource model. On June 19, 2025, Artemis Gold announced the acceleration of the design and implementation of Phase 2 of the Blackwater mine, with a final investment decision by their Board anticipated by year-end 2025. On July 14, 2025, Artemis Gold announced that it had further ramped up operations and was producing at a steady state with the mill operating above design capacity for the month of June. Artemis Gold also notes that gold production is expected to be weighted to the second half of the year.

**Voisey's Bay – Underground Mine Extension** 

On April 15, 2025, Vale reported the consistent ramp-up of Voisey's Bay's underground operations. The full ramp-up is expected by the second half of 2026.

**Updates on the Development Stage Mineral Stream Interests** 

**Copper World** 

On March 27, 2025, Hudbay Minerals Inc., ("Hudbay") reported that feasibility studies are underway at the fully permitted Copper World project.

**Marmato Mine** 

On May 7, 2025, Aris Mining Corporation ("Aris") reported that the processing plant capacity was increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

**Santo Domingo** 

On July 31, 2025, Capstone Copper Corp. ("Capstone") reported that it is at an advanced stage in its partnership process and expects to announce a partner during Q3 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.

**Fenix** 

On July 31, 2025, Rio2 Limited ("Rio2") reported that construction was 41% complete and remains on track and on budget for first gold production in the first quarter of 2026. Rio2 reports the leach pad will be ready to receive minerals in August 2025, with completion of the Mine Expansion Study targeted for December 2025.

**El Domo** 

On April 23, 2025, Silvercorp Metals Inc. ("Silvercorp") reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. On August 5, 2025, Silvercorp announced that the Constitutional Court of Ecuador has delivered a unanimous decision to uphold the validity of the environmental license for the El Domo project.

**Marathon** 

On May 22, 2025, Generation Mining Ltd. announced that it has received the final key permit required for the construction of the Marathon project in Northwestern Ontario. The Environmental Compliance Approval – Industrial Sewage Works (ECA-ISW) permit, received from the Ontario Ministry of Environment, Conservation and Parks, is for the management and discharge of water for the construction phase of the project.

**Goose** 

On June 30, 2025, B2Gold announced the first gold pour at its Goose project, with the mill running consistently at approximately 50% of nameplate capacity during this initial phase, as planned. B2Gold expects a ramp up to commercial production during the third quarter of 2025.

**Cangrejos** 

On June 23, 2025, CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC") announced that it had completed its previously disclosed acquisition of Lumina Gold Corp., ("Lumina"). CMOC reports that it has assembled a multidisciplinary project team to fast-track development of the Cangrejos project, with commercial production targeted for 2028.

**Platreef** 

On July 30, 2025, Ivanhoe Mines ("Ivanhoe") announced that development ore is now being hoisted to surface and stockpiled in preparation for the initial feed into the Phase 1 concentrator, which continues advancing toward commercial production in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world's largest producers of platinum, palladium, rhodium, and gold. Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [9]

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**Koné** 

On May 27, 2025, Montage Gold Corp. ("Montage") provided a construction update for its Koné project, where construction continues to progress rapidly and remains well on track for first gold pour in Q2 2027. Montage notes that significant progress has been made on the key ongoing workstreams which include the water storage and abstraction facility, and camp construction. Notably, the carbon-in-leach ring beams were completed two months ahead of schedule, marking a key milestone. On July 21, 2025, Montage reported that its exploration program continues to provide significant confidence in achieving the previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources. As a result of ongoing successful results and drilling efficiency, Montage states that its exploration program has been increased from 90,000 meters to 120,000 meters in 2025.

**Kurmuk** 

On August 6, 2025, Allied Gold Corporation ("Allied") reported that engineering and procurement are approximately 90% complete, with mining fleet mobilization well underway and first units expected to arrive on site imminently. Concurrently, Allied is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput and other targeted optimizations. Allied continues to forecast the commencement of production by mid-2026.

**Mineral Park** 

During the quarter, Waterton's Origin Mining achieved a key milestone by introducing first ore to the mill at its Mineral Park project. Waterton indicates that the ramp-up to commercial production is underway and expected to be reached during the second half of 2025. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.

**Early Deposit Mineral Stream Interests** 

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies. Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests currently owned by the Company:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Attributable<br> Production to be <br>Purchased** | **Attributable<br> Production to be <br>Purchased** | **Attributable<br> Production to be <br>Purchased** |  | | |
| <br>**Early Deposit Mineral**<br> **Stream Interests** |<br>**Mine<br>Owner** |<br>**Location of<br>Mine** |<br>**Upfront<br>Consideration<br>Paid to Date <sup>1</sup>** |<br>**Upfront<br>Consideration<br>to be Paid <sup>1, 2</sup>** |<br>**Total**<br> **Upfront<br>Consideration¹** | **Gold** | | **Silver** | |<br>**Term of<br>Agreement** |<br>**Date of<br>Original<br>Contract** |
|  Toroparu | Aris Mining | Guyana | $15500 | $138000 | $153500 | 10 | % | 50 | % | Life of Mine | 11-Nov-13 |
|  Cotabambas | Panoro | Peru | 14000 | 126000 | 140000 | 25 | % ³ | 100 | % ³ | Life of Mine | 21-Mar-16 |
|  Kutcho | Kutcho | Canada | 16852 | 58000 | 74852 | 100 | % | 100 | % | Life of Mine | 14-Dec-17 |
|  |  |  | $46352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | $368352 |  |  |  |  |  |  |

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1) Expressed in thousands; excludes closing costs and capitalized interest, where applicable.

2) Please refer to the section entitled "Other Contractual Obligations and Contingencies" on page 32 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.

3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]

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**Mineral Royalty Interests** 

The following table summarizes the mineral royalty interests owned by the Company as at June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Royalty Interests** | **Mine<br>Owner** | **Location of<br>Mine** | **Royalty <sup>1</sup>** | **Total<br>Upfront<br>Consideration <sup>2</sup>** | **Term of<br>Agreement** | **Date of**<br> **Original**<br> **Contract** |
|  Metates | Chesapeake | Mexico | 0.5% NSR | $3000 | Life of Mine | 07-Aug-2014 |
|  Brewery Creek <sup>3</sup> | Victoria Gold | Canada | 2.0% NSR | 3529 | Life of Mine | 04-Jan-2021 |
|  Black Pine <sup>4</sup> | Liberty Gold | USA | 0.5% NSR | 3600 | Life of Mine | 10-Sep-2023 |
|  Mt Todd <sup>5</sup> | Vista | Australia | 1.0% GR | 20000 | Life of Mine | 13-Dec-2023 |
|  DeLamar <sup>6</sup> | Integra | USA | 1.5% NSR | 9750 | Life of Mine | 20-Feb-2024 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39879 |  |  |

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1) Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.

2) Expressed in thousands; excludes closing costs.

3) The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn$2 million to the Company. On August 14, 2024, the Ontario Superior Court of Justice placed Victoria Gold Corp into receivership following the failure of the heap leach pad at its Eagle Mine in June, 2024. 

4) Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. 

5) The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones. 

6) Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. 

**Black Pine** 

On May 13, 2025, Liberty Gold Corp. commenced feasibility fieldwork at its Black Pine Oxide Gold project. The technical data collected will support feasibility-level engineering studies, planned to begin in Q4 2025.

**Brewery Creek** 

On June 27, 2025, it was reported that the Ontario Superior Court of Justice approved the proposed sale process for the Brewery Creek mine in connection with the Victoria Gold Corp. receivership process.

**Long-Term Equity Investments** 

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | June 30 | December 31 |
| (in thousands) | 2025 | 2024 |
|  Common shares held | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98190 |
|  Warrants held | 3543 | 785 |
| Total long-term equity investments | $171531 | $98975 |

---

The Company's long-term investments in common shares ("LTI's") are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income ("OCI"). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

While long-term investments in warrants are also held for long-term strategic purposes, they meet the definition of a derivative and therefore are classified as financial assets with fair value adjustments being recorded as a component of net earnings under the classification Other Income (Expense). Warrants that do not have a quoted market price are valued using a Black-Scholes option pricing model.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [11]

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A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company's OCI during the three and six months ended June 30, 2025 and 2024 is presented below:

**Common Shares Held** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
| (in thousands) | Fair Value at<br>Mar 31, 2025 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2025 | Realized<br>Gain on<br>Disposal |
|  Streaming or royalty partners | $121799 | $- | $- | $39595 | $161394 | $- |
|  Strategic investments | 5669 | - | - | 925 | 6594 | - |
|  Total | $127468 | $- | $- | $40520 | $167988 | $- |
|  <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). | <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). | <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). | <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). | <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). | <br> 1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI"). |  |
|  | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
| (in thousands) | Fair Value at<br>Mar 31, 2024 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2024 | Realized<br>Gain on<br>Disposal |
|  Streaming or royalty partners | $74717 | $- | $- | $8232 | $82949 | $- |
|  Strategic investments 2 | 170961 | - | (177088) | 10077 | 3950 | 35768 |
|  Total | $245678 | $- | $(177088) | $18309 | $86899 | $35768 |
|  <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI.<br> 2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives. |
|  | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| (in thousands) | Fair Value at<br>Dec 31, 2024 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2025 | Realized<br>Gain on<br>Disposal |
|  Streaming or royalty partners | $93915 | $- | $- | $67479 | $161394 | $- |
|  Strategic investments | 4275 | 3117 | - | (798) | 6594 | - |
|  Total | $98190 | $3117 | $- | $66681 | $167988 | $- |
|  <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. | <br> 1) Fair Value Gains (Losses) are reflected as a component of OCI. |  |
|  | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
| (in thousands) | Fair Value at<br>Dec 31, 2023 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2024 | Realized<br>Gain on<br>Disposal |
|  Streaming or royalty partners | $75481 | $5121 | $- | $2347 | $82949 | $- |
|  Strategic investments 2 | 170545 | - | (177088) | 10493 | 3950 | 35768 |
|  Total | $246026 | $5121 | $(177088) | $12840 | $86899 | $35768 |

---

1) Fair Value Gains (Losses) are reflected as a component of OCI.

2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]

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**Summary of Units Produced** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 69417 | 71384 | 84291 | 62689 | 63225 | 61622 | 71777 | 69045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>3</sup> | 4508 | 4880 | 5259 | 3593 | 4477 | 5618 | 5823 | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 4604 | 4876 | 18727 | 10760 | 6269 | 14316 | 22781 | 19420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas <sup>4</sup> | 6987 | 8416 | 7263 | 6882 | 7089 | 7542 | 10023 | 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>5</sup> | 1654 | 1339 | 2166 | 2247 | 2099 | 2637 | 2341 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 748 | 757 | 622 | 648 | 584 | 623 | 668 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 4050 | 1017 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 4798 | 1774 | 622 | 648 | 584 | 623 | 668 | 673 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total gold ounces produced | 91968 | 92669 | 118328 | 86819 | 83743 | 92358 | 113413 | 105444 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Silver ounces produced <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito <sup>6</sup> | 2103 | 1754 | 2465 | 1785 | 2263 | 2643 | 1036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1299 | 1087 | 947 | 925 | 992 | 806 | 1030 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 552 | 555 | 969 | 648 | 451 | 640 | 836 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Filos <sup>7</sup> |  | 37 | 29 | 26 | 27 | 48 | 26 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 684 | 585 | 637 | 537 | 699 | 641 | 510 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 449 | 459 | 494 | 425 | 432 | 524 | 573 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aljustrel <sup>8</sup> |  |  |  |  |  |  |  | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 174 | 174 | 192 | 185 | 177 | 173 | 185 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 8 | 8 | 7 | 7 | 6 | 7 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 138 | 34 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 1453 | 1297 | 1359 | 1180 | 1341 | 1393 | 1304 | 1806 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total silver ounces produced | 5407 | 4693 | 5740 | 4538 | 5047 | 5482 | 4206 | 3397 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Palladium ounces produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>5</sup> | 2435 | 2661 | 2797 | 4034 | 4338 | 4463 | 4209 | 4006 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Cobalt pounds produced ² |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 647 | 540 | 393 | 397 | 259 | 240 | 215 | 183 |
|  &nbsp;&nbsp;&nbsp;&nbsp;GEOs produced <sup>9</sup> | 158608 | 150601 | 187625 | 142716 | 144904 | 158490 | 164599 | 147047 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Average payable rate <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold | 95.3% | 94.9% | 95.3% | 95.0% | 95.0% | 94.7% | 95.1% | 95.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver | 87.2% | 86.4% | 84.2% | 83.9% | 84.3% | 84.5% | 83.0% | 78.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium | 97.4% | 96.4% | 97.5% | 98.4% | 97.3% | 97.8% | 98.0% | 94.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% | 93.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO <sup>9</sup> | 92.1% | 91.9% | 91.3% | 90.9% | 90.7% | 90.6% | 91.6% | 90.9% |

---

1) All figures in thousands except gold and palladium ounces produced.

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

3) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

4) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 30, 2025, the fixed gold to silver exchange ratio has been revised to 90:1. For reference, attributable silver production from prior periods is as follows: Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces. 

5) Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit. 

6) There was a temporary suspension of operations at Peñasquito due to a labour strike which ran from June 7, 2023 to October 13, 2023.

7) On April 1, 2025, Equinox Gold Corp., ("Equinox") reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

8) On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025.

9) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [13]

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**Summary of Units Sold** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2023 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 76331 | 83809 | 55170 | 58101 | 54962 | 56841 | 76656 | 44444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>2</sup> | 2849 | 5632 | 4048 | 2495 | 5679 | 4129 | 5011 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 6827 | 9788 | 17873 | 5186 | 6640 | 20123 | 19925 | 12399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 7235 | 8962 | 6990 | 7022 | 6801 | 7933 | 10472 | 9695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>3</sup> | 1386 | 1947 | 2410 | 1635 | 2628 | 2355 | 2314 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 742 | 737 | 650 | 550 | 616 | 638 | 633 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 |  |  |  |  |  |  |  | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 3291 | 110 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo <sup>4</sup> | 312 | 312 | 312 | 447 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo <sup>4</sup> | - | - | 209 | 258 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 4345 | 1159 | 1171 | 1255 | 616 | 638 | 633 | 1067 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total gold ounces sold | 98973 | 111297 | 87662 | 75694 | 77326 | 92019 | 115011 | 74426 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Silver ounces sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2112 | 1976 | 1852 | 1667 | 1482 | 1839 | 442 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1073 | 884 | 858 | 989 | 917 | 762 | 1091 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 625 | 730 | 797 | 366 | 422 | 726 | 665 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Filos | 8 | 57 | 29 | 26 | 24 | 44 | 24 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 520 | 446 | 452 | 488 | 597 | 297 | 449 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 224 | 218 | 154 | 185 | 216 | 243 | 268 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aljustrel |  |  |  |  |  | 1 | 86 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 154 | 164 | 158 | 148 | 158 | 147 | 141 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 9 | 8 | 7 | 6 | 7 | 8 | 9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 143 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 | - | - | - | - | - | - | - | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other | 1058 | 893 | 800 | 853 | 1002 | 740 | 977 | 1283 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total silver ounces sold | 4868 | 4483 | 4307 | 3875 | 3823 | 4067 | 3175 | 2965 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Palladium ounces sold<br>Stillwater <sup>3</sup> | 2575 | 2457 | 4434 | 3761 | 4301 | 4774 | 3339 | 4242 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Cobalt pounds sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 353 | 265 | 485 | 88 | 88 | 309 | 288 | 198 |
|  &nbsp;&nbsp;&nbsp;&nbsp;GEOs sold <sup>5</sup> | 157916 | 165297 | 141495 | 122242 | 123462 | 142294 | 154355 | 111218 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Cumulative payable units PBND <sup>6</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold ounces | 89492 | 100512 | 123511 | 97929 | 90406 | 88145 | 92729 | 99891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver ounces | 2849 | 3002 | 3431 | 2903 | 2972 | 2539 | 1973 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium ounces | 4414 | 4596 | 4439 | 6186 | 6018 | 6198 | 6666 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt pounds | 1168 | 917 | 678 | 796 | 513 | 360 | 356 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO <sup>5</sup> | 130036 | 141587 | 168241 | 137823 | 129560 | 121574 | 119780 | 123015 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Inventory on hand<br>Cobalt pounds | - | - | - | - | - | - | 88 | 155 |

---

1) All figures in thousands except gold and palladium ounces sold.

2) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests.

3) Comprised of the Stillwater and East Boulder gold and palladium interests.

4) The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA (see footnote 3 on page 8 of this MD&A for more information).

5) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

6) Payable gold, silver and palladium ounces PBND and cobalt pounds PBND are based on management estimates. These figures may be updated in future periods as additional information is received.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]

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**Quarterly Financial Review <sup>1</sup>** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|  Gold ounces sold | 98973 | 111297 | 87662 | 75694 | 77326 | 92019 | 115011 | 74426 |
|  Realized price <sup>2</sup> | $3318 | $2872 | $2677 | $2491 | $2356 | $2072 | $2006 | $1944 |
|  Gold sales | $328354 | $319696 | $234690 | $188521 | $182150 | $190689 | $230716 | $144707 |
|  Silver ounces sold | 4868 | 4483 | 4307 | 3875 | 3823 | 4067 | 3175 | 2965 |
|  Realized price <sup>2</sup> | $34.05 | $32.33 | $31.28 | $29.71 | $29.11 | $23.77 | $23.77 | $23.73 |
|  Silver sales | $165739 | $144937 | $134733 | $115149 | $111291 | $96658 | $75465 | $70372 |
|  Palladium ounces sold | 2575 | 2457 | 4434 | 3761 | 4301 | 4774 | 3339 | 4242 |
|  Realized price <sup>2</sup> | $996 | $965 | $1008 | $969 | $979 | $980 | $1070 | $1251 |
|  Palladium sales | $2564 | $2372 | $4468 | $3644 | $4210 | $4677 | $3574 | $5307 |
|  Cobalt pounds sold | 353 | 265 | 485 | 88 | 88 | 309 | 288 | 198 |
|  Realized price <sup>2</sup> | $18.60 | $12.88 | $13.66 | $10.65 | $16.02 | $15.49 | $12.92 | $13.87 |
|  Cobalt sales | $6561 | $3406 | $6625 | $939 | $1413 | $4782 | $3716 | $2751 |
|  Total sales | $503218 | $470411 | $380516 | $308253 | $299064 | $296806 | $313471 | $223137 |
|  Cash cost <sup>2, 3</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold / oz | $470 | $445 | $440 | $440 | $441 | $439 | $437 | $444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver / oz | $5.33 | $5.17 | $5.16 | $5.03 | $4.95 | $4.77 | $5.02 | $5.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium / oz | $175 | $172 | $184 | $173 | $175 | $182 | $198 | $223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt / lb <sup>5</sup> | $3.57 | $2.46 | $2.59 | $2.15 | $3.11 | $2.96 | $3.14 | $3.66 |
|  Depletion <sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold / oz <sup>4</sup> | $433 | $423 | $420 | $418 | $438 | $404 | $405 | $381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver / oz | $5.93 | $6.03 | $5.90 | $5.89 | $5.76 | $5.03 | $5.29 | $4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium / oz | $429 | $429 | $429 | $429 | $429 | $445 | $445 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt / lb | $9.18 | $9.18 | $12.78 | $12.78 | $12.78 | $12.77 | $12.80 | $12.98 |
|  Gain on disposal of PMPA | $- | $- | $- | $- | $- | $- | $- | $- |
|  Impairment | $- | $- | $108861 | $- | $- | $- | $- | $- |
|  Net earnings | $292270 | $253984 | $88148 | $154635 | $122317 | $164041 | $168435 | $116371 |
|  Per share |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.644 | $0.560 | $0.194 | $0.341 | $0.270 | $0.362 | $0.372 | $0.257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.643 | $0.559 | $0.194 | $0.340 | $0.269 | $0.362 | $0.371 | $0.257 |
|  Adjusted net earnings <sup>3</sup> | $286004 | $250825 | $198969 | $152803 | $149565 | $138834 | $164569 | $121467 |
|  Per share |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.630 | $0.553 | $0.439 | $0.337 | $0.330 | $0.306 | $0.363 | $0.268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.629 | $0.552 | $0.438 | $0.336 | $0.329 | $0.306 | $0.363 | $0.268 |
|  Cash flow from operations | $414959 | $360793 | $319471 | $254337 | $234393 | $219380 | $242226 | $171103 |
|  Per share <sup>3</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.914 | $0.795 | $0.704 | $0.561 | $0.517 | $0.484 | $0.535 | $0.378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.913 | $0.794 | $0.703 | $0.560 | $0.516 | $0.484 | $0.534 | $0.377 |
|  Dividends declared | $74899 | $74881 | $70318 | $70314 | $70273 | $70261 | $67950 | $67946 |
|  Per share | $0.165 | $0.165 | $0.155 | $0.155 | $0.155 | $0.155 | $0.150 | $0.150 |
|  Total assets | $7982385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7739297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7386179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881515 |
|  Total liabilities | $256679 | $273155 | $165078 | $126165 | $87410 | $101260 | $45669 | $38254 |
|  Total shareholders' equity | $7725706 | $7466142 | $7259379 | $7260014 | $7159672 | $7079195 | $6985516 | $6843261 |

---

1) All figures in thousands except gold and palladium ounces produced and sold, per unit amounts and per share amounts. 

2) Expressed as dollars per ounce and for cobalt per pound.

3) Refer to discussion on non-GAAP beginning on page 36 of this MD&A.

4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see footnote 3 on page 8 of this MD&A for more information.

Changes in sales, net earnings and cash flow from operations from quarter to quarter are affected primarily by fluctuations in production at the mines, the timing of shipments, changes in the price of commodities, the commencement of operations of mines under construction, as well as acquisitions of PMPAs and any related capital raising activities.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]

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**Results of Operations and Operational Review** 

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

**Results of Operations For The Three Months Ended June 30, 2025 and 2024** 

The following two tables present the results of operations based on the Company's reportable operating segments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s Per<br>Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) <sup>4</sup> | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 69417 | 76331 | $3315 | $429 | $402 | $252997 | $189543 | $220263 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>5</sup> | 4508 | 2849 | 3368 | 400 | 1326 | 9597 | 4679 | 8457 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 4604 | 6827 | 3315 | 425 | 323 | 22629 | 17527 | 19730 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 6987 | 7235 | 3315 | 640 | 290 | 23982 | 17253 | 19350 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 1654 | 1386 | 3315 | 590 | 421 | 4594 | 3193 | 3776 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 4798 | 4345 | 3350 | 988 | 790 | 14555 | 6830 | 10261 | 1206207 |
|  | 91968 | 98973 | $3318 | $470 | $433 | $328354 | $239025 | $281837 | $4510395 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2103 | 2112 | $&nbsp;&nbsp;&nbsp;&nbsp;33.83 | $4.56 | $4.86 | $71467 | $51574 | $61835 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1299 | 1073 | 33.83 | 6.85 | 8.46 | 36303 | 19871 | 28948 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 552 | 625 | 33.83 | 6.26 | 6.10 | 21138 | 13413 | 17227 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>7</sup> | 1453 | 1058 | 34.81 | 4.76 | 5.39 | 36831 | 26093 | 27480 | 721492 |
|  | 5407 | 4868 | $34.05 | $&nbsp;&nbsp;&nbsp;&nbsp;5.33 | $&nbsp;&nbsp;&nbsp;&nbsp;5.93 | $165739 | $110951 | $135490 | $1577424 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2435 | 2575 | $996 | $175 | $429 | $2564 | $1009 | $2114 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78814 |
|  | 2435 | 2575 | $996 | $175 | $429 | $2564 | $1009 | $2114 | $289833 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57584 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67035 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 647 | 353 | $18.60 | $3.57 | $9.18 | $6561 | $2062 | $2907 | $225020 |
|  **Operating results** | **Operating results** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;503218 | $353047 | $422348 | $6669707 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  |  | $(11022) | $(10498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  | (9962) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  | (2368) | (2096) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (1427) | (2025) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 9736 | 8179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (45734) | (949) |  |
|  Total other |  |  |  |  |  |  | $(60777) | $(7389) | $&nbsp;&nbsp;&nbsp;&nbsp;1312678 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;292270 | $&nbsp;&nbsp;&nbsp;&nbsp;414959 | $7982385 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) on page 38 of this MD&A.

4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see footnote 3 on page 8 of this MD&A for more information.

5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

6) Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA (see footnote 3 on page 8 of this MD&A for more information). 

7) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [16]

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 63225 | 54962 | $2356 | $425 | $378 | $129466 | $85346 | $105795 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>4</sup> | 4477 | 5679 | 2357 | 400 | 1326 | 13383 | 3581 | 11106 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 6269 | 6640 | 2356 | 420 | 323 | 15640 | 10706 | 12849 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 7089 | 6801 | 2356 | 635 | 290 | 16021 | 9730 | 11701 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2099 | 2628 | 2356 | 415 | 421 | 6190 | 3994 | 5100 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>5</sup> | 584 | 616 | 2356 | 415 | 527 | 1450 | 870 | 1195 | 903067 |
|  | 83743 | 77326 | $2356 | $441 | $438 | $182150 | $114227 | $147746 | $4213083 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 2263 | 1482 | $28.75 | $4.50 | $4.86 | $42599 | $28735 | $35932 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 992 | 917 | 28.75 | 5.75 | 8.46 | 26365 | 13337 | 21095 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 451 | 422 | 28.75 | 6.20 | 6.10 | 12122 | 6934 | 9508 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 1341 | 1002 | 30.14 | 4.35 | 4.50 | 30205 | 21336 | 21614 | 624616 |
|  | 5047 | 3823 | $29.11 | $4.95 | $5.76 | $111291 | $70342 | $88149 | $1565048 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4338 | 4301 | $979 | $175 | $429 | $4210 | $1611 | $3457 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78815 |
|  | 4338 | 4301 | $979 | $175 | $429 | $4210 | $1611 | $3457 | $295511 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57585 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67036 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 259 | 88 | $&nbsp;&nbsp;&nbsp;&nbsp;16.02 | $3.11 | $12.78 | $1413 | $12 | $2081 | $346874 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Operating results** | &nbsp;&nbsp;&nbsp;&nbsp;**Operating results** |  |  |  |  | $299064 | $186192 | $241433 | $6487552 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  |  | $(10241) | $(8962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  | (6241) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  | (703) | (614) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (1299) | (1057) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 5122 | 3668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (50513) | (75) |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total other |  |  |  |  |  |  | $(63875) | $(7040) | $759530 |
|  |  |  |  |  |  |  | $122317 | $234393 | $7247082 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represent the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) on page 38 of this MD&A.

4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

5) Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

6) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]

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**Comparative Results of Operations on a GEO Basis** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2024 | Change | Change |
|  GEO Production <sup>1, 2</sup> | 158608 | 144904 | 13705 | 9.5% |
|  GEO Sales <sup>2</sup> | 157916 | 123462 | 34454 | 27.9% |
|  Average price per GEO sold <sup>2</sup> | $3187 | $2422 | $765 | 31.6% |
|  Revenue | $503218 | $299064 | $204154 | 68.3% |
|  Cost of sales, excluding depletion | $75169 | $54007 | $(21162) | (39.2)% |
|  Depletion | 75002 | 58865 | (16137) | (27.4)% |
|  Cost of sales | $150171 | $112872 | $(37299) | (33.0)% |
|  Gross margin | $353047 | $186192 | $166855 | 89.6% |
|  General and administrative | 11022 | 10241 | (781) | (7.6)% |
|  Share based compensation | 9962 | 6241 | (3721) | (59.6)% |
|  Donations and community investments | 2368 | 703 | (1665) | (236.8)% |
|  Earnings from operations | $329695 | $169007 | $160688 | 95.1% |
|  Other income (expense) | 9736 | 5122 | 4614 | 90.1% |
|  Earnings before finance costs and income taxes | $339431 | $174129 | $165302 | 94.9% |
|  Finance costs | 1427 | 1299 | (128) | (9.9)% |
|  Earnings before income taxes | $338004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165174 | 95.6% |
|  Income tax expense | 45734 | 50513 | 4779 | 9.5% |
|  Net earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292270 | $122317 | $169953 | 138.9% |

---

1) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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. 

2) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

**GEO Production** 

For the three months ended June 30, 2025, attributable GEO production was 158,600 ounces, with the 13,700 ounce increase from the comparable period in 2024 being primarily attributable to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 6,200 ounce or 10% increase from Salobo primarily the result of higher throughput partially offset by lower grades, with
Vale reporting on July 22, 2025 that following the implementation of Salobo 3, the Salobo complex has reached full ramp-up and is consistently delivering strong operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 5,500 ounce or 34% increase from the Other mines (comprised of 4,200 gold ounces and 113,000 silver ounces), primarily due
to the commencement of production at Blackwater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 3,600 ounce or 31% increase from Antamina (308,000 silver ounces), primarily due to higher grades, partially offset by lower
recoveries and the impacts of a full safety shutdown which lasted approximately one week; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 2,000 ounce or 150% increase from Voisey's Bay (388,000 cobalt pounds) as the transitional period between the depletion
of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground mine continues; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,900 ounce or 7% decrease from Peñasquito (160,000 silver ounces), primarily the result of lower grades as mining
activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,100 ounce or 31% decrease from Stillwater (comprised of 400 gold ounces and 1,900 palladium ounces), primarily due to
lower throughput as Stillwater West operations were placed into care and maintenance in September 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 500 ounce or 4% decrease from Constancia (comprised of a decrease of 1,700 gold ounces and an increase of 101,000 silver
ounces), with the lower gold production being primarily the result of lower grades as more material was mined from the Constancia pit and reclaimed from the stockpile compared with the prior year, while the higher silver production was a result of
higher silver grades; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100 ounce or 1% decrease from San Dimas, primarily due to lower grades and recovery as well as the change of the gold to
silver conversion ratio from 70:1 to 90:1 effective April 30, 2025 (see page 8 of this MD&A for more information), partially offset by higher throughput.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]

------

**Net Earnings** 

For the three months ended June 30, 2025, net earnings amounted to $292 million, with the $170 million increase relative to the comparable period of the prior year being attributable to the following factors:

---

| | |
|:---|:---|
|  Net earnings for the three months ended June 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122317 |
|  Changes in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: GEO production | $36457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Inventory and PBND | 46790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Delay ounces received | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Prices realized per GEO sold | 119896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Sales volume | (27710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Sales mix differences | (5587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Cash cost per ounce | (2415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Depletion per ounce | (578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Delay ounces received <sup>1</sup> | (1009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative and share based compensation | (4502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | (1665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income / expense and finance costs | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 4779 |
|  Total increase in net earnings | 169953 |
|  Net earnings for the three months ended June 30, 2025 | $292270 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]

------

**Results of Operations For The Six Months Ended June 30, 2025 and 2024** 

The following two tables present the results of operations based on the Company's reportable operating segments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) <sup>4</sup> | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 140801 | 160140 | $3084 | $429 | $390 | $493802 | $362714 | $425126 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>5</sup> | 9388 | 8481 | 3032 | 400 | 1326 | 25714 | 11077 | 22307 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 9480 | 16615 | 3055 | 425 | 323 | 50752 | 38335 | 43698 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 15403 | 16197 | 3070 | 638 | 290 | 49733 | 34698 | 39392 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 2993 | 3333 | 3057 | 536 | 421 | 10188 | 7000 | 8402 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 6572 | 5504 | 3245 | 868 | 863 | 17860 | 8332 | 13082 | 1206207 |
|  | 184637 | 210270 | $3082 | $457 | $427 | $648049 | $462156 | $552007 | $4510395 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 3857 | 4088 | $32.96 | $4.56 | $4.86 | $134738 | $96240 | $116097 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 2386 | 1957 | 33.02 | 6.65 | 8.46 | 64614 | 35040 | 51596 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 1107 | 1355 | 32.86 | 6.26 | 6.10 | 44514 | 27764 | 36034 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>7</sup> | 2750 | 1951 | 34.23 | 4.60 | 5.73 | 66811 | 46637 | 50549 | 721492 |
|  | 10100 | 9351 | $33.22 | $5.25 | $5.98 | $310677 | $205681 | $254276 | $1577424 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 5096 | 5032 | $981 | $174 | $429 | $4936 | $1903 | $4063 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78814 |
|  | 5096 | 5032 | $981 | $174 | $429 | $4936 | $1903 | $4063 | $289833 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57584 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67035 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 1187 | 618 | $16.15 | $3.09 | $9.18 | $9967 | $2389 | $6869 | $225020 |
|  **Operating results** |  |  |  |  |  | $973629 | $672129 | $817215 | $6669707 |
|  **Other** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  |  |  | $(24547) | $(29875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  |  |  | (22143) | (17209) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  |  |  | (5060) | (4975) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  |  |  | (2868) | (3186) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  | 17256 | 16964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  |  |  | (88513) | (3182) |  |
|  Total other |  |  |  |  |  |  | $(125875) | $(41463) | $1312678 |
|  |  |  |  |  |  |  | $546254 | $775752 | $7982385 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) on page 38 of this MD&A.

4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see footnote 3 on page 8 of this MD&A for more information.

5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

6) Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provision of the Santo Domingo PMPA (see footnote 3 on page 8 of this MD&A for more information). 

7) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
|  | Units<br>Produced² | Units<br>Sold | Average<br>Realized<br>Price<br>($'s<br>Per Unit) | Average<br>Cash Cost<br>($'s Per<br>Unit) <sup>3</sup> | Average<br>Depletion<br>($'s Per<br>Unit) | Sales | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
|  **Gold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | 124847 | 111803 | $2212 | $425 | $386 | $247317 | $156742 | $199845 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>4</sup> | 10095 | 9808 | 2227 | 400 | 1250 | 21844 | 5663 | 17920 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 20585 | 26763 | 2143 | 420 | 317 | 57363 | 37616 | 46112 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 14631 | 14734 | 2204 | 633 | 284 | 32469 | 18967 | 23147 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4736 | 4983 | 2222 | 394 | 463 | 11073 | 6801 | 9108 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>5</sup> | 1207 | 1254 | 2212 | 394 | 527 | 2773 | 1618 | 2279 | 903067 |
|  | 176101 | 169345 | $2202 | $440 | $419 | $372839 | $227407 | $298411 | $4213083 |
|  **Silver** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | 4906 | 3321 | $25.97 | $4.50 | $4.42 | $86249 | $56636 | $71307 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 1798 | 1679 | 26.48 | 5.26 | 7.82 | 44453 | 22484 | 35618 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 1091 | 1148 | 25.58 | 6.20 | 6.19 | 29358 | 15134 | 22242 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>6</sup> | 2734 | 1742 | 27.48 | 4.27 | 4.35 | 47889 | 32873 | 37433 | 624616 |
|  | 10529 | 7890 | $26.36 | $4.86 | $5.39 | $207949 | $127127 | $166600 | $1565048 |
|  **Palladium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 8801 | 9075 | $979 | $179 | $438 | $8887 | $3294 | $7265 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 78815 |
|  | 8801 | 9075 | $979 | $179 | $438 | $8887 | $3294 | $7265 | $295511 |
|  **Platinum** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | $n.a. | $n.a. | $n.a. | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef | - | - | n.a. | n.a. | n.a. | - | - | - | 57585 |
|  | - | - | $n.a. | $n.a. | $n.a. | $- | $- | $- | $67036 |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 499 | 397 | $15.61 | $2.99 | $12.77 | $6195 | $(61) | $9087 | $346874 |
| **Operating results** |  |  |  |  |  | $595870 | $&nbsp;&nbsp;&nbsp;&nbsp;357767 | $&nbsp;&nbsp;&nbsp;&nbsp;481363 | $6487552 |
|  **Other** | **Other** | **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  |  | $(20705) | $(24920) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  |  | (7522) | (11129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  |  | (2273) | (1988) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  |  | (2741) | (2182) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  | 12317 | 12820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  |  | (50485) | (191) |  |
| Total other | Total other | Total other |  |  |  |  | $(71409) | $(27590) | $759530 |
|  |  |  |  |  |  |  | $286358 | $453773 | $&nbsp;&nbsp;&nbsp;&nbsp;7247082 |

---

1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 

2) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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-GAAP measure (iii) on page 38 of this MD&A.

4) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

5) Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

6) Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [21]

------

**Comparative Results of Operations on a GEO Basis** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br> YTD 2025 | YTD 2024 | Change | Change |
|  GEO Production <sup>1, 2</sup> | 309209 | 303393 | 5816 | 1.9% |
|  GEO Sales <sup>2</sup> | 323212 | 265756 | 57457 | 21.6% |
|  Average price per GEO sold <sup>2</sup> | $3012 | $2242 | $770 | 34.3% |
|  Revenue | $973629 | $595870 | $377759 | 63.4% |
|  Cost of sales, excluding depletion | $149805 | $115562 | $(34243) | (29.6)% |
|  Depletion | 151695 | 122541 | (29154) | (23.8)% |
|  Cost of sales | $301500 | $238103 | $(63397) | (26.6)% |
|  Gross margin | $672129 | $357767 | $314362 | 87.9% |
|  General and administrative | 24547 | 20705 | (3842) | (18.6)% |
|  Share based compensation | 22143 | 7522 | (14621) | (194.4)% |
|  Donations and community investments | 5060 | 2273 | (2787) | (122.6)% |
|  Earnings from operations | $620379 | $327267 | $293112 | 89.6% |
|  Other income (expense) | 17256 | 12317 | 4939 | 40.1% |
|  Earnings before finance costs and income taxes | $637635 | $339584 | $298051 | 87.8% |
|  Finance costs | 2868 | 2741 | (127) | (4.6)% |
|  Earnings before income taxes | $634767 | $336843 | $297924 | 88.4% |
|  Income tax expense | 88513 | 50485 | (38028) | (75.3)% |
|  Net earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259896 | 90.8% |

---

1) Quantity produced represents the amount of gold, silver, palladium and cobalt 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 mineral stream 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. 

2) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2025. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]

------

**GEO Production** 

For the six months ended June 30, 2025, attributable GEO production was 309,200 ounces, with the 5,800 ounce increase from the comparable period in 2024 being primarily attributable to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 16,000 ounce or 13% increase from Salobo primarily the result of higher throughput, partially offset by lower recoveries,
with Vale reporting on July 22, 2025 that following the implementation of Salobo 3, the Salobo complex has reached full ramp-up and is consistently delivering strong operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 6,800 ounce or 33% increase from Antamina (589,000 silver ounces), primarily due to higher grades and throughput, partially
offset by lower recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 5,600 ounce or 17% increase from the Other mines (comprised of 5,400 gold ounces and 15,000 silver ounces), primarily due to
the commencement of production at Blackwater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 3,600 ounce or 138% increase from Voisey's Bay (688,000 cobalt pounds) as the transitional period between the depletion
of the Ovoid open-pit and ramp-up to full production of the Voisey's Bay underground mine continues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 800 ounce or 5% increase from San Dimas, primarily due to higher throughput partially offset by lower grades and recovery as
well as the change of the gold to silver conversion ratio from 70:1 to 90:1 effective April 30, 2025 (see page 8 of this MD&A for more information); partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 12,100 ounce or 21% decrease from Peñasquito (1,051,000 silver ounces), primarily the result of lower grades as
mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 10,900 ounce or 33% decrease from Constancia (comprised of 11,100 gold ounces and 16,000 silver ounces), primarily due to
lower grades as more material was mined from the Constancia pit and reclaimed from the stockpile compared with the prior year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 3,100 ounce or 39% decrease from Stillwater (comprised of 1,700 gold ounces and 3,700 palladium ounces), primarily due to
lower throughput as Stillwater West operations were placed into care and maintenance in September 2024.

**Net Earnings** 

For the six months ended June 30, 2025, net earnings amounted to $546 million, with the $260 million increase relative to the comparable period of the prior year being attributable to the following factors:

---

| | |
|:---|:---|
|  Net earnings for the six months ended June 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;286358 |
|  Changes in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: GEO production | $22459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Inventory and PBND | 104275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Delay ounces received | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue: Prices realized per GEO sold | 249139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Sales volume | (43772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Sales mix differences | (8856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Cash cost per ounce | (4954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Depletion per ounce | (3942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales: Delay ounces received <sup>1</sup> | (1873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative and share based compensation | (18463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income / expense and finance costs | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | (38028) |
|  Total increase in net earnings | $259896 |
|  Net earnings for the three months ended June 30, 2025 | $546254 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [23]

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**General and Administrative** 

The following tables provide a breakdown of general and administrative expenses incurred for the three and six months ended June 30, 2025 and 2024, respectively:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
|  General and administrative - corporate | $— | 8825 | $— | 7741 | $— | 20026 | $— | 15995 |
|  General and administrative - subsidiaries |  | 2197 |  | 2500 |  | 4521 |  | 4710 |
|  **Consolidated general and administrative** | $— | 11022 | $— | 10241 | $— | 24547 | $— | 20705 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
|  Salaries and benefits | $— | 5631 | $— | 5387 | $— | 13442 | $— | 11104 |
|  Depreciation |  | 320 |  | 347 |  | 620 |  | 684 |
|  Professional fees, audit and regulatory |  | 2648 |  | 1919 |  | 4499 |  | 3505 |
|  Business travel |  | 398 |  | 736 |  | 983 |  | 1091 |
|  Business taxes |  | 260 |  | 309 |  | 882 |  | 728 |
|  Insurance |  | 492 |  | 368 |  | 985 |  | 882 |
|  Other |  | 1273 |  | 1175 |  | 3136 |  | 2711 |
|  **Total general and administrative** | $— | 11022 | $— | 10241 | $— | 24547 | $— | 20705 |

---

**Share Based Compensation** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
|  Equity settled share based compensation <sup>1</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock options | $— | 711 | $— | 698 | $— | 1290 | $— | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted share units |  | 1098 |  | 957 |  | 1944 |  | 1881 |
|  Cash settled share based compensation PSUs |  | 8153 |  | 4586 |  | 18909 |  | 4269 |
|  Total share based compensation | $— | 9962 | $— | 6241 | $— | 22143 | $— | 7522 |

---

1) Equity settled share based compensation is a non-cash expense.

For the three and six months ended June 30, 2025, share based compensation increased by $4 million and $15 million, respectively, relative to the comparable periods in the previous year, with the increase being primarily due to differences in accrued costs associated with the Company's performance share units ("PSUs"), with the Company's share price appreciating 51% during the six months ended June 30, 2025.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]

------

**Donations and Community Investments** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
|  Local donations and community investments <sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | $407 | $1625 | $1096 |
|  Partner donations and community investments <sup>2</sup> | 1551 | 296 | 2308 | 1177 |
|  Environmental and innovation investments <sup>3</sup> | 24 | - | 1127 | - |
|  Total donations and community investments | $2368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 |

---

1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton's offices are located.

2) The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

3) Includes the Company's funding of initiatives that seek to reduce environmental impacts and support innovation and efficiency in mining, including costs associated with the Future of Mining Challenge.

**Other Income (Expense)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
|  Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10134 |
|  Dividend income | 287 | 481 | 526 | 1181 |
|  Foreign exchange gain (loss) | (1379) | 48 | (1532) | 622 |
|  Gain (loss) on fair value adjustment of share purchase warrants held | 2134 | 197 | 2757 | 380 |
|  Other | 239 | - | (1758) | - |
|  Total other income (expense) | $9736 | $5122 | $17256 | $12317 |

---

*Interest Income* 

For the three months ended June 30, 2025, interest income increased by $4 million, a result of the average cash balance during the period increasing from approximately $331 million with an average rate of return of 5.1% to approximately $790 million with an average rate of return of 4.2%.

For the six months ended June 30, 2025, interest income increased by $7 million, a result of the average cash balance during the period increasing from approximately $381 million with an average rate of return of 5.2% to approximately $809 million with an average rate of return of 4.2%.

**Finance Costs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Costs related to undrawn credit facilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 |
| &nbsp;&nbsp; Interest expense - lease liabilities | 110 | 72 | 201 | 145 |
| &nbsp;&nbsp; Letter of guarantee | - | (113) | - | (81) |
| &nbsp;&nbsp; Total finance costs | $1427 | $1299 | $2868 | $2741 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]

------

**Income Tax Expense** 

Income tax recognized in net earnings is comprised of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| &nbsp;&nbsp; Current income tax expense (recovery) | $| 28 | $| (2868) | $| 72 | $| (2809) |
| &nbsp;&nbsp; Global minimum income tax expense |  | 49634 |  | 50510 |  | 94700 |  | 50510 |
| &nbsp;&nbsp; Total current income tax expense | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49662 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47642 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94772 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47701 |
| &nbsp;&nbsp; Deferred income tax expense (recovery) related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination and reversal of temporary differences | $| 4446 | $| 4271 | $| 5866 | $| 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write down (reversal of write down) or recognition of prior period temporary differences |  | (8374) |  | (1400) |  | (12125) |  | (1711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred income tax expense (recovery) | $| (3928) | $| 2871 | $| (6259) | $| 2784 |
| &nbsp;&nbsp; Total income tax expense recognized in net earnings | $| 45734 | $| 50513 | $| 88513 | $| 50485 |
| &nbsp;&nbsp; Effective Tax Rate |  | 14% |  | 29% |  | 14% |  | 15% |

---

For the three months ended June 30, 2025, an amount of $50 million current tax expense associated with "Global Minimum Tax ("GMT") (six months - $95 million) was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024). As the Global Minimum Tax Act ("GMTA") was not enacted into law until Q2-2024, GMT for the full six month period ended June 30, 2024 was reflected in the Q2-2024 results.

To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two Legislation.

**Liquidity and Capital Resources<sup>1</sup>** 

As at June 30, 2025, the Company had cash and cash equivalents of $1.0 billion (December 31, 2024 - $818 million) and no debt outstanding under its Revolving Facility (December 31, 2024 - $NIL).

In the opinion of management, the $1.0 billion of cash and cash equivalents as at June 30, 2025, combined with the liquidity provided by the available credit under the $2 billion Revolving Facility coupled with the $500 million accordion and ongoing operating cash flows positions the Company well to fund all outstanding commitments, as detailed in the Contractual Obligations and Contingencies section on pages 30 through 32 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.

<sup>1</sup> Statements made in this section contain forward-looking information with respect to funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]

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A summary of the Company's cash flow activity is as follows:

**Three Months Ended June 30, 2025** 

**Cash Flows From Operating Activities** 

During the three months ended June 30, 2025, the Company generated operating cash flows of $415 million, with the $181 million increase relative to the comparable period of the prior year being attributable to the following factors:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Operating cash inflow for the three months ended June 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234393 |
| &nbsp;&nbsp; Changes in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $204154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales (excluding depletion) | (20154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (1536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | (1482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | (968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | (874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1426 |
|  Total increase to net cash inflows | $180566 |
|  Operating cash inflow for the three months ended June 30, 2025 | $414959 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

**Cash Flows From Financing Activities** 

During the three months ended June 30, 2025, the Company had net cash outflows from financing activities of $147 million, as compared to $132 million for the comparable period of the previous year, with the major sources (uses) of cash flows being as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended<br>June 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended<br>June 30 |
| (in thousands) | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp; Credit facility extension fees | $(862) | $(925) |
| &nbsp;&nbsp; Share purchase options exercised | 1967 | 8348 |
| &nbsp;&nbsp; Lease payments | (89) | (147) |
| &nbsp;&nbsp; Dividends paid | (147939) | (139124) |
| &nbsp;&nbsp; Cash used for financing activities | $(146923) | $(131848) |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]

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**Cash Flows From Investing Activities** 

During the three months ended June 30, 2025, the Company had net cash outflows from investing activities of $348 million, as compared to net cash inflows of $132 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 |
| (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Payments for the acquisition of PMPAs <sup>1</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone PMPA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156250) | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo Expansion PMPA | (144000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral Park PMPA |  | (25000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cangrejos PMPA | (3100) | (10200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurmuk PMPA | (43750) | - |
|  | $(347100) | $(35200) |
|  Proceeds on disposal of long-term equity investments |  | 177088 |
|  Payments for the acquisition of new royalty agreements: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt Todd Royalty |  | (10000) |
|  Other | (795) | (195) |
|  Total cash (used for) generated from investing activities | $&nbsp;&nbsp;&nbsp;&nbsp;(347895) | $131693 |

---

1) Excludes closing costs.

**Six Months Ended June 30, 2025** 

**Cash Flows From Operating Activities** 

During the six months ended June 30, 2025, the Company generated operating cash flows of $776 million, with the $322 million increase relative to the comparable period of the prior year being attributable to the following factors:

---

| | |
|:---|:---|
|  Operating cash inflow for the six months ended June 30, 2024 | $453773 |
|  Changes in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $377759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales (excluding depletion) | (32371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (4955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments | (2987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation - PSUs | (6080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | (2991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (5392) |
|  Total increase to net cash inflows | $321979 |
|  Operating cash inflow for the six months ended June 30, 2025 | $775752 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

*Share based compensation - PSUs Variance* 

The increase to cash outflows relative to PSUs during the period was due to a higher payout in the current year resulting from share price at maturity being 65% higher in 2025 relative to 2024.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]

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**Cash Flows From Financing Activities** 

During the six months ended June 30, 2025, the Company had net cash outflows from financing activities of $145 million, as compared to $128 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Credit facility extension fees | $(862) | $(925) |
|  Share purchase options exercised | 4473 | 12164 |
|  Lease payments | (211) | (295) |
|  Dividends paid | (147939) | (139124) |
|  Cash used for financing activities | $(144539) | $(128180) |

---

**Cash Flows From Investing Activities** 

During the six months ended June 30, 2025, the Company had net cash outflows from investing activities of $444 million, as compared to $332 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Payments for the acquisition of PMPAs <sup>1</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone PMPA | $(156250) | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo Expansion PMPA | (144000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef PMPA |  | (411500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah PMPA |  | (38500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curipamba PMPA |  | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral Park PMPA | (40000) | (25000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackwater Silver PMPA | (30000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cangrejos PMPA | (3100) | (10200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix PMPA | (25000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurmuk PMPA | (43750) | - |
|  | $(442100) | $(485300) |
|  Acquisition of long-term equity investments |  | (751) |
|  Proceeds on disposal of long-term equity investments |  | 177088 |
|  Payments for the acquisition of new royalty agreements: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DeLamar Royalty |  | (4875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt Todd Royalty |  | (17000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (1559) | (965) |
|  Total cash used for investing activities | $(443659) | $(331803) |

---

1) Excludes closing costs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]

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**Contractual Obligations and Contingencies<sup>1</sup>** 

**Mineral Stream Interests** 

The following tables summarize the Company's commitments to make per ounce or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

**Per Ounce Cash Payment for Gold** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | Attributable<br> Payable Production<br> to be Purchased | Per Ounce Cash<br> Payment <sup>1</sup> | Term of<br> Agreement | Date of<br> Original<br> Contract |
|  Constancia | 50% | $425 ² | Life of Mine | 8-Aug-12 |
|  Salobo | 75% | $429 | Life of Mine | 28-Feb-13 |
|  Sudbury | 70% | $400 | 20 years | 28-Feb-13 |
|  San Dimas | variable <sup>3</sup> | $643 | Life of Mine | 10-May-18 |
|  Stillwater | 100% | 18% <sup>4</sup> | Life of Mine | 16-Jul-18 |
|  Marathon | 100% <sup>5</sup> | 18% <sup>4</sup> | Life of Mine | 26-Jan-22 |
|  Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper World | 100% | $450 | Life of Mine | 10-Feb-10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marmato | 10.5% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 5-Nov-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo | 100% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 24-Mar-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fenix | 22% <sup>6</sup> | 20% | Life of Mine | 15-Nov-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 8% <sup>5</sup> | 35% | Life of Mine | 13-Dec-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Domo | 50% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 17-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goose | 2.78% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 8-Feb-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cangrejos | 6.6% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 16-May-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 62.5% <sup>5</sup> | $100<sup>5</sup> | Life of Mine<sup>5</sup> | 7-Dec-21<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Curraghinalt | 3.05% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 15-Nov-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | 6.875% <sup>7</sup> | 20% | Life of Mine | 22-Dec-21<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Koné | 19.5% <sup>5</sup> | 20%<sup>9</sup> | Life of Mine | 23-Oct-24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kurmuk | 6.7% <sup>5</sup> | 15% | Life of Mine | 5-Dec-24 |
|  Early Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toroparu | 10% | $400 | Life of Mine | 11-Nov-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotabambas | 25% <sup>5</sup> | $450 | Life of Mine | 21-Mar-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kutcho | 100% | 20% | Life of Mine | 14-Dec-17 |

---

1) The production payment is measured as either a fixed amount per ounce of gold delivered, or as a percentage of the spot price of gold on the date of delivery. Contracts where the payment is a fixed amount per ounce of gold delivered are subject to an annual inflationary increase, with the exception of Sudbury. Additionally, should the prevailing market price for gold be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. 

2) Subject to an increase to $550 per ounce of gold after the initial 40-year term. 

3) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1. 

4) To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 

5) Under certain PMPAs, the Company's attributable gold percentage will be reduced once certain thresholds are achieved: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Marathon – reduced to 67% once the Company has received 150,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Marmato – reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Santo Domingo – reduced to 67% once the Company has received 285,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Blackwater – reduced to 4% once the Company has received 464,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. El Domo – reduced to 33% once the Company has received 145,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Goose – reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the
Company has received 134,000 ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Platreef – reduced to 50% once the Company has received 218,750 ounces of gold, with a further reduction to 3.125%
once the Company has received 428,300 ounces, at which point the per ounce cash payment increases to 80% of the spot price of gold. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa,
the 3.125% residual gold stream will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Curraghinalt – reduced to 1.5% once the Company has received 125,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Koné – reduced to 10.8% once the Company has received 400,000 ounces of gold, subject to adjustment if there
are delays in deliveries relative to an agreed schedule, with a further reduction to 5.4% once the Company has received an additional 130,000 ounces of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Kurmuk – reduced to 4.8% once the Company has received 220,000 ounces of gold. During any period in which debt
exceeding $150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop down threshold is reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Cotabambas – reduced to 16.67% once the Company has received 90 million silver equivalent ounces.

6) On October 21, 2024, the Company amended the Fenix PMPA. Under the original agreement, the Company was to acquire an amount of gold equal to 6% of the gold production until 90,000 ounces have been delivered, 4% of the gold production until the delivery of a further 140,000 ounces and 3.5% gold production thereafter for the life of mine. Under the revised agreement, the Company is entitled to purchase an additional 16% of payable gold production (22% in total) (subject to adjustment if there are delays in deliveries relative to an agreed schedule). Once Rio2 delivers the incremental 95,000 ounces (as adjusted), the stream reverts to the percentages and thresholds under the original Fenix PMPA (as described). Rio2 has a one-time option to terminate the requirement to deliver the incremental gold production from the end of 2027 until the end of 2029 by delivering 95,000 ounces (as adjusted) less previously delivered gold ounces, excluding those gold ounces which would have been delivered under the original Fenix PMPA. 

<sup>1</sup> Statements made in this section contain forward-looking information and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.

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7) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of $36 million to Wheaton. 

8) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

9) Until October 23, 2029, there is a price adjustment mechanism under the Koné PMPA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. if the spot price of gold is less than $2,100 per ounce, the Company will pay 20% of $2,100 less 25% of the difference
between $2,100 and $1,800, less 30% of the difference between $1,800 and the spot price of gold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if the spot price is greater than $2,700 per ounce, the Company will pay 25% of the difference between $3,000 and $2,700,
plus 30% of the difference between the actual spot price of gold and $3,000.

**Per Ounce Cash Payment for Silver** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | Attributable <br>Payable <br>Production to be <br>Purchased | Per Ounce Cash<br> Payment <sup>1</sup> | Term of <br> Agreement  | Date of<br> Original<br> Contract |
|  Peñasquito | 25% | $4.56 | Life of Mine | 24-Jul-07 |
|  Constancia | 100% | $6.26<sup>2</sup> | Life of Mine | 8-Aug-12 |
|  Antamina | 33.75% | 20% | Life of Mine | 3-Nov-15 |
|  Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Filos | 100% | $4.74 | 25 years | 15-Oct-04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 100% | $4.75 | Life of Mine | 8-Dec-04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratoni | 100% | $&nbsp;&nbsp;&nbsp;&nbsp;11.54 | Life of Mine | 23-Apr-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 100% | $4.55 | 50 years | 5-Jun-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aljustrel | 100% <sup>3</sup> | 50% | 50 years | 5-Jun-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pascua-Lama | 25% | $3.90 | Life of Mine | 8-Sep-09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper World | 100% | $3.90 | Life of Mine | 10-Feb-10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loma de La Plata | 12.5% | $4.00 | Life of Mine | n/a<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Marmato | 100% <sup>5</sup> | 18%<sup>6</sup> | Life of Mine | 5-Nov-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 50% <sup>5</sup> | 10% | Life of Mine | 11-Dec-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 50% <sup>5</sup> | 18%<sup>6</sup> | Life of Mine | 13-Dec-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Domo | 75% | 18%<sup>6</sup> | Life of Mine | 17-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Park | 100% | 18%<sup>6</sup> | Life of Mine | 24-Oct-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | 6.875% <sup>7</sup> | 20% | Life of Mine | 22-Dec-21<sup>8</sup> |
|  Early Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toroparu | 50% | $3.90 | Life of Mine | 11-Nov-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotabambas | 100% <sup>5</sup> | $5.90 | Life of Mine | 21-Mar-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kutcho | 100% | 20% | Life of Mine | 14-Dec-17 |

---

1) The production payment is measured as either a fixed amount per unit of silver delivered, or as a percentage of the spot price of silver on the date of delivery. Contracts where the payment is a fixed amount per ounce of silver delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata. Additionally, should the prevailing market price for silver be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. 

2) Subject to an increase to $9.90 per ounce of silver after the initial 40-year term. 

3) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. 

4) Terms of the agreement not yet finalized.

5) Under certain PMPAs, the Company's attributable silver percentage will be reduced once certain thresholds are achieved: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Marmato – reduced to 50% once the Company has received 2.15 million ounces of silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Cozamin – reduced to 33% once the Company has received 10 million ounces of silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Blackwater – reduced to 33% once the Company has received 17.8 million ounces of silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Cotabambas – reduced to 66.67% once the Company has received 90 million silver equivalent ounces.

6) To be increased to 22% once the total market value of all metals delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 

7) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from 6.875% to 7.375% until 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 35.34 million ounces of silver are produced and delivered for a total of 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of $36 million to Wheaton. 

8) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]

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**Per Ounce Cash Payment for Palladium and Platinum and Per Pound for Cobalt** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | Attributable <br> Payable <br> Production to be <br> Purchased  | Per Unit of <br> Measurement Cash <br> Payment <sup>1</sup>  | Term of <br> Agreement  | Date of <br> Original <br> Contract  |
|  **Palladium** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4.5% ² | 18% ³ | Life of Mine | 16-Jul-18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 5.25% ² | 30% ² | Life of Mine ² | 7-Dec-21 <sup>4</sup> |
|  **Platinum** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon | 22% ² | 18% ³ | Life of Mine | 26-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 5.25% ² | 30% ² | Life of Mine ² | 7-Dec-21 <sup>4</sup> |
|  **Cobalt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 42.4% ² | 18% ³ | Life of Mine | 11-Jun-18 |

---

1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. 

2) Under certain PMPAs, the Company's attributable metal percentage will be reduced once certain thresholds are achieved: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Stillwater – reduced to 2.25% once the Company has received 375,000 ounces of palladium, with a further reduction to
1% once the Company has received 550,000 ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Platreef – reduced to 3% once the Company has received 350,000 ounces of combined palladium and platinum, with a
further reduction to 0.1% once the Company has received a combined 485,115 ounces, at which point the per ounce cash payment increases to 80% of the spot price of palladium and platinum. If certain thresholds are met, including if production through
the Platreef project concentrator achieves 5.5 Mtpa, the 0.1% residual palladium and platinum stream will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Marathon – reduced to 15% once the Company has received 120,000 ounces of platinum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Voisey's Bay – reduced to 21.2% once the Company has received 31 million pounds of cobalt.

3) To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per unit cash payment, exceeds the initial upfront cash deposit. 

4) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

**Other Contractual Obligations and Contingencies** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | | |
| (in thousands) | 2025 | 2025 | 2026 - 2027 | 2026 - 2027 | 2028 - 2029 | 2028 - 2029 | After 2029 | After 2029 | Total | Total |
|  Payments for mineral stream interests & royalty |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $— |  | $— |  | $— | 16000 | $— | 64000 | $— | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper World <sup>2</sup> |  |  |  | 131429 |  | 99722 |  |  |  | 231151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato |  | 81984 |  |  |  |  |  |  |  | 81984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo |  |  |  | 162500 |  | 97500 |  |  |  | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Gold |  | 50000 |  | 50000 |  |  |  |  |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo |  | 43875 |  | 131625 |  |  |  |  |  | 175500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  |  |  |  | 146596 |  |  |  | 146596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cangrejos |  |  |  |  |  | 252000 |  |  |  | 252000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curraghinalt |  |  |  |  |  |  |  | 55000 |  | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loma de La Plata |  |  |  |  |  |  |  | 32400 |  | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah |  |  |  | 5000 |  |  |  |  |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koné |  | 156250 |  | 312500 |  |  |  |  |  | 468750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurmuk |  | 87500 |  |  |  |  |  |  |  | 87500 |
|  Payments for early deposit mineral stream interest |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotabambas |  |  |  |  |  |  |  | 126000 |  | 126000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toroparu |  |  |  |  |  |  |  | 138000 |  | 138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kutcho |  |  |  |  |  |  |  | 58000 |  | 58000 |
|  Leases liabilities |  | 450 |  | 2013 |  | 2103 |  | 6132 |  | 10698 |
|  Total contractual obligations | $— | 420059 | $— | 795067 | $— | 613921 | $— | 479532 | $— | 2308579 |

---

1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.

2) Figure includes contingent transaction costs of $1 million. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]

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**Salobo** 

The Company will be required to make annual payments of between $5.1 million to $8.5 million over a 10-year period, if the Salobo mine implements a high-grade mine plan. Payments will be made for each year in which the high-grade plan is achieved.

**Copper World Complex** 

The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay's receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines.

**Marmato** 

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $82 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

**Santo Domingo** 

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

**Fenix** 

Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 additional upfront cash payments of $100 million, payable subject to certain customary conditions. Wheaton has also provided a $20 million secured standby loan facility.

**El Domo** 

Under the terms of the El Domo PMPA, the Company is committed to pay additional upfront cash payments of $175.5 million, which includes $0.25 million which will be paid to support certain local community development initiatives around the El Domo project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

**Marathon** 

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $147 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

**Cangrejos** 

Under the terms of the Cangrejos PMPA, the Company is committed to pay additional upfront consideration of $252 million, which is to be paid in three staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

**Curraghinalt** 

Under the terms of the Curraghinalt PMPA, the Company is committed to pay additional upfront cash payments of $55 million to be paid to an affiliate of Dalradian Gold during construction of the Curraghinalt project.

**Loma de La Plata** 

Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp., ("PAAS") total upfront cash payments of $32 million following the satisfaction of certain conditions, including PAAS receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

**Mineral Park** 

The Company has entered into a loan agreement to provide a secured debt facility of up to $25 million to Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, to help support the mine construction if necessary, once the full upfront consideration under the stream has been paid.

**Kudz Ze Kayah** 

Under the terms of the Kudz Ze Kayah PMPA ("KZK"), an additional $5 million contingency payment is due to Orion if the KZK project achieves certain milestones.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]

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**Koné** 

Under the terms of the Koné PMPA, the Company is committed to pay additional upfront cash payments of $469 million in three equal installment payments during construction, subject to certain customary conditions. The Company has also provided Montage Gold Corp., with a secured debt facility of up to $75 million to be allocated to project costs, including cost overruns, prior to completion of construction and once the full upfront consideration under the Koné PMPA has been paid.

**Kurmuk** 

Under the terms of the Kumuk PMPA, the Company is committed to pay additional upfront consideration of $88 million in two equal installment payments during construction, subject to customary conditions.

**Cotabambas** 

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro Minerals Ltd., additional upfront cash payments of $126 million. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

**Toroparu** 

Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

**Kutcho** 

Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

**Tax Contingencies** 

Due to the size, complexity and nature of the Company's operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the "CRA Settlement"), income earned outside of Canada by the Company's foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company's foreign subsidiaries being subject to tax in Canada.

It is not known or determinable by the Company when any ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of any ongoing audits.

From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

**General** 

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company's financial performance, cash flows or results of operations. In the event that the Company's estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]

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**Share Capital** 

During the three months ended June 30, 2025, a total of 50,229 share purchase options were exercised at a weighted average exercise price of Cdn$54.62 per option, resulting in total cash proceeds to the Company in the amount of $2 million (six months - $4 million from the exercise of 112,270 share purchase options at a weighted average exercise price of Cdn$55.33). During the three months ended June 30, 2024, the Company received proceeds of $8 million from the exercise of 311,211 share purchase options at a weighted average exercise price of Cdn$36.79 per option (six months - $12 million from the exercise of 469,359 share purchase options at a weighted average exercise price of Cdn$35.58).

During the three months ended June 30, 2025, the Company released 72,396 RSUs (six months - 141,525 RSUs). During the three months ended June 30, 2024, the Company released 1,217 RSUs (six months - 69,494 RSUs).

The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. During the six months ended June 30, 2025, there were 23,208 common shares issued under the DRIP, with all the shares being issued during the three months ended June 30, 2025. During the six months ended June 30, 2024, there were 27,139 common shares issued under the DRIP, with all the shares being issued during the three months ended June 30, 2024.

As of August 7, 2025, there were 453,955,318 outstanding common shares, 1,111,298 share purchase options and 242,980 restricted share units.

**Financial Instruments** 

The Company owns equity interests in several companies as long-term investments (see page 12 of this MD&A) and therefore is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

In order to mitigate the effect of short-term volatility in gold, silver and palladium prices, the Company will occasionally enter into forward contracts in relation to gold, silver and palladium deliveries that it is highly confident will occur within a given quarter. The Company does not hedge its long-term exposure to commodity prices. The Company has not used derivative financial instruments to manage the risks associated with its operations and therefore, in the normal course of business, it is inherently exposed to currency, interest rate and commodity price fluctuations.

**New Accounting Standards Effective in 2025** 

**Amendment to IAS 21 - Lack of Exchangeability** 

Effective January 1, 2025, the Company adopted the Amendment to IAS 21 - Lack of Exchangeability. The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not, as well as associated disclosure requirements when it is concluded a currency is not exchangeable. The adoption of this amendment had no impact on the condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]

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**Non-GAAP Measures** 

Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; and (iv) cash operating margin.

These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.

&nbsp;&nbsp;&nbsp;&nbsp;i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and other one-time (income) expenses as well as
the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes
that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for per share amounts) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Net earnings | $292270 | $122317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546254 | $286358 |
| &nbsp;&nbsp; Add back (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on fair value adjustment of share purchase warrants held | (2134) | (197) | (2757) | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (expense) recovery recognized in the Statement of OCI | (3945) | 2863 | (6295) | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global minimum tax expense related to Q1-2024 earnings |  | 24755 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (187) | (173) | (372) | (346) |
| &nbsp;&nbsp; Adjusted net earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286004 | $149565 | $536830 | $288398 |
| &nbsp;&nbsp; Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average number of shares outstanding | 453889 | 453430 | 453791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average number of shares outstanding | 454663 | 454104 | 454550 | 453888 |
| &nbsp;&nbsp; Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted earnings per share - basic | $0.630 | $0.330 | $1.183 | $0.636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted earnings per share - diluted | $0.629 | $0.329 | $1.181 | $0.635 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]

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&nbsp;&nbsp;&nbsp;&nbsp;ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the
weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other
companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for per share amounts) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Cash generated by operating activities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453773 |
| &nbsp;&nbsp; Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average number of shares outstanding | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average number of shares outstanding | 454663 | 454104 | 454550 | 453888 |
| &nbsp;&nbsp; Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating cash flow per share - basic | $0.914 | $0.517 | $1.709 | $1.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating cash flow per share - diluted | $0.913 | $0.516 | $1.707 | $1.000 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

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&nbsp;&nbsp;&nbsp;&nbsp;iii. Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by
dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning
prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to
generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Cost of sales | $150171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238103 |
| &nbsp;&nbsp; Less: depletion | (75002) | (58865) | (151695) | (122541) |
| &nbsp;&nbsp; Less: cost of sales related to delay ounces <sup>1</sup> | (1009) | - | (1873) | - |
| &nbsp;&nbsp; Cash cost of sales | $74160 | $54007 | $147932 | $115562 |
| &nbsp;&nbsp; Cash cost of sales is comprised of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of gold sold | $46517 | $34066 | $96028 | $74427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of silver sold | 25934 | 18914 | 49122 | 38326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of palladium sold | 450 | 753 | 873 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of cobalt sold | 1259 | 274 | 1909 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost of sales | $74160 | $54007 | $147932 | $115562 |
| &nbsp;&nbsp; Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gold ounces sold | 98973 | 77326 | 210270 | 169345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total silver ounces sold | 4868 | 3823 | 9351 | 7890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total palladium ounces sold | 2575 | 4301 | 5032 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cobalt pounds sold | 353 | 88 | 618 | 397 |
| &nbsp;&nbsp; Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of gold (per ounce) | $470 | $441 | $457 | $440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of silver (per ounce) | $5.33 | $4.95 | $5.25 | $4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of palladium (per ounce) | $175 | $175 | $174 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average cash cost of cobalt (per pound) | $3.57 | $3.11 | $3.09 | $2.99 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]

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&nbsp;&nbsp;&nbsp;&nbsp;iv. Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross
margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain
investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate
cash flow.

The following table provides a reconciliation of cash operating margin.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except for gold and palladium ounces sold and per unit amounts) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Gross margin | $&nbsp;&nbsp;&nbsp;&nbsp;353047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357767 |
| &nbsp;&nbsp; Add back: depletion | 75002 | 58865 | 151695 | 122541 |
| &nbsp;&nbsp; Add back: cost of sales related to delay ounces <sup>1</sup> | 1009 | - | 1873 | - |
| &nbsp;&nbsp; Cash operating margin | $429058 | $245057 | $825697 | $480308 |
| &nbsp;&nbsp; Cash operating margin is comprised of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of gold sold | $281837 | $148084 | $552021 | $298412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of silver sold | 139805 | 92377 | 261555 | 169623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of palladium sold | 2114 | 3457 | 4063 | 7265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin of cobalt sold | 5302 | 1139 | 8058 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash operating margin | $429058 | $245057 | $825697 | $480308 |
| &nbsp;&nbsp; Divided by: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gold ounces sold | 98973 | 77326 | 210270 | 169345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total silver ounces sold | 4868 | 3823 | 9351 | 7890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total palladium ounces sold | 2575 | 4301 | 5032 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cobalt pounds sold | 353 | 88 | 618 | 397 |
| &nbsp;&nbsp; Equals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per gold ounce sold | $2848 | $1915 | $2625 | $1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per silver ounce sold | $28.72 | $24.16 | $27.97 | $21.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per palladium ounce sold | $821 | $804 | $807 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash operating margin per cobalt pound sold | $15.03 | $12.91 | $13.06 | $12.62 |

---

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]

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**Subsequent Events** 

**Declaration of Dividend** 

Under the Company's dividend policy, the quarterly dividend is fixed at $0.165 per common share for 2025. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On August 7, 2025, the Board of Directors declared a dividend in the amount of $0.165 per common share, with this dividend being payable to shareholders of record on August 21, 2025 and is expected to be distributed on or about September 4, 2025. The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

**Controls and Procedures** 

**Disclosure Controls and Procedures** 

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures, as those terms are defined in National Instrument *52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings*, for the Company.

Together, the internal control frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in the Company's internal controls over financial reporting during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, management will continue to monitor and evaluate the design and effectiveness of its internal control over financial reporting and disclosure controls and procedures, and may make modifications from time to time as considered necessary.

**Limitation of Controls and Procedures** 

The Company's management, including its Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]

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**Attributable Reserves and Resources** 

The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company's percentage entitlement to such metals, as of December 31, 2024, unless otherwise noted.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]

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**Mineral Reserves Attributable to Wheaton Precious Metals <sup>(1,2,3,8,41)</sup>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Asset** | **Interest** | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Process<br>Recovery % <sup>(7)</sup> | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs |
|  **Gold** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Black Pine Royalty <sup>(32)</sup> | 0.5% |  |  |  | 1.5 | 0.32 | 0.02 | 1.5 | 0.32 | 0.02 | 70% |  |  |  |
|  Blackwater <sup>(1127)</sup> | 8% | 23.4 | 0.74 | 0.56 | 0.7 | 0.80 | 0.02 | 24.1 | 0.74 | 0.57 | 91% | 24.1 | 0.74 | 0.57 |
|  Cangrejos <sup>(1131)</sup> | 6.6% |  |  |  | 43.5 | 0.55 | 0.76 | 43.5 | 0.55 | 0.76 | 85% | 43.5 | 0.55 | 0.76 |
|  Constancia | 50% | 226.0 | 0.04 | 0.30 | 32.5 | 0.04 | 0.04 | 258.5 | 0.04 | 0.34 | 61% | 273.9 | 0.05 | 0.43 |
|  Copper World Complex <sup>(21)</sup> | 100% | 319.4 | 0.03 | 0.27 | 65.7 | 0.02 | 0.04 | 385.1 | 0.02 | 0.31 | 60% | 385.1 | 0.02 | 0.31 |
|  Curraghinalt <sup>(1133)</sup> | 3.05% | 0.002 | 9.14 | 0.001 | 0.4 | 6.43 | 0.08 | 0.4 | 6.45 | 0.08 | 94% | 0.4 | 6.45 | 0.08 |
|  DeLamar Royalty<sup>(37)</sup> | 1.5% | 0.2 | 0.46 | 0.00 | 1.2 | 0.39 | 0.02 | 1.4 | 0.40 | 0.02 | 72% | 1.4 | 0.40 | 0.02 |
|  El Domo <sup>(1129)</sup> | 50% | 1.6 | 2.83 | 0.14 | 1.7 | 2.23 | 0.12 | 3.2 | 2.52 | 0.26 | 53% |  |  |  |
|  Fenix <sup>(1126)</sup> | 22% | 8.3 | 0.50 | 0.13 | 6.8 | 0.45 | 0.10 | 15.1 | 0.48 | 0.23 | 75% | 15.1 | 0.48 | 0.23 |
|  Goose <sup>(1130)</sup> | 2.78% |  |  |  | 0.3 | 6.82 | 0.07 | 0.3 | 6.82 | 0.07 | 93% | 0.5 | 5.97 | 0.10 |
|  Koné <sup>(1138)</sup> | 19.5% |  |  |  | 26.7 | 0.72 | 0.62 | 26.7 | 0.72 | 0.62 | 89% | 26.7 | 0.72 | 0.62 |
|  Kudz Ze Kayah <sup>(1134)</sup> | 7.27% |  |  |  | 1.1 | 1.32 | 0.05 | 1.1 | 1.32 | 0.05 | 64% | 1.1 | 1.32 | 0.05 |
|  Kurmuk <sup>(1139)</sup> | 6.7% | 1.5 | 1.51 | 0.07 | 2.6 | 1.35 | 0.11 | 4.1 | 1.41 | 0.18 | 92% | 4.1 | 1.41 | 0.18 |
|  Kutcho <sup>(12)</sup> | 100% | 6.8 | 0.37 | 0.08 | 10.6 | 0.39 | 0.13 | 17.4 | 0.38 | 0.21 | 41% | 17.4 | 0.38 | 0.21 |
|  Marathon <sup>(1128)</sup> | 100% | 111.6 | 0.07 | 0.26 | 12.3 | 0.06 | 0.03 | 123.8 | 0.07 | 0.28 | 71% | 124.2 | 0.07 | 0.28 |
|  Marmato <sup>(1115)</sup> | 10.5% | 0.2 | 4.31 | 0.03 | 3.0 | 3.07 | 0.30 | 3.2 | 3.16 | 0.33 | 90% | 3.3 | 3.16 | 0.33 |
|  Mt Todd Royalty <sup>(1136)</sup> | 1% | 0.7 | 0.84 | 0.02 | 1.7 | 0.75 | 0.04 | 2.4 | 0.77 | 0.06 | 92% | 2.4 | 0.77 | 0.06 |
|  Platreef <sup>(1135)</sup> | 62.5% |  |  |  | 72.3 | 0.29 | 0.67 | 72.3 | 0.29 | 0.67 | 79% | 69.8 | 0.30 | 0.67 |
|  Salobo <sup>(10)</sup> | 75% | 194.3 | 0.37 | 2.31 | 599.0 | 0.34 | 6.54 | 793.2 | 0.35 | 8.85 | 72% | 816.7 | 0.35 | 9.24 |
|  San Dimas <sup>(14)</sup> | 25% | 0.3 | 3.16 | 0.03 | 0.5 | 2.63 | 0.04 | 0.8 | 2.84 | 0.07 | 95% | 0.9 | 3.11 | 0.09 |
|  Santo Domingo <sup>(1125)</sup> | 100% | 125.9 | 0.07 | 0.28 | 293.5 | 0.04 | 0.33 | 419.4 | 0.05 | 0.61 | 56% | 392.3 | 0.04 | 0.51 |
|  Stillwater <sup>(13)</sup> | 100% | 9.5 | 0.34 | 0.10 | 35.1 | 0.37 | 0.41 | 44.5 | 0.36 | 0.52 | 69% | 60.4 | 0.37 | 0.72 |
|  Sudbury <sup>(11)</sup> | 70% | 7.7 | 0.34 | 0.08 | 20.3 | 0.23 | 0.15 | 28.0 | 0.26 | 0.24 | 75% | 28.4 | 0.27 | 0.25 |
|  **Total Gold** |  |  |  | **4.68** |  |  | **10.68** |  |  | **15.36** |  |  |  | **15.70** |
|  **Silver** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Aljustrel <sup>(19)</sup> | 100% | 6.1 | 44.5 | 8.7 | 18.2 | 43.0 | 25.2 | 24.3 | 43.4 | 33.9 | 26% | 35.5 | 44.5 | 50.7 |
|  Antamina <sup>(101118)</sup> | 33.75% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 66.7 | 8.1 | 17.4 | 64.0 | 9.4 | 19.3 | 130.6 | 8.7 | 36.7 | 75% | 53.7 | 7.9 | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper-Zinc |  | 16.9 | 18.1 | 9.8 | 38.1 | 19.2 | 23.5 | 55.0 | 18.8 | 33.3 | 75% | 22.6 | 17.0 | 12.4 |
|  Blackwater <sup>(1127)</sup> | 50% | 165.2 | 5.8 | 30.7 | 4.7 | 5.8 | 0.9 | 169.9 | 5.8 | 31.6 | 61% | 166.5 | 5.8 | 31.0 |
|  Constancia | 100% | 451.9 | 2.6 | 38.4 | 65.0 | 1.8 | 3.7 | 516.9 | 2.5 | 42.1 | 70% | 547.7 | 2.7 | 47.3 |
|  Copper World Complex <sup>(21)</sup> | 100% | 319.4 | 5.7 | 58.3 | 65.7 | 4.3 | 9.1 | 385.1 | 5.4 | 67.4 | 76% | 385.1 | 5.4 | 67.4 |
|  Cozamin <sup>(1120)</sup> | 50% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  |  |  |  | 3.5 | 41.8 | 4.7 | 3.5 | 41.8 | 4.7 | 86% | 3.9 | 42.9 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  |  |  |  | 0.5 | 50.9 | 0.9 | 0.5 | 50.9 | 0.9 | 60% | 0.5 | 50.9 | 0.9 |
|  DeLamar Royalty <sup>(37)</sup> | 1.5% | 0.2 | 23.3 | 0.1 | 1.2 | 16.5 | 0.6 | 1.4 | 17.3 | 0.8 | 37% | 1.4 | 17.3 | 0.8 |
|  El Domo <sup>(1129)</sup> | 75% | 2.4 | 41.4 | 3.1 | 2.5 | 49.7 | 4.0 | 4.9 | 45.7 | 7.1 | 63% |  |  |  |
|  Kudz Ze Kayah <sup>(1134)</sup> | 7.21% |  |  |  | 1.1 | 137.5 | 4.8 | 1.1 | 137.5 | 4.8 | 86% | 1.1 | 137.5 | 4.8 |
|  Kutcho <sup>(12)</sup> | 100% | 6.8 | 24.5 | 5.4 | 10.6 | 30.1 | 10.2 | 17.4 | 27.9 | 15.6 | 46% | 17.4 | 27.9 | 15.6 |
|  Los Filos <sup>(1140)</sup> | 100% | 13.0 | 4.2 | 1.8 | 57.8 | 6.0 | 11.1 | 70.7 | 5.6 | 12.8 | 10% | 118.2 | 6.7 | 25.6 |
|  Marmato <sup>(1115)</sup> | 100% | 2.1 | 16.4 | 1.1 | 27.6 | 5.3 | 4.7 | 29.7 | 6.1 | 5.8 | 34% | 30.2 | 6.1 | 5.9 |
|  Mineral Park | 100% | 93.2 | 2.4 | 7.3 | 95.0 | 2.4 | 7.3 | 188.3 | 2.4 | 14.6 | 61% | 183.7 | 2.5 | 14.6 |
|  Neves-Corvo | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 2.7 | 31.9 | 2.7 | 17.4 | 31.6 | 17.7 | 20.1 | 31.6 | 20.5 | 24% | 21.2 | 33.0 | 22.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  | 4.1 | 67.4 | 8.8 | 14.6 | 60.7 | 28.6 | 18.7 | 62.2 | 37.4 | 30% | 21.6 | 63.2 | 43.8 |
|  Peñasquito <sup>(10)</sup> | 25% | 24.6 | 34.2 | 27.1 | 39.5 | 28.5 | 36.2 | 64.2 | 30.7 | 63.3 | 82% | 72.8 | 33.4 | 78.2 |
|  San Dimas <sup>(14)</sup> | 25% | 0.3 | 253.2 | 2.6 | 0.5 | 240.5 | 3.8 | 0.8 | 245.5 | 6.4 | 94% | 0.9 | 259.7 | 7.6 |
|  Zinkgruvan | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  | 3.9 | 65.0 | 8.2 | 7.4 | 83.0 | 19.6 | 11.3 | 76.7 | 27.8 | 83% | 11.0 | 73.6 | 26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 1.4 | 32.7 | 1.4 | 0.2 | 35.2 | 0.2 | 1.6 | 33.1 | 1.7 | 70% | 1.4 | 35.0 | 1.6 |
|  **Total Silver** |  |  |  | **232.9** |  |  | **236.3** |  |  | **469.2** |  |  |  | **475.7** |
|  **Palladium** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Platreef <sup>(1135)</sup> | 5.25% |  |  |  | 5.7 | 1.9 | 0.35 | 5.7 | 1.9 | 0.35 | 87% | 5.5 | 2.0 | 0.35 |
|  Stillwater <sup>(1113)</sup> | 4.5% | 0.3 | 10.2 | 0.10 | 1.1 | 10.4 | 0.38 | 1.4 | 10.3 | 0.48 | 90% | 1.6 | 10.6 | 0.55 |
|  **Total Palladium** |  |  |  | **0.10** |  |  | **0.73** |  |  | **0.83** |  |  |  | **0.90** |
|  **Platinum** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Marathon <sup>(1128)</sup> | 22% | 25.4 | 0.2 | 0.17 | 2.8 | 0.2 | 0.01 | 28.2 | 0.2 | 0.18 | 76% | 28.1 | 0.2 | 0.18 |
|  Platreef <sup>(1135)</sup> | 5.25% | - | 0.0 | - | 5.7 | 1.9 | 0.34 | 5.7 | 1.9 | 0.34 | 87% | 5.5 | 1.9 | 0.34 |
|  **Total Platinum** |  |  |  | **0.17** |  |  | **0.35** |  |  | **0.52** |  |  |  | **0.52** |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Voisey's Bay <sup>(1122)</sup> | 42.4% | 5.9 | 0.10 | 13.6 | 6.5 | 0.12 | 17.0 | 12.4 | 0.11 | 30.6 | 84% | 13.2 | 0.11 | 32.3 |
|  **Total Cobalt** |  |  |  | **13.6** |  |  | **17.0** |  |  | **30.6** |  |  |  | **32.3** |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]

------

**Mineral Resources Attributable to Wheaton Precious Metals <sup>(1,2,3,4,5,9,41)</sup>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** | **December 31, 2024 <sup>(6)</sup>** |
| | | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| | **Interest** | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs | Tonnage<br>Mt | Grade<br>g/t / % | Contained<br>Moz / Mlbs |
|  **Gold** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Black Pine Royalty <sup>(32)</sup> | 0.5% |  |  |  | 0.5 | 0.32 | 0.01 | 0.5 | 0.32 | 0.01 | 0.5 | 0.23 | 0.004 |
|  Blackwater <sup>(1127)</sup> | 8% | 4.1 | 0.35 | 0.05 | 6.4 | 0.49 | 0.10 | 10.5 | 0.44 | 0.15 | 0.7 | 0.45 | 0.01 |
|  Brewery Creek Royalty <sup>(24)</sup> | 2% | 0.3 | 1.06 | 0.01 | 0.5 | 1.02 | 0.02 | 0.8 | 1.03 | 0.03 | 1 | 0.88 | 0.03 |
|  Cangrejos <sup>(1131)</sup> | 6.6% |  |  |  | 20.6 | 0.38 | 0.25 | 20.6 | 0.38 | 0.25 | 13 | 0.39 | 0.16 |
|  Constancia | 50% | 46.4 | 0.04 | 0.06 | 43.5 | 0.04 | 0.05 | 89.8 | 0.04 | 0.11 | 20.5 | 0.07 | 0.05 |
|  Copper World Complex <sup>(21)</sup> | 100% | 424 | 0.02 | 0.30 | 191 | 0.02 | 0.10 | 615 | 0.02 | 0.40 | 192 | 0.01 | 0.08 |
|  Cotabambas <sup>(1223)</sup> | 25% |  |  |  | 126.8 | 0.20 | 0.82 | 126.8 | 0.20 | 0.82 | 105.9 | 0.17 | 0.57 |
|  Curraghinalt <sup>(1133)</sup> | 3.05% |  |  |  |  |  |  |  |  |  | 0.2 | 12.24 | 0.07 |
|  DeLamar Royalty <sup>(37)</sup> | 1.5% | 0.1 | 0.27 | 0.001 | 1 | 0.21 | 0.01 | 1 | 0.21 | 0.01 | 0.4 | 0.25 | 0.00 |
|  El Domo <sup>(1129)</sup> | 50% |  |  |  | 1.2 | 1.63 | 0.06 | 1.2 | 1.63 | 0.06 | 0.4 | 1.62 | 0.02 |
|  Fenix <sup>(1126)</sup> | 22% | 2.4 | 0.34 | 0.03 | 8.5 | 0.34 | 0.09 | 10.9 | 0.34 | 0.12 | 3.2 | 0.33 | 0.03 |
|  Goose <sup>(1130)</sup> | 2.78% |  |  |  | 0.1 | 4.31 | 0.01 | 0.1 | 4.31 | 0.01 | 0.2 | 7.54 | 0.04 |
|  Koné <sup>(1138)</sup> | 19.5% |  |  |  | 4.7 | 0.43 | 0.06 | 4.7 | 0.43 | 0.06 | 2.4 | 0.54 | 0.04 |
|  Kudz Ze Kayah <sup>(1134)</sup> | 7.27% |  |  |  | 0.2 | 1.64 | 0.01 | 0.2 | 1.64 | 0.01 | 0 | 1.18 | 0.00 |
|  Kurmuk <sup>(1139)</sup> | 6.7% | 0.2 | 1.30 | 0.01 | 0.5 | 1.35 | 0.02 | 0.6 | 1.34 | 0.03 | 0.4 | 1.62 | 0.02 |
|  Kutcho <sup>(12)</sup> | 100% | 0.41 | 0.20 | 0.003 | 5 | 0.38 | 0.06 | 5.4 | 0.37 | 0.06 | 12.9 | 0.25 | 0.10 |
|  Marathon <sup>(1128)</sup> | 100% | 32.4 | 0.06 | 0.06 | 44.9 | 0.06 | 0.08 | 77.3 | 0.06 | 0.15 | 20 | 0.04 | 0.03 |
|  Marmato <sup>(1115)</sup> | 10.5% | 0.1 | 5.04 | 0.01 | 1.7 | 2.28 | 0.13 | 1.8 | 2.40 | 0.14 | 1.9 | 2.43 | 0.15 |
|  Metates Royalty <sup>(17)</sup> | 0.5% | 0.2 | 0.86 | 0.004 | 4.5 | 0.56 | 0.08 | 4.6 | 0.57 | 0.08 | 0.7 | 0.47 | 0.01 |
|  Mt Todd Royalty <sup>(1136)</sup> | 1% | 0 | 1.15 | 0.0001 | 0.1 | 1.50 | 0.01 | 0.1 | 1.49 | 0.01 | 0.4 | 0.77 | 0.01 |
|  Platreef <sup>(1135)</sup> | 62.5% |  |  |  | 7.7 | 0.26 | 0.07 | 7.7 | 0.26 | 0.07 | 15.8 | 0.26 | 0.13 |
|  Salobo <sup>(10)</sup> | 75% | 16.8 | 0.17 | 0.09 | 396.8 | 0.24 | 3.01 | 413.6 | 0.23 | 3.10 | 204 | 0.29 | 1.87 |
|  San Dimas <sup>(14)</sup> | 25% | 0.2 | 4.01 | 0.03 | 0.4 | 1.60 | 0.02 | 0.6 | 2.49 | 0.05 | 1.3 | 2.89 | 0.124 |
|  Santo Domingo <sup>(1125)</sup> | 100% | 2 | 0.02 | 0.001 | 72.3 | 0.03 | 0.07 | 74.3 | 0.03 | 0.07 | 154.1 | 0.03 | 0.13 |
|  Stillwater <sup>(13)</sup> | 100% | 16.3 | 0.37 | 0.20 | 18.8 | 0.35 | 0.21 | 35.1 | 0.36 | 0.40 | 91.2 | 0.39 | 1.14 |
|  Sudbury <sup>(11)</sup> | 70% | 4 | 0.70 | 0.09 | 4.3 | 0.23 | 0.03 | 8.2 | 0.45 | 0.12 | 1.1 | 0.40 | 0.014 |
|  Toroparu <sup>(1216)</sup> | 10% | 4.2 | 1.45 | 0.20 | 7.3 | 1.46 | 0.34 | 11.5 | 1.45 | 0.54 | 2.1 | 1.71 | 0.117 |
|  **Total Gold** |  |  |  | **1.13** |  |  | **5.72** |  |  | **6.86** |  |  | **4.97** |
|  **Silver** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Aljustrel <sup>(19)</sup> | 100% | 16.6 | 46.4 | 24.7 | 18.5 | 41.8 | 24.9 | 35.1 | 44 | 49.6 | 26.8 | 42.4 | 36.4 |
|  Antamina <sup>(101118)</sup> | 33.75% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | 6.1 | 50.6 | 8.6 | 14 | 79.7 | 7.8 | 20.1 | 206.8 | 9.1 | 60.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper-Zinc |  | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.9 | 5.1 | 19.9 | 17.5 | 11.2 | 26 | 19.5 | 16.3 | 82.8 | 15.6 | 41.4 |
|  Blackwater <sup>(1127)</sup> | 50% | 33.7 | 4.7 | 5.1 | 52.9 | 8.7 | 14.8 | 86.6 | 7.1 | 19.9 | 5.6 | 12.8 | 2.3 |
|  Constancia | 100% | 92.7 | 2.2 | 6.7 | 86.9 | 2.2 | 6.3 | 179.6 | 2.2 | 12.9 | 40.9 | 3.7 | 4.8 |
|  Copper World Complex <sup>(21)</sup> | 100% | 424 | 4.1 | 55.9 | 191 | 3.5 | 21.5 | 615 | 3.9 | 77.4 | 192 | 3.1 | 19.1 |
|  Cotabambas <sup>(1223)</sup> | 100% |  |  |  | 507.3 | 2.4 | 39.5 | 507.3 | 2.4 | 39.5 | 423.6 | 2.5 | 34.5 |
|  Cozamin <sup>(1120)</sup> | 50% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.8 | 0.3 | 4.1 | 40 | 5.2 | 4.2 | 40.6 | 5.5 | 2.8 | 41.9 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | 1.3 | 36.4 | 1.5 | 1.3 | 36.4 | 1.5 | 1.7 | 33.8 | 1.8 |
|  DeLamar Royalty <sup>(37)</sup> | 1.5% | 0.1 | 12.9 | 0 | 1 | 10 | 0.3 | 1 | 10.2 | 0.3 | 0.4 | 8.4 | 0.1 |
|  El Domo <sup>(1129)</sup> | 75% |  |  |  | 1.8 | 38.4 | 2.2 | 1.8 | 38.4 | 2.2 | 0.7 | 31.6 | 0.7 |
|  Kudz Ze Kayah <sup>(1134)</sup> | 7.21% |  |  |  | 0.2 | 186.4 | 1.4 | 0.2 | 186.4 | 1.4 | 0 | 143.4 | 0.2 |
|  Kutcho <sup>(12)</sup> | 100% | 0.4 | 28 | 0.4 | 5 | 25.7 | 4.1 | 5.4 | 25.9 | 4.5 | 12.9 | 20 | 8.3 |
|  Loma de La Plata | 12.5% |  |  |  | 3.6 | 169 | 19.8 | 3.6 | 169 | 19.8 | 0.2 | 76 | 0.4 |
|  Marmato <sup>(1115)</sup> | 100% | 0.7 | 25.3 | 0.6 | 16.3 | 6 | 3.1 | 17 | 6.8 | 3.7 | 17.8 | 3.2 | 1.8 |
|  Metates Royalty <sup>(17)</sup> | 0.5% | 0.2 | 18.2 | 0.1 | 4.5 | 14.2 | 2 | 4.6 | 14.3 | 2.1 | 0.7 | 13.2 | 0.3 |
|  Mineral Park | 100% | 45 | 2 | 2.8 | 377.3 | 2.1 | 25 | 422.3 | 2 | 27.8 | 382.7 | 1.2 | 14.8 |
|  Neves-Corvo | 100% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.6 | 7.9 | 30.1 | 48.9 | 47.3 | 35.2 | 48.8 | 55.3 | 21.1 | 25.3 | 17.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  | 9.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.7 | 19.1 | 35 | 57.6 | 64.9 | 44.7 | 58.5 | 84 | 4 | 56.8 | 7.3 |
|  Peñasquito <sup>(10)</sup> | 25% | 12.1 | 27.2 | 10.5 | 40.8 | 24.8 | 32.6 | 52.8 | 25.4 | 43.1 | 5.3 | 25.4 | 4.3 |
|  Pascua-Lama | 25% | 10.7 | 57.2 | 19.7 | 97.9 | 52.2 | 164.4 | 108.6 | 52.7 | 184.1 | 3.8 | 17.8 | 2.2 |
|  San Dimas <sup>(14)</sup> | 25% | 0.2 | 291.8 | 2.2 | 0.4 | 161.2 | 2 | 0.6 | 209.5 | 4.2 | 1.3 | 249.9 | 10.7 |
|  Stratoni | 100% |  |  |  | 1.4 | 151.7 | 6.8 | 1.4 | 151.7 | 6.8 | 1.8 | 166.5 | 9.7 |
|  Toroparu <sup>(1216)</sup> | 50% | 21.2 | 1.8 | 1.2 | 36.3 | 1.2 | 1.4 | 57.5 | 1.4 | 2.7 | 10.6 | 0.8 | 0.3 |
|  Zinkgruvan | 100% |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc |  | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.1 | 10.3 | 3.8 | 68.9 | 8.4 | 7.4 | 78.3 | 18.7 | 14.5 | 100 | 46.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper |  | 0.9 | 33.7 | 1 | 0.3 | 37.5 | 0.3 | 1.2 | 34.6 | 1.3 | 0.2 | 30 | 0.2 |
|  **Total Silver** |  |  |  | **179.6** |  |  | **525.0** |  |  | **704.6** |  |  | **330.1** |
|  **Palladium** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Platreef <sup>(1135)</sup> | 5.25% |  |  |  | 0.3 | 1.5 | 0.01 | 0.3 | 1.5 | 0.01 | 0.5 | 1.5 | 0.02 |
|  Stillwater <sup>(1113)</sup> | 4.5% | 0.2 | 11 | 0.06 | 0.2 | 9.6 | 0.06 | 0.4 | 10.3 | 0.12 | 0.9 | 10.9 | 0.32 |
|  **Total Palladium** |  |  |  | **0.06** |  |  | **0.07** |  |  | **0.13** |  |  | **0.34** |
|  **Platinum** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Marathon <sup>(1128)</sup> | 22.0% | 7.6 | 0.1 | 0.04 | 10.5 | 0.1 | 0.04 | 18.1 | 0.1 | 0.08 | 4.5 | 0.1 | 0.01 |
|  Platreef <sup>(1135)</sup> | 5.25% | - | 0 | - | 0.3 | 1.5 | 0.01 | 0.3 | 1.5 | 0.01 | 0.5 | 1.4 | 0.02 |
|  **Total Platinum** |  |  |  | **0.04** |  |  | **0.06** |  |  | **0.09** |  |  | **0.04** |
|  **Cobalt** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Voisey's Bay <sup>(1122)</sup> | 42.4% | 0.5 | 0.06 | 0.6 | 0.4 | 0.07 | 0.6 | 0.9 | 0.06 | 1.2 | 2.8 | 0.12 | 7.4 |
|  **Total Cobalt** |  |  |  | **0.6** |  |  | **0.6** |  |  | **1.2** |  |  | **7.4** |

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WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [43]

------

Notes on Mineral Reserves & Mineral Resources:

1. All Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101"), or the 2012 Australasian Joint Ore Reserves Committee (JORC) Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per
metric tonne ("g/t") for gold, silver, palladium and platinum, percent ("%") for cobalt, millions of ounces ("Moz") for gold, silver, palladium and platinum and millions of pounds ("Mlbs") for cobalt.

3. Qualified persons ("QPs"), as defined by the NI 43-101, for the
technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Neil Burns, M.Sc., P.Geo. (Vice President, Corporate Development); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering),

both employees of the Company (the "Company's QPs").

4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Aljustrel mines, Blackwater
mine, Cangrejos project, Cozamin mine, El Domo project, Curraghinalt project, Fenix project, Goose project, Kudz Ze Kayah project, Kutcho project, Marathon project, Neves-Corvo mine, Platreef project, San Dimas mine, Santo Domingo project and
Zinkgruvan mine report Mineral Resources inclusive of Mineral Reserves. The Company's QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.

5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

6. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2024 based on
information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mineral Resources for Aljustrel's Feitais, Moinho and São João mines are reported as of
December 31, 2023, and the Estação project as of September 2022. Mineral Reserves for Feitais, Moinho and Estação are reported as of December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mineral Resources and Mineral Reserves for the Black Pine project are reported as of June 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mineral Resources for the Blackwater mine are reported as of May 5, 2020 and Mineral Reserves as of
September 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mineral Resources for the Brewery Creek project are reported as of May 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Mineral Resources for the Cangrejos project are reported as of January 30, 2023 and Mineral Reserves as of
March 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Mineral Resources and Mineral Reserves for the Copper World Complex project are reported as of July 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Mineral Resources for the Cotabambas project are reported as of November 20, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Mineral Resources for the El Domo project are reported as of October 26, 2021 and Mineral Reserves as of
October 22, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mineral Resources for the Curraghinalt project are reported as of May 10, 2018 and Mineral Reserves as of
February 25, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Mineral Resources for the DeLamar project are reported as of August 25, 2023 and Mineral Reserves as of
January 24, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Mineral Resources and Mineral Reserves for the Fenix project are reported as of October 16, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Mineral Resources for the Koné project are reported as of January 31, 2025 for the satellite and Gbongogo
deposits and as of February 20, 2025 for the Koné deposit. Mineral Reserves are reported as of January 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Mineral Resources for the Kudz Ze Kayah project are reported as of May 31, 2017 and Mineral Reserves as of
June 30, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Mineral Resources for the Kutcho project are reported as of July 30, 2021 and Mineral Reserves are reported as of
November 8, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Mineral Resources for the Loma de La Plata project are reported as of May 20, 2009.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Mineral Resources and Mineral Reserves for the Los Filos mine are reported as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Mineral Resources and Mineral Reserves for the Marathon project are reported as of November 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Mineral Resources and Mineral Reserves for the Marmato mine are reported as of June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Mineral Resources for the Metates royalty are reported as of January 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Mineral Resources for the Mineral Park project are reported as of January 31, 2025 and Mineral Reserves as of
February 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Mineral Resources and Mineral Reserves for the Platreef project are reported as of February 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Mineral Resources and Mineral Reserves for the Santo Domingo project are reported as of March 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Mineral Resources for the Stratoni mine are reported as of September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Mineral Resources for the Toroparu project are reported as of February 10, 2023.

7. Process recoveries are the Company's estimated average percentage of gold, silver, palladium, platinum, or cobalt
in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants.

8. Mineral Reserves are estimated using appropriate process and mine recovery rates, dilution, operating costs and the
following commodity prices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aljustrel mine – 2.5% zinc cut-off for the Feitais and Moinho mines and
the Estação project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.54 per
pound copper, $1.15 per pound zinc, $11.10 per pound molybdenum and $21.46 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Black Pine – 0.1 grams per tonne gold cut-off assuming $1,650 per ounce
gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Blackwater mine – NSR cut-off of Cdn$13.00 per tonne assuming $1,400 per
ounce gold and $15.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cangrejos project - declining NSR cut-offs of between $23.00 and $7.76 per
tonne assuming $1,500 per ounce gold, $3.00 per pound copper and $18.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Constancia mine – NSR cut-off of $6.40 per tonne for Pampacancha and $7.30
per tonne for Constancia assuming $1,900 per ounce gold, $23.00 per ounce silver, $4.15 per pound copper and $15.00 per pound molybdenum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Copper World Complex project – $4.00 per pound copper, $12.00 per pound molybdenum, $23.00 per ounce silver and
$1,700 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Cozamin mine - NSR cut-off of $60.54 per tonne for long-hole and $65.55 per
tonne for cut and fill for MNV and MNFWZ, and $82.78 per tonne for both mining methods at MNV West, assuming $3.55 per pound copper for MNV and MNFWZ and $3.75 per pound for MNV West, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound
zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Curraghinalt project - 3.0 grams per tonne gold cut-off assuming $1,200 per
ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. DeLamar project – NSR cut-offs of $3.55 and $3.65 per tonne for Florida
Mountain and DeLamar oxide leach and $4.20 and $4.65 per

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [44]

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tonne for Florida Mountain and DeLamar mixed leach, all assuming $1,650 per ounce gold and $21.00 per ounce silver. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. El Domo project - NSR cut-off of $32.99 per tonne assuming $1,630 per ounce
gold, $21.00 per ounce silver, $3.31 per pound copper, $0.92 per pound lead and $1.16 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Fenix project – 0.235 grams per tonne gold cut-off assuming $1.650 per
ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Goose project – 1.65 grams per tonne gold cut-off for open pit and 4.64
grams per tonne for underground, assuming $1,750 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Koné project – gold grade cut-offs ranging from 0.19 to 0.49 grams
per tonne assuming $1,550 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Kudz Ze Kayah project - NSR cut-off of Cdn$29.30 per tonne for open pit and
Cdn$173.23 per tonne for underground assuming $1,310 per ounce gold, $18.42 per ounce silver, $3.08 per pound copper, $0.94 per pound lead and $1.10 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Kurmuk project - gold grade cut-offs ranging from 0.30 to 0.45 grams per tonne
assuming $1,500 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Kutcho project – NSR cut-offs of Cdn$38.40 per tonne for oxide ore and
Cdn$55.00 per tonne for sulfide for the open pit and Cdn$129.45 per tonne for the underground assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Los Filos mine – Variable breakeven cut-offs for the open pits depending
on process destination and metallurgical recoveries and NSR cut-offs of $65.80 - $96.60 per tonne for the underground mines, assuming $1,450 per ounce gold and $18.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Marathon project - NSR cut-off of Cdn$16.00 per tonne assuming $1,525 per ounce
palladium, $950 per ounce platinum, $4.00 per pound copper, $2,000 per ounce gold and $24.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Marmato mine – 2.05 grams per tonne gold cut-off for the Upper Mine and
1.62 grams per tonne gold cut-off for the Lower Mine, all assuming $1,500 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Mineral Park project - NSR cut-off of $10.47 per tonne assuming $3.75 per pound
copper, $19.00 per pound molybdenum and $21.50 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Mt Todd project – 0.35 grams per tonne gold cut-off for the Batman deposit
and zero cut-off for the Heap Leach, assuming $1,600 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Neves-Corvo mine – NSR cut-offs ranging from EUR 60 to 80 per tonne
depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.85 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Peñasquito mine - $1,700 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $1.20 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. Platreef project – declining NSR cut-offs of between $155 and $80 per
tonne assuming $1,600 per ounce platinum, $815 per ounce palladium, $1,300 per ounce gold, $1,500 per ounce rhodium, $8.90 per pound nickel and $3.00 per pound copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce
gold and $3.52 per pound copper.

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| | |
|:---|:---|
| aa. | San Dimas mine – $2,200 per ounce gold and $26.00 per ounce silver.  |

---

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| | |
|:---|:---|
| bb. | Santo Domingo project – NSR cut-off of $9.77 per tonne assuming $3.75 per pound copper, $1,400 per ounce gold and $69 to $115 per tonne iron.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. Stillwater mines – combined platinum and palladium cut-off of 11.1 grams
per tonne for Stillwater and 8.8 grams per tonne for East Boulder assuming $1,172 per ounce 2E PGM prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. Sudbury mines – $1,450 per ounce gold, $8.16 per pound nickel, $3.40 per pound copper, $1,200 per ounce platinum,
$1,400 per ounce palladium and $22.68 per pound cobalt.

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| | |
|:---|:---|
| ee. | Voisey's Bay mines – NSR cut-offs of Cdn $28.35 per tonne for Discovery Hill Open Pit, Cdn$230 to $250 per tonne for Reid Brook and Cdn$210 to $250 per tonne for Eastern Deeps all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.  |

---

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| | |
|:---|:---|
| ff. | Zinkgruvan mine – NSR cut-offs ranging from SEK 1,100 to 1,350 per tonne depending on area and mining method for both the zinc and lead Mineral Reserves and SEK 1,120 per tonne for the copper Mineral Reserves assuming $3.85 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.  |

---

9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Aljustrel mine – 2.5% zinc cut-off for Feitais, Moinho and St João
mines and the Estação project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Antamina mine - $6,000 per hour of mill operation cut-off for the open pit and
$53.80 per tonne NSR cut-off for the undergound, both assuming $3.50 per pound copper, $1.25 per pound zinc, $13.30 per pound molybdenum and $24.63 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Black Pine – 0.1 grams per tonne gold cut-off assuming $2,000 per ounce
gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Blackwater mine – 0.2 grams per tonne gold equivalent cut-off assuming
$1,400 per ounce gold and $15.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Brewery Creek project – 0.37 grams per tonne gold cut-off assuming $1,500
per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Cangrejos project - 0.25 grams per tonne gold equivalent cut-off assuming
$1,600 per ounce gold, $3.50 per pound copper, $11.00 per pound molybdenum and $21.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Constancia mine – NSR cut-off of $6.40 per tonne for open pit and 0.65%
copper cut-off for underground, both assuming $1,900 per ounce gold, $23.00 per ounce silver, $4.15 per pound copper and $15.00 per pound molybdenum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Copper World Complex project – 0.1% copper cut-off and an oxidation ratio
of lower than 50%, assuming $3.75 per pound copper, $12.00 per pound molybdenum, $22.00 per ounce silver, and $1,650 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Cotabambas project – 0.15% copper equivalent cut-off assuming $1,850 per
ounce gold, $23.00 per ounce silver, $4.25 per pound copper and $20.00 per pound molybdenum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Cozamin mine – NSR cut-off of $59.00 per tonne assuming $3.75 per pound
copper, $22.00 per ounce silver, $1.00 per pound lead and $1.35 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Curraghinalt project – 5.0 grams per tonne gold cut-off assuming $1,200
per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. DeLamar project – 0.17 grams per tonne gold equivalent cut-off for oxide
leach and mixed leach and 0.1 grams per tonne gold equivalent cut-off for stockpile, all assuming $1,800 per ounce gold and $21.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. El Domo project - NSR cut-off of $29.00 per tonne for the open pit and $105 per
tonne for the underground assuming $1,800 per ounce gold, $24.00 per ounce silver, $4.00 per pound copper, $1.05 per pound lead and $1.30 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Fenix project – 0.15 grams per tonne gold cut-off assuming $1,800 per
ounce gold.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Goose project – 0.9 grams per tonne gold cut-off for open pit and 2.2
grams per tonne for underground, assuming $2,100 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Koné project - 0.2 grams per tonne gold cut-off for the Koné
deposit, 0.5 grams per tonne for the Gbongogo, Gbongogo South, Koban North, Sena, Diouma North and Lokolo Main deposits and 0.6 grams per tonne for the Yere North and ANV deposits, all assuming a gold price of $2,000 per ounce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Kudz Ze Kayah project – NSR cut-off of Cdn$25 per tonne for open pit and
Cdn$95 per tonne for underground assuming $1,300 per ounce gold, $20.00 per ounce silver, $3.50 per pound copper, $1.05 per pound lead and $1.50 per pound zinc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Kurmuk project - gold grade cut-off of 0.5 grams per tonne assuming a gold
price of $1,800 per ounce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Kutcho project – 0.45% copper equivalent cut-off for the Main open pit and
underground copper equivalent cut-offs of 1.05%, 0.95% and 1.05% for Main, Esso and Sumac respectively, all assuming $3.50 per pound copper, $1.15 per pound zinc, $20.00 per ounce silver and $1,600 per ounce
gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Loma de La Plata project – 50 grams per tonne silver equivalent cut-off assuming $12.50 per ounce silver and $0.50 per pound lead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Marathon project – NSR cut-off of Cdn$13.60 per tonne for the Marathon
project assuming $1,550 per ounce palladium, $1,100 per ounce platinum, $4.25 per pound copper, $2,300 per ounce gold and $27.00 per ounce silver. NSR cut-off of Cdn$13.00 per tonne for the Sally and Geordie
projects assuming $1,600 per ounce palladium, $900 per ounce platinum, $3.00 per pound copper, $1,500 per ounce gold and $18.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Marmato mine – 1.8 grams per tonne gold cut-off for the Upper Mine and 1.3
grams per tonne gold cut-off for the Lower Mine, all assuming $1,700 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Metates royalty – 0.26 grams per tonne gold equivalent cut-off assuming
$1,600 per ounce gold and $20.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Mineral Park project – NSR cut-off of $8.82 per tonne assuming $4.25 per
pound copper, $21.00 per pound molybdenum and $27.00 per ounce silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. Mt Todd project – 0.4 grams per tonne gold cut-off for the Batman and
Quigleys deposits and zero cut-off for Heap Leach, assuming $1,300 per ounce gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and
4.5% zinc cut-off for the zinc Mineral Resource.

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| | |
|:---|:---|
| aa. | Pascua-Lama project – $1,700 per ounce gold, $21.00 per ounce silver and $3.75 per pound copper.  |

---

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| | |
|:---|:---|
| bb. | Peñasquito mine - $2,000 per ounce gold, $23.00 per ounce silver, $1.00 per pound lead and $1.30 per pound zinc.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. Platreef project - 2.0 grams per tonne 3PE + Au (platinum, palladium, rhodium and gold) cut-off assuming $1,200 per ounce platinum, $1,130 per ounce palladium, $2,170 per ounce gold, $5,000 per ounce rhodium, $8.50 per pound nickel and $4.25 per pound copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce
gold and $4.09 per pound copper.

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| | |
|:---|:---|
| ee. | San Dimas mine – NSR cut-off of $174 per tonne assuming $2,400 per ounce gold and $28.00 per ounce silver.  |

---

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| | |
|:---|:---|
| ff. | Santo Domingo project – NSR cut-off of $9.85 per tonne assuming $4.10 per pound copper, $1,600 per ounce gold and $95 to $140 per tonne iron.  |

---

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| | |
|:---|:---|
| gg. | Stillwater mines – combined platinum and palladium cut-off of 9.7 grams per tonne for Stillwater and 7.2 grams per tonne for East Boulder assuming $1,350 per ounce 2E PGM prices.  |

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| | |
|:---|:---|
| hh. | Stratoni mine – NSR cut-off of $200 per tonne assuming $2.75 per pound copper, $0.91 per pound lead, $1.04 per pound zinc and $17.00 per ounce silver.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sudbury mines - $1,000 to $1,950 per ounce gold, $6.07 to $8.53 per pound nickel, $2.77 to $4.31 per pound copper,
$1,124 to $1,350 per ounce platinum, $925 to $1,450 per ounce palladium and $20.41 to $25.54 per pound cobalt.

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| | |
|:---|:---|
| jj. | Toroparu project – 0.50 grams per tonne gold cut-off for open pit and 1.5 grams per tonne for underground assuming $1,650 per ounce gold.  |

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| | |
|:---|:---|
| kk. | Voisey's Bay mines – NSR cut-off of Cdn $28.35 per tonne for Discovery Hill Open Pit and Cdn$230 to $250 per tonne for Reid Brook and Cdn$210 to $250 per tonne for Discovery Hill Underground, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. Zinkgruvan mine – NSR cut-offs ranging from SEK 900 to 1,150 per tonne
depending on area and mining method for the zinc Mineral Resources and NSR cut-off of SEK 900 per tonne for the copper Mineral Resources assuming $4.43 per pound copper and $0.90 per pound lead and $1.15 per
pound zinc.

10. The scientific and technical information in these tables regarding the Antamina, Peñasquito and Salobo mines was
sourced by the Company from the following filed documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Antamina – Teck Resources Annual Information Form filed on SEDAR on February 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Peñasquito – Newmont's December 31, 2024 Resources and Reserves press release dated
February 20, 2025 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Salobo – Vale has filed a technical report summary for the Salobo Mine, which is available on Edgar at
https://www.sec.gov/Archives/edgar/data/0000917851/000110465922040322/tm2210823d1_6k.htm.

The Company QP's have approved this partner disclosed scientific and technical information in respect of the Company's Mineral Resource and Mineral Reserve estimates for the Antamina mine, Peñasquito mine and Salobo mine.

11. The Company's attributable Mineral Resources and Mineral Reserves for the Antamina silver interest, Cozamin silver
interest, Los Filos silver interest, Marmato gold and silver interests, Santo Domingo gold interest, Blackwater gold and silver interests, Marathon gold and platinum interests, Sudbury gold interest, Fenix gold interest, Goose gold interest, El Domo
gold and silver interests, Stillwater palladium interest, Cangrejos gold interest, Curraghinalt gold interest, Kudz Ze Kayah gold and silver interests, Platreef gold, palladium and platinum interests, Mt Todd royalty, Koné gold interest,
Kurmuk gold interest and Voisey's Bay cobalt interest have been constrained to the production expected for the various contracts.

12. The Company has the option in the Early Deposit agreements, to terminate the agreement following the delivery of a
feasibility study or if feasibility study has not been delivered within a required time frame.

13. The Stillwater PMPA provides that effective July 1, 2018, Sibanye-Stillwater will deliver 100% of the gold production
for the life of the mines and 4.5% of palladium production until 375,000 ounces are delivered, 2.25% of palladium production until a further 175,000 ounces are delivered and 1.0% of the palladium production thereafter for the life of the mines.
Attributable palladium Mineral Reserves and Mineral Resources have been calculated based upon the 4.5% / 2.25% / 1.0% production entitlements.

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The Stillwater mine has been in operation since 1986 and the East Boulder mine since 2002. Individual grades for platinum, palladium, gold and rhodium are estimated using ratios applied to the combined platinum plus palladium grades based upon average historic production results provided to the Company as of the date of this document. As such, the Attributable Mineral Resource and Mineral Reserve palladium and gold grades for the Stillwater mines have been estimated using the following ratios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Stillwater mine: Pd = (Pt + Pd) / (1/3.51 + 1) and Au = (Pd + Pt) x 0.0238

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. East Boulder mine: Pd = (Pt + Pd) / (1/3.60 + 1) and Au = (Pd + Pt) x 0.0323

14. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production
plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or
increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a
period of 6 months or more in which event the "70" shall be reinstated.

15. The Marmato PMPA provides that Aris Gold Corp will deliver 10.5% of the gold production until 310,000 ounces are delivered
and 5.25% of gold production thereafter, as well as 100% of the silver production until 2.15 million ounces are delivered and 50% of silver production thereafter. Attributable reserves and resources have been calculated on the 10.5% / 5.25%
basis for gold and 100% / 50% basis for silver.

16. Under the Company's Toroparu Early Deposit Agreement, the Company will be entitled to purchase 10% of the gold
production and 50% of the silver production from the Toroparu project for the life of mine.

17. The Company's Metates Royalty entitles the Company to a 0.5% net smelter return royalty.

18. The Antamina PMPA provides that Glencore will deliver silver equal to 33.75% of the silver production until
140 million ounces are delivered and 22.5% of silver production thereafter. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.

19. The Company only has the rights to silver contained in concentrates containing less than 15% copper at the Aljustrel mine.

20. The new Cozamin PMPA provides that Capstone will deliver silver equal to 50% of the silver production until
10 million ounces are delivered and 33% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 50% / 33% basis.

21. The Copper World Complex Mineral Resources and Mineral Reserves do not include the Leach material.

22. The Voisey's Bay PMPA provides that Vale will deliver 42.4% of the cobalt production until 31 million pounds are
delivered to the Company and 21.2% of cobalt production thereafter, for the life of the mine. Attributable reserves and resources have been calculated on the 42.4% / 21.2% basis.

23. Under the Cotabambas Early Deposit Agreement, the Company will be entitled to purchase 100% of the silver production and
25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces have been delivered, at which point the stream will drop to 66.67% of silver production and 16.67% of gold production for the life of mine.

24. Under the Brewery Creek Royalty, the Company will be entitled to a 2.0% net smelter return royalty for the first 600,000
ounces of gold produced from the Brewery Creek project, above which the NSR will increase to 2.75%. Victoria Gold has the right to repurchase 0.625% of the increased NSR by paying the Company Cdn$2.0 million. Attributable resources have been
calculated on the 2.0% / 2.75% basis.

25. The Santo Domingo PMPA provides that Capstone will deliver gold equal to 100% of the gold production until 285,000 ounces
are delivered and 67% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 100% / 67% basis.

26. The Fenix PMPA provides that Rio2 will deliver gold equal to 22% of the gold production until 130,625 ounces are
delivered, then 6% of the gold production until 185,000 ounces are delivered, then 4% of the gold production until 235,000 ounces are delivered and 3.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on
this 22% / 6% / 4% / 3.5% basis.

27. The Blackwater Silver and Blackwater Gold PMPAs provide that Artemis Gold will deliver respectively silver and gold equal
to (i) 50% of the payable silver production until 17.8 million ounces are delivered and 33% thereafter for the life of the mine, and (ii) 8% of the payable gold production until 464,000 ounces are delivered and 4% thereafter for the life of the
mine. Attributable reserves and resources have been calculated on the 50% / 33% basis for silver and 8% / 4% basis for gold.

28. The Marathon PMPA provides that Gen Mining will deliver 100% of the gold production until 150,000 ounces are delivered and
67% thereafter for the life of the mine and 22% of the platinum production until 120,000 ounces are delivered and 15% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 100% / 67% basis for gold and
22% / 15% basis for platinum.

29. The El Domo PMPA provides that Adventus will deliver silver and gold equal to 75% of the silver production until
4.6 million ounces are delivered and 50% thereafter for the life of the mine and 50% of the gold production until 150,000 ounces are delivered and 33% thereafter for the life of the mine. Attributable reserves and resources have been calculated
on the 75% / 50% basis for silver and 50% / 33% basis for gold.

30. In connection with Sabina's exercise of its option to repurchase 33% of the Goose gold stream on a change in control,
the gold delivery obligations under the Goose PMPA with Sabina, a subsidiary of B2Gold, were reduced so that Sabina will deliver gold equal to 2.78% of the gold production until 87,100 ounces are delivered, then 1.44% until 134,000 ounces are
delivered and 1.0% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 2.78% / 1.44% / 1.0% basis.

31. The Cangrejos PMPA provides that Lumina will deliver gold equal to 6.6% of the gold production until 0.7 million
ounces are delivered and 4.4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 6.6% / 4.4% basis.

32. The Black Pine Royalty provides that the Company will be entitled to a 0.5% net smelter return. Attributable resources
have been calculated on the 0.5% basis.

33. The Curraghinalt PMPA provides that Dalradian will deliver gold equal to 3.05% of the payable gold production until
125,000 ounces of gold are delivered and 1.5% thereafter for the life of the mine. Attributable gold reserves and resources have been calculated on the 3.05% / 1.5% basis.

34. The Kudz Ze Kayah PMPA provides that BMC will deliver gold and silver equal to 7.375% of the metal contained in
concentrates until 24,338 ounces of gold and 3,193,375 ounces of silver are delivered, then 6.125% until 28,000 ounces of gold and 3,680,803 ounces of silver are delivered, then 5.5% until 42,861 ounces of gold and 5,624,613 ounces of silver are
delivered and 6.75% thereafter for the life of the mine. Attributable gold and silver reserves and resources have been calculated on the 7.375% / 6.125% / 5.5% / 6.75% basis.

35. The Platreef Gold PMPA provides that Ivanhoe will deliver gold equal to 62.5% of the payable gold production until 218,750
ounces of gold are delivered and 50% until 428,300 ounces of gold are delivered, then 3.125% thereafter for a tail period which will terminate on certain conditions being met. The Platreef Palladium and Platinum PMPA provides that Ivanhoe will
deliver 5.25% of the platinum and palladium until 350,000 ounces are delivered and 3.0% until 485,115 ounces are delivered, then 0.1% for a tail period which will terminate on certain conditions being met. Attributable gold reserves and resources
have been calculated on the 62.5% / 50% / 3.125% basis and attributable platinum and palladium on the 5.25% / 3.0% / 0.1% basis.

36. The Mt Todd Royalty provides that the Company will be entitled to 1.0% of gross revenue until 3.47 million ounces of
gold are delivered to an offtaker, then 0.667% of gross revenue for the life of the mine. Attributable gold reserves and resources have been calculated on the 1.0% / 0.667% basis.

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37. The DeLamar Royalty provides that the Company will be entitled to a 1.5% net smelter return on Oxide and Mixed
material. Attributable resources and reserves have been calculated on the 1.5% basis.

38. The Koné PMPA provides that Montage will deliver gold equal to 19.5% of the payable gold production until
400,000 ounces of gold are delivered, then 10.8% until 530,000 ounces are delivered and 5.4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 19.5% / 10.8% / 5.4% basis.

39. The Kurmuk PMPA provides that Allied will deliver gold equal to 6.7% of the payable gold production until 220,000
ounces of gold are delivered, then 4.8% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 6.7% / 4.8% basis.

40. The Los Filos PMPA has a 25-year term and is expected to terminate on
October 15, 2029. Attributable reserves have been limited to this term and include only heap leach material as detailed in Equinox's October, 2022 technical report for the Los Filos mine.

41. Precious metals and cobalt are by-product metals at all of the Mining
Operations, other than gold at the Marmato mine, Toroparu project, Fenix project, Goose project, Blackwater mine, Black Pine project, Curraghinalt project, Mt Todd project, DeLamar project, Koné project and Kurmuk project, silver at the Loma
de La Plata zone of the Navidad project and palladium at the Stillwater mines and Platreef project, and therefore, the economic cut off applied to the reporting of precious metals and cobalt reserves and resources will be influenced by changes in
the commodity prices of other metals at the mines.

Statements made in this section contain forward-looking information. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [48]

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**Cautionary Note Regarding Forward-Looking Statements** 

The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the future price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the estimation of future production from Mining Operations (including in the estimation of production, mill throughput,
grades, recoveries and exploration potential);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the
realization of such estimations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA
counterparties at Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's
obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs or other payments under royalty arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the
business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● future payments by the Company in accordance with PMPAs, including any acceleration of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the costs of future production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the estimation of produced but not yet delivered ounces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● continued listing of the Common Shares on the LSE, NYSE and TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any statements as to future dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● projected increases to Wheaton's production and cash flow profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● projected changes to Wheaton's production mix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability to sell precious metals and cobalt production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● confidence in the Company's business structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Company's assessment of taxes payable, including taxes payable under the GMT and the impact of the CRA
Settlement, and the Company's ability to pay its taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● possible CRA domestic audits for taxation years subsequent to 2017 and international audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Company's assessment of the impact of any tax reassessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Company's intention to file future tax returns in a manner consistent with the CRA Settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Company's climate change and environmental commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious
metals or cobalt production at acceptable prices or at all);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at
such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining
Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other
information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's
PMPAs, including the ability of the companies with which the Company has PMPAs to perform their

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obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of
production by certain Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies
and rules, being found to be incorrect, or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative
impact to the Company's previous and future tax filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the
Company's facts or change in law or jurisprudence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to any potential amendments to Canada's transfer pricing rules under the Income Tax Act (Canada) that
may result from the Department of Finance's consultation paper released June 6, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including Canada's
GMTA, and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● counterparty credit and liquidity risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● mine operator and counterparty concentration risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● indebtedness and guarantees risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● hedging risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● competition in the streaming industry risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to security over underlying assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to third-party PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to revenue from royalty interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to Wheaton's acquisition strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to third-party rights under PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to future financings and security issuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to unknown defects and impairments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to international operations of Wheaton and the Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to environmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and
rulings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● lack of suitable supplies, infrastructure and employees to support the Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to underinsured Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by
certain Mining Operations (including increases in production, estimated grades and recoveries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton and the Mining Operations to obtain adequate financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of the Mining Operations to complete permitting, construction, development and expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● challenges related to global financial conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with environmental, social and governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious
metals or cobalt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to claims and legal proceedings against Wheaton or the Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the market price of the Common Shares of Wheaton;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled
and experienced personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the declaration, timing and payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to access to confidential information regarding Mining Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with a possible suspension of trading of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● equity price risks related to Wheaton's holding of long-term investments in
other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to activist shareholders;

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [50]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to reputational damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to expression of views by industry analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the impacts of climate change and the transition to a low-carbon economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining
Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to ensuring the security and safety of information systems, including cyber security risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to generative artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to compliance with anti-corruption and anti-bribery laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks relating to corporate governance and public disclosure compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks related to the adequacy of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● other risks discussed in the section entitled "Description of the Business – Risk Factors" in
Wheaton's most recent Annual Information Form available on SEDAR+ at www.sedarplus.ca, and in Wheaton's Form 40-F and Form 6-Ks, all on file with the U.S.
Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the "Disclosure").

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that there will be no material adverse change in the market price of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public
statements and achieve their stated production estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are
accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is
accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the production estimates from Mining Operations are accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that each party will satisfy their obligations in accordance with the PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton will be able to source and obtain accretive PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the
Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that
Wheaton will be able to pay taxes when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has
been no material change in the Company's facts or change in law or jurisprudence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the GMT is accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and
clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that the trading of the Company's Common Shares will not be suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the estimate of the recoverable amount for any PMPA with an indicator of impairment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● such other assumptions and factors as set out in the Disclosure.

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [51]

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**Cautionary Language Regarding Reserves And Resources** 

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

**Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:** 

The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. For example, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards of the SEC generally applicable to U.S. companies. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.html.

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![LOGO](g47627dsp053.jpg)

Information DIRECTORS George Brack, Chair Jaimie Donovan Chantal Gosselin Jeane Hull Glenn Ives Charles Jeannes Marilyn Schonberner Randy Smallwood Srinivasan Venkatakrishnan OFFICERS Randy Smallwood Chief Executive Officer Haytham Hodaly President Curl Bernardi Executive Vice President, Strategy & General Counsel Vincent Lau Senior Vice President & Chief Financial Officer TRANSFER AGENT TSX Trust Company 1600-1066 West Hastings Street Vancouver, BC V6E 3X1 Toll-free in Canada & USA: 1800 387 0825 Outside of Canada & USA: 1 416 682 3860 Email: shareholderinquiries@tmx.com AUDITORS Deloitte LLP Vancouver, Canada INVESTOR CONTACT Emma Murray Vice President, Investor Relations Telephone: 1604 6849648 Toll Free: 1844 288 9878 Email: info@wheatonpm.com CANADA—HEAD OFFICE Wheaton Precious Metals Corp. Suite 3500 1021 West Hastings Street Vancouver, BC V6E0C3 Canada T: 1604 684 9648 F: 1604 684 3123 CAYMAN ISLANDS OFFICE Wheaton Precious Metals International Ltd. Suite 300, 94 Solaris Avenue Camana Bay PO Box 1791 GT, Grand Cayman Cayman Islands KY1-1109 STOCK EXCHANGE LISTING: Toronto Stock Exchange: WPM New York Stock Exchange: WPM London Stock Exchange: WPM Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain Other jurisdictions.

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![LOGO](g47627dsp054.jpg)

Wheaton Precious Metals Corp. Suite 3500—1021 West Hastings St. Vancouver, BC Canada V6E 0C3 T: 1604 684 9648 F: 1604 684 3123 TSX \| NYSE \|LSE:WPM wheatonpm.com Value through streaming.

## Exhibit 99.3

?xml version='1.0' encoding='ASCII'? EX-99.3

Exhibit 99.3

![](g47627dsp004.jpg)

SECOND QUARTER REPORT 2025 Interim Financial Statements

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Condensed Interim Consolidated Statements of Earnings

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (US dollars and shares in thousands, except per share amounts - unaudited) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Sales | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595870 |
| &nbsp;&nbsp; Cost of sales |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales, excluding depletion |  | $75169 | $54007 | $149805 | $115562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion |  | 75002 | 58865 | 151695 | 122541 |
| &nbsp;&nbsp; Total cost of sales |  | $150171 | $112872 | $301500 | $238103 |
| &nbsp;&nbsp; Gross margin |  | $353047 | $186192 | $672129 | $357767 |
| &nbsp;&nbsp; General and administrative | 7 | 11022 | 10241 | 24547 | 20705 |
| &nbsp;&nbsp; Share based compensation | 8 | 9962 | 6241 | 22143 | 7522 |
| &nbsp;&nbsp; Donations and community investments | 9 | 2368 | 703 | 5060 | 2273 |
| &nbsp;&nbsp; Earnings from operations |  | $329695 | $169007 | $620379 | $327267 |
| &nbsp;&nbsp; Other income (expense) | 10 | 9736 | 5122 | 17256 | 12317 |
| &nbsp;&nbsp; Earnings before finance costs and income taxes |  | $339431 | $174129 | $637635 | $339584 |
| &nbsp;&nbsp; Finance costs | 16.3 | 1427 | 1299 | 2868 | 2741 |
| &nbsp;&nbsp; Earnings before income taxes |  | $338004 | $172830 | $634767 | $336843 |
| &nbsp;&nbsp; Income tax expense  | 22 | 45734 | 50513 | 88513 | 50485 |
| &nbsp;&nbsp; Net earnings |  | $292270 | $122317 | $546254 | $286358 |
| &nbsp;&nbsp; Basic earnings per share |  | $0.644 | $0.270 | $1.204 | $0.632 |
| &nbsp;&nbsp; Diluted earnings per share |  | $0.643 | $0.269 | $1.202 | $0.631 |
| &nbsp;&nbsp; Weighted average number of shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 20 | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 20 | 454663 | 454104 | 454550 | 453888 |

---

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [2]

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Condensed Interim Consolidated Statements of Comprehensive Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (US dollars in thousands - unaudited) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Net earnings |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286358 |
| &nbsp;&nbsp; Other comprehensive income |  |  |  |  |  |
| &nbsp;&nbsp; Items that will not be reclassified to net earnings |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on LTIs¹ | 15 | $40520 | $18309 | $66681 | $12840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense related to LTIs | 22 | (3945) | (1327) | (6295) | (1424) |
| &nbsp;&nbsp; Total other comprehensive income |  | $36575 | $16982 | $60386 | $11416 |
| &nbsp;&nbsp; Total comprehensive income |  | $328845 | $139299 | $606640 | $297774 |

---

1) LTIs = long-term equity investments – common shares held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [3]

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Condensed Interim Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
| (US dollars in thousands - unaudited) | Note | As at <br> June 30 <br> 2025  | As at <br> December 31 <br> 2024  |
| &nbsp;&nbsp; Assets |  |  |  |
| &nbsp;&nbsp; Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 21 | $1005885 | $818166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 11 | 15586 | 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 23 | 4725 | 3697 |
| &nbsp;&nbsp; Total current assets |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828080 |
| &nbsp;&nbsp; Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral stream interests | 12 | $6669707 | $6379580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Early deposit mineral stream interests | 13 | 47094 | 47094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral royalty interests | 14 | 40421 | 40421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term equity investments | 15 | 171531 | 98975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 10517 | 8691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 24 | 16919 | 21616 |
| &nbsp;&nbsp; Total non-current assets |  | $6956189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6596377 |
| &nbsp;&nbsp; Total assets |  | $7982385 | $7424457 |
| &nbsp;&nbsp; Liabilities |  |  |  |
| &nbsp;&nbsp; Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  | $7857 | $13553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | 112511 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of performance share units | 19.1 | 18194 | 13562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | 16.2 | 566 | 262 |
| &nbsp;&nbsp; Total current liabilities |  | $139128 | $29504 |
| &nbsp;&nbsp; Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units | 19.1 | $9515 | $11522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 16.2 | 7682 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable - non-current | 22 | 94701 | 113505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 22 | 386 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liability |  | 5267 | 5289 |
| &nbsp;&nbsp; Total non-current liabilities |  | $117551 | $135574 |
| &nbsp;&nbsp; Total liabilities |  | $256679 | $165078 |
| &nbsp;&nbsp; Shareholders' equity |  |  |  |
| &nbsp;&nbsp; Issued capital | 17 | $3810111 | $3798108 |
| &nbsp;&nbsp; Reserves | 18 | (5654) | (63503) |
| &nbsp;&nbsp; Retained earnings |  | 3921249 | 3524774 |
| &nbsp;&nbsp; Total shareholders' equity |  | $7725706 | $7259379 |
| &nbsp;&nbsp; Total liabilities and shareholders' equity |  | $7982385 | $7424457 |

---

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [4]

------

Condensed Interim Consolidated Statements of Cash Flows

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (US dollars in thousands - unaudited) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Operating activities |  |  |  |  |  |
| &nbsp;&nbsp; Net earnings |  | $292270 | $122317 | $546254 | $286358 |
| &nbsp;&nbsp; Adjustments for |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and depletion |  | 75322 | 59211 | 152316 | 123224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity settled share based compensation | 8 | 1809 | 1655 | 3234 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units - expense | 19.1 | 8153 | 4586 | 18909 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance share units - paid | 19.1 |  |  | (17209) | (11129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 22 | 45734 | 50513 | 88513 | 50485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income recognized in net earnings |  | (8742) | (4877) | (17789) | (11315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 164 | 640 | 3171 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in non-cash working capital | 21 | (6709) | (3664) | (14450) | (1508) |
| &nbsp;&nbsp; Cash generated from operations before income taxes and interest |  | $408001 | $230381 | $762949 | $444217 |
| &nbsp;&nbsp; Income taxes refunded (paid) |  | (948) | (75) | (3182) | (191) |
| &nbsp;&nbsp; Interest paid |  | (87) | (73) | (178) | (148) |
| &nbsp;&nbsp; Interest received |  | 7993 | 4160 | 16163 | 9895 |
| &nbsp;&nbsp; Cash generated from operating activities |  | $414959 | $234393 | $775752 | $453773 |
| &nbsp;&nbsp; Financing activities |  |  |  |  |  |
| &nbsp;&nbsp; Credit facility extension fees | 16.1 | $(862) | $(925) | $(862) | $(925) |
| &nbsp;&nbsp; Share purchase options exercised | 18.1 | 1967 | 8348 | 4473 | 12164 |
| &nbsp;&nbsp; Lease payments |  | (89) | (147) | (211) | (295) |
| &nbsp;&nbsp; Dividends paid | 17.2 | (147939) | (139124) | (147939) | (139124) |
| &nbsp;&nbsp; Cash used for financing activities |  | $(146923) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144539) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128180) |
| &nbsp;&nbsp; Investing activities |  |  |  |  |  |
| &nbsp;&nbsp; Mineral stream interests | 12 | $(347951) | $(35605) | $(443691) | $(486507) |
| &nbsp;&nbsp; Mineral royalty interest | 14 |  | (10078) |  | (22025) |
| &nbsp;&nbsp; Acquisition of long-term investments | 15 |  |  | (3) | (751) |
| &nbsp;&nbsp; Proceeds on disposal of long-term investments | 15 |  | 177088 |  | 177088 |
| &nbsp;&nbsp; Dividends received |  | 287 | 481 | 526 | 1181 |
| &nbsp;&nbsp; Other |  | (231) | (193) | (491) | (789) |
| &nbsp;&nbsp; Cash (used for) generated from investing activities |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347895) | $131693 | $(443659) | $(331803) |
| &nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents |  | $163 | $(130) | $165 | $(100) |
| (Decrease) increase in cash and cash equivalents |  | $(79696) | $234108 | $187719 | $(6310) |
| &nbsp;&nbsp; Cash and cash equivalents, beginning of period |  | 1085581 | 306109 | 818166 | 546527 |
| &nbsp;&nbsp; Cash and cash equivalents, end of period | 21 | $1005885 | $540217 | $1005885 | $540217 |

---

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [5]

------

Condensed Interim Consolidated Statements of Shareholders' Equity

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Reserves | Reserves | Reserves | Reserves | | |
| (US dollars in thousands - unaudited) | Number of<br>Shares<br>(000's) | Issued<br>Capital | Share<br>Purchase<br> Options<br>Reserve | Restricted<br>Share Units<br>Reserve | LTI <sup>1</sup><br>Revaluation<br>Reserve<br>(Net of Tax) | Total<br>Reserves | Retained<br>Earnings | Total |
| &nbsp;&nbsp;&nbsp; At January 1, 2024 | 453069 | $3777323 | $22907 | $8006 | $(71004) | $(40091) | $3248284 | $6985516 |
| &nbsp;&nbsp;&nbsp; Total comprehensive income |  |  |  |  | (5566) | (5566) | 164041 | 158475 |
| &nbsp;&nbsp;&nbsp; SBC <sup>1</sup> expense |  |  | 674 | 924 |  | 1598 |  | 1598 |
| &nbsp;&nbsp;&nbsp; Options <sup>1</sup> exercised | 158 | 4565 | (698) |  |  | (698) |  | 3867 |
| &nbsp;&nbsp;&nbsp; RSUs <sup>1</sup> released | 68 | 2960 |  | (2960) |  | (2960) |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (Note 17.2) |  |  |  |  |  |  | (70261) | (70261) |
| &nbsp;&nbsp;&nbsp; At March 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453295 | $3784848 | $22883 | $5970 | $(76570) | $(47717) | $3342064 | $7079195 |
| &nbsp;&nbsp;&nbsp; Total comprehensive income |  |  |  |  | 16982 | 16982 | 122317 | 139299 |
| &nbsp;&nbsp;&nbsp; SBC <sup>1</sup> expense |  |  | 698 | 957 |  | 1655 |  | 1655 |
| &nbsp;&nbsp;&nbsp; Options <sup>1</sup> exercised | 311 | 9861 | (1475) |  |  | (1475) |  | 8386 |
| &nbsp;&nbsp;&nbsp; RSUs <sup>1</sup> released | 1 | 53 |  | (53) |  | (53) |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (Note 17.2)  | 28 | 1410 |  |  |  |  | (70273) | (68863) |
| &nbsp;&nbsp;&nbsp; Realized gain on disposal of LTIs ¹ |  |  |  |  | (31578) | (31578) | 31578 |  |
| &nbsp;&nbsp;&nbsp; At June 30, 2024 | 453635 | $3796172 | $22106 | $6874 | $(91166) | $(62186) | $3425686 | $7159672 |
| &nbsp;&nbsp;&nbsp; Total comprehensive income |  |  |  |  | (7619) | (7619) | 242782 | 235163 |
| &nbsp;&nbsp;&nbsp; SBC <sup>1</sup> expense |  |  | 1465 | 1985 |  | 3450 |  | 3450 |
| &nbsp;&nbsp;&nbsp; Options <sup>1</sup> exercised | 31 | 1230 | (210) |  |  | (210) |  | 1020 |
| &nbsp;&nbsp;&nbsp; Dividends | 11 | 706 |  |  |  |  | (140632) | (139926) |
| &nbsp;&nbsp;&nbsp; Realized gain on disposal of LTIs ¹ |  |  |  |  | 3062 | 3062 | (3062) |  |
| &nbsp;&nbsp;&nbsp; At December 31, 2024 | 453677 | $3798108 | $23361 | $8859 | $(95723) | $(63503) | $3524774 | $7259379 |
| &nbsp;&nbsp;&nbsp; Total comprehensive income |  |  |  |  | 23810 | 23810 | 253984 | 277794 |
| &nbsp;&nbsp;&nbsp; SBC <sup>1</sup> expense |  |  | 579 | 846 |  | 1425 |  | 1425 |
| &nbsp;&nbsp;&nbsp; Options <sup>1</sup>exercised | 62 | 2965 | (541) |  |  | (541) |  | 2424 |
| &nbsp;&nbsp;&nbsp; RSUs <sup>1</sup> released | 69 | 3095 |  | (3095) |  | (3095) |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (Note 17.2) |  |  |  |  |  |  | (74880) | (74880) |
| &nbsp;&nbsp;&nbsp; At March 31, 2025 | 453808 | $3804168 | $23399 | $6610 | $(71913) | $(41904) | $3703878 | $7466142 |
| &nbsp;&nbsp;&nbsp; Total comprehensive income |  |  |  |  | 36575 | 36575 | 292270 | 328845 |
| &nbsp;&nbsp;&nbsp; SBC <sup>1</sup> expense |  |  | 711 | 1098 |  | 1809 |  | 1809 |
| &nbsp;&nbsp;&nbsp; Options <sup>1</sup>exercised | 50 | 2444 | (477) |  |  | (477) |  | 1967 |
| &nbsp;&nbsp;&nbsp; RSUs <sup>1</sup> released | 73 | 1657 |  | (1657) |  | (1657) |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (Note 17.2) | 23 | 1842 |  |  |  |  | (74899) | (73057) |
| &nbsp;&nbsp;&nbsp; At June 30, 2025 | 453954 | $3810111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5654) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725706 |

---

1) Definitions as follows: "SBC" = Equity Settled Stock Based Compensation; "Options" = Share Purchase Options; "RSUs" = Restricted Share Units; "LTI's" = Long-Term Investments - Common Shares Held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [6]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

1. Description of Business and Nature of Operations

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. ("Wheaton" or the "Company"), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange ("TSX"), the New York Stock Exchange ("NYSE") and the London Stock Exchange ("LSE") under the symbol WPM.

As of June 30, 2025, the Company has entered into 40 long-term agreements¹ (32 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 33 different mining companies, related to precious metals and cobalt relating to 20 mining assets which are currently operating, 24 of which are at various stages of development and 2 which have been placed into care and maintenance or have been closed, located in 18 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.

The condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2025 ("Interim Financial Statements") were authorized for issue as of August 7, 2025 in accordance with a resolution of the Board of Directors.

2. Basis of Presentation and Statement of Compliance

These Interim Financial Statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The Interim Financial Statements are presented in United States ("US") dollars, which is the Company's functional currency, and all values are rounded to the nearest thousand US dollars (US$000's) unless otherwise noted. References to "Cdn$" refer to Canadian dollars.

These Interim Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB"). The accounting policies applied in these Interim Financial Statements are based on IFRS Accounting Standards as issued by the IASB ("IFRS") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2024 and were consistently applied to all the periods presented unless otherwise stated below. These Interim Financial Statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at June 30, 2025 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3. Material Accounting Policy Information

3.1. New Accounting Standards Effective in 2025

Amendment to IAS 21 - Lack of Exchangeability

Effective January 1, 2025, the Company adopted the Amendment to IAS 21 - Lack of Exchangeability. The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not, as well as associated disclosure requirements when it is concluded a currency is not exchangeable. The adoption of this amendment had no impact on the condensed interim consolidated financial statements.

<sup>1</sup> Minto has been removed from the mine count due to Minto Metals Corp., being placed in receivership.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [7]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company's Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the Interim Financial Statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2024.

5. Financial Instruments

5.1. Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments.

The capital structure of the Company consists of debt (Note 16) and equity attributable to common shareholders, comprising of issued capital (Note 17), accumulated reserves (Note 18) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the financial covenant under its sustainability-linked revolving credit facility requiring a capitalization ratio of <= 0.60:1 (Note 16).

The Company is in compliance with the debt covenant at June 30, 2025, as described in Note 16.1.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [8]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

5.2. Categories of Financial Assets and Liabilities

Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company's long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of Other Comprehensive Income ("OCI"). Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity. The following table summarizes the classification of the Company's financial assets and liabilities:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note | June 30<br> 2025 | December 31<br>2024 |
|  Financial assets |  |  |  |
|  Financial assets mandatorily measured at FVTNE <sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 21 | $1005885 | $818166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables from provisional concentrate sales, net of fair value adjustment | 6, 11 | 11255 | 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments - warrants held |  | 3543 | 785 |
|  Investments in equity instruments designated at FVTOCI <sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments - common shares held | 15 | 167988 | 98190 |
|  Financial assets measured at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables from sales of cobalt | 11 | 2394 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable deposit - 777 PMPA | 24 | 9785 | 9413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  |  | 2837 | 1500 |
|  Total financial assets |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203687 | $932771 |
|  Financial liabilities |  |  |  |
|  Financial liabilities at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  | $7857 | $13553 |
|  Total financial liabilities |  | $7857 | $13553 |

---

1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income.

5.3. Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds.

The Company monitors its financial assets and does not have a significant concentration of credit risk. The Company invests surplus cash in bank accounts and short-term money market instruments. Finally, counterparties used to sell precious metals are established organizations with minimum acceptable credit worthiness and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at June 30, 2025 is considered to be negligible.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [9]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

The Company's maximum exposure to credit risk related to its financial assets is as follows:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br> 2025 | December 31 <br>2024 |
| &nbsp;&nbsp; Cash and cash equivalents | 21 | $1005885 | $818166 |
| &nbsp;&nbsp; Trade receivables from provisional concentrate sales, net of fair value adjustment | 11 | 11255 | 3518 |
| &nbsp;&nbsp; Trade receivables from sales of cobalt | 11 | 2394 | 1199 |
| &nbsp;&nbsp; Refundable Deposit - 777 PMPA | 24 | 9785 | 9413 |
| &nbsp;&nbsp; Other  |  | 2837 | 1500 |
| &nbsp;&nbsp; Maximum exposure to credit risk related to financial assets |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833796 |

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5.4. Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at June 30, 2025, the Company had cash and cash equivalents of $1.0 billion (December 31, 2024 - $818 million) and working capital of $887 million (December 31, 2024 - $799 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at June 30, 2025 of $172 million (December 31, 2024 - $99 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company's planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

The following table summarizes the timing associated with the Company's remaining contractual payments relating to its financial liabilities and performance share units liability. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As at June 30, 2025 | As at June 30, 2025 | As at June 30, 2025 | As at June 30, 2025 | As at June 30, 2025 | As at June 30, 2025 |
| (in thousands) | 2025 | 2026 - 2027 | 2028 - 2029 | After 2029 | Total |
|  Accounts payable and accrued liabilities | $7857 | $- | $- | $- | $7857 |
|  Performance share units<sup>1</sup> |  | 27011 | 698 |  | 27709 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35566 |

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1) See Note 19.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [10]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

5.5. Currency Risk

The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company's Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

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| | | |
|:---|:---|:---|
| (in thousands) | June 30<br>2025 | December 31<br>2024 |
|  Monetary assets |  |  |
|  Cash and cash equivalents | $2751 | $7833 |
|  Accounts receivable | 97 | 160 |
|  Long-term investments - common shares held | 167988 | 98190 |
|  Long-term investments - warrants held | 3543 | 785 |
|  Other long-term assets |  | 3114 |
|  Total Canadian dollar denominated monetary assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110082 |
|  Monetary liabilities |  |  |
|  Accounts payable and accrued liabilities | $4942 | $9291 |
|  Performance share units | 22882 | 20989 |
|  Lease liability | 5317 | 5170 |
|  Pension liability | 5266 | 5289 |
|  Total Canadian dollar denominated monetary liabilities | $38407 | $40739 |

---

The following tables detail the Company's sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in exchange rates.

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| | | |
|:---|:---|:---|
|  | As at June 30, 2025 | As at June 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Canadian Dollar |
| (in thousands) | 10%<br> Increase | 10%<br> Decrease |
|  Increase (decrease) in net earnings | $(3202) | $3202 |
|  Increase (decrease) in other comprehensive income | 16799 | (16799) |
|  Increase (decrease) in total comprehensive income | $13597 | $(13597) |

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| | | |
|:---|:---|:---|
|  | As at December 31, 2024 | As at December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Canadian Dollar |
| (in thousands) | 10%<br> Increase | 10%<br> Decrease |
|  Increase (decrease) in net earnings | $(2885) | $2885 |
|  Increase (decrease) in other comprehensive income | 9819 | (9819) |
|  Increase (decrease) in total comprehensive income | $6934 | $(6934) |

---

5.6. Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and six months ended June 30, 2025 the weighted average interest rate earned on its cash

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [11]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

deposits in interest bearing accounts was 4.2% and 4.2%, respectively, as compared to 5.1% and 5.2%, in the comparable periods of the prior year.

During the three and six months ended June 30, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three and six months ended June 30, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest earned by approximately $2 million and $4 million, respectively, as compared to $1 million and $2 million during the comparable periods of the prior year.

5.7. Other Price Risk

The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments.

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and six months ended June 30, 2025 and 2024 would have increased/decreased by approximately $17 million and $9 million respectively, as a result of changes in the fair value of common shares held.

5.8. Fair Value Estimation

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements ("IFRS 13").

Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs which are supported by little or no market activity.

The following table sets forth the Company's financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| (in thousands) | Note | Total | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp; Cash and cash equivalents | 21 | $1005885 | $1005885 | $- | $- |
| &nbsp;&nbsp; Trade receivables from provisional concentrate sales, net of fair value adjustment | 11 | 11255 |  | 11255 |  |
| &nbsp;&nbsp; Long-term investments - common shares held | 15 | 167988 | 167988 |  |  |
| &nbsp;&nbsp; Long-term investments - warrants held | 15 | 3543 |  | 3543 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173873 | $&nbsp;&nbsp;&nbsp;&nbsp;14798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (in thousands) | Note | Total | Level 1 | Level 2 | Level 3 |
| &nbsp;&nbsp; Cash and cash equivalents | 21 | $818166 | $818166 | $- | $- |
| &nbsp;&nbsp; Trade receivables from provisional concentrate sales, net of fair value adjustment | 11 | 3518 |  | 3518 |  |
| &nbsp;&nbsp; Long-term investments - common shares held | 15 | 98190 | 98190 |  |  |
| &nbsp;&nbsp; Long-term investments - warrants held | 15 | 785 |  | 785 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [12]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

When balances are outstanding, the Company's bank debt (Note 16.1) is reported at amortized cost using the effective interest method.

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

The Company's trade receivables from provisional concentrate sales are valued based on forward price of silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy.

Long-Term Investments in Warrants Held

The fair value of the Company's long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk-free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company's results.

6. Revenue

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
|  Sales |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold credit sales | $328354 | 65% | $182150 | 61% | $648049 | 66% | $372839 | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver credit sales | $139949 | 28% | $86542 | 29% | $262249 | 27% | $170251 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrate sales | 25790 | 5% | 24749 | 8% | 48428 | 5% | 37698 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total silver sales | $165739 | 33% | $111291 | 37% | $310677 | 32% | $207949 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladium credit sales | $2564 | 1% | $4210 | 1% | $4936 | 1% | $8887 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobalt sales | $6561 | 1% | $1413 | 1% | $9967 | 1% | $6195 | 1% |
|  Total sales revenue | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503218 | 100% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299064 | 100% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973629 | 100% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595870 | 100% |

---

Gold, Silver and Palladium Credit Sales

Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer.

Concentrate Sales

Under certain PMPAs, silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the "Quotational Period") pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [13]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Cobalt Sales

The Company has entered into an offtake agreement under which all cobalt is sold to a third-party offtaker. Revenue from the cobalt sale is recognized at the time of the delivery, which is also the date that control of the cobalt is transferred to the offtaker.

7. General and Administrative

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Salaries and benefits | $5631 | $5387 | $13442 | $11104 |
| &nbsp;&nbsp; Depreciation | 320 | 347 | 620 | 684 |
| &nbsp;&nbsp; Professional fees, audit and regulatory | 2648 | 1919 | 4499 | 3505 |
| &nbsp;&nbsp; Business travel | 398 | 736 | 983 | 1091 |
| &nbsp;&nbsp; Business taxes | 260 | 309 | 882 | 728 |
| &nbsp;&nbsp; Insurance | 492 | 368 | 985 | 882 |
| &nbsp;&nbsp; Other | 1273 | 1175 | 3136 | 2711 |
| &nbsp;&nbsp; Total general and administrative | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20705 |

---

8. Share Based Compensation

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Equity settled share based compensation <sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock options | 18.1 | $711 | $698 | $1290 | $1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSUs | 18.2 | 1098 | 957 | 1944 | 1881 |
| &nbsp;&nbsp; Cash settled share based compensation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSUs | 19.1 | $8153 | $4586 | $18909 | $4269 |
| &nbsp;&nbsp; Total share based compensation |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522 |

---

1) Equity settled share based compensation is a non-cash expense.

9. Donations and Community Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Local donations and community investments <sup>1</sup> | $793 | $407 | $1625 | $1096 |
| &nbsp;&nbsp; Partner donations and community investments <sup>2</sup> | 1551 | 296 | 2308 | 1177 |
| &nbsp;&nbsp; Environmental and innovation investments <sup>3</sup> | 24 |  | 1127 |  |
| &nbsp;&nbsp; Total donations and community investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 |

---

1) The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton's offices are located.

2) The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

3) Includes the Company's funding of initiatives that reduce environmental impacts and support innovation and efficiency in mining, including costs associated with the Future of Mining Challenge.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [14]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

10. Other Income (Expense)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;Interest income |  | $8455 | $4396 | $17263 | $10134 |
| &nbsp;&nbsp;Dividend income |  | 287 | 481 | 526 | 1181 |
| &nbsp;&nbsp;Foreign exchange gain (loss) |  | (1379) | 48 | (1532) | 622 |
| &nbsp;&nbsp;Gain (loss) on fair value adjustment of share purchase warrants held |  | 2134 | 197 | 2757 | 380 |
| &nbsp;&nbsp;Other |  | 239 |  | (1758) |  |
| &nbsp;&nbsp;Total other income (expense) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317 |

---

11. Accounts Receivable

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br> 2025 | December 31<br> 2024 |
| &nbsp;&nbsp;Trade receivables from provisional concentrate sales, net of fair value adjustment | 6 | $11255 | $3518 |
| &nbsp;&nbsp;Trade receivables from sales of cobalt | 6 | 2394 | 1199 |
| &nbsp;&nbsp;Other accounts receivable |  | 1937 | 1500 |
| &nbsp;&nbsp;Total accounts receivable |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [15]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

12. Mineral Stream Interests

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
|  | Cost | Cost | Cost | Accumulated Depletion & Impairment <sup>1</sup> | Accumulated Depletion & Impairment <sup>1</sup> | Accumulated Depletion & Impairment <sup>1</sup> | |
| (in thousands) | Balance<br> Jan 1, 2025 | Additions | Balance<br> Jun 30, 2025 | Balance<br> Jan 1, 2025 | Depletion | Balance<br> Jun 30, 2025 | Carrying<br> Amount<br> Jun 30, 2025 |
|  Gold interests |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salobo | $3429911 | $144000 | $3573911 | $(834426) | $(62412) | $(896838) | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sudbury <sup>2</sup> | 623864 |  | 623864 | (382313) | (11244) | (393557) | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constancia | 140058 |  | 140058 | (75732) | (5363) | (81095) | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Dimas | 220429 |  | 220429 | (83948) | (4694) | (88642) | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stillwater <sup>3</sup> | 239352 |  | 239352 | (31892) | (1402) | (33294) | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>4</sup> | 1035107 | 227768 | 1262875 | (53791) | (2877) | (56668) | 1206207 |
|  | $5688721 | $371768 | $6060489 | $(1462102) | $(87992) | $(1550094) | $4510395 |
|  Silver interests |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peñasquito | $524626 | $- | 524626 | $(280161) | $(19857) | $(300018) | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antamina | 900343 |  | 900343 | (409572) | (16556) | (426128) | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constancia | 302948 |  | 302948 | (137570) | (8269) | (145839) | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>5</sup> | 1256062 | 70054 | 1326116 | (593432) | (11192) | (604624) | 721492 |
|  | $2983979 | $70054 | $3054033 | $(1420735) | $(55874) | $(1476609) | $1577424 |
|  Palladium interests |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stillwater <sup>3</sup> | $263721 | $- | $263721 | $(50542) | $(2160) | $(52702) | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Platreef | 78814 |  | 78814 |  |  |  | 78814 |
|  | $342535 | $- | $342535 | $(50542) | $(2160) | $(52702) | $289833 |
|  Platinum interests |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon | $9451 | $- | $9451 | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Platreef | 57584 |  | 57584 |  |  |  | 57584 |
|  | $67035 | $- | $67035 | $- | $- | $- | $67035 |
|  Cobalt interests |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voisey's Bay <sup>6</sup> | $393422 | $- | $393422 | $(162733) | $(5669) | $(168402) | $225020 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9917514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3096112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151695) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3247807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669707 |

---

1) Includes cumulative impairment charges to June 30, 2025 as follows: Pascua-Lama silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey's Bay cobalt interest - $109 million. 

2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.

3) Comprised of the Stillwater and East Boulder gold and palladium interests.

4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests. The additions to other gold interests includes Kone - $156 million, Kurmuk - $44 million, Fenix - $25 million and Cangrejos - $3 million. Under the terms of the Cangrejos PMPA, CMOC may purchase one-third of the Cangrejos stream if it provides notice of its intention to do so within 60 days of the change of control on June 23, 2025. 

5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Mineral Park - $40 million and Blackwater - $30 million. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [16]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 |
|  | Cost | Cost | Cost | Accumulated Depletion & Impairment <sup>1</sup> | Accumulated Depletion & Impairment <sup>1</sup> | Accumulated Depletion & Impairment <sup>1</sup> | Accumulated Depletion & Impairment <sup>1</sup> | |
| (in thousands) | Balance<br> Jan 1, 2024 | Additions | Balance<br> Dec 31, 2024 | Balance<br> Jan 1, 2024 | Depletion | Impairment<br> Charge | Balance<br> Dec 31, 2024 | Carrying<br> Amount<br> Dec 31, 2024 |
|  Gold interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $3429911 | $- | $3429911 | $(748492) | $(85934) | $- | $(834426) | $2595485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>2</sup> | 623864 |  | 623864 | (361379) | (20934) |  | (382313) | 241551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 140058 |  | 140058 | (59793) | (15939) |  | (75732) | 64326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 220429 |  | 220429 | (75707) | (8241) |  | (83948) | 136481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>3</sup> | 239352 |  | 239352 | (27883) | (4009) |  | (31892) | 207460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>4</sup> | 656187 | 378920 | 1035107 | (52498) | (1293) |  | (53791) | 981316 |
|  | $5309801 | $378920 | $5688721 | $(1325752) | $(136350) | $- | $(1462102) | $4226619 |
|  Silver interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $524626 | $- | $524626 | $(248394) | $(31767) | $- | $(280161) | $244465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 900343 |  | 900343 | (380813) | (28759) |  | (409572) | 490771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 302948 |  | 302948 | (123365) | (14205) |  | (137570) | 165378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>5</sup> | 1159563 | 96499 | 1256062 | (577450) | (15982) |  | (593432) | 662630 |
|  | $2887480 | $96499 | $2983979 | $(1330022) | $(90713) | $- | $(1420735) | $1563244 |
|  Palladium interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>3</sup> | $263721 | $- | $263721 | $(43054) | $(7488) | $- | $(50542) | $213179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  | 78814 | 78814 |  |  |  |  | 78814 |
|  | $263721 | $78814 | $342535 | $(43054) | $(7488) | $- | $(50542) | $291993 |
|  Platinum interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $9451 | $- | $9451 | $- | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  | 57584 | 57584 |  |  |  |  | 57584 |
|  | $9451 | $57584 | $67035 | $- | $- | $- | $- | $67035 |
|  Cobalt interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay <sup>6</sup> | $393422 | $- | $393422 | $(42606) | $(11266) | $(108861) | $(162733) | $230689 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2741434) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108861) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3096112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379580 |

---

1) Includes cumulative impairment charges to December 31, 2024 as follows: Pascua-Lama silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey's Bay cobalt interest - $109 million. 

2) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.

3) Comprised of the Stillwater and East Boulder gold and palladium interests.

4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests. The additions to other gold interests includes: Platreef - $275 million; Kudz Ze Kayah - $14 million; Cangrejos - $16 million; Marmato - $40 million; and Kurmuk - $44 million; less a repayment relative to El Domo - $10 million to be re-advanced at a later date. 

5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - $25 million; and Mineral Park - $75 million; less a repayment relative to El Domo - $3 million to be re-advanced at a later date. 

6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey's Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [17]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving commercial production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br> June 30, 2025 | <br> June 30, 2025 | <br> June 30, 2025 | <br> December 31, 2024 | <br> December 31, 2024 | <br> December 31, 2024 |
| (in thousands) | Depletable | Non-<br> Depletable | Total | Depletable | Non-<br> Depletable | Total |
|  Gold interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $2350898 | $326175 | $2677073 | $2269310 | $326175 | $2595485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>1</sup> | 188595 | 41712 | 230307 | 199840 | 41711 | 241551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 55358 | 3605 | 58963 | 60721 | 3605 | 64326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 42493 | 89294 | 131787 | 47187 | 89294 | 136481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>2</sup> | 186423 | 19635 | 206058 | 187826 | 19634 | 207460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>3</sup> | 338714 | 867493 | 1206207 | 16706 | 964610 | 981316 |
|  | $3162481 | $1347914 | $4510395 | $2781590 | $1445029 | $4226619 |
|  Silver interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $224608 | $- | $224608 | $244465 | $- | $244465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 127197 | 347018 | 474215 | 143753 | 347018 | 490771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 150627 | 6482 | 157109 | 158896 | 6482 | 165378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>4</sup> | 272200 | 449292 | 721492 | 122498 | 540132 | 662630 |
|  | $774632 | $802792 | $1577424 | $669612 | $893632 | $1563244 |
|  Palladium interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater <sup>2</sup> | $203532 | $7487 | $211019 | $205691 | $7488 | $213179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  | 78814 | 78814 |  | 78814 | 78814 |
|  | $203532 | $86301 | $289833 | $205691 | $86302 | $291993 |
|  Platinum interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $- | $9451 | $9451 | $- | $9451 | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  | 57584 | 57584 |  | 57584 | 57584 |
|  | $- | $67035 | $67035 | $- | $67035 | $67035 |
|  Cobalt interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | $211631 | $13389 | $225020 | $217300 | $13389 | $230689 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379580 |

---

1) Comprised of the Coleman, Copper Cliff, Garson, Stobie, Creighton, Totten and Victor gold interests.

2) Comprised of the Stillwater and East Boulder gold and palladium interests.

3) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests.

4) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [18]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Significant acquisitions, amendments and disposals of mineral stream interests (if any) in the six months ended June 30, 2025 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in Note 25.

Amendment to the Blackwater PMPA

On March 7, 2025, the Company amended its PMPA (the "Blackwater Silver PMPA") with Artemis Gold Inc. ("Artemis") in respect of silver production from the Blackwater Project located in British Columbia in Canada (the "Blackwater Project"). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.

As a result of the amendment, the amount of payable silver will be based on a multiple ranging from 5.07 to 5.17 of the number of ounces of gold produced, rather than being based on a fixed silver recovery factor. The ratio is currently 5.17. Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. On March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.

13. Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 25 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests owned by the Company as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Attributable<br>Production to be<br>Purchased | Attributable<br>Production to be<br>Purchased | |
| Early Deposit Mineral<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Interests | Mine<br>Owner | Location of<br>Mine | Upfront<br>Consideration<br>Paid to Date <sup>1</sup> | Upfront<br>Consideration<br>to be Paid <sup>1, 2</sup> | Total<br>Upfront<br>Consideration¹ | Gold | Silver | Term of<br>Agreement |
|  Toroparu | Aris Mining | Guyana | $15500 | $138000 | $153500 | 10% | 50% | Life of Mine |
|  Cotabambas | Panoro | Peru | 14000 | 126000 | 140000 | 25% ³ | 100% ³ | Life of Mine |
|  Kutcho | Kutcho | Canada | 16852 | 58000 | 74852 | 100% | 100% | Life of Mine |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368352 |  |  |  |

---

1) Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.

2) Please refer to Note 25 for details of when the remaining upfront consideration to be paid becomes due.

3) Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [19]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

14. Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Royalty Interests | Mine<br>Owner | Location of<br>Mine | Royalty<sup>1</sup> | Total<br>Upfront<br>Consideration <sup>2</sup> | Term of<br>Agreement | Date of <br>Original <br>Contract  |
|  Metates | Chesapeake | Mexico | 0.5% NSR | $3000 | Life of Mine | 07-Aug-2014 |
|  Brewery Creek<sup>3</sup> | Victoria Gold | Canada | 2.0% NSR | 3529 | Life of Mine | 04-Jan-2021 |
|  Black Pine<sup>4</sup> | Liberty Gold | USA | 0.5% NSR | 3600 | Life of Mine | 10-Sep-2023 |
|  Mt Todd<sup>5</sup> | Vista | Australia | 1.0% GR | 20000 | Life of Mine | 13-Dec-2023 |
|  DeLamar <sup>6</sup> | Integra | USA | 1.5% NSR | 9750 | Life of Mine | 20-Feb-2024 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39879 |  |  |

---

1) Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.

2) Expressed in thousands; excludes closing costs.

3) The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn $2 million to the Company. 

4) Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030. 

5) The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones. 

6) Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns. 

15. Long-Term Equity Investments

---

| | | |
|:---|:---|:---|
| (in thousands) | June 30<br>2025 | December 31 <br>2024  |
| &nbsp;&nbsp;Common shares held | $167988 | $98190 |
| &nbsp;&nbsp;Warrants held | 3543 | 785 |
| &nbsp;&nbsp;Total long-term equity investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98975 |

---

Common Shares Held

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
| (in thousands) | Fair Value at<br>Mar 31, 2025 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses)<sup>1</sup> | Fair Value at<br>Jun 30, 2025 | Realized Gain<br>on Disposal |
|  Streaming or royalty partners | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121799 | $- | $- | $39595 | $161394 | $- |
|  Strategic investments | 5669 |  |  | 925 | 6594 |  |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI").

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
| (in thousands) | Fair Value at<br>Mar 31, 2024 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2024 | Realized Gain<br>on Disposal |
|  Streaming or royalty partners | $74717 | $- | $- | $8232 | $82949 | $- |
|  Strategic investments <sup>2</sup> | 170961 |  | (177088) | 10077 | 3950 | 35768 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(177088) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86899 | $35768 |

---

1) Fair Value Gains (Losses) are reflected as a component of OCI.

2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [20]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| (in thousands) | Fair Value at<br>Dec 31, 2024 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2025 | Realized Gain<br>on Disposal |
|  Streaming or royalty partners | $93915 | $- | $- | $67479 | $161394 | $- |
|  Strategic investments | 4275 | 3117 |  | (798) | 6594 |  |
|  Total | $98190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

1) Fair Value Gains (Losses) are reflected as a component of OCI.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
| (in thousands) | Fair Value at<br>Dec 31, 2023 | Cost of<br>Additions | Proceeds of<br>Disposition | Fair Value<br>Adjustment<br>Gains<br>(Losses) <sup>1</sup> | Fair Value at<br>Jun 30, 2024 | Realized Gain<br>on Disposal |
|  Streaming or royalty partners | $75481 | $5121 | $- | $2347 | $82949 | $- |
|  Strategic investments<sup>2</sup> | 170545 |  | (177088) | 10493 | 3950 | 35768 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246026 | $5121 | $(177088) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35768 |

---

1) Fair Value Gains (Losses) are reflected as a component of OCI.

2) Includes shares of Hecla Mining Company ("Hecla") which were received on September 7, 2022 as partial consideration for the termination of the Keno Hill PMPA. These shares were disposed of during the period as they were no longer part of the Company's strategic objectives.

The Company's long-term investments in common shares ("LTI's") are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income ("OCI"). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

16. Credit Facilities

16.1. Sustainability-Linked Revolving Credit Facility

As at June 30, 2025, the Company's unsecured $2.0 billion revolving credit facility remained undrawn. The maturity was extended by an additional year to June 30, 2030, and a $500 million accordion feature was added. The facility includes sustainability-linked features and a financial covenant requiring a capitalization ratio

≤ 0.60:1, with which the Company was in compliance as at June 30, 2025 and 2024. Interest on drawn amounts is based on the Company's leverage ratio at SOFR + 1.10% to 2.15%. The standby fee was 0.1966% (2024 – 0.20%).

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $5 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [21]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

16.2. Lease Liabilities

The lease liability on the Company's offices located in Vancouver, Canada and the Cayman Islands is as follows:

---

| | | |
|:---|:---|:---|
| (in thousands) | June 30<br>2025 | December 31<br>2024 |
| &nbsp;&nbsp;Current portion | $566 | $262 |
| &nbsp;&nbsp;Long-term portion | 7682 | 4909 |
| &nbsp;&nbsp;Total lease liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 |

---

The maturity analysis, on an undiscounted basis, of these leases is as follows:

---

| | |
|:---|:---|
| (in thousands) | June 30<br>2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not later than 1 year | $986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later than 1 year and not later than 5 years | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later than 5 years | 6010 |
| &nbsp;&nbsp;Total lease liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 |

---

16.3. Finance Costs

A summary of the Company's finance costs associated with the above facilities during the period is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Costs related to undrawn credit facilities | 16.1 | $1317 | $1340 | $2667 | $2677 |
| &nbsp;&nbsp; Interest expense - lease liabilities | 16.2 | 110 | 72 | 201 | 145 |
| &nbsp;&nbsp; Letters of guarantee |  |  | (113) |  | (81) |
| &nbsp;&nbsp; Total finance costs |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 |

---

17. Issued Capital

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br> 2025 | December 31 <br> 2024  |
|  Issued capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital issued and outstanding: 453,954,302 common shares (December 31, 2024: 453,677,299 common shares) | 17.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798108 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [22]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

17.1. Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at June 30, 2025 and 2024, the Company had no preference shares outstanding.

17.2. Dividends Declared

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30 | Three Months Ended<br>June 30 | Six Months Ended<br>June 30 | Six Months Ended<br>June 30 |
| (in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Dividends declared per share | $0.165 | $0.155 | $0.330 | $0.310 |
| &nbsp;&nbsp; Average number of shares eligible for dividend | 453933 | 453376 | 453878 | 453334 |
| &nbsp;&nbsp; Total dividends declared | $74899 | $70273 | $149780 | $140534 |

---

1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

18. Reserves

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br> 2025 | December 31<br> 2024 |
|  Reserves |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share purchase options | 18.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 | $23361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted share units | 18.2 | 6051 | 8859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term investment revaluation reserve, net of tax | 18.3 | (35338) | (95723) |
|  Total reserves |  | $(5654) | $(63503) |

---

18.1. Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company's Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company's Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [23]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 36-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
|  | 2025 | 2024 |
| &nbsp;&nbsp; Black-Scholes weighted average assumptions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant date share price and exercise price | Cdn$108.56 | Cdn$59.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected dividend yield | 0.92% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected volatility | 30% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-free interest rate | 2.89% | 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected option life, in years | 3.0 | 3.0 |
| &nbsp;&nbsp; Weighted average fair value per option granted | Cdn$23.90 | Cdn$13.39 |
| &nbsp;&nbsp; Number of options issued during the period | 178020 | 305710 |
| &nbsp;&nbsp; Total fair value of options issued (000's) | $2974 | $3022 |

---

The following table summarizes information about the options outstanding and exercisable at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Exercise Price (Cdn$) | Exercisable<br> Options | Non-Exercisable<br> Options | Total Options<br> Outstanding | Weighted<br> Average<br> Remaining<br> Contractual Life |
| $49.86 | 170426 |  | 170426 | 2.7 years |
| $54.50¹ | 15480 |  | 15480 | 2.7 years |
| $59.03¹ | 17903 | 14945 | 32848 | 4.7 years |
| $59.41 | 155319 | 74668 | 229987 | 4.7 years |
| $59.79 | 74607 | 142602 | 217209 | 5.7 years |
| $60.23¹ | 16632 | 45026 | 61658 | 5.7 years |
| $60.00 | 185048 |  | 185048 | 3.7 years |
| $64.07¹ | 21638 |  | 21638 | 3.7 years |
| $103.54¹ |  | 39490 | 39490 | 6.7 years |
| $108.56 |  | 138530 | 138530 | 6.7 years |
|  | 657053 | 455261 | 1112314 | 4.7 years |

---

1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3643, being the Cdn$/US$ exchange rate at June 30, 2025. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [24]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

A continuity schedule of the Company's outstanding share purchase options from January 1, 2024 to June 30, 2025 is presented below:

---

| | | |
|:---|:---|:---|
|  | Number of<br>Options<br>Outstanding | Weighted<br>Average<br>Exercise Price |
| &nbsp;&nbsp; At January 1, 2024 | 1270021 | Cdn$48.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted (fair value - $3 million or Cdn$13.39 per option) | 305710 | 59.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised | (158148) | 33.20 |
| &nbsp;&nbsp; At March 31, 2024 | 1417583 | Cdn$52.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised | (311211) | 36.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (4740) | 59.59 |
| &nbsp;&nbsp; At June 30, 2024 | 1101632 | Cdn$57.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised | (30658) | 45.40 |
| &nbsp;&nbsp; At December 31, 2024 | 1070974 | Cdn$58.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted (fair value - $3 million or Cdn$23.90 per option) | 178020 | 108.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised | (62041) | 55.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (24410) | 59.76 |
| &nbsp;&nbsp; At March 31, 2025 | 1162543 | Cdn$65.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised | (50229) | 54.62 |
| &nbsp;&nbsp; At June 30, 2025 | 1112314 | Cdn$65.86 |

---

As it relates to share purchase options, during the three months ended June 30, 2025, the weighted average share price at the time of exercise was Cdn$116.13 per share (six months - Cdn$112.17 per share), as compared to Cdn$75.68 per share (six months - Cdn$70.80 per share) during the comparable period in 2024.

18.2. Restricted Share Units ("RSUs")

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company's Board of Directors or the Company's Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company's common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company's common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company's common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [25]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

A continuity schedule of the Company's restricted share units outstanding from January 1, 2024 to June 30, 2025 is presented below:

---

| | | |
|:---|:---|:---|
|  | Number of<br> RSUs<br> Outstanding | Weighted<br> Average<br> Intrinsic Value<br> at Date<br> Granted |
| &nbsp;&nbsp;At January 1, 2024 | 316336 | $33.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted (fair value - $4 million) | 90120 | 44.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Released | (68277) | 43.35 |
| &nbsp;&nbsp;At March 31, 2024 | 338179 | $34.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 1010 | 54.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Released | (1217) | 43.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (1043) | 44.40 |
| &nbsp;&nbsp;At June 30 and December 31, 2024 | 336929 | $34.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted (fair value - $4 million) | 52960 | 75.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Released | (69129) | 44.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (5384) | 43.86 |
| &nbsp;&nbsp;At March 31, 2025 | 315376 | $39.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Released | (72396) | 22.89 |
| &nbsp;&nbsp;At June 30, 2025 | 242980 | $44.04 |

---

18.3. Long-Term Investment Revaluation Reserve

The Company's long-term investments in common shares (Note 15) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [26]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

A continuity schedule of the Company's long-term investment revaluation reserve from January 1, 2024 to June 30, 2025 is presented below:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Change in<br> Fair Value | Deferred<br>Tax<br>Recovery<br> (Expense) | Total |
| &nbsp;&nbsp;At January 1, 2024 | $(68099) | $(2905) | $(71004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on LTIs <sup>1</sup> | (5470) | (96) | (5566) |
| &nbsp;&nbsp;At March 31, 2024 | $(73569) | $(3001) | $(76570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on LTIs <sup>1</sup> | 18309 | (1327) | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reallocate reserve to retained earnings upon disposal of LTIs <sup>1</sup> | (35768) | 4190 | (31578) |
| &nbsp;&nbsp;At June 30, 2024 | $(91028) | $(138) | $(91166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on LTIs <sup>1</sup> | (8191) | 572 | (7619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reallocate reserve to retained earnings upon disposal of LTIs <sup>1</sup> | 3543 | (481) | 3062 |
| &nbsp;&nbsp;At December 31, 2024 | $(95676) | $(47) | $(95723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on LTIs <sup>1</sup> | 26160 | (2350) | 23810 |
| &nbsp;&nbsp;At March 31, 2025 | $(69516) | $(2397) | $(71913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on LTIs <sup>1</sup> | 40520 | (3945) | 36575 |
| &nbsp;&nbsp;At June 30, 2025 | $(28996) | $(6342) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35338) |

---

1) LTIs refers to long-term investments in common shares held.

19. Share Based Compensation

The Company's share based compensation consists of share purchase options (Note 18.1), restricted share units (Note 18.2) and performance share units (Note 19.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder's equity section of the Company's balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

19.1. Performance Share Units ("PSUs")

The Company has established a Performance Share Unit Plan ("the PSU plan") whereby PSUs will be issued to eligible employees as determined by the Company's Board of Directors or the Company's Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company's total shareholder return ("TSR") to those achieved by various peer companies and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [27]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

A continuity schedule of the Company's outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company's PSU accrual from January 1, 2024 to June 30, 2025 is presented below:

---

| | | |
|:---|:---|:---|
| (in thousands, except for number of PSUs outstanding) | Number of<br> PSUs<br> Outstanding | PSU accrual<br> liability |
| &nbsp;&nbsp; At January 1, 2024 | 372460 | $21126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 135220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrual related to the fair value of the PSUs outstanding |  | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustment |  | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid | (126590) | (11129) |
| &nbsp;&nbsp; At March 31, 2024 | 381090 | $9252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrual related to the fair value of the PSUs outstanding |  | 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustment |  | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (2120) | (49) |
| &nbsp;&nbsp; At June 30, 2024 | 378970 | $13759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrual related to the fair value of the PSUs outstanding |  | 12296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustment |  | (971) |
| &nbsp;&nbsp; At December 31, 2024 | 378970 | $25084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 78390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrual related to the fair value of the PSUs outstanding |  | 10796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustment |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid | (118240) | (17209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (890) | (40) |
| &nbsp;&nbsp; At March 31, 2025 | 338230 | $18718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrual related to the fair value of the PSUs outstanding |  | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustment |  | 838 |
| &nbsp;&nbsp; At June 30, 2025 | 338230 | $27709 |

---

A summary of the PSUs outstanding at June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year <br> of Grant | Year of<br> Maturity | Number<br> outstanding | Estimated<br> Value Per PSU<br> at Maturity | Anticipated<br> Performance<br> Factor<br> at Maturity | Percent of<br> Service Period<br> Complete at<br> Jun 30, 2025 | PSU<br> Liability at<br> Jun 30, 2025 |
| 2023 | 2026 | 125070 | $92.83 | 200% | 79% | $18194 |
| 2024 | 2027 | 134770 | $91.70 | 151% | 47% | 8817 |
| 2025 | 2028 | 78390 | $90.61 | 104% | 9% | 698 |
|  |  | 338230 |  |  |  | $27709 |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [28]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

20. Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS")

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company's common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Basic weighted average number of shares outstanding | 453889 | 453430 | 453791 | 453262 |
| &nbsp;&nbsp; Effect of dilutive securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share purchase options | 497 | 337 | 456 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted share units | 277 | 337 | 303 | 328 |
| &nbsp;&nbsp; Diluted weighted average number of shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453888 |

---

The following table lists the number of share purchase options excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$116.72 (six months - Cdn$106.13), compared to Cdn$73.11 (six months - Cdn$67.14) for the comparable period in 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Share purchase options |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |  |

---

21. Supplemental Cash Flow Information

Change in Non-Cash Working Capital

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Change in non-cash working capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | $(7316) | $(4039) | $(8722) | $406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 999 | 1399 | (5600) | (1262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (392) | (1024) | (128) | (652) |
| &nbsp;&nbsp; Total change in non-cash working capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6709) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1508) |

---

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [29]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Cash and Cash Equivalents

---

| | | |
|:---|:---|:---|
| (in thousands) | June 30<br>2025 | December 31<br> 2024 |
| &nbsp;&nbsp;Cash and cash equivalents comprised of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $854699 | $768682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 151186 | 49484 |
| &nbsp;&nbsp;Total cash and cash equivalents | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818166 |

---

Cash equivalents include short-term deposits, treasury bills, bankers' depository notes and bankers' acceptances with terms to maturity at inception of less than three months.

22. Income Taxes

A summary of the Company's income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Current income tax expense (recovery) | $| 28 | $| (2868) | $| 72 | $| (2809) |
| Global minimum income tax expense |  | 49634 |  | 50510 |  | 94700 |  | 50510 |
| Total current income tax expense | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49662 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47642 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94772 | $| 47701 |
| Deferred income tax expense (recovery) related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and reversal of temporary differences | $| 4446 | $| 4271 | $| 5866 | $| 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write down (reversal of write down) or recognition of prior period temporary differences |  | (8374) |  | (1400) |  | (12125) |  | (1711) |
| Total deferred income tax expense (recovery) | $| (3928) | $| 2871 | $| (6259) | $| 2784 |
| Total income tax expense recognized in net earnings | $| 45734 | $| 50513 | $| 88513 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50485 |
| Effective Tax Rate |  | 14% |  | 29% |  | 14% |  | 15% |

---

#### Pillar II Tax Expense - Global Minimum Tax
For the three months ended June 30, 2025, an amount of $50 million current tax expense associated with "Global Minimum Tax ("GMT") (six months - $95 million) was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024). As the Global Minimum Tax Act ("GMTA") was not enacted into law until Q2-2024, GMT for the full six month period ended June 30, 2024 was reflected in the Q2-2024 results.

The Company has applied the mandatory exemption to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two taxes.

To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two legislation.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [30]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Income Tax Expense (Recovery) in Other Comprehensive Income

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30 | Three Months Ended<br> June 30 | Six Months Ended<br> June 30 | Six Months Ended<br> June 30 |
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;Current income tax expense (recovery) related to LTIs - common shares held | $- | $4190 | $- | $4190 |
| &nbsp;&nbsp;Deferred income tax expense (recovery) related to LTIs - common shares held | 3945 | (2863) | 6295 | (2766) |
| &nbsp;&nbsp;Income tax expense (recovery) recognized in OCI | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |

---

23. Other Current Assets

The composition of other current assets is shown below:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br>2025 | December 31<br> 2024 |
| &nbsp;&nbsp;Prepaid expenses |  | $3247 | $3230 |
| &nbsp;&nbsp;Other |  | 1478 | 467 |
| &nbsp;&nbsp;Total other current assets |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 |

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24. Other Long-Term Assets

The composition of other long-term assets is shown below:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | Note | June 30<br>2025 | December 31<br> 2024 |
| &nbsp;&nbsp;Intangible assets |  | $1312 | $1503 |
| &nbsp;&nbsp;Debt issue costs - Revolving Facility | 16.1 | 5289 | 5101 |
| &nbsp;&nbsp;Refundable deposit - 777 PMPA |  | 9785 | 9413 |
| &nbsp;&nbsp;Subscription Rights |  |  | 3114 |
| &nbsp;&nbsp;Other |  | 533 | 2485 |
| &nbsp;&nbsp;Total other long-term assets |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21616 |

---

Subscription Rights

The subscription rights from 2024 were converted to common shares during the first quarter of 2025 and were reclassified to Long-Term Equity Investments.

Refundable Deposit – 777 PMPA

On August 8, 2012, the Company entered into a PMPA with Hudbay in respect to the 777 mine. Under the terms of the 777 PMPA, should the market value of gold and silver delivered to Wheaton through the initial 40 year term of the contract, net of the per ounce cash payment, be lower than the initial $455 million upfront consideration, the Company is entitled to a refund of the difference (the "Refundable Deposit") at the conclusion of the 40 year term. On June 22, 2022, Hudbay announced that mining activities at the 777 mine have concluded after the reserves were depleted and closure activities have commenced. The balance of the Refundable Deposit is $78 million.

At December 31, 2022, the Company derecognized the 777 PMPA and recognized a long-term receivable, with interest to be accreted on a quarterly basis until maturity which is August 8, 2052. The Company estimated that a credit facility with similar terms and conditions would have an interest rate of 8%.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [31]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

25. Commitments and Contingencies

Mineral Stream Interests

The following tables summarize the Company's commitments to make per ounce or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | Attributable<br> Payable Production<br> to be Purchased | Per Ounce Cash<br> Payment <sup>1</sup> | Term of<br> Agreement | Date of<br> Original<br> Contract |
|  Constancia | 50% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425<sup>2</sup> | Life of Mine | 8-Aug-12 |
|  Salobo | 75% | $429 | Life of Mine | 28-Feb-13 |
|  Sudbury | 70% | $400 | 20 years | 28-Feb-13 |
|  San Dimas | variable <sup>3</sup> | $643 | Life of Mine | 10-May-18 |
|  Stillwater | 100% | 18%<sup>4</sup> | Life of Mine | 16-Jul-18 |
|  Marathon | 100% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 26-Jan-22 |
|  Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper World | 100% | $450 | Life of Mine | 10-Feb-10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marmato | 10.5% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 5-Nov-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo | 100% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 24-Mar-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fenix | 22% <sup>6</sup> | 20% | Life of Mine | 15-Nov-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 8% <sup>5</sup> | 35% | Life of Mine | 13-Dec-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Domo | 50% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 17-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goose | 2.78% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 8-Feb-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cangrejos | 6.6% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 16-May-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 62.5% <sup>5</sup> | $100<sup>5</sup> | Life of Mine<sup>5</sup> | 7-Dec-21<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Curraghinalt | 3.05% <sup>5</sup> | 18%<sup>4</sup> | Life of Mine | 15-Nov-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | 6.875% <sup>7</sup> | 20% | Life of Mine | 22-Dec-21<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Koné | 19.5% <sup>5</sup> | 20%<sup>9</sup> | Life of Mine | 23-Oct-24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kurmuk | 6.7% <sup>5</sup> | 15% | Life of Mine | 5-Dec-24 |
|  Early Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toroparu | 10% | $400 | Life of Mine | 11-Nov-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotabambas | 25% <sup>5</sup> | $450 | Life of Mine | 21-Mar-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kutcho | 100% | 20% | Life of Mine | 14-Dec-17 |

---

1) The production payment is measured as either a fixed amount per ounce of gold delivered, or as a percentage of the spot price of gold on the date of delivery. Contracts where the payment is a fixed amount per ounce of gold delivered are subject to an annual inflationary increase, with the exception of Sudbury. Additionally, should the prevailing market price for gold be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. 

2) Subject to an increase to $550 per ounce of gold after the initial 40-year term. 

3) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1. 

4) To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 

5) Under certain PMPAs, the Company's attributable gold percentage will be reduced once certain thresholds are achieved: 

a. Marathon – reduced to 67% once the Company has received 150,000 ounces of gold.

b. Marmato – reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

c. Santo Domingo – reduced to 67% once the Company has received 285,000 ounces of gold.

d. Blackwater – reduced to 4% once the Company has received 464,000 ounces of gold.

e. El Domo – reduced to 33% once the Company has received 145,000 ounces of gold.

f. Goose – reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the Company has received 134,000 ounces.

g. Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

h. Platreef - reduced to 50% once the Company has received 218,750 ounces of gold, with a further reduction to 3.125% once the Company has received 428,300 ounces, at which point the per ounce cash payment increases to 80% of the spot price of gold. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 3.125% residual gold stream will terminate.

i. Curraghinalt – reduced to 1.5% once the Company has received 125,000 ounces of gold.

j. Koné - reduced to 10.8% once the Company has received 400,000 ounces of gold, subject to adjustment if there are delays in deliveries relative to an agreed schedule, with a further reduction to 5.4% once the Company has received an additional 130,000 ounces of gold.

k. Kurmuk – reduced to 4.8% once the Company has received 220,000 ounces of gold. During any period in which debt exceeding $150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop down threshold is reached.

l. Cotabambas – reduced to 16.67% once the Company has received 90 million silver equivalent ounces.

6) On October 21, 2024, the Company amended the Fenix PMPA. Under the original agreement, the Company was to acquire an amount of gold equal to 6% of the gold production until 90,000 ounces have been delivered, 4% of the gold production until the delivery of a further 140,000 ounces and 3.5% gold production thereafter for the life of mine. Under the revised agreement, the Company is entitled to purchase an additional 16% of payable gold production (22% in total) (subject to adjustment if there are delays in deliveries relative to an agreed schedule). Once Rio2 delivers the incremental 95,000 ounces (as adjusted), the stream reverts to the percentages and thresholds under the original Fenix PMPA (as described). Rio2 has a one-time option to terminate the requirement to deliver the incremental gold production from the end of 2027 until the end of 2029 by delivering 95,000 ounces (as adjusted) less previously delivered gold ounces, excluding those gold ounces which would have been delivered under the original Fenix PMPA. 

7) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [32]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of $36 million to Wheaton. <br>

8) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

9) Until October 23, 2029, there is a price adjustment mechanism under the Koné PMPA

a. if the spot price of gold is less than $2,100 per ounce, the Company will pay 20% of $2,100 less 25% of the difference between $2,100 and $1,800, less 30% of the difference between $1,800 and the spot price of gold; and

b. if the spot price is greater than $2,700 per ounce, the Company will pay 25% of the difference between $3,000 and $2,700, plus 30% of the difference between the actual spot price of gold and $3,000.

Per Ounce Cash Payment for Silver

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | Attributable Payable<br> Production to be<br> Purchased | Per Ounce Cash<br> Payment <sup>1</sup> | Term of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement | Date of<br> Original<br> Contract |
|  Peñasquito | 25% | $4.56 | Life of Mine | 24-Jul-07 |
|  Constancia | 100% | $6.26 ² | Life of Mine | 8-Aug-12 |
|  Antamina | 33.75% | 20% | Life of Mine | 3-Nov-15 |
|  Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Filos | 100% | $4.74 | 25 years | 15-Oct-04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zinkgruvan | 100% | $4.75 | Life of Mine | 8-Dec-04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratoni | 100% | $11.54 | Life of Mine | 23-Apr-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neves-Corvo | 100% | $4.55 | 50 years | 5-Jun-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aljustrel | 100% <sup>3</sup> | 50% | 50 years | 5-Jun-07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pascua-Lama | 25% | $3.90 | Life of Mine | 8-Sep-09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper World | 100% | $3.90 | Life of Mine | 10-Feb-10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loma de La Plata | 12.5% | $4.00 | Life of Mine | n/a<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Marmato | 100% <sup>5</sup> | 18% <sup>6</sup> | Life of Mine | 5-Nov-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cozamin | 50% <sup>5</sup> | 10% | Life of Mine | 11-Dec-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackwater | 50% <sup>5</sup> | 18% <sup>6</sup> | Life of Mine | 13-Dec-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Domo | 75% | 18% <sup>6</sup> | Life of Mine | 17-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Park | 100% | 18% <sup>6</sup> | Life of Mine | 24-Oct-23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah | 6.875% <sup>7</sup> | 20% | Life of Mine | 22-Dec-21<sup>8</sup> |
|  Early Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toroparu | 50% | $3.90 | Life of Mine | 11-Nov-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotabambas | 100% <sup>5</sup> | $5.90 | Life of Mine | 21-Mar-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kutcho | 100% | 20% | Life of Mine | 14-Dec-17 |

---

1) The production payment is measured as either a fixed amount per unit of silver delivered, or as a percentage of the spot price of silver on the date of delivery. Contracts where the payment is a fixed amount per ounce of silver delivered are subject to an annual inflationary increase, with the exception of Loma de La Plata. Additionally, should the prevailing market price for silver be lower than this fixed amount, the per ounce cash payment will be reduced to the prevailing market price, subject to an annual inflationary factor. 

2) Subject to an increase to $9.90 per ounce of silver after the initial 40-year term. 

3) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025. 

4) Terms of the agreement not yet finalized.

5) Under certain PMPAs, the Company's attributable silver percentage will be reduced once certain thresholds are achieved: 

a. Marmato – reduced to 50% once the Company has received 2.15 million ounces of silver.

b. Cozamin – reduced to 33% once the Company has received 10 million ounces of silver.

c. Blackwater – reduced to 33% once the Company has received 17.8 million ounces of silver.

d. Cotabambas – reduced to 66.67% once the Company has received 90 million silver equivalent ounces.

6) To be increased to 22% once the total market value of all metals delivered to the Company, net of the per ounce cash payment, exceeds the initial upfront cash deposit. 

7) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from 6.875% to 7.375% until 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 35.34 million ounces of silver are produced and delivered for a total of 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of $36 million to Wheaton. 

8) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [33]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Per Ounce Cash Payment for Palladium and Platinum and Per Pound for Cobalt

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mineral Stream Interests | <br> Attributable<br> Payable<br> Production to be<br> Purchased | Per Unit of<br> Measurement Cash<br> Payment <sup>1</sup> | Term of<br> Agreement | Date of<br> Original<br> Contract |
|  Palladium |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4.5% ² | 18% ³ | Life of Mine | 16-Jul-18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 5.25% ² | 30% ² | Life of Mine ² | 7-Dec-21<sup>4</sup> |
|  Platinum |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon | 22% ² | 18% ³ | Life of Mine | 26-Jan-22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platreef | 5.25% ² | 30% ² | Life of Mine ² | 7-Dec-21<sup>4</sup> |
|  Cobalt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | 42.4% ² | 18% ³ | Life of Mine | 11-Jun-18 |

---

1) The production payment is measured as either a fixed amount per unit of metal delivered, or as a percentage of the spot price of the underlying metal on the date of delivery. 

2) Under certain PMPAs, the Company's attributable metal percentage will be reduced once certain thresholds are achieved: 

a. Stillwater – reduced to 2.25% once the Company has received 375,000 ounces of palladium, with a further reduction to 1% once the Company has received 550,000 ounces.

b. Platreef – reduced to 3% once the Company has received 350,000 ounces of combined palladium and platinum, with a further reduction to 0.1% once the Company has received a combined 485,115 ounces, at which point the per ounce cash payment increases to 80% of the spot price of palladium and platinum. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 Mtpa, the 0.1% residual palladium and platinum stream will terminate.

c. Marathon – reduced to 15% once the Company has received 120,000 ounces of platinum.

d. Voisey's Bay – reduced to 21.2% once the Company has received 31 million pounds of cobalt.

3) To be increased to 22% once the market value of all metals delivered to Wheaton, net of the per unit cash payment, exceeds the initial upfront cash deposit. 

4) On February 27, 2024, the Company closed the Orion Purchase Agreement to acquire the Platreef and Kudz Ze Kayah PMPAs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [34]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Other Contractual Obligations and Contingencies

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | Projected Payment Dates <sup>1</sup> | |
| (in thousands) | 2025 | 2026 - 2027 | 2028 - 2029 | After 2029 | Total |
| Payments for mineral stream interests & royalty |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $- | $- | $16000 | $64000 | $80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper World <sup>2</sup> |  | 131429 | 99722 |  | 231151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmato | 81984 |  |  |  | 81984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santo Domingo |  | 162500 | 97500 |  | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Gold | 50000 | 50000 |  |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Domo | 43875 | 131625 |  |  | 175500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon |  |  | 146596 |  | 146596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cangrejos |  |  | 252000 |  | 252000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curraghinalt |  |  |  | 55000 | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loma de La Plata |  |  |  | 32400 | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kudz Ze Kayah |  | 5000 |  |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koné | 156250 | 312500 |  |  | 468750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurmuk | 87500 |  |  |  | 87500 |
| Payments for early deposit mineral stream interest |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotabambas |  |  |  | 126000 | 126000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toroparu |  |  |  | 138000 | 138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kutcho |  |  |  | 58000 | 58000 |
| Leases liabilities | 450 | 2013 | 2103 | 6132 | 10698 |
| Total contractual obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308579 |

---

1) Projected payment date based on management estimate. Dates may be updated in the future as additional information is received.

2) Figure includes contingent transaction costs of $1 million. 

Salobo

The Company will be required to make annual payments of between $5.1 million to $8.5 million over a 10-year period, if the Salobo mine implements a high-grade mine plan. Payments will be made for each year in which the high-grade plan is achieved.

Copper World Complex

The Company is committed to pay Hudbay total upfront cash payments of $230 million in two installments, with the first $50 million being advanced upon Hudbay's receipt of permitting for the Copper World Complex and other customary conditions and the balance of $180 million being advanced once project costs incurred on the Copper World Complex exceed $98 million and certain other customary conditions. Under the Copper World Complex PMPA, the Company is permitted to elect to pay the deposit in cash or the delivery of common shares. Additionally, the Company will be entitled to certain delay payments, including where construction ceases in any material respect, or if completion is not achieved within agreed upon timelines.

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $82 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp., ("Capstone") additional upfront cash payments of $260 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [35]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Fenix

Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited ("Rio2") additional upfront cash payments of $100 million, payable subject to certain customary conditions. Wheaton has also provided a $20 million secured standby loan facility.

El Domo

Under the terms of the El Domo PMPA, the Company is committed to pay additional upfront cash payments of $175.5 million, which includes $0.25 million which will be paid to support certain local community development initiatives around the El Domo Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $147 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos

Under the terms of the Cangrejos PMPA, the Company is committed to pay additional upfront consideration of $252 million, which is to be paid in three staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

Curraghinalt

Under the terms of the Curraghinalt PMPA, the Company is committed to pay additional upfront cash payments of $55 million to be paid to an affiliate of Dalradian Gold during construction of the Curraghinalt project.

Loma de La Plata

Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp., ("PAAS") total upfront cash payments of $32 million following the satisfaction of certain conditions, including PAAS receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

Mineral Park

The Company has entered into a loan agreement to provide a secured debt facility of up to $25 million to Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, to help support the mine construction if necessary, once the full upfront consideration under the stream has been paid.

Kudz Ze Kayah

Under the terms of the Kudz Ze Kayah PMPA ("KZK"), an additional $5 million contingency payment is due to Orion if the KZK project achieves certain milestones.

Koné

Under the terms of the Koné PMPA, the Company is committed to pay additional upfront cash payments of $469 million in three equal installment payments during construction, subject to certain customary conditions. The Company has also provided Montage Gold Corp., with a secured debt facility of up to $75 million to be allocated to project costs, including cost overruns, prior to completion of construction and once the full upfront consideration under the Koné PMPA has been paid.

Kurmuk

Under the terms of the Kumuk PMPA, the Company is committed to pay additional upfront consideration of $88 million in two equal installment payments during construction, subject to customary conditions.

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro Minerals Ltd., additional upfront cash payments of $126 million. Following the delivery of a bankable definitive feasibility study, environmental study and impact assessment, and other related documents (collectively, the "Cotabambas Feasibility Documentation"), and receipt of permits and construction commencing, the Company may then advance the remaining deposit or elect to terminate the Cotabambas Early Deposit Agreement. If the Company elects to terminate, the Company will be entitled to a return of the portion of the amounts advanced less $2 million payable upon certain triggering events occurring.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [36]

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Toroparu

Under the terms of the Toroparu Early Deposit Agreement, the Company is committed to pay a subsidiary of Aris Mining an additional $138 million, payable on an installment basis to partially fund construction of the mine. Aris Mining is to deliver certain feasibility documentation. Prior to the delivery of this feasibility documentation, Wheaton may elect to (i) not proceed with the agreement or (ii) not pay the balance of the upfront consideration and reduce the gold stream percentage from 10% to 0.909% and the silver stream percentage from 50% to nil. If option (i) is chosen, Wheaton will be entitled to a return of the amounts advanced less $2 million. If Wheaton elects option (ii), Aris Mining may elect to terminate the agreement and Wheaton will be entitled to a return of the amount of the deposit already advanced less $2 million.

Kutcho

Under the terms of the Kutcho Early Deposit Agreement, the Company is committed to pay Kutcho additional upfront cash payments of $58 million, which will be advanced on an installment basis to partially fund construction of the mine once certain conditions have been satisfied.

Tax Contingencies

Due to the size, complexity and nature of the Company's operations, various legal and tax matters are outstanding from time to time, including audits and disputes.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the "CRA Settlement"), income earned outside of Canada by the Company's foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company's foreign subsidiaries being subject to tax in Canada.

It is not known or determinable by the Company when any ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of any ongoing audits.

From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

General

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. If the Company is unable to resolve any of these matters favorably, there may be a material adverse impact on the Company's financial performance, cash flows or results of operations. In the event that the Company's estimate of the future resolution of any of the foregoing matters changes, the Company will recognize the effects of the change in its consolidated financial statements in the appropriate period relative to when such change occurs.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [37]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

26. Segmented Information

Operating Segments

The Company's reportable operating segments, which are the components of the Company's business where discrete financial information is available and which are evaluated on a regular basis by the Company's Chief Executive Officer ("CEO"), who is the Company's chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
| (in thousands) | Sales | Cost<br> of Sales | Depletion | Net<br> Earnings | Cash Flow<br> From<br> Operations | Total<br> Assets |
| &nbsp;&nbsp;&nbsp; Gold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $252997 | $32734 | $30720 | $189543 | $220263 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>1</sup> | 9597 | 1140 | 3778 | 4679 | 8457 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 22629 | 2899 | 2203 | 17527 | 19730 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 23982 | 4632 | 2097 | 17253 | 19350 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 4594 | 818 | 583 | 3193 | 3776 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>2</sup> | 14555 | 5303 | 2422 | 6830 | 10261 | 1206207 |
| &nbsp;&nbsp;&nbsp; Total gold interests | $328354 | $47526 | $41803 | $239025 | $281837 | $4510395 |
| &nbsp;&nbsp;&nbsp; Silver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $71467 | $9632 | $10261 | $51574 | $61835 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 36303 | 7355 | 9077 | 19871 | 28948 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 21138 | 3911 | 3814 | 13413 | 17227 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>3</sup> | 36831 | 5036 | 5702 | 26093 | 27480 | 721492 |
| &nbsp;&nbsp;&nbsp; Total silver interests | $165739 | $25934 | $28854 | $110951 | $135490 | $1577424 |
| &nbsp;&nbsp;&nbsp; Palladium |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | $2564 | $450 | $1105 | $1009 | $2114 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 78814 |
| &nbsp;&nbsp;&nbsp; Total palladium interests | $2564 | $450 | $1105 | $1009 | $2114 | $289833 |
| &nbsp;&nbsp;&nbsp; Platinum |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $- | $- | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 57584 |
| &nbsp;&nbsp;&nbsp; Total platinum interests | $- | $- | $- | $- | $- | $67035 |
| &nbsp;&nbsp;&nbsp; Cobalt |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | $6561 | $1259 | $3240 | $2062 | $2907 | $225020 |
| &nbsp;&nbsp;&nbsp; Total mineral stream interests | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669707 |
| &nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  | $(11022) | $(10498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  | (9962) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  | (2368) | (2096) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | (1427) | (2025) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 9736 | 8179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  | (45734) | (949) |  |
| &nbsp;&nbsp;&nbsp; Total other |  |  |  | $(60777) | $(7389) | $1312678 |
| &nbsp;&nbsp;&nbsp; Consolidated |  |  |  | $292270 | $414959 | $7982385 |

---

1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. 

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [38]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
| (in thousands) | Sales | Cost<br> of Sales | Depletion | Net<br> Earnings | Cash Flow<br> From<br> Operations | Total<br> Assets |
| &nbsp;&nbsp;&nbsp; Gold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $129466 | $23337 | $20783 | $85346 | $105795 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>1</sup> | 13383 | 2272 | 7530 | 3581 | 11106 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 15640 | 2791 | 2143 | 10706 | 12849 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 16021 | 4320 | 1971 | 9730 | 11701 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 6190 | 1090 | 1106 | 3994 | 5100 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>2</sup> | 1450 | 256 | 324 | 870 | 1195 | 903067 |
| &nbsp;&nbsp;&nbsp; Total gold interests | $182150 | $34066 | $33857 | $114227 | $147746 | $4213083 |
| &nbsp;&nbsp;&nbsp; Silver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $42599 | $6667 | $7197 | $28735 | $35932 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 26365 | 5270 | 7758 | 13337 | 21095 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 12122 | 2614 | 2574 | 6934 | 9508 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>3</sup> | 30205 | 4363 | 4506 | 21336 | 21614 | 624616 |
| &nbsp;&nbsp;&nbsp; Total silver interests | $111291 | $18914 | $22035 | $70342 | $88149 | $1565048 |
| &nbsp;&nbsp;&nbsp; Palladium |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | $4210 | $753 | $1846 | $1611 | $3457 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 78815 |
| &nbsp;&nbsp;&nbsp; Total palladium interests | $4210 | $753 | $1846 | $1611 | $3457 | $295511 |
| &nbsp;&nbsp;&nbsp; Platinum |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $- | $- | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 57585 |
| &nbsp;&nbsp;&nbsp; Total platinum interests | $- | $- | $- | $- | $- | $67036 |
| &nbsp;&nbsp;&nbsp; Cobalt |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | $1413 | $274 | $1127 | $12 | $2081 | $346874 |
| &nbsp;&nbsp;&nbsp; Total mineral stream interests | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487552 |
| &nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  | $(10241) | $(8962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  | (6241) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  | (703) | (614) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | (1299) | (1057) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 5122 | 3668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  | (50513) | (75) |  |
| &nbsp;&nbsp;&nbsp; Total other |  |  |  | $(63875) | $(7040) | $759530 |
| &nbsp;&nbsp;&nbsp; Consolidated |  |  |  | $122317 | $234393 | $7247082 |

---

1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests. 

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [39]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| (in thousands) | Sales | Cost<br>of Sales | Depletion | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
| &nbsp;&nbsp;&nbsp; Gold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $493802 | $68676 | $62412 | $362714 | $425126 | $2677073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>1</sup> | 25714 | 3393 | 11244 | 11077 | 22307 | 230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 50752 | 7054 | 5363 | 38335 | 43698 | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 49733 | 10341 | 4694 | 34698 | 39392 | 131787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 10188 | 1786 | 1402 | 7000 | 8402 | 206058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>2</sup> | 17860 | 6651 | 2877 | 8332 | 13082 | 1206207 |
| &nbsp;&nbsp;&nbsp; Total gold interests | $648049 | $97901 | $87992 | $462156 | $552007 | $4510395 |
| &nbsp;&nbsp;&nbsp; Silver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $134738 | $18641 | $19857 | $96240 | $116097 | $224608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 64614 | 13018 | 16556 | 35040 | 51596 | 474215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 44514 | 8481 | 8269 | 27764 | 36034 | 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>3</sup> | 66811 | 8982 | 11192 | 46637 | 50549 | 721492 |
| &nbsp;&nbsp;&nbsp; Total silver interests | $310677 | $49122 | $55874 | $205681 | $254276 | $1577424 |
| &nbsp;&nbsp;&nbsp; Palladium |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | $4936 | $873 | $2160 | $1903 | $4063 | $211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 78814 |
| &nbsp;&nbsp;&nbsp; Total palladium interests | $4936 | $873 | $2160 | $1903 | $4063 | $289833 |
| &nbsp;&nbsp;&nbsp; Platinum |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $- | $- | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 57584 |
| &nbsp;&nbsp;&nbsp; Total platinum interests | $- | $- | $- | $- | $- | $67035 |
| &nbsp;&nbsp;&nbsp; Cobalt |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | $9967 | $1909 | $5669 | $2389 | $6869 | $225020 |
| &nbsp;&nbsp;&nbsp; Total mineral stream interests | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669707 |
| &nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  | $(24547) | $(29875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  | (22143) | (17209) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  | (5060) | (4975) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | (2868) | (3186) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 17256 | 16964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  | (88513) | (3182) |  |
| &nbsp;&nbsp;&nbsp; Total other |  |  |  | $(125875) | $(41463) | $1312678 |
| &nbsp;&nbsp;&nbsp; Consolidated |  |  |  | $546254 | $775752 | $7982385 |

---

1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. 

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [40]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
| (in thousands) | Sales | Cost<br>of Sales | Depletion | Net<br>Earnings | Cash Flow<br>From<br>Operations | Total<br>Assets |
| &nbsp;&nbsp;&nbsp; Gold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salobo | $247317 | $47472 | $43103 | $156742 | $199845 | $2638316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sudbury <sup>1</sup> | 21844 | 3923 | 12258 | 5663 | 17920 | 250227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 57363 | 11251 | 8496 | 37616 | 46112 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Dimas | 32469 | 9322 | 4180 | 18967 | 23147 | 140542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | 11073 | 1965 | 2307 | 6801 | 9108 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>2</sup> | 2773 | 494 | 661 | 1618 | 2279 | 903067 |
| &nbsp;&nbsp;&nbsp; Total gold interests | $372839 | $74427 | $71005 | $227407 | $298411 | $4213083 |
| &nbsp;&nbsp;&nbsp; Silver |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peñasquito | $86249 | $14942 | $14671 | $56636 | $71307 | $261561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina | 44453 | 8835 | 13134 | 22484 | 35618 | 506396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constancia | 29358 | 7116 | 7108 | 15134 | 22242 | 172475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>3</sup> | 47889 | 7433 | 7583 | 32873 | 37433 | 624616 |
| &nbsp;&nbsp;&nbsp; Total silver interests | $207949 | $38326 | $42496 | $127127 | $166600 | $1565048 |
| &nbsp;&nbsp;&nbsp; Palladium |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater | $8887 | $1622 | $3971 | $3294 | $7265 | $216696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 78815 |
| &nbsp;&nbsp;&nbsp; Total palladium interests | $8887 | $1622 | $3971 | $3294 | $7265 | $295511 |
| &nbsp;&nbsp;&nbsp; Platinum |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon | $- | $- | $- | $- | $- | $9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platreef |  |  |  |  |  | 57585 |
| &nbsp;&nbsp;&nbsp; Total platinum interests | $- | $- | $- | $- | $- | $67036 |
| &nbsp;&nbsp;&nbsp; Cobalt |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voisey's Bay | $6195 | $1187 | $5069 | $(61) | $9087 | $346874 |
| &nbsp;&nbsp;&nbsp; Total mineral stream interests | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487552 |
| &nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  |  |  | $(20705) | $(24920) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation |  |  |  | (7522) | (11129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations and community investments |  |  |  | (2273) | (1988) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | (2741) | (2182) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 12317 | 12820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax |  |  |  | (50485) | (191) |  |
| &nbsp;&nbsp;&nbsp; Total other |  |  |  | $(71409) | $(27590) | $759530 |
| &nbsp;&nbsp;&nbsp; Consolidated |  |  |  | $286358 | $453773 | $7247082 |

---

1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests. 

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. 

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [41]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

Geographical Areas

The Company's geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales | Sales | Sales | Sales | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 | Carrying Amount at<br> June 30, 2025 |
| (in thousands) | Three Months<br> Ended<br> Jun 30, 2025 | Three Months<br> Ended<br> Jun 30, 2025 | Six Months<br> Ended<br> Jun 30, 2025 | Six Months<br> Ended<br> Jun 30, 2025 | Gold<br> Interests | Silver<br> Interests | Palladium<br> Interests | Platinum<br> Interests | Cobalt<br> Interests | Total | Total |
|  North America |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $32481 | 6% | $52319 | 5% | $688015 | $194641 | $- | $9452 | $225020 | $1117128 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 7158 | 1% | 15124 | 2% | 206058 | 116437 | 211019 |  |  | 533514 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 100940 | 20% | 197032 | 20% | 131784 | 323713 |  |  |  | 455497 | 7% |
|  Europe |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 7627 | 2% | 15060 | 2% |  | 15997 |  |  |  | 15997 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | 18163 | 4% | 33368 | 3% |  | 24198 |  |  |  | 24198 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UK |  | 0% |  | 0% | 20375 |  |  |  |  | 20375 | 0% |
|  South America |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina/Chile <sup>1</sup> |  | 0% |  | 0% |  | 253514 |  |  |  | 253514 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina |  | 0% |  | 0% |  | 10889 |  |  |  | 10889 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 1011 | 0% | 1886 | 0% | 78629 |  |  |  |  | 78629 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 252997 | 50% | 493802 | 51% | 2677074 |  |  |  |  | 2677074 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 80071 | 16% | 159880 | 16% | 58963 | 631317 |  |  |  | 690280 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador |  | 0% |  | 0% | 48727 | 85 |  |  |  | 48812 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | 2770 | 1% | 5158 | 1% | 79752 | 6633 |  |  |  | 86385 | 1% |
|  Africa |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Côte d'Ivoire |  | 0% |  | 0% | 157342 |  |  |  |  | 157342 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethiopia |  | 0% |  | 0% | 87974 |  |  |  |  | 87974 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 0% |  | 0% | 275702 |  | 78814 | 57583 |  | 412099 | 7% |
| &nbsp;&nbsp;Consolidated | $503218 | 100% | $973629 | 100% | $4510395 | $1577424 | $289833 | $67035 | $225020 | $6669707 | 100% |

---

1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [42]

------

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025 (US Dollars)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Sales | Sales | Sales | Sales | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 | Carrying Amount at<br> December 31, 2024 |
| (in thousands) | Three Months<br> Ended<br> Jun 30, 2024 | Three Months<br> Ended<br> Jun 30, 2024 | Six Months<br> Ended<br> Jun 30, 2024 | Six Months<br> Ended<br> Jun 30, 2024 | Gold<br> Interests | Silver<br> Interests | Palladium<br> Interests | Platinum<br> Interests | Cobalt<br> Interests | Total | Total |
| North America |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $14796 | 5% | $28039 | 5% | $701358 | $165983 | $- | $9452 | $230689 | $1107482 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 10400 | 3% | 19960 | 3% | 207461 | 76426 | 213179 |  |  | 497066 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 63876 | 21% | 128506 | 22% | 136478 | 351732 |  |  |  | 488210 | 8% |
| Europe |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 6649 | 2% | 12469 | 2% |  | 16559 |  |  |  | 16559 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | 18100 | 6% | 25229 | 4% |  | 25169 |  |  |  | 25169 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UK |  | 0% |  | 0% | 20365 |  |  |  |  | 20365 | 0% |
| South America |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina/Chile <sup>1</sup> |  | 0% |  | 0% |  | 253513 |  |  |  | 253513 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina |  | 0% |  | 0% |  | 10889 |  |  |  | 10889 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 0% |  | 0% | 55024 |  |  |  |  | 55024 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 129466 | 43% | 247317 | 42% | 2595486 |  |  |  |  | 2595486 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 54127 | 19% | 131174 | 21% | 64327 | 656142 |  |  |  | 720469 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador |  | 0% |  | 0% | 45593 | 82 |  |  |  | 45675 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | 1650 | 1% | 3176 | 1% | 80531 | 6749 |  |  |  | 87280 | 1% |
| Africa |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Côte d'Ivoire |  | 0% |  | 0% | 342 |  |  |  |  | 342 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethiopia |  | 0% |  | 0% | 43952 |  |  |  |  | 43952 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 0% |  | 0% | 275702 |  | 78814 | 57583 |  | 412099 | 7% |
| &nbsp;&nbsp;Consolidated | $299064 | 100% | $595870 | 100% | $4226619 | $1563244 | $291993 | $67035 | $230689 | $6379580 | 100% |

---

1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

27. Subsequent Events

Declaration of Dividend

Under the Company's dividend policy, the quarterly dividend is fixed at $0.165 per common share for 2025. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On August 7, 2025, the Board of Directors declared a dividend in the amount of $0.165 per common share, with this dividend being payable to shareholders of record on August 21, 2025 and is expected to be distributed on or about September 4, 2025. The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

WHEATON PRECIOUS METALS 2025 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [43]

------

![](g47627dsp048.jpg)

------

![](g47627dsp049.jpg)

## Exhibit 99.4

**Exhibit 99.4** 

**FORM 52-109F2** 

**CERTIFICATION OF INTERIM FILINGS** 

**FULL CERTIFICATE** 

I, **Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim
filings") of Wheaton Precious Metals Corp. (the "issuer") for the interim period ended June 30, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings
do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period
covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial
report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the interim filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other
certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the
interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or
submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

------

5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to
design the issuer's ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

5.3 N/A

6.  ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 7, 2025

<u>/s/ Randy Smallwood</u> 

Name: Randy Smallwood

Title: Chief Executive Officer

## Exhibit 99.5

**Exhibit 99.5** 

**FORM 52-109F2** 

**CERTIFICATION OF INTERIM FILINGS** 

**FULL CERTIFICATE** 

I, **Vincent Lau, Senior Vice President and Chief Financial Officer of Wheaton Precious Metals Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim
filings") of Wheaton Precious Metals Corp. (the "issuer") for the interim period ended June 30, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings
do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period
covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial
report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the interim filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other
certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the
interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or
submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

------

5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to
design the issuer's ICFR is Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

5.3 N/A

6.  ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 7, 2025

<u>/s/ Vincent Lau</u> 

Name: Vincent Lau

Title: Senior Vice President and Chief Financial Officer