Wheaton Precious Metals : Q1 MD&A

Published: 2026-05-08 03:41:26 ET WPM.TO

Published on 05/08/2026 at 03:41 am EDT

WHEATON

PR EC I OU S META LS

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 months ended March 31, 2026 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, 2025, the related MD&A and the 2025 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at https://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 48 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 May 7, 2026.

Highlights 5

Outlook 6

Mineral Stream Interests 7

Acquisition of Mineral Stream Interests 9

Updates on the Operating Mineral Stream Interests 9

Updates on the Development Stage Mineral Stream Interests 10

Early Deposit Mineral Stream Interests 11

Mineral Royalty Interests 12

Long-Term Equity Investments 12

Summary of Units Produced 14

Summary of Units Sold 15

Quarterly Financial Review 16

Results of Operations and Operational Review 19

General and Administrative 23

Share Based Compensation 23

Donations and Community Investments 24

Other Income (Expense) 24

Finance Costs 24

Income Tax Expense 25

Liquidity and Capital Resources 25

Share Capital 33

Financial Instruments 33

Future Changes to Accounting Policies 33

Non-GAAP Measures 34

Subsequent Events 38

Controls and Procedures 38

Attributable Reserves and Resources 38

Cautionary Note Regarding Forward-Looking Statements 48

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 March 31, 2026, the Company has entered into 43 long-term agreements (35 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 35 different mining companies, related to precious metals and cobalt relating to 22 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 March 31, 2026, the per ounce price paid by the Company for the metals acquired under the agreements averaged $556 for gold, $13.53 for silver, $310 for palladium and $5.23 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.

Q1 2026

Q1 2025

Change

Units produced

Gold ounces

97,106

92,669

4.8 %

Silver ounces

6,636

4,685

41.6 %

Palladium ounces

2,591

2,661

(2.6)%

Platinum ounces

n.a.

Cobalt pounds

657

540

21.6 %

Gold equivalent ounces 2

211,951

174,391

21.5 %

Units sold

Gold ounces

95,072

111,297

(14.6)%

Silver ounces

5,049

4,483

12.6 %

Palladium ounces

2,906

2,457

18.3 %

Cobalt pounds

309

265

16.6 %

Gold equivalent ounces 2

181,743

188,162

(3.4)%

Change in PBND 3

Gold ounces

(2,213)

(22,999)

(20,786)

Silver ounces

783

(438)

(1,221)

Palladium ounces

(366)

157

523

Platinum ounces

(32)

Cobalt pounds

304

240

(64)

Gold equivalent ounces 2

12,325

(29,008)

(41,333)

Per unit metrics

Sales price

Gold per ounce

$ 4,849

$ 2,872

68.8 %

Silver per ounce

$ 84.52

$ 32.33

161.4 %

Palladium per ounce

$ 1,689

$ 965

75.1 %

Cobalt per pound

$ 28.36

$ 12.88

120.2 %

Gold equivalent per ounce 2

$ 4,960

$ 2,500

98.4 %

Cash costs 4

Gold per ounce 4

$ 556

$ 445

(24.9)%

Silver per ounce 4

$ 13.53

$ 5.17

(161.7)%

Palladium per ounce 4

$ 310

$ 172

(80.2)%

Cobalt per pound 4

$ 5.23

$ 2.46

(112.6)%

Gold equivalent per ounce 2, 4

$ 681

$ 392

(73.7)%

Cash operating margin 4

Gold per ounce 4

$ 4,293

$ 2,427

76.9 %

Silver per ounce 4

$ 70.99

$ 27.16

161.4 %

Palladium per ounce 4

$ 1,379

$ 793

73.9 %

Cobalt per pound 4

$ 23.13

$ 10.42

122.0 %

Gold equivalent per ounce 2, 4

$ 4,279

$ 2,108

103.0 %

Total revenue

$ 901,469

$ 470,411

91.6 %

Gold revenue

$ 461,038

$ 319,696

44.2 %

Silver revenue

$ 426,770

$ 144,937

194.5 %

Palladium revenue

$ 4,909

$ 2,372

107.0 %

Cobalt revenue

$ 8,752

$ 3,406

157.0 %

Net earnings

$ 582,044

$ 253,984

129.2 %

Per share

$ 1.282

$ 0.560

128.9 %

Adjusted net earnings 4

$ 582,772

$ 250,825

132.3 %

Per share 4

$ 1.284

$ 0.553

132.2 %

Operating cash flows

$ 765,823

$ 360,793

112.3 %

Per share 4

$ 1.687

$ 0.795

112.2 %

Dividends declared ⁵

$ 88,549

$ 74,880

18.3 %

Per share

$ 0.195

$ 0.165

18.2 %

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

Gold-equivalent ounces ("GEOs"), which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Represents the increase (decrease) in payable ounces produced but not delivered ("PBND") relative to the various mines that the Company derives precious metals from and, for cobalt, the increase (decrease) of payable pounds PBND. 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 disclosures associated with this information.

Refer to discussion on non-GAAP measures beginning on page 34 of this MD&A.

As at March 31, 2026, cumulative dividends of $2.7 billion have been declared by the Company.

For the three months ended March 31, 2026, relative to the comparable period of the prior year:

Production amounted to 212,000 gold equivalent ounces ("GEOs"), an increase of 22%, primarily due to increased production from Peñasquito, Antamina and Blackwater coupled with the recommencement of production at Aljustrel.

Sales volumes amounted to 181,700 GEOs, a decrease of 3%, primarily the result of relative changes to GEOs produced but not delivered ("PBND"). PBND GEOs increased 12,300 GEOs during the quarter, compared to a decrease of 29,000 GEOs in the same period of the prior year.

Revenue increased 92% or $431 million to $901 million (51% gold, 47% silver, 1% palladium and 1% cobalt), representing a record for the Company, with the increase being primarily due to a 98% increase in realized commodity prices, partially offset by the lower sales volumes.

Gross margin amounted to $699 million (78% of revenue), representing a record for the Company and an increase of $380 million (a 10% 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 75% of revenue during the quarter.

Net earnings amounted to $582 million, representing a record for the Company and an increase of $328 million, primarily due to the increased gross margin, partially offset by higher income taxes resulting from the higher net earnings.

Adjusted net earnings increased 132% or $332 million to $583 million, representing a record for the Company.

Operating cash flow amounted to $766 million, representing a record for the Company, with the $405 million increase being the result of the higher gross margin.

On May 7, 2026, the Board of Directors declared a dividend in the amount of $0.195 per common share.

Corporate Development

On February 16, 2026, the Company entered into a PMPA with BHP Group Limited ("BHP") for their 33.75% portion of the silver produced at the Antamina mine located in Peru.

On April 1, 2026, the Company entered into a PMPA with KGL Resources Limited ("KGL") for a portion of the gold and silver produced at the Jervois project located in Australia.

On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold Limited ("Spanish Mountain Gold") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold project.

Asset Updates

The Company received its first deliveries during the first quarter of 2026 related to the Hemlo, Fenix and Mineral Park PMPAs.

Ivanhoe Mines Ltd. ("Ivanhoe") reports that the Platreef mine is advancing on track, with commercial production expected mid-year.

B2Gold Corp. ("B2Gold") reports that gold production at the Goose mine for Q2 2026 will be approximately 50% lower than Q1 and about 30% below the original Q2 plan due to a fire that occurred in certain areas of the crushing circuit, with repairs estimated to be completed in Q3 2026.

Aris Mining Corporation ("Aris") reports a significant construction milestone at its Marmato gold mine with the underground development crosscut now connecting the new surface decline to the existing underground development, establishing continuous underground access from surface, where the new 5,000 TPD CIP plant is under construction, to the existing workings.

Waterton Copper LP ("Waterton Copper") continued to refine ore commissioning of the newly refurbished concentrator at its Mineral Park project, with the ramp-up efforts in Q1 2026 being focused on achieving stable throughput and gradually increasing both operating uptime and concentrate production. Ramp-up to commercial production is expected to continue in Q2 2026.

Montage Gold Corp. ("Montage") reports that first gold pour through the oxide circuit at the Koné project is anticipated in late Q4 2026, while the hard-rock comminution circuit remains on track for completion in Q2 2027.

Hudbay Mineral Inc. ("Hudbay") reported that they intend to complete the definitive feasibility study at Copper World in mid-2026 with final sanctioning decision expected later in 2026.

Ecuador has signed the exploitation contract for the Cangrejos project, which allows progress in CMOCs development and in the future construction of the mine. After the signing, CMOC can move forward with obtaining the required construction permits for the mine and its facilities.

BMC Minerals Ltd. ("BMC") announced receipt of a positive decision document related to the Kudz Ze Kayah project issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada, with BMC reporting that they now aim to make a final investment decision in late 2027, subject to receipt of permits.

Other

As previously announced, and as part of the Company's strategic succession planning, effective March 31, 2026, Haytham Hodaly assumed the role of President and Chief Executive Officer, while Mr. Smallwood transitioned to Chair of the Board. These changes reflect Wheaton's ongoing leadership evolution to support its next phase of growth.

During the first quarter of 2026, the Company made total upfront cash payments of $90 million related to the Spring Valley PMPA ($50 million) and the Marmato PMPA ($40 million), partially offset by a repayment of

$30 million related to the Santo Domingo PMPA, with this amount to be re-advanced at a later date.

Over the same period, the Company monetized select long-term equity investments, generating $323 million of cash proceeds, resulting in a realized gain before tax of $152 million.

Subsequent to the quarter, the Company made additional upfront cash payments of $4.5 billion related to the BHP Antamina PMPA ($4.3 billion), the Koné PMPA ($156 million) and the Spanish Mountain Gold royalty ($22.5 million).

The BHP Antamina PMPA was funded through a combination of the cash on hand at closing, a draw on the Company's previously undrawn $2.0 billion Revolving Facility and a new $1.5 billion non-revolving term loan ("Term Loan") which carries a two-year term to maturity and aligns with the terms of the Company's existing Revolving Facility.

Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals, resulting in annual production of approximately 860,000 to 940,000 GEOs2, unchanged from previous guidance. Approximately 3% of the Company's forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.

Annual production is forecast to increase by approximately 50% to 1,200,000 GEOs2 by 2030, with average annual production forecast to remain at 1,200,000 GEOs2 in years 2031 to 2035, also unchanged from previous guidance.

1 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 disclosures associated with this information.

2 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 2026 and the longer-term outlook are based on the following updated commodity price assumptions: $4,800 per ounce of gold, $80 per ounce of silver, $1,500 per ounce of palladium, $2,000 per ounce of platinum and $25.00 per pound of cobalt.

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

Total Upfront Consideration

Mineral Stream Interests

Mine Owner ¹

Location¹

Attributable Production

Payment Per

Unit 2,3

Rate Per

Unit ¹

Paid to Mar 31, 2026 3

To be Paid 2

Total 3

Cash Flow Generated to

Date 3

Q1-2026 PBND 3, 4

Term ¹

Gold

Salobo

Vale

BRA

75%

$433

$404

$ 3,573,360

$ -

$ 3,573,360

$ 3,781,781

86,493

LOM

Sudbury ⁵

Vale

CAN

70%

$400

$1,399

623,572

393,029

11,581

20 years ⁵

Constancia

Hudbay

PER

50%

$429

$338

135,000

482,475

468

LOM

San Dimas

MEX

variable ⁶

$643

$428

220,000

428,123

1,755

LOM

Stillwater ⁷

Sibanye

USA

100%

18%

$570

237,880

124,472

4,459

LOM

Blackwater

Artemis Gold

CAN

8% ⁸

35%

$606

340,000

54,288

354

LOM

Platreef

Ivanhoe

62.5% ⁹

$100

275,300

LOM ⁹

Other

Copper World

Hudbay

USA

100%

$450

39,296

LOM

Marmato

Aris

10.5% ¹⁰

18%

$527

122,431

40,569

163,000

27,485

209

LOM

Santo Domingo

Capstone

CHL

100% ¹¹

18%

(6,214)

290,000

283,786

7,683

LOM

Fenix

Rio2

CHL

22% ¹²

18%

$921

150,000

1,049

230

LOM

El Domo

Silvercorp

ECU

50% ¹³

18%

31,981

96,655

128,636

1,203

LOM

Marathon

Gen Mining

CAN

100% ¹⁴

18%

21,857

100,438

122,295

LOM

Goose

B2Gold

CAN

2.78% ¹⁵

18%

$1,212

83,750

7,510

567

LOM

Cangrejos

CMOC

ECU

4.4% ¹⁶

18%

32,160

168,840

201,000

LOM

Curraghinalt

Dalradian

3.05% ¹⁷

18%

20,000

55,000

75,000

LOM

Kudz Ze Kayah

BMC

CAN

7.375% ¹⁸

20%

14,760

5,400

20,160

LOM

Koné

Montage

CIV

19.5% ¹⁹

20%

468,750

156,250

625,000

LOM

Kurmuk

Allied

ETH

6.7% ²⁰

15%

175,000

LOM

Spring Valley

Waterton Gold

USA

8% ²¹

20%

100,000

570,000

670,000

LOM

Hemlo

CAN

10.13% ²²

20%

$1,425

300,000

17,447

135

LOM

$ 6,919,587

$ 1,522,448

$ 8,442,035

$ 5,326,545

106,312

Silver

Peñasquito Newmont

MEX

25%

$4.62

$5.09

$ 485,000

$ -

$ 485,000

$ 1,934,371

1,983

LOM

Antamina Glencore / BHP

PER

67.50% ²³

20%

$4.39 ²³

900,000

4,300,000

5,200,000

1,049,823

1,272

LOM

Constancia Hudbay

PER

100%

$6.32

$6.43

294,900

404,557

230

LOM

Blackwater Artemis Gold

CAN

50% ⁸

18%

$7.55

170,800

24,916

LOM

Production Depletion

Other

Los Filos

Equinox

MEX

100%

$4.81

$0.00

4,463

45,727

44 25 years ²⁴

Zinkgruvan

Boliden

SWE

100%

$4.81

$1.00

77,866

651,907

254 LOM

Stratoni

Eldorado

GRC

100%

$11.54

57,500

155,868

- LOM

Neves-Corvo

Boliden

PRT

100%

$4.55

$1.36

35,350

232,263

86 50 years ²⁵

Aljustrel

Almina

PRT

100% ²⁶

50%

$0.00

2,451

87,451

- 50 years ²⁵

El Alto

Barrick

CHL/ARG

25%

$3.90

625,000

372,767

- LOM

Copper World Hudbay

USA

100%

$3.90

191,855

LOM

Navidad PAAS

ARG

12.5%

$4.00

10,788

32,400

43,188

LOM

Marmato Aris

100% ¹⁰

18%

$6.60

10,601

1,399

12,000

4,853

LOM

Cozamin Capstone

MEX

50% ²⁷

10%

$21.62

150,000

89,077

133

LOM

El Domo Silvercorp

ECU

75% ¹³

18%

11,531

34,969

46,500

LOM

Mineral Park Waterton

100%

18%

$12.29

115,000

893

LOM

Kudz Ze Kayah BMC

CAN

6.875% ¹⁸

20%

26,240

9,600

35,840

LOM

$ 2,977,490

$ 4,570,223

$ 7,547,713

$ 5,054,473

4,028

Palladium

Stillwater ⁷ Sibanye

USA

4.5% ²⁸

18%

$492.09

$ 262,120

$ -

$ 262,120

$ 175,468

4,779

LOM

Platreef Ivanhoe

5.25% ⁹

30%

78,700

LOM ⁹

$ 340,820

$ -

$ 340,820

$ 175,468

4,803

Platinum

Marathon Gen Mining

CAN

22% ¹⁴

18%

$ 9,367

$ 43,045

$ 52,412

$ -

LOM

Platreef Ivanhoe

5.25% ⁹

30%

57,500

LOM ⁹

$ 66,867

$ 43,045

$ 109,912

$ -

Cobalt

Voisey's Bay Vale

CAN

42.4% ²⁹

18%

$9.02

$ 390,000

$ -

$ 390,000

$ 90,537

1,646

LOM

Total PMPAs Currently Owned

$ 10,694,764 $

6,135,716

$ 16,830,480

$ 10,647,023

Terminated / Matured PMPAs

1,358,502

$ 1,358,502

3,376,971

Total

$ 12,053,266 $

6,135,716

$ 18,188,982

$ 14,023,994

Abbreviations as follows: FM = First Majestic Silver Corp; BMC = BMC Minerals; PAAS = Pan American Silver Corp; Gen Mining = Generation Mining Ltd.; Waterton = Waterton Copper LP; Waterton Gold = Waterton Gold LP; BHP = BHP Group Limited; 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; NP = Not Producing; and LOM = Life of Mine.

Please refer to the section entitled "Contractual Obligations and Commitments - Mineral Stream Interests" on page 28 of this MD&A for more information.

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 Commitments" on page 30 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.

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 disclosures associated with this information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests as well as the non-operating Victor gold interest. As of March 31, 2026, the Company has received approximately $393 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.

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. During the period of April 30, 2025 to October 28, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1. The current gold to silver price ratio is 70:1.

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

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%.

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, a subsidiary of Royal Gold Inc. (formerly Sandstorm Gold Ltd./Nomad Royalty Ltd.) ("Royal Gold") 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 Royal Gold combined). The values set out herein pertain only to Wheaton's share of the payable gold.

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.

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).

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.

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).

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%.

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%.

During Q3 2025, in connection with its acquisition of Lumina Gold Corp., CMOC exercised its 33% buy-back option under the Cangrejos PMPA for a cash payment of $102 million, resulting in a gain of $86 million on partial disposal of the Cangrejos PMPA. In connection with the exercise of the option, once the Company has received 469,000 ounces of gold under the Cangrejos PMPA, the Company's attributable gold production will be reduced to 2.9%.

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%.

Once the Company has received 330,000 ounces of gold and 43.30 million ounces of silver under the Kudz Ze Kayah PMPA, the Company's attributable gold and silver production will be reduced to 6.125%, with a further reduction to 5.5% until the Company has received an additional 59,800 ounces of gold and 7.96 million ounces of silver, with a further reduction to 5.5% until the Company has received an additional 270,200 ounces of gold and 35.34 million ounces of silver, thereafter increased to 6.75%.

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%.

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.

Once the Company has received 300,000 ounces of gold under the Spring Valley PMPA, the Company's attributable gold production will be reduced to 6%.

Once the Company has received 135,750 ounces of gold under the Hemlo PMPA (the "First Dropdown Threshold"), the Company's attributable gold production will be reduced to 6.75% until an additional 117,998 ounces of gold has been delivered (the "Second Dropdown Threshold"), at which point the Company's attributable gold production will be 4.50% for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by 10,000 ounces or more, the stream percentage will be increased by 5% until deliveries catch up with the agreed schedule. The payable gold will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit.

Comprised of 33.75% under the Glencore Antamina PMPA and 33.75% under the BHP Antamina PMPA, which is effective April 1, 2026. Under the Glencore Antamina PMPA, once Wheaton has received 140 million ounces of silver, the Company's attributable silver production will be reduced to 22.5% while under the BHP Antamina PMPA, once the Company has received 100 million ounces of silver, the Company's attributable silver production will be reduced to 22.5% of the payable silver for the life of mine. The stated depletion rate reflects the Glencore Antamina PMPA only.

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

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

Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

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

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%.

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%.

Significant amendments and acquisitions (if any) of mineral stream interests during Q1 2026 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in the Contractual Obligations and Commitments section of this MD&A starting on page 28 of the MD&A.

Antamina

On February 16, 2026, the Company entered into a PMPA with BHP (the "BHP Antamina PMPA") for their 33.75% portion of the silver produced at the Antamina mine located in Peru. Effective April 1, 2026, Wheaton will receive a combined 67.5% of all the silver produced from Antamina, up from the 33.75% currently delivered under the existing Glencore silver stream. First deliveries under the BHP Antamina PMPA are anticipated to be received at the end of May 2026.

Under the terms of the BHP Antamina PMPA, the Company paid BHP total upfront cash consideration of $4.3 billion on April 1, 2026, being the date of closing. Additionally, the Company will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver. Under the terms of the BHP Antamina PMPA, which is effective April 1, 2026, the Company will purchase BHP's 33.75% of the payable silver until a total of 100 million ounces has been delivered, at which point the Company will purchase 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%.

Jervois

On April 1, 2026, the Company entered into a PMPA with KGL (the "Jervois PMPA") for a portion of the gold and silver produced at the Jervois project located in Australia. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Jervois project. Under the terms of the Jervois PMPA, the Company will pay KGL total upfront cash consideration of $275 million, subject to certain customary conditions. The upfront cash consideration will be paid in a total of six installments, with the first two installments of $16 million each to be made as early deposit payments, once certain conditions are satisfied, and are expected to be paid in the second and third calendar quarters of 2026. The remaining balance of

$243 million will be paid in four equal installments over the construction period as various conditions are satisfied. Additionally, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price of gold and silver.

Under the terms of the Jervois PMPA, the Company will purchase:

75% of the payable gold until a total of 45,000 ounces has been delivered (the "First Gold Dropdown Threshold"), at which point the Company will purchase 37.5% of the payable gold until an additional 15,000 ounces has been delivered (the "Second Gold Dropdown Threshold"), at which point the Company will purchase 25% of the payable gold for the life of mine.

75% of the payable silver until a total of approximately 4.3 million ounces ("Moz") has been delivered (the "First Silver Dropdown Threshold"), at which point the Company will purchase 37.5% of the payable silver until an additional 1.7 Moz has been delivered (the "Second Silver Dropdown Threshold"), at which point the Company will purchase 25% of the payable silver for the life of mine.

Each of the First Gold Dropdown Threshold and First Silver Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule.

Payable gold and silver are calculated using a fixed payability factor of 90%.

On May 1, 2026, Hudbay announced that mill throughput rates are expected to increase to more than 90,000 TPD starting in the second half of 2026, with the installation of two pebble crushers and related permit amendments.

Hudbay reports it received permit approval to increase annual mill throughput capacity to 31.1 million tonnes from

29.9 million tonnes, providing the new base for the 10% permitted allowance that aligns with the Peru Ministry of Energy and Mines' regulatory change.

Blackwater

On March 12, 2026, Artemis Gold reported an unplanned mill shutdown due to the failure of a ball mill gearbox, with the mill operations being interrupted for 7 days. Artemis Gold also notes that strong grades during the quarter helped to offset the lower throughput resulting from the interruption, and that they are maintaining their full year production guidance, with plans to make up for the unplanned downtime experienced in Q1.

Goose

On April 19, 2026, B2Gold provided an update on a near-term operational plan related to a fire that occurred in certain areas of the crushing circuit at the Goose mine on April 16, 2026. B2Gold confirmed that there were no injuries reported and no medical treatment required related to the fire and the damage was localized to the crushing circuit area. A preliminary revised mill processing plan has been developed for Q2 2026 based on the use of mobile crushers feeding crushed ore directly to the fine ore stockpile, while repairs to the crushing circuit related to the fire

are completed. B2Gold estimates the repairs will be completed in Q3 2026. B2Gold reports that Q2 production is expected to be approximately 50% lower than Q1 and about 30% below the original Q2 plan, primarily due to lower throughput levels.

Hemlo

On April 28, 2026, Hemlo Mining Corp. ("Hemlo Mining") announced that during its first full quarter of ownership, the successful transition of an underground mining contractor workforce to owner-operated was completed two weeks ahead of schedule, with 97% of the contractor workforce accepting positions as part of the transition. Hemlo Mining reported that various maintenance activities were undertaken during the quarter, with the most significant tasks being the refurbishment of an underground crusher and the replacement of the hoist cable, which was completed ahead of schedule.

Marmato

On April 17, 2026, Aris reported a significant construction milestone at its Marmato gold mine with the underground development crosscut now connecting the new surface decline to the existing underground development, establishing continuous underground access from surface, where the new 5,000 tonne per day CIP plant is under construction, to the existing workings. The connection supports the next phases of mine development, infrastructure installation and operational readiness for the Marmato bulk mine which is on schedule for first gold in Q4 2026.

During the first quarter of 2026, Waterton Copper continued to refine ore commissioning of the newly refurbished concentrator at its Mineral Park project. The ramp-up efforts in Q1 2026 were focused on achieving stable throughput and gradually increasing both operating uptime and concentrate production. Copper concentrate sales continued in the first quarter and monthly delivery of silver to Wheaton under the PMPA commenced in January 2026. Ramp-up to commercial production is expected to continue in Q2 2026, with increasing operating volumes throughout the second quarter. At steady state throughput, the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef

On April 13, 2026, Ivanhoe announced that the ramp-up of the Platreef mine is advancing on track, with commercial production expected mid-year. Ivanhoe states that construction of Shaft #3, as well as its associated underground materials-handling and crushing plants, was completed on schedule in late March and is currently undergoing commissioning. Once Shaft #3 ramps up, the Phase 1 concentrator will then be continuously fed with higher-grade production ore. In addition, Shaft #3 will also hoist waste development required in preparation for the Phase 2 expansion, which is on schedule to be completed by the end of 2027.

Fenix

On January 26, 2026, Rio2 announced the first official gold pour at the Fenix Gold mine, where construction of critical path items was completed on time and on budget, as previously guided. Rio2 states that the focus now is to ramp up operations to 20,000 tonnes per day.

Kurmuk

On March 31, 2026, Allied announced its shareholders had approved the previously announced definitive agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold will acquire all of the issued and outstanding shares of Allied in cash. Allied states that both companies continue to diligently and cooperatively advance the customary regulatory approvals necessary to complete the arrangement, with the objective of closing in a timely manner within the timeframe set out in the agreement. The agreement provides for an outside date for closing of May 29, 2026, subject to extension in certain circumstances1.

Koné

On March 26, 2026, Montage reported that construction at the Koné project is on track for first gold pour in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Key process plant achievements include completion of all CIL tanks and ball mill shell installation, oxide sizer completion, foundation concrete pours for pre-leach and tailings thickeners, and advancement of the hard-rock comminution circuit.

El Domo

On April 16, 2026, Silvercorp Metals Inc. ("Silvercorp") reported that during 2025, they completed the site preparation for the processing plant, 5,000 square meter run-of-mine ore shed, construction camp, internal roads, including roads to the tailings storage facility construction site, and orders of major equipment.

1 Under the terms of the Kurmuk PMPA, within 30 days of a change of control Allied has a one-time option to repurchase one-third of the gold stream.

Copper World

On January 12, 2026, Hudbay announced the closing of the joint venture transaction with Mitsubishi Corporation, securing a premier, long-term strategic partner for the development of Copper World. On May 1, 2026, Hudbay reported that feasibility activities for Copper World are well under way, with the definitive feasibility study ("DFS") progressing above 85% at the end of March, and on track for completion in mid-2026. Hudbay reports it continues to execute detailed engineering work and other de-risking activities in preparation for a Copper World sanctioning decision expected later in 2026.

Santo Domingo

On April 29, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the first quarter, alongside continued evaluation of opportunities to optimize district infrastructure. Capstone expects to make a final investment decision on the Santo Domingo project in Q4 2026.

Cangrejos

On April 28, 2026, it was announced that Ecuador has signed the exploitation contract for the Cangrejos project, which allows progress in CMOCs development and in the future construction of the mine. After the signing, CMOC can move forward with obtaining the required construction permits for the mine and its facilities.

Kudz Ze Kayah

On April 13, 2026, BMC Minerals Ltd. ("BMC") announced receipt of a positive decision document issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada, after the Yukon Environmental and Socio-economic Assessment Board had recommended approval of the project in 2020. BMC reports it will now progress mining permit and license applications with the aim to make a final investment decision in late 2027, subject to receipt of permits.

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:

Attributable Production to be

Purchased

Upfront

Total

Date of

Early Deposit Mineral

Mine Location of

Consideration

Upfront

Term of

Original

Stream Interests

Owner Mine

Paid to Date 1

to be Paid 1, 2

Consideration¹

Gold Silver Agreement

Contract

Toroparu

Aris Mining Guyana

$ 15,500

$ 138,000

$ 153,500

10% 50% Life of Mine

11-Nov-13

Cotabambas

Panoro Peru

14,000

126,000

140,000

25% ³ 100% ³ Life of Mine

21-Mar-16

Kutcho

Kutcho Canada

16,852

58,000

74,852

100% 100% Life of Mine

14-Dec-17

$ 46,352

$ 322,000

$ 368,352

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

Please refer to the section entitled "Other Contractual Obligations and Commitments" on page 30 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.

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.

Cotabambas

On April 14, 2026, Panoro Minerals Ltd. announced the mobilization of drilling at the Cotabambas Copper Gold Silver Project in Peru. The 2026 exploration program will start with an initial 5,000 meters to grow the South Pit through the addition of new or expanded high-grade mineralization. The program will expand to include 5,000 meters of infill drilling at the North Pit to upgrade high-grade mineralization and 5,000 meters of exploration drilling at Target 7 and Target 13 to test and district scale resource and high-grade potential.

The following table summarizes the mineral royalty interests owned by the Company as at March 31, 2026:

Royalty Interests

Mine Owner

Location of

Mine

Royalty 1

Total Upfront

Consideration 2

Term of Agreement

Date of Original

Contract

Metates

Chesapeake

Mexico

0.5% NSR

$ 3,000

Life of Mine

07-Aug-2014

Brewery Creek 3

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine 4

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd 5

Vista

Australia

1.0% GR

20,000

Life of Mine

13-Dec-2023

DeLamar 6

Integra

USA

1.5% NSR

9,750

Life of Mine

20-Feb-2024

$ 39,879

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

Expressed in thousands; excludes closing costs.

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.

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.

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.

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.

Spanish Mountain

On April 20, 2026, the Company entered into a Royalty Agreement with Spanish Mountain Gold (the "Spanish Mountain Royalty") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold project. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Spanish Mountain Gold project. Under the terms of the Spanish Mountain Royalty, the Company will pay Spanish Mountain Gold total upfront cash consideration of $55 million, subject to certain customary conditions. The upfront cash consideration will be paid in three installments consisting of a $22.5 million payment made on May 1, 2026, a $12.5 million payment due after 60,000 meters of drilling (expected to be made during Q2 2026), and a $20 million payment due upon receiving approval under the Environmental Assessment Act (British Columbia) for the construction and operation of the project.

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 March 31, 2026 and December 31, 2025:

(in thousands)

March 31

2026

December 31

2025

Common shares held Warrants held

$ 161,879

2,338

$ 407,230

3,265

Total long-term equity investments

$ 164,217

$ 410,495

The Company's long-term investments in common shares ("LTIs") 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 LTIs 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.

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 months ended March 31, 2026 and 2025 is presented below. Please see the Liquidity and Capital Resources on page 25 of this MD&A for more information.

Three Months Ended March 31, 2026

(in thousands)

Fair Value at Dec 31, 2025

Additions

Disposals 2

Fair Value Adjustment

Gains 1

Fair Value at Mar 31, 2026

Realized Gain (Loss)

on Disposal

Streaming or royalty partners

$ 382,628

$ -

$ (313,106)

$ 45,215

$ 114,737

$ 204,846

Strategic investments

24,602

14,608

(10,316)

18,248

47,142

(53,327)

Total

$ 407,230

$ 14,608

$ (323,422)

$ 63,463

$ 161,879

$ 151,519

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

The disposals during the quarter were made to partially fund the BHP Antamina PMPA.

Three Months Ended March 31, 2025

Fair Value Adjustment

(in thousands)

Fair Value at

Dec 31, 2024

Additions

Disposals

Gains

(Losses) 1

Fair Value at

Mar 31, 2025

Realized Gain

on Disposal

Streaming or royalty partners

$ 93,915

$ -

$ - $

27,884

$ 121,799

$ -

Strategic investments

4,275

3,117

(1,723)

5,669

Total

$ 98,190

$ 3,117

$ - $

26,161

$ 127,468

$ -

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

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Gold ounces produced ²

Salobo

69,201

88,907

66,997

69,418

71,384

84,291

62,689

63,225

Sudbury 3

4,113

7,412

4,852

5,403

4,880

5,259

3,593

4,477

Constancia

4,571

15,396

12,797

4,604

4,876

18,727

10,760

6,269

San Dimas 4

7,341

8,206

7,507

6,987

8,416

7,263

6,882

7,089

Stillwater 5

1,424

1,518

1,717

1,654

1,339

2,166

2,247

2,099

Blackwater

4,954

5,479

4,879

4,050

1,017

Platreef

Other

Marmato

816

705

807

748

757

622

648

584

Goose

1,096

1,027

387

Hemlo

3,007

1,630

Fenix

507

Total Other

5,426

3,362

1,194

767

757

622

648

584

Total gold ounces produced

97,106

130,280

99,943

92,883

92,669

118,328

86,819

83,743

Silver ounces produced 2

Peñasquito

2,559

1,821

2,087

2,103

1,754

2,465

1,785

2,263

Antamina

1,553

1,600

1,672

1,482

1,047

1,071

931

1,013

Constancia

531

731

577

552

555

970

648

451

Blackwater

129

148

136

138

Other

Los Filos 6

Zinkgruvan

532

513

688

684

585

637

537

699

Neves-Corvo

483

549

431

449

459

494

425

432

Aljustrel 7

657

516

180

Cozamin

165

170

169

174

192

185

177

Marmato

Mineral Park

Total Other

1,864

1,764

1,478

1,315

1,294

1,359

1,180

1,341

Total silver ounces produced

6,636

6,064

5,950

5,590

4,685

5,865

4,544

5,068

Palladium ounces produced ²

Stillwater 5

2,561

2,519

2,650

2,435

2,661

2,797

4,034

4,338

Platreef

Total palladium ounces produced

2,591

2,519

2,650

2,435

2,661

2,797

4,034

4,338

Platinum ounces produced ² Platreef

Cobalt pounds produced ² Voisey's Bay

657

670

604

647

540

393

397

259

GEOs produced 8

211,951

235,614

203,078

190,179

174,391

218,993

165,883

170,916

Average payable rate 2

Gold

95.3%

95.0%

94.6%

95.2%

94.9%

95.3%

95.0%

Silver

87.5%

87.2%

87.6%

87.7%

86.3%

84.6%

83.9%

84.4%

Palladium

98.3%

96.9%

96.7%

97.4%

96.4%

97.5%

98.4%

97.3%

Cobalt

93.3%

GEOs 8

91.2%

91.6%

91.2%

91.5%

91.1%

90.5%

90.0%

89.8%

All figures in thousands except gold, palladium and platinum ounces produced.

Quantity produced represents the amount of gold, silver, palladium, platinum 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.

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

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. From April 30, 2025 to October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1. Effective October 29, 2025, the fixed gold to silver exchange ratio was returned to 70:1. For reference, attributable silver production from prior periods is as follows: Q1 2026 - 294,000 ounces; Q4 2025 - 329,000 ounces; Q3 2025 - 364,000 ounces; 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.

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.

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.

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.

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Gold ounces sold

Salobo

58,675

83,697

55,768

76,331

83,809

55,170

58,101

54,962

Sudbury 2

4,412

3,715

4,729

2,849

5,632

4,048

2,495

5,679

Constancia

10,886

17,029

2,708

6,827

9,788

17,873

5,186

6,640

San Dimas

7,670

8,686

6,655

7,235

8,962

6,990

7,022

6,801

Stillwater 3

1,394

1,790

1,465

1,386

1,947

2,410

1,635

2,628

Blackwater

4,914

5,225

6,463

3,291

110

Other

Marmato

718

809

749

742

737

650

550

616

Goose

1,339

528

Hemlo

4,478

Fenix

274

Santo Domingo 4

312

447

El Domo 4

209

258

Total Other

7,121

1,649

1,156

1,054

1,049

1,171

1,255

616

Total gold ounces sold

95,072

121,791

78,944

98,973

111,297

87,662

75,694

77,326

Silver ounces sold

Peñasquito

1,444

1,878

1,609

2,112

1,976

1,852

1,667

1,482

Antamina

1,504

1,893

1,552

1,073

884

858

989

917

Constancia

674

613

275

625

730

797

366

422

Blackwater

127

137

143

Other

Los Filos

Zinkgruvan

347

358

708

520

446

452

488

597

Neves-Corvo

271

245

212

224

218

154

185

216

Aljustrel

505

382

122

Cozamin

149

169

133

154

164

158

148

158

Marmato

Mineral Park

Total Other

1,300

1,164

1,187

915

893

800

853

1,002

Total silver ounces sold

5,049

5,685

4,760

4,868

4,483

4,307

3,875

3,823

Palladium ounces sold Stillwater 3

2,906

1,730

2,594

2,575

2,457

4,434

3,761

4,301

Cobalt pounds sold Voisey's Bay

309

485

529

353

265

485

GEOs sold 5

181,743

219,605

161,845

182,750

188,162

163,355

141,918

142,838

Cumulative payable units PBND 6

Gold ounces

106,312

108,525

106,222

90,284

100,512

123,511

97,929

90,406

Silver ounces

4,028

3,245

3,629

3,178

3,145

3,583

2,931

2,993

Palladium ounces

4,803

5,169

4,424

4,414

4,596

4,439

6,186

6,018

Platinum ounces

Cobalt pounds

1,646

1,341

1,202

1,168

917

678

796

513

GEOs 5

183,534

171,209

174,343

150,713

159,136

188,144

152,858

144,847

All figures in thousands except gold and palladium ounces sold.

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

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

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).

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.

Q1 2026

95,072

$ 4,849

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

x x x x x x x x x x x x x x

Gold sales

$ 461,038

$ 513,374

$ 274,797

$ 328,354

$ 319,696

$ 234,690

$ 188,521

$ 182,150

Silver ounces sold

5,049

5,685

4,760

4,868

4,483

4,307

3,875

3,823

Realized price 2

$ 84.52

$ 59.32

$ 39.66

$ 34.05

$ 32.33

$ 31.28

$ 29.71

$ 29.11

Silver sales

$ 426,770

$ 337,197

$ 188,795

$ 165,739

$ 144,937

$ 134,733

$ 115,149

$ 111,291

Palladium ounces sold

2,906

1,730

2,594

2,575

2,457

4,434

3,761

4,301

Realized price 2

$ 1,689

$ 1,479

$ 1,173

$ 996

$ 965

$ 1,008

$ 969

$ 979

Palladium sales

$ 4,909

$ 2,558

$ 3,042

$ 2,564

$ 2,372

$ 4,468

$ 3,644

$ 4,210

Cobalt pounds sold

309

485

529

353

265

485

Gold ounces sold Realized price 2

x x 121,791 x x 78,944 x x 98,973 x x 111,297 x x 87,662 x x 75,694 x x 77,326

$ 4,215 $ 3,481 $ 3,318 $ 2,872 $ 2,677 $ 2,491 $ 2,356

Realized price 2

$ 28.36

$ 23.89

$ 18.19

$ 18.60

$ 12.88

$ 13.66

$ 10.65

$ 16.02

Cobalt sales

$ 8,752

$ 11,585

$ 9,623

$ 6,561

$ 3,406

$ 6,625

$ 939

$ 1,413

Total sales

$ 901,469

$ 864,714

$ 476,257

$ 503,218

$ 470,411

$ 380,516

$ 308,253

$ 299,064

Cash cost 2, 3

Gold / oz

$ 556

$ 495

$ 515

$ 470

$ 445

$ 440

$ 441

Silver / oz

$ 13.53

$ 8.95

$ 6.35

$ 5.33

$ 5.17

$ 5.16

$ 5.03

$ 4.95

Palladium / oz

$ 310

$ 244

$ 205

$ 175

$ 172

$ 184

$ 173

$ 175

Cobalt / lb 5

$ 5.23

$ 4.33

$ 3.44

$ 3.57

$ 2.46

$ 2.59

$ 2.15

$ 3.11

Depletion 2 Gold / oz 4 Silver / oz

Palladium / oz

Cobalt / lb

Gain on disposal of PMPA Impairment

Net earnings Per share

Basic Diluted

Adjusted net earnings 3

Diluted

$ 1.281

$ 1.220

$ 0.618

$ 0.629

$ 0.552

$ 0.438

$ 0.336

$ 0.329

Cash flow from operations

$ 765,823

$ 746,277

$ 382,953

$ 414,959

$ 360,793

$ 319,471

$ 254,337

$ 234,393

Per share 3

Basic

$ 1.687

$ 1.644

$ 0.844

$ 0.914

$ 0.795

$ 0.704

$ 0.561

$ 0.517

Diluted

$ 1.683

$ 1.641

$ 0.842

$ 0.913

$ 0.794

$ 0.703

$ 0.560

$ 0.516

Dividends declared

$ 88,549

$ 74,913

$ 74,903

$ 74,899

$ 74,881

$ 70,318

$ 70,314

$ 70,273

Per share

$ 0.195

$ 0.165

$ 0.155

Total assets

$ 9,846,195

$ 9,125,781

$ 8,419,518

$ 7,982,385

$ 7,739,297

$ 7,424,457

$ 7,386,179

$ 7,247,082

Total liabilities

$ 602,917

$ 435,273

$ 326,761

$ 256,679

$ 273,155

$ 165,078

$ 126,165

$ 87,410

Total shareholders' equity

$ 9,243,278

$ 8,690,508

$ 8,092,757

$ 7,725,706

$ 7,466,142

$ 7,259,379

$ 7,260,014

$ 7,159,672

Per share Basic

534 $ 452 $ 497 $ 433 $ 423 $ 420 $ 418 $ 438

4.63 $ 4.79 $ 4.57 $ 5.93 $ 6.03 $ 5.90 $ 5.89 $ 5.76

492 $ 492 $ 492 $ 429 $ 429 $ 429 $ 429 $ 429

9.02 $ 9.02 $ 9.02 $ 9.18 $ 9.18 $ 12.78 $ 12.78 $ 12.78

- $ - $ 85,724 $ - $ - $ - $ - $ -

- $ - $ - $ - $ - $ 108,861 $ - $ -582,044 $ 558,250 $ 367,216 $ 292,270 $ 253,984 $ 88,148 $ 154,635 $ 122,317

1.282 $ 1.230 $ 0.809 $ 0.644 $ 0.560 $ 0.194 $ 0.341 $ 0.270

1.279 $ 1.227 $ 0.807 $ 0.643 $ 0.559 $ 0.194 $ 0.340 $ 0.269

$ 582,772 $ 554,979 $ 281,054 $ 286,004 $ 250,825 $ 198,969 $ 152,803 $ 149,565

$ 1.284 $ 1.222 $ 0.619 $ 0.630 $ 0.553 $ 0.439 $ 0.337 $ 0.330

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

Expressed as dollars per ounce for gold, silver and palladium; and dollars per pound for cobalt.

Refer to discussion on non-GAAP measures beginning on page 34 of this MD&A.

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.

Revenue was $901 million (51% gold, 47% silver, 1% palladium and 1% cobalt) during the three months ended March 31, 2026, with the $431 million increase from the comparable period of the previous year due primarily to a 98% increase in the average realized price per GEO sold; partially offset by a 3% decrease in the number of GEOs sold.

The following two tables present (i) a summary of the key factors driving changes in revenue, specifically the number of GEOs sold and the average realized price per GEO for the periods Q1 2024, Q1 2025 and Q1 2026; and (ii) the commodity mix for Q1 2025 and Q1 2026.

200,000

180,000

160,000

Number of GEOs

140,000

120,000

100,000

80,000

60,000

40,000

20,000

Changes to Price per GEO and GEOs Sold

162,903

$4,960

$4,279

$2,500

$2,108

$1,822

$1,444

188,162 181,743

Q1-2024 Q1-2025 Q1-2026

$5,500

$5,000

Price / Margin per GEO

$4,500

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

% of Revenue In Q1-2026

% of Revenue In Q1-2025

Palladium 1%

Cobalt 1%

Silver 30%

Palladium 1%

Cobalt 1%

Silver 47%

ld 51%

Gold 68%

From 2024 to 2026, average cash costs¹ rose 80%, increasing from $378 per GEO in Q1 2024 to $681 per GEO in Q1 2026. Over the same period, cash operating margin¹ expanded by 196%, climbing from $1,444 per GEO to

$4,279 per GEO. This substantial margin growth reflects the strong leverage inherent in Wheaton's streaming model, where fixed per-ounce production payments across most operating streams, representing 70% of Q1 2026 revenue, amplify profitability in a rising price environment. Notably, year-over-year margin growth outpaced the 172% increase in GEO prices, underscoring the effectiveness of Wheaton's business model in generating enhanced cash flow and margins as precious metal prices strengthen.

Cash Cost & Cash Operating Margin per GEO

$392

$378

$681

$1,444

$2,108

$4,279

$4,500

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

Q1-2024 Q1-2025 Q1-2026

1 Refer to discussion on non-GAAP measures beginning on page 34 of this MD&A

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

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

Three Months Ended March 31, 2026

Average

Realized

Cash

Average

Price

Cost

Depletion

Cash Flow

Units

($'s

($'s Per

Net

From

Total

Produced²

Sold

Per Unit)

Unit) 3

Unit) 4

Sales

Earnings

Operations

Assets

Gold

Salobo

69,201

58,675

$ 4,843

$ 433

$ 404

$ 284,180

$ 235,053

$ 262,007

$ 2,596,997

Sudbury 5

4,113

4,412

4,881

400

1,399

21,533

13,596

19,852

212,322

Constancia

4,571

10,886

4,843

429

338

52,725

44,373

48,056

48,601

San Dimas

7,341

7,670

4,843

643

428

37,148

28,929

32,214

121,933

Stillwater

1,424

1,394

4,843

871

570

6,752

4,742

5,537

203,407

Blackwater

4,954

4,914

4,881

1,714

606

23,984

12,582

13,745

328,070

Platreef

n.a.

275,702

Other 6

5,426

7,121

4,875

907

1,424

34,716

18,122

28,260

1,504,930

97,106

95,072

$ 4,849

$ 556

$ 534

$ 461,038

$ 357,397

$ 409,671

$ 5,291,962

Silver

Peñasquito

2,559

1,444

$ 84.45

$ 4.62

$ 5.09

$ 121,955

$ 107,933

$ 115,283

$ 199,516

Antamina

1,553

1,504

84.45

17.84

4.39

127,014

93,578

100,184

452,486

Constancia

531

674

84.45

6.32

6.43

56,944

48,350

52,682

147,070

Blackwater

129

127

80.85

13.90

7.55

10,246

7,527

8,355

166,545

Other 7

1,864

1,300

85.07

22.16

3.19

110,611

77,656

107,848

555,952

6,636

5,049

$ 84.52

$ 13.53

$ 4.63

$ 426,770

$ 335,044

$ 384,352

$ 1,521,569

Palladium

Stillwater

2,561

2,906

$ 1,689

$ 310

$ 492

$ 4,909

$ 2,578

$ 4,008

$ 207,462

Platreef

n.a.

78,814

2,591

2,906

$ 1,689

$ 310

$ 492

$ 4,909

$ 2,578

$ 4,008

$ 286,276

Platinum

Marathon

- $

n.a.

$ - $ - $ - $ 9,451

Platreef

n.a.

- - - 57,584

- $

n.a.

$ - $ - $ - $ 67,035

Cobalt

Voisey's Bay

657

309

$ 28.36

$ 5.23

$ 9.02

$ 8,752

$ 4,355

$ 6,497

$ 213,094

Operating results

$ 901,469

$ 699,374

$ 804,528

$ 7,379,936

Other

General and administrative

$ (12,971)

$ (20,267)

Share based compensation

(10,113)

(29,257)

Donations and community investments

(1,497)

(1,407)

Finance costs

(1,405)

(1,071)

Other

17,736

13,479

Income tax

(109,080)

(182)

Total other

$ (117,330)

$ (38,705)

$ 2,466,259

$ 582,044

$ 765,823

$ 9,846,195

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

Quantity produced represents the amount of gold, silver, palladium, platinum 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.

Refer to discussion on non-GAAP measure (iii) on page 36 of this MD&A.

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.

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

Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests.

Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Three Months Ended March 31, 2025

Average

Realized

Cash

Average

Price

Cost

Depletion

Cash Flow

Units

($'s

($'s Per

Net

From

Total

Produced²

Sold

Per Unit)

Unit) 3

Unit) 4

Sales

Earnings

Operations

Assets

Gold

Salobo

71,384

83,809

$ 2,873

$ 429

$ 378

$ 240,804

$ 173,171

$ 204,863

$ 2,563,794

Sudbury 5

4,880

5,632

2,862

400

1,326

16,118

6,398

13,850

234,084

Constancia

4,876

9,788

2,873

425

323

28,123

20,808

23,967

61,167

San Dimas

8,416

8,962

2,873

637

290

25,751

17,445

20,043

133,882

Stillwater

1,339

1,947

2,873

497

421

5,594

3,807

4,626

206,642

Blackwater

1,017

110

2,862

1,020

617

314

134

202

340,163

Platreef

n.a.

275,702

Other 6

757

1,049

2,853

356

1,194

2,992

1,367

2,619

389,864

92,669

111,297

$ 2,872

$ 445

$ 423

$ 319,696

$ 223,130

$ 270,170

$ 4,205,298

Silver

Peñasquito

1,754

1,976

$ 32.03

$ 4.56

$ 4.86

$ 63,271

$ 44,666

$ 54,262

$ 234,868

Antamina

1,047

884

32.03

6.41

8.46

28,311

15,169

22,647

483,292

Constancia

555

730

32.03

6.26

6.10

23,375

14,351

18,806

160,923

Blackwater

n.a.

170,926

Other 7

1,294

893

33.55

4.42

6.14

29,980

20,545

23,069

556,241

4,685

4,483

$ 32.33

$ 5.17

$ 6.03

$ 144,937

$ 94,731

$ 118,784

$ 1,606,250

Palladium

Stillwater

2,661

2,457

$ 965

$ 172

$ 429

$ 2,372

$ 895

$ 1,949

$ 212,125

Platreef

n.a.

78,814

2,661

2,457

$ 965

$ 172

$ 429

$ 2,372

$ 895

$ 1,949

$ 290,939

Platinum

Marathon

- $

n.a.

$ - $ - $ - $ 9,451

Platreef

n.a.

- - - 57,584

- $

n.a.

$ - $ - $ - $ 67,035

Cobalt

Voisey's Bay

540

265

$ 12.88

$ 2.46

$ 9.18

$ 3,406

$ 327

$ 3,962

$ 228,260

Operating results

$ 470,411

$ 319,083

$ 394,865

$ 6,397,782

Other

General and administrative

$ (13,525)

$ (19,379)

Share based compensation

(12,181)

(17,209)

Donations and community investments

(2,693)

(2,879)

Finance costs

(1,441)

(1,161)

Other

7,520

8,790

Income tax

(42,779)

(2,234)

Total other

$ (65,099)

$ (34,072)

$ 1,341,515

$ 253,984

$ 360,793

$ 7,739,297

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.

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.

Refer to discussion on non-GAAP measure (iii) on page 36 of this MD&A.

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.

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

Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

Q1 2026

Q1 2025

Change

GEO Production 1, 2

211,951

174,391

37,560

21.5 %

GEO Sales 2

181,743

188,162

(6,418)

(3.4)%

Average price per GEO sold 2

$ 4,960

$ 2,500

$ 2,460

98.4 %

Revenue

$ 901,469

$ 470,411

$ 431,058

91.6 %

Cost of sales, excluding depletion

$ 125,243

$ 74,635

$ (50,608)

(67.8)%

Depletion

76,852

76,693

(159)

(0.2)%

Cost of sales

$ 202,095

$ 151,328

$ (50,767)

(33.5)%

Gross margin

$ 699,374

$ 319,083

$ 380,291

119.2 %

General and administrative

12,971

13,525

554

4.1 %

Share based compensation

10,113

12,181

2,068

17.0 %

Donations and community investments

1,497

2,693

1,196

44.4 %

Earnings from operations

$ 674,793

$ 290,684

$ 384,109

132.1 %

Other income (expense)

17,736

7,520

10,216

135.9 %

Earnings before finance costs and

income taxes

$ 692,529

$ 298,204

$ 394,325

132.2 %

Finance costs

1,405

1,441

2.5 %

Earnings before income taxes

$ 691,124

$ 296,763

$ 394,361

132.9 %

Income tax expense

109,080

42,779

(66,301)

(155.0)%

Net earnings

$ 582,044

$ 253,984

$ 328,060

129.2 %

Quantity produced represents the amount of gold, silver, palladium, platinum 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.

GEO Production

For the three months ended March 31, 2026, attributable GEO production was 212,000 ounces, with the 37,600 ounce increase from the comparable period in 2025 being primarily attributable to the following factors:

14,200 ounce or 63% increase from the Other mines (comprised of 4,700 gold ounces and 569,000 silver ounces), primarily due to the resumption of mining at Aljustrel, coupled with the commencement of production at Goose, Hemlo and Fenix;

13,400 ounce or 46% increase from Peñasquito (805,000 silver ounces), primarily the result of higher throughput and grades;

8,400 ounce or 48% increase from Antamina (506,000 silver ounces), primarily due to higher grades and recoveries;

5,500 ounce or 346% increase from Blackwater (comprised of 3,900 gold ounces and 94,000 silver ounces), primarily the result of higher throughput with the mine achieving commercial production in May 2025; and

600 ounce or 22% increase from Voisey's Bay (117,000 cobalt pounds) as the underground mine at Voisey's Bay continues ramp-up to full production, with full ramp-up expected by the second half of 2026; partially offset by

2,200 ounce or 3% decrease from Salobo primarily the result of lower grades, partially offset by higher throughput and recoveries;

1,100 ounce or 13% decrease from San Dimas, primarily the result of lower grades, consistent with their mine plan; and

700 ounce or 5% decrease from Constancia (comprised of 300 gold ounces and 24,000 silver ounces), primarily due to lower recoveries. Mining activities in the Pampacancha pit were completed during the fourth quarter of 2025 and the remaining stockpiled Pampacancha ore was fully processed during January 2026.

Net Earnings

For the three months ended March 31, 2026, net earnings amounted to $582 million, with the $328 million increase relative to the comparable period of the prior year being attributable to the following factors:

Net earnings for the three months ended March 31, 2025

$ 253,984

Changes in:

Revenue: GEO production

$ 86,158

Revenue: PBND

(102,204)

Revenue: Prices realized per GEO sold

447,104

Cost of sales: Sales volume

(1,747)

Cost of sales: Sales mix differences

(26,848)

Cost of sales: Cash cost per ounce

(23,943)

Cost of sales: Depletion per ounce

2,421

Cost of sales: Delay ounces received 1

(650)

General and administrative and share based compensation

2,622

Donations and community investments

1,196

Other income / expense and finance costs

10,252

Income taxes

(66,301)

Total increase in net earnings

328,060

Net earnings for the three months ended March 31, 2026

$ 582,044

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).

The following table provides a breakdown of general and administrative expenses incurred for the three months ended March 31, 2026 and 2025, respectively:

Three Months Ended March 31

(in thousands)

2026

2025

Salaries and benefits

$ 6,642

$ 7,811

Depreciation

431

301

Professional fees, audit and regulatory

2,069

1,851

Business travel

683

586

Business taxes

867

622

Insurance

491

493

Other

1,788

1,861

Total general and administrative

$ 12,971

$ 13,525

Three Months Ended March 31

(in thousands)

2026

2025

Equity settled share based compensation 1

Share purchase options Restricted share units

$ 700

947

$ 579

846

Cash settled share based compensation

Performance share units

8,466

10,756

Total share based compensation

$ 10,113

$ 12,181

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

For the three months ended March 31, 2026, share based compensation decreased by $2 million relative to the comparable period in the previous year, primarily the result of differences in accrued costs related to the Company's performance share units (PSUs), as the impact of a higher share price was offset by a lower estimated performance factor at maturity.

Three Months Ended March 31

(in thousands)

2026

2025

Local donations and community investments 1

$ 757

$ 832

Partner donations and community investments 2

662

757

Environmental and innovation investments 3

1,104

Total donations and community investments

$ 1,497

$ 2,693

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

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

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.

Three Months Ended March 31

(in thousands)

2026

2025

Interest income

$ 13,015

$ 8,807

Dividend income

239

Foreign exchange gain (loss)

2,640

(152)

Gain (loss) on fair value adjustment of share purchase warrants held

(928)

623

Other

3,009

(1,997)

Total other income (expense)

$ 17,736

$ 7,520

Interest Income

For the three months ended March 31, 2026, interest income increased by $4 million, a result of the average cash balance during the period increasing from approximately $828 million with an average rate of return of 4.2% to approximately $1.5 billion with an average rate of return of 3.5%.

Three Months Ended March 31

(in thousands)

2026

2025

Costs related to undrawn credit facilities

$ 1,303

$ 1,350

Interest expense - lease liabilities

102

Total finance costs

$ 1,405

$ 1,441

For the three months ended March 31, 2026, the Company recorded an increase in global minimum tax ("GMT") expense of $51 million to $96 million, primarily attributable to higher net earnings from the Cayman Islands subsidiaries, which rose by $339 million.

GMT is payable to the Government of Canada 15 months after year-end (18 months after year-end for the year ended December 31, 2024). The Company will make the payment for the 2024 year in the amount of Cdn$155 million on or around June 30, 2026, while the payment for the 2025 year in the amount of Cdn$346 million will be paid on or around March 31, 2027. To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two Legislation.

During the three months ended March 31, 2026, the Company recorded a current tax expense of $20 million in OCI as a result of the disposition of long-term equity investments. This was partially offset by an $8 million current income tax recovery recognized in net earnings.

As at March 31, 2026, the Company had cash and cash equivalents of $2.2 billion (December 31, 2025 - $1.2 billion) and no debt outstanding under its Revolving Facility (December 31, 2025 - $NIL).

On April 1, 2026, the Company made the $4.3 billion upfront payment related to the BHP Antamina PMPA. The upfront payment was funded through a combination of the cash on hand at closing, a draw on the Company's previously undrawn $2.0 billion Revolving Facility and a new $1.5 billion Term Loan which carries a two-year term to maturity and aligns with the terms of the Company's existing Revolving Facility.

The Revolving Facility and the Term Loan provide flexible, non-dilutive financing that may be repaid at any time without penalty. The remaining liquidity available from the Revolving Facility, in addition to continued strong operating cash flows, provides healthy balance sheet capacity.

In the opinion of management, with the liquidity provided by the remaining available credit under the $2 billion Revolving Facility coupled with the $500 million accordion and ongoing operating cash flows, the Company remains well positioned to fund all outstanding commitments, as detailed in the Contractual Obligations and Commitments section on pages 28 through 33 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.

1 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 disclosures associated with this information.

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

During the three months ended March 31, 2026, the Company generated operating cash flows of $766 million, with

the $405 million increase relative to the comparable period of the prior year being attributable to the following factors:

Operating cash inflow for the three months ended March 31, 2025

$ 360,793

Changes in:

Revenue

$ 431,058

Cost of sales (excluding depletion)

(49,958)

Working Capital changes

28,563

General and administrative

(888)

Donations and community investments

1,472

Share based compensation - PSUs

(12,048)

Finance costs

Income taxes

2,052

Interest received

5,308

Other

(619)

Total increase to net cash inflows

$ 405,030

Operating cash inflow for the three months ended March 31, 2026

$ 765,823

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 116% higher in 2026 relative to 2025.

Cash Flows from Financing Activities

During the three months ended March 31, 2026, the Company had net cash outflows from financing activities of $2 million, as compared to net cash inflows of $2 million for the comparable period of the previous year, with the major sources (uses) of cash flows being as follows:

Three Months Ended March 31

(in thousands)

2026

2025

Debt issue costs

$ (3,045)

$ -

Share purchase options exercised

739

2,506

Lease payments

(159)

(122)

Cash (used for) generated from financing activities

$ (2,465)

$ 2,384

Cash Flows from Investing Activities

During the three months ended March 31, 2026, the Company had net cash inflows from investing activities of $251 million, as compared to net cash outflows of $96 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:

Three Months Ended March 31

(in thousands)

2026

2025

Payments for the acquisition of PMPAs 1:

Spring Valley PMPA

$ (50,000)

$ -

Marmato PMPA

(40,016)

Fenix PMPA

(25,000)

Mineral Park PMPA

(40,000)

Blackwater Silver PMPA

(30,000)

Santo Domingo PMPA 2

30,000

$ (60,016)

$ (95,000)

Acquisition of long-term equity investments

(14,608)

Proceeds on disposal of long-term equity investments

323,421

Other

2,299

(764)

Total cash (used for) generated from investing activities

$ 251,096

$ (95,764)

Excludes closing costs.

On March 9, 2026, Capstone made a temporary repayment of amounts advanced under the Santo Domingo PMPA, which ended Capstone's requirement to make delay ounce payments under the PMPA (see footnote 3 on page 8 of this MD&A for more information).

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

Payable Production to be Purchased

Per Ounce Cash

Payment 1

Term of Agreement

Date of

Original Contract

Constancia

50%

$ 429 ²

Life of Mine

8-Aug-12

Salobo

75%

$ 433

Life of Mine

28-Feb-13

Sudbury

70%

$ 400

20 years

28-Feb-13

San Dimas

variable ³

$ 643

Life of Mine

10-May-18

Stillwater

100%

18% ⁴

Life of Mine

16-Jul-18

Blackwater

8% ⁵

35%

Life of Mine

13-Dec-21

Platreef

62.5% ⁵

$ 100 ⁵

Life of Mine ⁵

7-Dec-21 ⁷

Other

Copper World

100%

$ 450

Life of Mine

10-Feb-10

Marmato

10.5% ⁵

18% ⁴

Life of Mine

5-Nov-20

Santo Domingo

100% ⁵

18% ⁴

Life of Mine

24-Mar-21

Fenix

22% ⁶

20%

Life of Mine

15-Nov-21

El Domo

50% ⁵

18% ⁴

Life of Mine

17-Jan-22

Marathon

100% ⁵

18% ⁴

Life of Mine

26-Jan-22

Goose

2.78% ⁵

18% ⁴

Life of Mine

8-Feb-22

Cangrejos

4.4% ⁵

18% ⁴

Life of Mine

16-May-23

Curraghinalt

3.05% ⁵

18% ⁴

Life of Mine

15-Nov-23

Kudz Ze Kayah

7.375% ⁵

20%

Life of Mine

22-Dec-21 ⁷

Koné

19.5% ⁵

20% ⁸

Life of Mine

23-Oct-24

Kurmuk

6.7% ⁵

15%

Life of Mine

5-Dec-24

Spring Valley

8% ⁵

20% ⁴

Life of Mine

6-Nov-25

Hemlo

10.13% ⁵

20%

Life of Mine

26-Nov-25

Early Deposit

Toroparu

10%

$ 400

Life of Mine

11-Nov-13

Cotabambas

25% ⁵

$ 450

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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.

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

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.

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

Blackwater - reduced to 4% once the Company has received 464,000 ounces of gold.

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.

Marmato - reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

Santo Domingo - reduced to 67% once the Company has received 285,000 ounces of gold.

El Domo - reduced to 33% once the Company has received 145,000 ounces of gold.

Marathon - reduced to 67% once the Company has received 150,000 ounces of gold.

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.

Cangrejos - reduced to 2.9% once the Company has received 469,000 ounces of gold.

Curraghinalt - reduced to 1.5% once the Company has received 125,000 ounces of gold.

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.

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.

Kudz Ze Kayah - reduced to 6.125% once the Company has received 330,000 ounces of gold, with a further reduction to 5.5% until the Company has received an additional 59,800 ounces of gold, with a further reduction to 5.5% until the Company has received an additional 270,200 ounces of gold, thereafter increased to 6.75%.

Cotabambas - reduced to 16.67% once the Company has received 90 million silver equivalent ounces.

Spring Valley - reduced to 6% once the Company has received 300,000 ounces of gold.

1 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 disclosures associated with this information.

Hemlo - reduced to 6.75% once the Company has received 135,750 ounces of gold (the "First Dropdown Threshold"), with a further reduction to 4.5% once the Company has received an additional 117,998 ounces of gold (the "Second Dropdown Threshold"), at which point this rate will apply for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by 10,000 ounces or more, the stream percentage will be increased by 5% until deliveries catch up with the agreed schedule. The payable gold will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit.

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

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

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

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 Production to be

Purchased

Per Ounce Cash

Payment 1

Term of Agreement

Date of Original

Contract

Peñasquito

25%

$ 4.62

Life of Mine

24-Jul-07

Constancia

100%

$ 6.32 ²

Life of Mine

8-Aug-12

Antamina

67.5% ⁵

20%

Life of Mine

3-Nov-15

Blackwater

50% ⁵

18% ⁷

Life of Mine

13-Dec-21

Other

Los Filos

100%

$ 4.81

25 years

15-Oct-04

Zinkgruvan

100%

$ 4.81

Life of Mine

8-Dec-04

Stratoni

100%

$ 11.54

Life of Mine

23-Apr-07

Neves-Corvo

100%

$ 4.55

50 years

5-Jun-07

Aljustrel

100% ³

50%

50 years

5-Jun-07

El Alto

25%

$ 3.90

Life of Mine

8-Sep-09

Copper World

100%

$ 3.90

Life of Mine

10-Feb-10

Loma de La Plata

12.5%

$ 4.00

Life of Mine

n/a ⁴

Marmato

100% ⁵

18% ⁶

Life of Mine

5-Nov-20

Cozamin

50% ⁵

10%

Life of Mine

11-Dec-20

El Domo

75%

18% ⁶

Life of Mine

17-Jan-22

Mineral Park

100%

18% ⁶

Life of Mine

24-Oct-23

Kudz Ze Kayah

7.375% ⁵

20%

Life of Mine

22-Dec-21 ⁷

Early Deposit

Toroparu

50%

$ 3.90

Life of Mine

11-Nov-13

Cotabambas

100% ⁵

$ 5.90

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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.

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

Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

Terms of the agreement not yet finalized.

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

Antamina - reduced to 45%, comprised of 22.5% once the Company has received 140 million ounces of silver under the Glencore Antamina PMPA and 22.5% once the Company has received 100 million ounces of silver under the BHP Antamina PMPA, respectively.

Blackwater - reduced to 33% once the Company has received 17.8 million ounces of silver.

Marmato - reduced to 50% once the Company has received 2.15 million ounces of silver.

Cozamin - reduced to 33% once the Company has received 10 million ounces of silver.

Cotabambas - reduced to 66.67% once the Company has received 90 million silver equivalent ounces.

Kudz Ze Kayah - reduced to 6.125% once the Company has received 43.30 million ounces of silver, with a further reduction to 5.5% until the Company has received an additional 7.96 million ounces of silver, with a further reduction to 5.5% until the Company has received an additional 35.34 million ounces of silver, thereafter increased to 6.75%.

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.

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

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

Mineral Stream Interests

Attributable Payable Production to be

Purchased

Per Unit of Measurement Cash

Payment 1

Term of Agreement

Date of Original

Contract

Palladium

Stillwater

4.5% ²

18% ³

Life of Mine

16-Jul-18

Platreef

5.25% ²

30% ²

Life of Mine ²

7-Dec-21 ⁴

Platinum

Marathon

22% ²

18% ³

Life of Mine

26-Jan-22

Platreef

5.25% ²

30% ²

Life of Mine ²

7-Dec-21 ⁴

Cobalt

Voisey's Bay

42.4% ²

18% ³

Life of Mine

11-Jun-18

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.

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

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.

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.

Marathon - reduced to 15% once the Company has received 120,000 ounces of platinum.

Voisey's Bay - reduced to 21.2% once the Company has received 31 million pounds of cobalt.

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.

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

Projected Payment Dates 1

(in thousands)

2026

2027 - 2028

2029 - 2030

After 2030

Total

Payments for mineral stream interests & royalty

Antamina Salobo

Copper World 2

Marmato

Santo Domingo El Domo Marathon Cangrejos Curraghinalt Loma de La Plata Spring Valley Kudz Ze Kayah Koné

Payments for early deposit mineral stream interest

Cotabambas Toroparu Kutcho

Leases liabilities

$ 4,300,000

$ -

$ 4,300,000

8,000

16,000

56,000

80,000

231,151

41,968

290,000

87,750

43,875

131,625

100,438

43,045

143,483

84,420

168,840

55,000

32,400

210,000

360,000

570,000

15,000

156,250

126,000

138,000

58,000

726

2,034

2,124

4,855

9,739

Total contractual obligations

$ 4,796,694

$ 1,134,918

$ 145,589

$ 470,255

$ 6,547,456

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

Figure includes contingent transaction costs of $1 million.

Antamina

Under the terms of the BHP Antamina PMPA, on April 1, 2026, the Company paid BHP a total upfront cash payment of $4.3 billion.

Salobo

The Company will be required to make annual payments of $8 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 $42 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

On March 9, 2026, Capstone made a temporary repayment of amounts previously advanced under the Santo Domingo PMPA, which ended Capstone's requirement to make delay ounce payments under the PMPA. As a result, under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone total upfront cash payments of $290 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.

El Domo

Under the terms of the El Domo PMPA, the Company is committed to pay additional upfront cash payments of $131.6 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 three 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 $143 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 $169 million, which is to be paid in two 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.

Spring Valley

Under the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold Corp. ("Waterton Gold") additional upfront cash payments of $570 million in installments as various conditions are satisfied. The Company has also provided a cost overrun facility (the "Spring Valley Facility") of up to $150 million, accessible during an availability period commencing once the full upfront consideration has been paid under the Spring Valley PMPA. The Spring Valley Facility has a maturity date of three years following the first drawdown under the Spring Valley Facility.

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. On April 2, 2026, $10 million was advanced under this facility.

Kudz Ze Kayah

Under the terms of the amended KZK PMPA, an additional $15 million contingency payment is due to BCM if the KZK project achieves certain permitting milestones.

Koné

Under the terms of the Koné PMPA, the Company is committed to pay one additional upfront cash payment of $156 million 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.

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. Bill C-15, Budget 2025 Implementation Act, No.1, which was brought into force effective March 26, 2026, contains amendments to the existing transfer pricing regime under the Tax Act, which could have an impact on the application of the CRA Settlement to taxation years after 2025. For fiscal years after 2025, the Company expects to apply the same transfer pricing methodology and achieve a consistent outcome with past periods.

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.

During the three months ended March 31, 2026, the Company received proceeds of $1 million from the exercise of 17,064 share purchase options at a weighted average exercise price of Cdn$59.65 per option. During the three months ended March 31, 2025, a total of 62,041 share purchase options were exercised at a weighted average exercise price of Cdn$55.90 per option, resulting in total cash proceeds to the Company in the amount of $2 million.

During the three months ended March 31, 2026, the Company released 46,442 RSUs, as compared to 69,129 RSUs during the comparable period of the previous year.

The Company has implemented a dividend reinvestment plan ("DRIP") whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

As of May 7, 2026, there were 454,125,089 outstanding common shares, 1,105,853 share purchase options and 225,918 restricted share units.

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. Refer to Note 5 to the consolidated financial statement for further information.

IFRS 18 - Presentation and Disclosure in Financial Statements.

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements was issued. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. There were also minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.

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, 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.

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).

Three Months Ended March 31

(in thousands, except for per share amounts)

2026

2025

Net earnings

Add back (deduct):

(Gain) loss on fair value adjustment of share purchase warrants held

Deferred income tax (expense) recovery recognized in the Statement of OCI

Other

$ 582,044

$ 253,984

928

(623)

(2,351)

(200)

(185)

Adjusted net earnings

$ 582,772

$ 250,825

Divided by:

Basic weighted average number of shares outstanding

454,044

453,692

Diluted weighted average number of shares outstanding

454,955

454,428

Equals:

Adjusted earnings per share - basic

$ 1.284

$ 0.553

Adjusted earnings per share - diluted

$ 1.281

$ 0.552

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 March 31

(in thousands, except for per share amounts)

2026

2025

Cash generated by operating activities

$ 765,823

$ 360,793

Divided by:

Basic weighted average number of shares outstanding

454,044

453,692

Diluted weighted average number of shares outstanding

454,955

454,428

Equals:

Operating cash flow per share - basic

$ 1.687

$ 0.795

Operating cash flow per share - diluted

$ 1.683

$ 0.794

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 March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2026

2025

Cost of sales

$ 202,095

$ 151,328

Less: depletion

(76,852)

(76,693)

Less: cost of sales related to delay ounces 1

(1,514)

(864)

Cash cost of sales

$ 123,729

$ 73,771

Cash cost of sales is comprised of:

Total cash cost of gold sold

$ 52,877

$ 49,512

Total cash cost of silver sold

68,337

23,186

Total cash cost of palladium sold

901

423

Total cash cost of cobalt sold

1,614

650

Total cash cost of sales

$ 123,729

$ 73,771

Divided by:

Total gold ounces sold

95,072

111,297

Total silver ounces sold

5,049

4,483

Total palladium ounces sold

2,906

2,457

Total cobalt pounds sold

309

265

Equals:

Average cash cost of gold (per ounce)

$ 556

$ 445

Average cash cost of silver (per ounce)

$ 13.53

$ 5.17

Average cash cost of palladium (per ounce)

$ 310

$ 172

Average cash cost of cobalt (per pound)

$ 5.23

$ 2.46

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 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 March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2026

2025

Gross margin

$ 699,374

$ 319,083

Add back: depletion

76,852

76,693

Add back: cost of sales related to delay ounces 1

1,514

864

Cash operating margin

$ 777,740

$ 396,640

Cash operating margin is comprised of:

Total cash operating margin of gold sold

$ 408,161

$ 270,184

Total cash operating margin of silver sold

358,433

121,751

Total cash operating margin of palladium sold

4,008

1,949

Total cash operating margin of cobalt sold

7,138

2,756

Total cash operating margin

$ 777,740

$ 396,640

Divided by:

Total gold ounces sold

95,072

111,297

Total silver ounces sold

5,049

4,483

Total palladium ounces sold

2,906

2,457

Total cobalt pounds sold

309

265

Equals:

Cash operating margin per gold ounce sold

$ 4,293

$ 2,427

Cash operating margin per silver ounce sold

$ 70.99

$ 27.16

Cash operating margin per palladium ounce sold

$ 1,379

$ 793

Cash operating margin per cobalt pound sold

$ 23.12

$ 10.42

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).

Declaration of Dividend

On May 7, 2026, the Board of Directors declared a dividend in the amount of $0.195 per common share, with this dividend being payable to shareholders of record on May 27, 2026 and is expected to be distributed on or about June 9, 2026. 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.

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 March 31, 2026 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.

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, 2025, unless otherwise noted.

Proven

Probable

Proven & Probable

Asset Interest

Tonnage

Grade g/t / %

Contained Moz / Mlbs

Tonnage

Grade g/t / %

Contained Moz / Mlbs

Tonnage

Grade g/t / %

Contained Moz / Mlbs

Process Recovery % (7)

Tonnage

Grade g/t / %

Contained Moz / Mlbs

Gold

Black Pine Royalty (32) 0.5%

1.5

0.32

0.02

1.5

0.32

0.02

70%

1.5

0.32

0.02

Blackwater (11,27) 8%

23.5

0.73

0.55

0.7

0.80

0.02

24.1

0.73

0.57

91%

24.1

0.74

0.57

Cangrejos (11,31) 4.4%

29.0

0.55

0.51

29.0

0.55

0.51

85%

43.5

0.55

0.76

Constancia 50%

229.9

0.04

0.27

14.2

0.03

0.02

244.0

0.04

0.28

61%

258.5

0.04

0.34

Copper World Complex

(21) 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 (11,33) 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(37) 1.5%

0.2

0.40

0.002

1.6

0.32

0.02

1.8

0.33

0.02

72%

1.4

0.40

0.02

El Domo (11,29) 50%

1.6

2.83

0.14

1.7

2.23

0.12

3.2

2.52

0.26

53%

3.2

2.52

0.26

Fenix (11,26) 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 (11,30) 2.78%

0.3

6.79

0.07

0.3

6.79

0.07

93%

0.3

6.82

0.07

Hemlo (11,41) 10.13%

Hemlo O/P

2.6

0.85

0.07

2.6

0.85

0.07

93%

2.6

0.85

0.07

Hemlo Interlake

0.2

3.93

0.02

0.2

3.93

0.02

93%

0.2

3.94

0.03

Hemlo Non-Interlake

0.8

3.67

0.10

0.8

3.67

0.10

93%

0.7

3.63

0.09

Koné (11,38) 19.5%

26.7

0.72

0.62

26.7

0.72

0.62

89%

26.7

0.72

0.62

Kudz Ze Kayah (11,34) 7.27%

1.1

1.32

0.05

1.1

1.32

0.05

64%

1.1

1.32

0.05

Kurmuk (11,39) 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 (12) 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 (11,28) 100%

111.6

0.07

0.26

12.3

0.06

0.03

123.8

0.07

0.28

71%

123.8

0.07

0.28

Marmato (11,15) 10.5%

0.2

4.31

0.03

3.0

3.07

0.30

3.2

3.16

0.33

90%

3.2

3.16

0.33

Mt Todd Royalty (11,36) 1%

0.7

0.95

0.02

0.9

0.93

0.03

1.6

0.94

0.05

89%

2.4

0.77

0.06

Platreef (11,35) 62.5%

72.3

0.29

0.67

72.3

0.29

0.67

79%

72.3

0.29

0.67

Salobo (10) 75%

262.2

0.34

2.87

505.5

0.33

5.43

767.7

0.34

8.29

72%

793.2

0.35

8.85

San Dimas (14) 25%

0.4

2.64

0.03

0.6

2.29

0.04

0.9

2.43

0.07

95%

0.8

2.84

0.07

Santo Domingo (11,25) 100%

125.9

0.07

0.28

293.5

0.04

0.33

419.4

0.05

0.61

56%

419.4

0.05

0.61

Spring Valley (11,42) 8%

22.3

0.43

0.31

22.3

0.43

0.31

78%

22.3

0.43

0.31

Stillwater (13) 100%

7.9

0.39

0.10

37.1

0.36

0.43

45.0

0.37

0.53

69%

44.5

0.36

0.52

Sudbury (11) 70%

12.0

0.45

0.17

9.3

0.38

0.11

21.2

0.42

0.29

75%

28.0

0.26

0.24

Total Gold

5.28

9.75

15.02

15.85

Proven

Probable

Proven & Probable

Asset

Interest

Tonnage

Grade

g/t / %

Contained

Moz / Mlbs

Tonnage

Grade

g/t / %

Contained

Moz / Mlbs

Tonnage

Grade

g/t / %

Contained

Moz / Mlbs

Process Recovery %

(7)

Tonnage

Grade

g/t / %

Contained

Moz / Mlbs

Silver

Aljustrel (19)

100%

7.8

46.2

11.7

19.2

39.4

24.3

27.0

41.4

36.0

26%

24.3

43.4

33.9

Antamina (10,11,18,43)

67.5%

Copper

143.1

7.9

36.3

118.1

9.6

36.4

261.2

8.7

72.8

75%

130.6

8.7

36.7

Copper-Zinc

32.5

18.7

19.6

63.0

19.4

39.3

95.5

19.2

58.8

75%

55.0

18.8

33.3

Blackwater (11,27)

50%

165.0

5.7

30.3

4.7

5.8

0.9

169.7

5.7

31.2

61%

169.9

5.8

31.6

Constancia

100%

459.7

2.4

35.3

28.3

2.0

1.8

488.0

2.4

37.1

70%

516.9

2.5

42.1

Copper World

Complex (21)

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 (11,20)

50%

Copper

0.0

38.0

0.0

2.8

40.6

3.6

2.8

40.6

3.7

86%

3.5

41.8

4.7

Zinc

0.5

50.9

0.9

0.5

50.9

0.9

60%

0.5

50.9

0.9

DeLamar Royalty (37)

1.5%

0.2

16.3

0.1

1.6

13.3

0.7

1.8

13.6

0.8

37%

1.4

17.3

0.8

El Domo (11,29)

75%

2.4

41.4

3.1

2.5

49.7

4.0

4.9

45.7

7.1

63%

4.9

45.7

7.1

Kudz Ze Kayah (11,34)

7.21%

1.1

137.5

4.8

1.1

137.5

4.8

86%

1.1

137.5

4.8

Kutcho (12)

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 (11,40)

100%

13.0

4.2

1.8

57.8

6.0

11.1

70.7

5.6

12.8

10%

70.7

5.6

12.8

Marmato (11,15)

100%

2.1

16.4

1.1

27.4

5.3

4.7

29.5

6.1

5.8

34%

29.7

6.1

5.8

Mineral Park

100%

123.3

2.3

9.2

247.1

2.5

19.6

370.4

2.4

28.9

61%

188.3

2.4

14.6

Neves-Corvo

100%

Copper

3.9

29.0

3.7

20.0

31.0

20.0

24.0

30.7

23.6

24%

20.1

31.6

20.5

Zinc

6.7

66.0

14.1

17.5

57.0

32.0

24.1

59.5

46.1

30%

18.7

62.2

37.4

Peñasquito (10)

25%

21.1

35.3

23.9

34.2

30.6

33.6

55.3

32.4

57.5

82%

64.2

30.7

63.3

San Dimas (14)

25%

0.4

217.2

2.5

0.6

180.3

3.3

0.9

194.8

5.8

94%

0.8

245.5

6.4

Zinkgruvan

100%

Zinc

3.9

63.0

7.9

9.9

75.0

23.9

13.8

71.6

31.8

83%

11.3

76.7

27.8

Copper

1.4

32.0

1.4

0.2

34.0

0.3

1.6

32.3

1.7

70%

1.6

33.1

1.7

Total Silver

265.8

284.3

550.1

469.2

Palladium

Platreef (11,35)

5.25%

5.7

1.9

0.35

5.7

1.9

0.35

87%

5.7

1.9

0.35

Stillwater (11,13)

4.5%

0.3

11.6

0.09

1.2

10.2

0.39

1.4

10.5

0.48

90%

1.4

10.3

0.48

Total Palladium

0.09

0.74

0.83

Platinum

Marathon (11,28)

22%

25.4

0.2

0.17

2.8

0.2

0.01

28.2

0.2

0.18

76%

28.2

0.2

0.18

Platreef (11,35)

5.25%

0.0

5.7

1.9

0.34

5.7

1.9

0.34

87%

5.7

1.9

0.34

Total Platinum

0.17

0.35

0.52

Cobalt

Voisey's Bay (11,22)

42.4%

8.4

0.11

20.3

3.6

0.11

8.5

12.0

0.11

28.8

84%

12.4

0.11

30.6

Total Cobalt

20.3

8.5

28.8

30.6

Disclaimer

Wheaton Precious Metals Corp. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 07:40 UTC.