About

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders. In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries. Webcast and Conference Call Details Wheaton will release its 2026 second quarter results on Thursday, August 6, 2026, after market close. A conference call will be held on Friday, August 7, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods: RapidConnect URL: Click here Live webcast: Click here Dial toll free: 1-800-715-9871 or 1-647-932-3411 Conference Call ID: 9311928# Participants should dial in five to ten minutes before the call. The conference call will be recorded and available until August 14, 2026, at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods: Dial toll free from Canada or the US: 1-800-770-2030 Dial from outside Canada or the US: 1-647-362-9199 Pass code: 9311928# Archived webcast: Click here This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca. Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com. Condensed Interim Consolidated Statements of Earnings Three Months Ended June 30 Six Months Ended June 30 (US dollars and shares in thousands, except per share amounts - unaudited) 2026 2025 2026 2025 Sales $ 929,201 $ 503,218 $ 1,830,670 $ 973,629 Cost of sales Cost of sales, excluding depletion $ 118,843 $ 75,169 $ 244,086 $ 149,805 Depletion 122,502 75,002 199,354 151,695 Total cost of sales $ 241,345 $ 150,171 $ 443,440 $ 301,500 Gross margin $ 687,856 $ 353,047 $ 1,387,230 $ 672,129 General and administrative 11,327 11,022 24,299 24,547 Share based compensation 4,806 9,962 14,918 22,143 Donations and community investments 4,665 2,368 6,162 5,060 Earnings from operations $ 667,058 $ 329,695 $ 1,341,851 $ 620,379 Other income (expense) 9,071 9,736 26,807 17,256 Earnings before finance costs and income taxes $ 676,129 $ 339,431 $ 1,368,658 $ 637,635 Finance costs 31,097 1,427 32,502 2,868 Earnings before income taxes $ 645,032 $ 338,004 $ 1,336,156 $ 634,767 Income tax expense 101,796 45,734 210,876 88,513 Net earnings $ 543,236 $ 292,270 $ 1,125,280 $ 546,254 Basic earnings per share $ 1.196 $ 0.644 $ 2.478 $ 1.204 Diluted earnings per share $ 1.194 $ 0.643 $ 2.473 $ 1.202 Weighted average number of shares outstanding Basic 454,133 453,889 454,089 453,791 Diluted 454,991 454,663 454,973 454,550 Condensed Interim Consolidated Balance Sheets As at June 30 As at December 31 (US dollars in thousands - unaudited) 2026 2025 Assets Current assets Cash and cash equivalents $ 100,192 $ 1,153,593 Accounts receivable 26,056 46,723 Other 3,916 3,853 Total current assets $ 130,164 $ 1,204,169 Non-current assets Mineral stream interests $ 11,731,206 $ 7,397,149 Early deposit mineral stream interests 47,097 47,094 Mineral royalty interests 67,495 40,421 Long-term equity investments 147,619 410,495 Property, plant and equipment 9,552 9,926 Other 28,053 16,527 Total non-current assets $ 12,031,022 $ 7,921,612 Total assets $ 12,161,186 $ 9,125,781 Liabilities Current liabilities Accounts payable and accrued liabilities $ 15,753 $ 22,557 Income taxes payable 247,780 109,951 Current portion of performance share units 15,186 21,604 Current portion of lease liabilities 586 575 Total current liabilities $ 279,305 $ 154,687 Non-current liabilities Bank debt $ 1,969,282 $ - Performance share units 1,387 13,215 Lease liabilities 6,882 7,330 Income taxes payable - non-current 186,599 252,271 Deferred income taxes 23,187 1,794 Pension liability 4,099 5,976 Total non-current liabilities $ 2,191,436 $ 280,586 Total liabilities $ 2,470,741 $ 435,273 Shareholders' equity Issued capital $ 3,825,005 $ 3,814,910 Reserves 86,534 176,911 Retained earnings 5,778,906 4,698,687 Total shareholders' equity $ 9,690,445 $ 8,690,508 Total liabilities and shareholders' equity $ 12,161,186 $ 9,125,781 Condensed Interim Consolidated Statements of Cash Flows Three Months Ended June 30 Six Months Ended June 30 (US dollars in thousands - unaudited) 2026 2025 2026 2025 Operating activities Net earnings $ 543,236 $ 292,270 $ 1,125,280 $ 546,254 Adjustments for Depreciation and depletion 122,808 75,322 200,091 152,316 Equity settled share based compensation 1,743 1,809 3,390 3,234 Performance share units - expense 3,063 8,153 11,528 18,909 Performance share units - paid - - (29,257) (17,209) Income tax expense 101,796 45,734 210,876 88,513 Investment income recognized in net earnings (2,655) (8,742) (15,671) (17,789) Other 24,560 164 22,167 3,171 Change in non-cash working capital (8,868) (6,709) 9,908 (14,450) Cash generated from operations before income taxes and interest $ 785,683 $ 408,001 $ 1,538,312 $ 762,949 Income taxes paid (109,262) (948) (109,444) (3,182) Interest paid (29,783) (87) (29,886) (178) Interest received 2,880 7,993 16,358 16,163 Cash generated from operating activities $ 649,518 $ 414,959 $ 1,415,340 $ 775,752 Financing activities Bank debt repaid $ (728,000) $ - $ (728,000) $ - Bank debt drawn 2,700,000 - 2,700,000 - Debt issue costs (2,073) (862) (5,118) (862) Share purchase options exercised 807 1,967 1,546 4,473 Lease payments (124) (89) (283) (211) Dividends paid (171,292) (147,939) (171,292) (147,939) Cash (used for) generated from financing activities $ 1,799,318 $ (146,923) $ 1,796,853 $ (144,539) Investing activities Mineral stream interests $ (4,474,029) $ (347,951) $ (4,535,183) $ (443,691) Early deposit mineral stream interests - - (3) - Mineral royalty interests (27,074) - (27,074) - Acquisition of long-term investments - - (14,608) (3) Proceeds on disposal of long-term investments - - 323,421 - Dividends received - 287 - 526 Other (10,272) (231) (6,832) (491) Cash used for investing activities $ (4,511,375) $ (347,895) $ (4,260,279) $ (443,659) Effect of exchange rate changes on cash and cash equivalents $ (1,774) $ 163 $ (5,315) $ 165 (Decrease) increase in cash and cash equivalents $ (2,064,313) $ (79,696) $ (1,053,401) $ 187,719 Cash and cash equivalents, beginning of period 2,164,505 1,085,581 1,153,593 818,166 Cash and cash equivalents, end of period $ 100,192 $ 1,005,885 $ 100,192 $ 1,005,885 Summary of Units Produced Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Gold ounces produced ² Salobo 62,116 69,201 88,907 66,997 69,418 71,384 84,291 62,689 Sudbury 3 4,726 4,115 7,412 4,852 5,403 4,880 5,259 3,593 Constancia 2,978 4,571 15,396 12,797 4,604 4,876 18,727 10,760 San Dimas 4 6,890 7,341 8,206 7,507 6,987 8,416 7,263 6,882 Stillwater 5 1,423 1,424 1,518 1,717 1,654 1,339 2,166 2,247 Blackwater 5,925 4,954 5,479 4,879 4,050 1,017 - - Platreef 491 76 - - - - - - Other Marmato 979 816 705 807 748 757 622 648 Goose 362 1,096 1,027 387 19 - - - Hemlo 2,561 3,007 1,630 - - - - - Fenix 1,983 507 - - - - - - Total Other 5,885 5,426 3,362 1,194 767 757 622 648 Total gold ounces produced 90,434 97,108 130,280 99,943 92,883 92,669 118,328 86,819 Silver ounces produced 2 Peñasquito 1,807 2,559 1,821 2,087 2,103 1,754 2,465 1,785 Antamina 2,319 1,553 1,600 1,672 1,482 1,047 1,071 931 Constancia 565 531 731 577 552 555 970 648 Blackwater 147 129 148 136 138 35 - - Other Los Filos 6 - - - - - 68 29 26 Zinkgruvan 438 532 513 688 684 585 637 537 Neves-Corvo 461 483 549 431 449 459 494 425 Aljustrel 7 461 691 548 195 - - - - Cozamin 161 165 170 169 174 174 192 185 Marmato 10 8 8 10 8 8 7 7 Mineral Park 31 19 8 - - - - - Total Other 1,562 1,898 1,796 1,493 1,315 1,294 1,359 1,180 Total silver ounces produced 6,400 6,670 6,096 5,965 5,590 4,685 5,865 4,544 Palladium ounces produced ² Stillwater 5 2,513 2,561 2,519 2,650 2,435 2,661 2,797 4,034 Platreef 275 30 - - - - - - Total palladium ounces produced 2,788 2,591 2,519 2,650 2,435 2,661 2,797 4,034 Platinum ounces produced ² Platreef 281 40 - - - - - - Cobalt pounds produced ² Voisey's Bay 796 657 670 604 647 540 393 397 GEOs produced 8 202,229 212,526 236,157 203,331 190,179 174,391 218,993 165,883 Average payable rate 2 Gold 93.5 % 95.3 % 95.0 % 94.6 % 95.2 % 94.9 % 95.3 % 95.0 % Silver 86.9 % 87.7 % 87.4 % 87.7 % 87.7 % 86.3 % 84.6 % 83.9 % Palladium 97.7 % 98.2 % 96.9 % 96.7 % 97.4 % 96.4 % 97.5 % 98.4 % Platinum 80.0 % n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cobalt 93.3 % 93.3 % 93.3 % 93.3 % 93.3 % 93.3 % 93.3 % 93.3 % GEOs 8 90.0 % 91.3 % 91.7 % 91.2 % 91.5 % 91.1 % 90.5 % 90.0 % 1) All figures in thousands except gold, palladium and platinum ounces produced. 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 and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received. 3) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests. 4) Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. 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: Q2 2026 - 266,000 ounces; 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. 5) Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit. 6) On April 1, 2025, Equinox Gold Corp., reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025. 7) 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. 8) 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. Summary of Units Sold Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Gold ounces sold Salobo 70,106 58,675 83,697 55,768 76,331 83,809 55,170 58,101 Sudbury 2 4,471 4,412 3,715 4,729 2,849 5,632 4,048 2,495 Constancia 2,990 10,886 17,029 2,708 6,827 9,788 17,873 5,186 San Dimas 5,984 7,670 8,686 6,655 7,235 8,962 6,990 7,022 Stillwater 3 1,275 1,394 1,790 1,465 1,386 1,947 2,410 1,635 Blackwater 6,246 4,914 5,225 6,463 3,291 110 - - Other Marmato 864 718 809 749 742 737 650 550 Goose 859 1,339 528 95 - - - - Hemlo 2,283 4,478 - - - - - - Fenix 1,021 274 - - - - - - Santo Domingo 4 - 312 312 312 312 312 312 447 El Domo 4 - - - - - - 209 258 Total Other 5,027 7,121 1,649 1,156 1,054 1,049 1,171 1,255 Total gold ounces sold 96,099 95,072 121,791 78,944 98,973 111,297 87,662 75,694 Silver ounces sold Peñasquito 2,723 1,444 1,878 1,609 2,112 1,976 1,852 1,667 Antamina 2,063 1,504 1,893 1,552 1,073 884 858 989 Constancia 453 674 613 275 625 730 797 366 Blackwater 136 127 137 137 143 - - - Other Los Filos 2 7 - 3 8 57 29 26 Zinkgruvan 451 347 358 708 520 446 452 488 Neves-Corvo 203 271 245 212 224 218 154 185 Aljustrel 312 505 382 122 - - - - Cozamin 147 149 169 133 154 164 158 148 Marmato 9 8 10 9 9 8 7 6 Mineral Park 23 13 - - - - - - Total Other 1,147 1,300 1,164 1,187 915 893 800 853 Total silver ounces sold 6,522 5,049 5,685 4,760 4,868 4,483 4,307 3,875 Palladium ounces sold Stillwater 3 2,069 2,906 1,730 2,594 2,575 2,457 4,434 3,761 Cobalt pounds sold Voisey's Bay 705 309 485 529 353 265 485 88 GEOs sold 5 209,115 181,743 219,605 161,845 182,750 188,162 163,355 141,918 Cumulative payable units PBND 6 Gold ounces 94,788 106,328 108,525 106,222 90,284 100,512 123,511 97,929 Silver ounces 3,136 4,096 3,293 3,648 3,178 3,145 3,583 2,931 Palladium ounces 5,423 4,803 5,169 4,424 4,414 4,596 4,439 6,186 Platinum ounces 257 32 - - - - - - Cobalt pounds 1,683 1,646 1,341 1,202 1,168 917 678 796 GEOs 5 157,617 184,673 172,008 174,661 150,713 159,136 188,144 152,858 1) All figures in thousands except gold and palladium ounces sold. 2) Comprised of the Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests. 3) Comprised of the Stillwater and East Boulder gold and palladium interests. 4) The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company's MD&A for more information. 5) GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026. 6) Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received. Results of Operations The operating results of the Company's reportable operating segments are summarized in the tables and commentary below. Three Months Ended June 30, 2026 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) 4 Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 62,116 70,106 $ 4,452 $ 433 $ 404 $ 312,112 $ 253,413 $ 278,505 $ 2,568,665 Sudbury 5 4,726 4,471 4,449 400 1,399 19,891 11,848 18,041 206,067 Constancia 2,978 2,990 4,452 429 338 13,313 11,018 12,030 47,588 San Dimas 6,890 5,984 4,452 648 428 26,642 20,202 22,764 119,371 Stillwater 1,423 1,275 4,452 833 570 5,676 3,887 4,614 202,680 Blackwater 5,925 6,246 4,448 1,489 606 27,785 14,697 20,862 324,284 Platreef 491 - n.a. n.a. n.a. - - - 275,702 Other 6 5,885 5,027 4,450 902 1,133 22,366 12,141 17,835 1,662,005 90,434 96,099 $ 4,452 $ 543 $ 503 $ 427,785 $ 327,206 $ 374,651 $ 5,406,362 Silver Peñasquito 1,807 2,723 $ 72.99 $ 4.62 $ 5.09 $ 198,793 $ 172,351 $ 186,211 $ 185,656 Antamina 2,319 2,063 72.99 13.82 21.68 150,549 77,323 122,039 4,708,329 Constancia 565 453 72.99 6.32 6.43 33,055 27,283 30,193 144,161 Blackwater 147 136 67.77 12.46 7.55 9,189 6,476 7,539 165,522 Other 7 1,562 1,147 75.97 14.62 3.70 87,172 66,158 64,443 562,150 6,400 6,522 $ 73.41 $ 9.57 $ 10.24 $ 478,758 $ 349,591 $ 410,425 $ 5,765,818 Palladium Stillwater 2,513 2,069 $ 1,429 $ 264 $ 492 $ 2,957 $ 1,392 $ 2,410 $ 206,444 Platreef 275 - n.a. n.a. n.a. - - - 78,814 2,788 2,069 $ 1,429 $ 264 $ 492 $ 2,957 $ 1,392 $ 2,410 $ 285,258 Platinum Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451 Platreef 281 - n.a. n.a. n.a. - - - 57,584 281 - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035 Cobalt Voisey's Bay 796 705 $ 27.93 $ 5.21 $ 9.02 $ 19,701 $ 9,667 $ 12,940 $ 206,733 Operating results $ 929,201 $ 687,856 $ 800,426 $ 11,731,206 Other General and administrative $ (11,327) $ (10,489) Share based compensation (4,806) - Donations and community investments (4,665) (3,899) Finance costs (31,097) (30,780) Other 9,071 3,522 Income tax (101,796) (109,262) Total other $ (144,620) $ (150,908) $ 429,980 $ 543,236 $ 649,518 $ 12,161,186 1) 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. 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. 3) Refer to discussion on non-GAAP measure (iii) at the end of this press release. 4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. 5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest. 6) Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests. 7) Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin, El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests. Three Months Ended June 30, 2025 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) 4 Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 69,418 76,331 $ 3,315 $ 429 $ 402 $ 252,997 $ 189,543 $ 220,263 $ 2,677,073 Sudbury 5 5,403 2,849 3,368 400 1,326 9,597 4,679 8,457 230,307 Constancia 4,604 6,827 3,315 425 323 22,629 17,527 19,730 58,963 San Dimas 6,987 7,235 3,315 640 290 23,982 17,253 19,350 131,787 Stillwater 1,654 1,386 3,315 590 421 4,594 3,193 3,776 206,058 Blackwater 4,050 3,291 3,368 1,172 617 11,084 5,196 7,227 338,133 Platreef - - n.a. n.a. n.a. - - - 275,702 Other 6 767 1,054 3,293 414 1,329 3,471 1,634 3,034 592,372 92,883 98,973 $ 3,318 $ 470 $ 433 $ 328,354 $ 239,025 $ 281,837 $ 4,510,395 Silver Peñasquito 2,103 2,112 $ 33.83 $ 4.56 $ 4.86 $ 71,467 $ 51,574 $ 61,835 $ 224,608 Antamina 1,482 1,073 33.83 6.85 8.46 36,303 19,871 28,948 474,215 Constancia 552 625 33.83 6.26 6.10 21,138 13,413 17,227 157,109 Blackwater 138 143 36.69 6.55 9.67 5,239 2,923 4,519 169,566 Other 7 1,315 915 34.52 4.48 4.72 31,592 23,170 22,961 551,926 5,590 4,868 $ 34.05 $ 5.33 $ 5.93 $ 165,739 $ 110,951 $ 135,490 $ 1,577,424 Palladium Stillwater 2,435 2,575 $ 996 $ 175 $ 429 $ 2,564 $ 1,009 $ 2,114 $ 211,019 Platreef - - n.a. n.a. n.a. - - - 78,814 2,435 2,575 $ 996 $ 175 $ 429 $ 2,564 $ 1,009 $ 2,114 $ 289,833 Platinum Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451 Platreef - - n.a. n.a. n.a. - - - 57,584 - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035 Cobalt Voisey's Bay 647 353 $ 18.60 $ 3.57 $ 9.18 $ 6,561 $ 2,062 $ 2,907 $ 225,020 Operating results $ 503,218 $ 353,047 $ 422,348 $ 6,669,707 Other General and administrative $ (11,022) $ (10,498) Share based compensation (9,962) - Donations and community investments (2,368) (2,096) Finance costs (1,427) (2,025) Other 9,736 8,179 Income tax (45,734) (949) Total other $ (60,777) $ (7,389) $ 1,312,678 $ 292,270 $ 414,959 $ 7,982,385 1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 2) Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 3) Refer to discussion on non-GAAP measure (iii) at the end of this press release. 4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. 5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. 6) 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. 7) 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 Q2 2026 Q2 2025 Change Change GEO Production 1, 2 202,229 190,179 12,050 6.3 % GEO Sales 2 209,115 182,750 26,366 14.4 % Average price per GEO sold 2 $ 4,443 $ 2,754 $ 1,689 61.3 % Revenue $ 929,201 $ 503,218 $ 425,983 84.7 % Cost of sales, excluding depletion $ 118,843 $ 75,169 $ (43,674) (58.1) % Depletion 122,502 75,002 (47,500) (63.3) % Cost of sales $ 241,345 $ 150,171 $ (91,174) (60.7) % Gross margin $ 687,856 $ 353,047 $ 334,809 94.8 % General and administrative 11,327 11,022 (305) (2.8) % Share based compensation 4,806 9,962 5,156 51.8 % Donations and community investments 4,665 2,368 (2,297) (97.0) % Earnings from operations $ 667,058 $ 329,695 $ 337,363 102.3 % Other income (expense) 9,071 9,736 (665) (6.8) % Earnings before finance costs and income taxes $ 676,129 $ 339,431 $ 336,698 99.2 % Finance costs 31,097 1,427 (29,670) (2,079.2) % Earnings before income taxes $ 645,032 $ 338,004 $ 307,028 90.8 % Income tax expense 101,796 45,734 (56,062) (122.6) % Net earnings $ 543,236 $ 292,270 $ 250,966 85.9 % 1) 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. 2) 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 $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026. Six Months Ended June 30, 2026 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) 4 Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 131,317 128,781 $ 4,630 $ 433 $ 404 $ 596,292 $ 488,467 $ 540,512 $ 2,568,665 Sudbury 5 8,841 8,883 4,663 400 1,399 41,424 25,444 37,893 206,067 Constancia 7,549 13,876 4,759 429 338 66,038 55,391 60,087 47,588 San Dimas 14,231 13,654 4,672 645 428 63,790 49,131 54,978 119,371 Stillwater 2,847 2,669 4,656 853 570 12,428 8,629 10,151 202,680 Blackwater 10,879 11,160 4,639 1,588 606 51,769 27,279 34,607 324,284 Platreef 567 - n.a. n.a. n.a. - - - 275,702 Other 6 11,311 12,148 4,699 904 1,303 57,082 30,262 46,095 1,662,005 187,542 191,171 $ 4,649 $ 550 $ 519 $ 888,823 $ 684,603 $ 784,323 $ 5,406,362 Silver Peñasquito 4,366 4,167 $ 76.96 $ 4.62 $ 5.09 $ 320,748 $ 280,284 $ 301,494 $ 185,656 Antamina 3,872 3,567 77.83 15.52 14.39 277,563 170,901 222,223 4,708,329 Constancia 1,096 1,127 79.85 6.32 6.43 89,999 75,633 82,875 144,161 Blackwater 276 263 74.09 13.16 7.55 19,435 14,003 15,894 165,522 Other 7 3,460 2,447 80.81 18.62 3.43 197,783 143,814 172,291 562,150 13,070 11,571 $ 78.26 $ 11.30 $ 7.79 $ 905,528 $ 684,635 $ 794,777 $ 5,765,818 Palladium Stillwater 5,074 4,975 $ 1,581 $ 291 $ 492 $ 7,866 $ 3,970 $ 6,418 $ 206,444 Platreef 305 - n.a. n.a. n.a. - - - 78,814 5,379 4,975 $ 1,581 $ 291 $ 492 $ 7,866 $ 3,970 $ 6,418 $ 285,258 Platinum Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451 Platreef 321 - n.a. n.a. n.a. - - - 57,584 321 - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035 Cobalt Voisey's Bay 1,453 1,014 $ 28.06 $ 5.21 $ 9.02 $ 28,453 $ 14,022 $ 19,437 $ 206,733 Operating results $ 1,830,670 $ 1,387,230 $ 1,604,955 $ 11,731,206 Other General and administrative $ (24,299) $ (30,944) Share based compensation (14,918) (29,257) Donations and community investments (6,162) (5,306) Finance costs (32,502) (31,852) Other 26,807 17,188 Income tax (210,876) (109,444) Total other $ (261,950) $ (189,615) $ 429,980 $ 1,125,280 $ 1,415,340 $ 12,161,186 1) 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. 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. 3) Refer to discussion on non-GAAP measure (iii) at the end of this press release. 4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. 5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest. 6) Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests. 7) Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin, El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests. Six Months Ended June 30, 2025 Units Produced² Units Sold Average Realized Price ($'s Per Unit) Average Cash Cost ($'s Per Unit) 3 Average Depletion ($'s Per Unit) 4 Sales Net Earnings Cash Flow From Operations Total Assets Gold Salobo 140,802 160,140 $ 3,084 $ 429 $ 390 $ 493,802 $ 362,714 $ 425,126 $ 2,677,073 Sudbury 5 10,283 8,481 3,032 400 1,326 25,714 11,077 22,307 230,307 Constancia 9,480 16,615 3,055 425 323 50,752 38,335 43,698 58,963 San Dimas 15,403 16,197 3,070 638 290 49,733 34,698 39,392 131,787 Stillwater 2,993 3,333 3,057 536 421 10,188 7,000 8,402 206,058 Blackwater 5,067 3,401 3,351 1,167 617 11,398 5,331 7,429 338,133 Platreef - - n.a. n.a. n.a. - - - 275,702 Other 6 1,524 2,103 3,073 385 1,261 6,462 3,001 5,653 592,372 185,552 210,270 $ 3,082 $ 457 $ 427 $ 648,049 $ 462,156 $ 552,007 $ 4,510,395 Silver Peñasquito 3,857 4,088 $ 32.96 $ 4.56 $ 4.86 $ 134,738 $ 96,240 $ 116,097 $ 224,608 Antamina 2,529 1,957 33.02 6.65 8.46 64,614 35,040 51,596 474,215 Constancia 1,107 1,355 32.86 6.26 6.10 44,514 27,764 36,034 157,109 Blackwater 173 143 36.69 6.55 9.67 5,239 2,923 4,519 169,566 Other 7 2,609 1,808 34.04 4.45 5.42 61,572 43,714 46,030 551,926 10,275 9,351 $ 33.22 $ 5.25 $ 5.98 $ 310,677 $ 205,681 $ 254,276 $ 1,577,424 Palladium Stillwater 5,096 5,032 $ 981 $ 174 $ 429 $ 4,936 $ 1,903 $ 4,063 $ 211,019 Platreef - - n.a. n.a. n.a. - - - 78,814 5,096 5,032 $ 981 $ 174 $ 429 $ 4,936 $ 1,903 $ 4,063 $ 289,833 Platinum Marathon - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 9,451 Platreef - - n.a. n.a. n.a. - - - 57,584 - - $ n.a. $ n.a. $ n.a. $ - $ - $ - $ 67,035 Cobalt Voisey's Bay 1,187 618 $ 16.15 $ 3.09 $ 9.18 $ 9,967 $ 2,389 $ 6,869 $ 225,020 Operating results $ 973,629 $ 672,129 $ 817,215 $ 6,669,707 Other General and administrative $ (24,547) $ (29,875) Share based compensation (22,143) (17,209) Donations and community investments (5,060) (4,975) Finance costs (2,868) (3,186) Other 17,256 16,964 Income tax (88,513) (3,182) Total other $ (125,875) $ (41,463) $ 1,312,678 $ 546,254 $ 775,752 $ 7,982,385 1) Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts. 2) Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received. 3) Refer to discussion on non-GAAP measure (iii) at the end of this press release. 4) Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information. 5) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. 6) 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. 7) 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 YTD 2026 YTD 2025 Change Change GEO Production 1, 2 414,755 364,570 50,185 13.8 % GEO Sales 2 390,859 370,911 19,948 5.4 % Average price per GEO sold 2 $ 4,684 $ 2,625 $ 2,059 78.4 % Revenue $ 1,830,670 $ 973,629 $ 857,041 88.0 % Cost of sales, excluding depletion $ 244,086 $ 149,805 $ (94,281) (62.9) % Depletion 199,354 151,695 (47,659) (31.4) % Cost of sales $ 443,440 $ 301,500 $ (141,940) (47.1) % Gross margin $ 1,387,230 $ 672,129 $ 715,101 106.4 % General and administrative 24,299 24,547 248 1.0 % Share based compensation 14,918 22,143 7,225 32.6 % Donations and community investments 6,162 5,060 (1,102) (21.8) % Earnings from operations $ 1,341,851 $ 620,379 $ 721,472 116.3 % Other income (expense) 26,807 17,256 9,551 55.3 % Earnings before finance costs and income taxes $ 1,368,658 $ 637,635 $ 731,023 114.6 % Finance costs 32,502 2,868 (29,634) (1,033.3) % Earnings before income taxes $ 1,336,156 $ 634,767 $ 701,389 110.5 % Income tax expense 210,876 88,513 (122,363) (138.2) % Net earnings $ 1,125,280 $ 546,254 $ 579,026 106.0 % 1) 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. 2) 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. Non-GAAP Measures Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; (iv) cash operating margin; and (v) net debt. i Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and the non-cash accretion of interest on the 777 PMPA refundable deposit 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 June 30 Six Months Ended June 30 (in thousands, except for per share amounts) 2026 2025 2026 2025 Net earnings $ 543,236 $ 292,270 $ 1,125,280 $ 546,254 Add back (deduct): (Gain) loss on fair value adjustment of share purchase warrants held (492) (2,134) 436 (2,757) Deferred income tax (expense) recovery recognized in the Statement of OCI - (3,945) - (6,295) Interest accretion on the 777 refundable deposit (202) (187) (401) (372) Adjusted net earnings $ 542,542 $ 286,004 $ 1,125,315 $ 536,830 Divided by: Basic weighted average number of shares outstanding 454,133 453,889 454,089 453,791 Diluted weighted average number of shares outstanding 454,991 454,663 454,973 454,550 Equals: Adjusted earnings per share - basic $ 1.195 $ 0.630 $ 2.478 $ 1.183 Adjusted earnings per share - diluted $ 1.192 $ 0.629 $ 2.473 $ 1.181 ii Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis. The following table provides a reconciliation of operating cash flow per share (basic and diluted). Three Months Ended June 30 Six Months Ended June 30 (in thousands, except for per share amounts) 2026 2025 2026 2025 Cash generated by operating activities $ 649,518 $ 414,959 $ 1,415,340 $ 775,752 Divided by: Basic weighted average number of shares outstanding 454,133 453,889 454,089 453,791 Diluted weighted average number of shares outstanding 454,991 454,663 454,973 454,550 Equals: Operating cash flow per share - basic $ 1.430 $ 0.914 $ 3.117 $ 1.709 Operating cash flow per share - diluted $ 1.428 $ 0.913 $ 3.111 $ 1.707 iii Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis. Three Months Ended June 30 Six Months Ended June 30 (in thousands, except for gold and palladium ounces sold and per unit amounts) 2026 2025 2026 2025 Cost of sales $ 241,345 $ 150,171 $ 443,440 $ 301,500 Less: depletion (122,502) (75,002) (199,354) (151,695) Less: cost of sales related to delay ounces 1 - (1,009) (1,514) (1,873) Cash cost of sales $ 118,843 $ 74,160 $ 242,572 $ 147,932 Cash cost of sales is comprised of: Total cash cost of gold sold $ 52,210 $ 46,517 $ 105,086 $ 96,028 Total cash cost of silver sold 62,413 25,934 130,751 49,122 Total cash cost of palladium sold 547 450 1,448 873 Total cash cost of cobalt sold 3,673 1,259 5,287 1,909 Total cash cost of sales $ 118,843 $ 74,160 $ 242,572 $ 147,932 Divided by: Total gold ounces sold 96,099 98,973 191,171 210,270 Total silver ounces sold 6,522 4,868 11,571 9,351 Total palladium ounces sold 2,069 2,575 4,975 5,032 Total cobalt pounds sold 705 353 1,014 618 Equals: Average cash cost of gold (per ounce) $ 543 $ 470 $ 550 $ 457 Average cash cost of silver (per ounce) $ 9.57 $ 5.33 $ 11.30 $ 5.25 Average cash cost of palladium (per ounce) $ 264 $ 175 $ 291 $ 174 Average cash cost of cobalt (per pound) $ 5.21 $ 3.57 $ 5.21 $ 3.09 1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. iv Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow. The following table provides a reconciliation of cash operating margin. Three Months Ended June 30 Six Months Ended June 30 (in thousands, except for gold and palladium ounces sold and per unit amounts) 2026 2025 2026 2025 Gross margin $ 687,856 $ 353,047 $ 1,387,230 $ 672,129 Add back: depletion 122,502 75,002 199,354 151,695 Add back: cost of sales related to delay ounces 1 - 1,009 1,514 1,873 Cash operating margin $ 810,358 $ 429,058 $ 1,588,098 $ 825,697 Cash operating margin is comprised of: Total cash operating margin of gold sold $ 375,575 $ 281,837 $ 783,737 $ 552,021 Total cash operating margin of silver sold 416,345 139,805 774,777 261,555 Total cash operating margin of palladium sold 2,410 2,114 6,418 4,063 Total cash operating margin of cobalt sold 16,028 5,302 23,166 8,058 Total cash operating margin $ 810,358 $ 429,058 $ 1,588,098 $ 825,697 Divided by: Total gold ounces sold 96,099 98,973 191,171 210,270 Total silver ounces sold 6,522 4,868 11,571 9,351 Total palladium ounces sold 2,069 2,575 4,975 5,032 Total cobalt pounds sold 705 353 1,014 618 Equals: Cash operating margin per gold ounce sold $ 3,908 $ 2,847 $ 4,100 $ 2,624 Cash operating margin per silver ounce sold $ 63.84 $ 28.72 $ 66.96 $ 27.97 Cash operating margin per palladium ounce sold $ 1,165 $ 821 $ 1,290 $ 807 Cash operating margin per cobalt pound sold $ 22.75 $ 15.04 $ 22.87 $ 13.06 1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information. v Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Credit Facility and the Term Loan. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position. The following table provides a calculation of the Company's net debt. As at June 30 As at December 31 (in thousands) 2026 2025 Bank debt $ 1,969,282 $ - Less: cash and cash equivalents (100,192) (1,153,593) Net debt (net cash) $ 1,869,090 $ (1,153,593) 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.