Record Q1 2026 lifts Wheaton Precious Metals (NYSE: WPM) earnings and cash flow

Q: How did Wheaton Precious Metals (WPM) perform financially in Q1 2026?

Wheaton Precious Metals posted record Q1 2026 revenue of $901.5 million and net earnings of $582.0 million . Revenue grew 91.6% year over year, while net earnings rose 129.2%, driven mainly by much higher realized gold-equivalent prices and strong silver and gold contributions.

Q: What were Wheaton Precious Metals’ gold-equivalent production and sales in Q1 2026?

In Q1 2026, Wheaton produced 211,951 gold-equivalent ounces and sold 181,743 gold-equivalent ounces. Production rose 21.5% compared with Q1 2025, while sales were slightly lower, partly due to an increase in produced-but-not-yet-delivered inventory to about 183,500 gold-equivalent ounces.

Q: How strong were Wheaton Precious Metals’ margins and cash flow in Q1 2026?

Gross margin reached $699.4 million and cash operating margin was $777.7 million in Q1 2026. Cash operating margin per gold-equivalent ounce sold increased 103% to $4,279 , and operating cash flow more than doubled to $765.8 million versus the prior-year quarter.

Q: What major streaming and royalty deals did WPM complete or sign in early 2026?

Wheaton closed a $4.3 billion silver stream expansion at Antamina, increasing its share of payable silver to 67.5%. It also agreed to a $275 million gold and silver stream on the Jervois project and a $55 million royalty on the Spanish Mountain Gold project.

Q: What is Wheaton Precious Metals’ production guidance and long-term outlook?

For 2026, Wheaton forecasts 400,000–430,000 ounces of gold, 27–29 million ounces of silver and 19,000–21,000 gold-equivalent ounces of other metals, totaling 860,000–940,000 GEOs. By 2030, annual production is projected to rise about 50% to 1,200,000 GEOs and remain at that level through 2035.

Q: How strong is Wheaton Precious Metals’ balance sheet after Q1 2026?

As of March 31, 2026, Wheaton held $2.16 billion in cash and cash equivalents and total assets of $9.85 billion . Total liabilities were relatively modest at $602.9 million , leaving shareholders’ equity at $9.24 billion , supporting future streaming and royalty investments.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Wheaton Precious Metals Corp. reported record first-quarter 2026 results, with revenue of $901.5M, up 91.6%, and net earnings of $582.0M, up 129.2% from 2025. Higher gold and silver prices and strong contributions from Salobo, Antamina and Peñasquito drove a 98.4% jump in average realized gold-equivalent prices.

Gold-equivalent production rose 21.5% to 211,951 ounces, while operating cash flow more than doubled to $765.8M, lifting cash to $2.16B as of March 31, 2026. Wheaton completed a $4.3B silver stream expansion at Antamina and agreed a $275M gold and silver stream at Jervois plus a $55M royalty on Spanish Mountain.

The company reaffirmed 2026 guidance of 860,000–940,000 gold-equivalent ounces and continues to project about 50% production growth to 1.2 million gold-equivalent ounces by 2030, supported by a global portfolio of operating and development streams.

Insights

Record Q1, aggressive streaming spend and unchanged strong growth outlook.

Wheaton Precious Metals delivered record Q1 2026 revenue of $901.5M and net earnings of $582.0M, more than doubling year over year. A 98.4% increase in realized gold-equivalent prices and higher silver volumes drove gross margin up to $699.4M, while cash operating margin per GEO rose 103% to $4,279.

Operating cash flow climbed 112% to $765.8M, boosting cash to $2.16B against modest liabilities of $602.9M. Management is redeploying this strength into large streaming deals, including a $4.3B Antamina silver expansion and a $275M Jervois stream, plus a $55M Spanish Mountain royalty.

Guidance remains unchanged at 860,000–940,000 gold-equivalent ounces for 2026 and 1,200,000 GEOs annually from 2030 through 2035. The combination of record margins, ample liquidity and long-duration streams supports the company’s stated production growth trajectory, though execution depends on counterparties delivering new and ramp-up projects on schedule.

Key Figures

Revenue: $901.5M Net earnings: $582.0M Operating cash flow: $765.8M +5 more

8 metrics

Revenue $901.5M Q1 2026, up 91.6% year over year

Net earnings $582.0M Q1 2026, up 129.2% year over year

Operating cash flow $765.8M Q1 2026, up 112.3% year over year

Gold-equivalent production 211,951 GEOs Q1 2026, up 21.5% year over year

Average realized GEO price $4,960/oz Q1 2026, up 98.4% year over year

Cash operating margin per GEO $4,279/oz Q1 2026, up 103.0% year over year

Antamina stream payment $4.3B Upfront cash consideration paid April 1, 2026

Cash balance $2.16B Cash and cash equivalents as of March 31, 2026

Key Terms

precious metals streaming, gold equivalent ounces, Precious Metals Purchase Agreement, cash operating margin, +1 more

5 terms

precious metals streaming financial

"Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals"

gold equivalent ounces financial

"Gold equivalent ounces for 2026 and long-term guidance are calculated by converting silver, palladium, platinum and cobalt to a gold equivalent"

Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.

Precious Metals Purchase Agreement financial

"Wheaton’s Precious Metals Purchase Agreement (“PMPA”) counterparties"

A precious metals purchase agreement is a written contract that spells out the terms for buying or selling physical gold, silver, platinum or similar metals — including price, quantity, quality, delivery date and who bears the risk if something goes wrong. For investors it matters because this contract locks in cash flow, inventory and exposure to metal prices and counterparties, much like a detailed receipt and delivery promise does for a big ticket purchase.

cash operating margin financial

"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 measures the cash a company actually generates from its core business as a percentage of sales — essentially operating cash flow divided by revenue. It shows how much real cash remains from each dollar of sales after paying day-to-day operating bills, excluding accounting-only items. Investors use it to assess the quality and sustainability of earnings and a company’s ability to fund debt, dividends and growth without relying on non-cash accounting adjustments.

global minimum tax financial

"The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules"

Form 6-K: How Foreign Companies Report to the SEC →

05/07/2026 - 05:21 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of May, 2026

Commission File Number: 001-32482

WHEATON PRECIOUS METALS CORP.

(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street

Vancouver, British Columbia

V6E 0C3

(604) 684-9648

(Address of principal executive offices)

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

Form 20-F ☐ Form 40-F ☒

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

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index to this Form 6-K.

SIGNATURE

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


	WHEATON PRECIOUS METALS CORP.

May 7, 2026	By:	/s/ Curt Bernardi
		Name:	Curt Bernardi
		Title:	Executive Vice President, Strategy and General Counsel

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EXHIBIT INDEX


99.1		News Release dated May 7, 2026

99.2		Management’s Discussion and Analysis for the period ended March 31, 2026

99.3		Unaudited Condensed Interim Consolidated Financial Statements for the period ended March 31, 2026

99.4		Certification of the Chief Executive Officer pursuant to Form 52-109F2

99.5		Certification of the Chief Financial Officer pursuant to Form 52-109F2

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Exhibit 99.1

LOGO

May 7, 2026

Vancouver, British Columbia

FIRST QUARTER FINANCIAL RESULTS

Wheaton Precious Metals Announces Record Revenue, Earnings and

Cash Flow for the First Quarter of 2026

“Wheaton delivered a strong start to 2026, with Salobo and Peñasquito outperforming expectations and contributing to record quarterly revenue, earnings and cash flow,” said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. “During the first quarter, we announced our largest streaming transaction to date at Antamina in partnership with BHP and subsequently entered into our first streaming agreement in Australia with KGL Resources. These transactions expand our geographic footprint and broaden our counterparty base, while further demonstrating the flexibility of the streaming model as a means of unlocking value from non-core precious metals. Supported by a high-quality operating asset base and an industry-leading growth profile, Wheaton is well positioned to continue pursuing accretive growth and delivering long-term value for all stakeholders.”

Record Financial Performance and Strong Balance Sheet

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First quarter of 2026: A record $901 million in revenue, a record $582 million in net earnings, a record $583 million in adjusted net earnings, and a record $766 million in operating cash flow.

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Declared a quarterly dividend¹ of $0.195 per common share, an 18% increase from Q1 2025.

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Balance Sheet: Cash balance of $2.2 billion.

High Quality Asset Base

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Streaming and royalty agreements on 22 operating mines and 26 development and other projects⁵.

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80% of attributable production from assets in the lowest half of their respective cost curves^2,4.

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Delivered attributable gold equivalent production³ (“GEOs”) of 212,000 ounces in the first quarter of 2026, a 22% increase relative to the comparable period of the prior year primarily due to increased production from Peñasquito, Antamina and Blackwater coupled with the recommencement of production at Aljustrel.

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Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné.

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Received first deliveries related to the Hemlo, Fenix and Mineral Park precious metals purchase agreements (“PMPAs”).

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On February 16, 2026, the Company entered into the previously announced PMPA with BHP Group Limited (“BHP”) for their 33.75% portion of the silver produced at the Antamina mine located in Peru. The transaction was subsequently closed on April 1, 2026.

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Subsequent to the quarter:

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^○

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. 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.

^○

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. 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.

Leadership in Sustainability

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Top Rankings: Wheaton ranked as one of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS.

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Wheaton’s Partner Community Investment Program supported initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, Ivanplats and BMC Minerals to deliver vital services and programs to communities located near our partner mining operations.

Operational Overview


(all figures in US dollars unless otherwise noted)		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		40		-		n.a.
Cobalt pounds		657		540		21.6	%
Gold equivalent ounces ³		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 ³		181,743		188,162		(3.4	)%
Change in PBND
Gold equivalent ounces ³		12,325		(29,008	)	(41,333	)
Revenue	$	901,469	$	470,411		91.6	%
Net earnings	$	582,044	$	253,984		129.2	%
Per share	$	1.282	$	0.560		128.9	%
Adjusted net earnings ¹	$	582,772	$	250,825		132.3	%
Per share ¹	$	1.284	$	0.553		132.2	%
Operating cash flows	$	765,823	$	360,793		112.3	%
Per share ¹	$	1.687	$	0.795		112.2	%

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

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Financial Review

Revenues

Revenue in the first quarter of 2026 was $901 million (51% gold, 47% silver, 1% palladium and 1% cobalt), with the $431 million increase relative to the prior period quarter being primarily due to a 98% increase in the average realized gold equivalent³ price; partially offset by a 3% decrease in the number of GEOs³ sold.

Cash Costs and Margin

Average cash costs¹ in the first quarter of 2026 were $681 per GEO³ as compared to $392 in the first quarter of 2025. This resulted in a cash operating margin¹ of $4,279 per GEO³ sold, an increase of 103% as compared with the first quarter of 2025, a result of the higher realized price per ounce. The higher margin reflects the leverage provided by fixed per-ounce production payments across the majority of Wheaton’s operating streams, which accounted for 70% of revenue during the quarter. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton’s business model in generating higher levered cash flow and margins in a rising precious metals price environment.

Cash Flow from Operations

Operating cash flow in the first quarter of 2026 amounted to $766 million, with the $405 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Produced But Not Yet Delivered

As at March 31, 2026, approximately 183,500 GEOs³ were produced but not yet delivered (“PBND”) representing approximately 2.8 months of payable production. This increase in the number of months of PBND compared with the preceding four quarters places PBND levels at the mid-point of our guided range of two and a half to three and a half months and was driven primarily by strong quarterly production at Peñasquito.

Balance Sheet (at March 31, 2026)

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Approximately $2.2 billion of cash on hand

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During the first quarter of 2026, the Company made net upfront cash payments of $60 million relative to the mineral stream interests consisting of:

^○

Spring Valley: $50 million; and

^○

Marmato: $40 million; partially offset by

^○

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

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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.

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Subsequent to the quarter, the Company made additional upfront cash payments of $4.5 billion relative to the mineral stream interests consisting of:

^○

Antamina BHP: $4.3 billion;

^○

Koné: $156 million; and

^○

Spanish Mountain: $22.5 million.

●

On April 1, 2026, the Company made the $4.3 billion upfront payment relative 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 (“Term Loan”). The Revolving Facility and the Term Loan provide flexible, non-dilutive financing that may be repaid at any time without penalty.

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First Quarter Operating Asset Highlights

Salobo: In the first quarter of 2026, Salobo produced 69,200 ounces of attributable gold, a decrease of approximately 3% relative to the first quarter of 2025, primarily the result of lower grades, partially offset by higher throughput and recoveries.

Antamina: In the first quarter of 2026, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to the first quarter of 2025, primarily due to higher grades and recoveries.

Peñasquito: In the first quarter of 2026, Peñasquito produced 2.6 million ounces of attributable silver, an increase of approximately 46% relative to the first quarter of 2025, primarily the result of higher throughput and grades.

Constancia: In the first quarter of 2026, Constancia produced 0.5 million ounces of attributable silver and 4,600 ounces of attributable gold, a decrease of approximately 4% and 6%, respectively, relative to the first quarter of 2025, primarily due to lower gold and silver 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. 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.

San Dimas: In the first quarter of 2026, San Dimas produced 7,300 ounces of attributable gold, a decrease of approximately 13% relative to the first quarter of 2025, primarily the result of lower grades, consistent with their mine plan.

Stillwater: In the first quarter of 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,600 ounces of attributable palladium, an increase of approximately 6% for gold and a decrease of approximately 4% for palladium relative to the first quarter of 2025. The increase in gold production was a result of higher throughput and recovery, partially offset by lower grades while the decrease in palladium was a result of lower recoveries.

Blackwater: In the first quarter of 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,000 ounces of attributable gold, primarily the result of higher throughput with the mine achieving commercial production in May 2025. 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.

Voisey’s Bay: In the first quarter of 2026, the Voisey’s Bay mine produced 657,000 pounds of attributable cobalt, an increase of approximately 22% relative to the first quarter of 2025 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.

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Other Gold: In the first quarter of 2026, total Other Gold attributable production was 5,400 ounces, an increase of approximately 616% relative to the first quarter of 2025 due to the initial reported production from the Fenix mine as well as the addition of attributable production from the Hemlo and Goose mines. Notable operational updates for assets included within ‘Other Gold’ include:

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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.

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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.

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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.

Other Silver: In the first quarter of 2026, total Other Silver attributable production was 1.9 million ounces, an increase of approximately 44% relative to the first quarter of 2025, primarily the result of the resumption of mining at Aljustrel. Notable operational updates for assets included within ‘Other Silver’ include:

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Aljustrel: In the third quarter of 2025, Almina resumed production of the zinc and lead concentrates at the Aljustrel mine, resulting in the resumption of attributable silver production to the Company.

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

Recent Development Asset Updates

Mineral Park: During the first quarter of 2026, Waterton Copper LP 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.

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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 Limited (“Rio2”) announced the first official gold pour at the Fenix Gold Mine, with construction of critical path items completed on time and on budget, as previously guided. Additionally, the Company received its first gold deliveries under the Fenix PMPA during the quarter. 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 circumstances.

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.

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. Signing this exploitation contract will allow CMOC to move forward with seeking 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

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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.

Corporate Development

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.

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.

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.

Chief Executive Officer Transition

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.

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Sustainability

Community Investment Program

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Wheaton’s Partner Community Investment Program supports initiatives with the Vale Foundation, Vale Canada, Hudbay, First Majestic, Newmont, B2Gold, Ivanplats and BMC Minerals to deliver vital services and programs to communities located near our partner mining operations. These initiatives provide access to educational resources, health and dental care, poverty reduction efforts, entrepreneurial opportunities, and a range of social and environmental programs.

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During the first quarter, Wheaton, alongside First Majestic Silver, completed the Tayoltita Landfill Refurbishment Project, supporting upgrades to the community landfill near the San Dimas mine, including enhanced containment, drainage, and venting systems, as well as a waste-reduction and recycling awareness program delivered in partnership with local authorities; the project was formally inaugurated during the quarter.

Global Minimum Tax

The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules, under which large multinational entities are subject to a 15% GMT. The Company will make a payment of Cdn$155 million, on or around June 30, 2026, in respect of the 2024 year. The payment for the 2025 year, in the amount of Cdn$346 million, is expected to be paid on or around March 31, 2027.

2026 and Long-Term Production Outlook

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 GEOs³, 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 GEOs³ by 2030, with average annual production forecast to remain at 1,200,000 GEOs³ in years 2031 to 2035, also unchanged from previous guidance.

About Wheaton Precious Metals Corp.

Wheaton is the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. 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.

- 9 -

Webcast and Conference Call Details

Wheaton will release its 2026 first quarter results on Thursday, May 7, 2026, after market close. A conference call will be held on Friday, May 8, 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:		9995273#

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

The conference call will be recorded and available until May 15, 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:		9995273#
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.

For further information:

Investor Contact

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com

Media Contact

Simona Antolak

Vice President, Communications & Corporate Affairs

Tel: 1-604-639-9870

Email: media@wheatonpm.com

- 10 -

Condensed Interim Consolidated Statements of Earnings


	Three Months Ended March 31
(US dollars and shares in thousands, except per share amounts - unaudited)	2026		2025

Sales	$	901,469	$	470,411

Cost of sales

Cost of sales, excluding depletion	$	125,243	$	74,635

Depletion		76,852		76,693

Total cost of sales	$	202,095	$	151,328

Gross margin	$	699,374	$	319,083

General and administrative		12,971		13,525

Share based compensation		10,113		12,181

Donations and community investments		1,497		2,693

Earnings from operations	$	674,793	$	290,684

Other income (expense)		17,736		7,520

Earnings before finance costs and income taxes	$	692,529	$	298,204

Finance costs		1,405		1,441

Earnings before income taxes	$	691,124	$	296,763

Income tax expense		109,080		42,779

Net earnings	$	582,044	$	253,984

Basic earnings per share	$	1.282	$	0.560

Diluted earnings per share	$	1.279	$	0.559

Weighted average number of shares outstanding

Basic		454,044		453,692

Diluted		454,955		454,428

- 11 -

Condensed Interim Consolidated Balance Sheets


		As at March 31		As at December 31
(US dollars in thousands - unaudited)		2026		2025

Assets

Current assets

Cash and cash equivalents	$	2,164,505	$	1,153,593

Accounts receivable		18,039		46,723

Other		3,053		3,853

Total current assets	$	2,185,597	$	1,204,169

Non-current assets

Mineral stream interests	$	7,379,936	$	7,397,149

Early deposit mineral stream interests		47,097		47,094

Mineral royalty interests		40,421		40,421

Long-term equity investments		164,217		410,495

Property, plant and equipment		9,587		9,926

Other		19,340		16,527

Total non-current assets	$	7,660,598	$	7,921,612

Total assets	$	9,846,195	$	9,125,781

Liabilities

Current liabilities

Accounts payable and accrued liabilities	$	13,499	$	22,557

Dividends payable		88,549		-

Income taxes payable		367,506		109,951

Current portion of performance share units		12,216		21,604

Current portion of lease liabilities		581		575

Total current liabilities	$	482,351	$	154,687

Non-current liabilities

Performance share units	$	1,500	$	13,215

Lease liabilities		7,081		7,330

Income taxes payable - non-current		96,443		252,271

Deferred income taxes		9,487		1,794

Pension liability		6,055		5,976

Total non-current liabilities	$	120,566	$	280,586

Total liabilities	$	602,917	$	435,273

Shareholders’ equity

Issued capital	$	3,818,179	$	3,814,910

Reserves		99,780		176,911

Retained earnings		5,325,319		4,698,687

Total shareholders’ equity	$	9,243,278	$	8,690,508

Total liabilities and shareholders’ equity	$	9,846,195	$	9,125,781

- 12 -

Condensed Interim Consolidated Statements of Cash Flows


	Three Months Ended March 31
(US dollars in thousands - unaudited)	2026		2025

Operating activities

Net earnings	$	582,044	$	253,984

Adjustments for

Depreciation and depletion		77,283		76,994

Equity settled share based compensation		1,647		1,425

Performance share units - expense		8,466		10,756

Performance share units - paid		(29,257)		(17,209)

Income tax expense		109,080		42,779

Investment income recognized in net earnings		(13,015)		(9,046)

Other		(2,394)		3,007

Change in non-cash working capital		18,776		(7,742)

Cash generated from operations before income taxes and interest	$	752,630	$	354,948

Income taxes paid		(182)		(2,234)

Interest paid		(103)		(91)

Interest received		13,478		8,170

Cash generated from operating activities	$	765,823	$	360,793

Financing activities

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

Investing activities

Mineral stream interests	$	(61,154)	$	(95,740)

Early deposit mineral stream interests		(3)		-

Acquisition of long-term investments		(14,608)		(3)

Proceeds on disposal of long-term investments		323,421		-

Dividends received		-		239

Other		3,440		(260)

Cash (used for) generated from investing activities	$	251,096	$	(95,764)

Effect of exchange rate changes on cash and cash equivalents	$	(3,542)	$	2

Increase in cash and cash equivalents	$	1,010,912	$	267,415

Cash and cash equivalents, beginning of period		1,153,593		818,166

Cash and cash equivalents, end of period	$	2,164,505	$	1,085,581

- 13 -

Summary of Units Produced


	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	76	-	-	-	-	-	-	-

Other

Marmato	816	705	807	748	757	622	648	584

Goose	1,096	1,027	387	19	-	-	-	-

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	35	-	-	-

Other

Los Filos ⁶	-	-	-	-	68	29	26	27

Zinkgruvan	532	513	688	684	585	637	537	699

Neves-Corvo	483	549	431	449	459	494	425	432

Aljustrel⁷	657	516	180	-	-	-	-	-

Cozamin	165	170	169	174	174	192	185	177

Marmato	8	8	10	8	8	7	7	6

Mineral Park	19	8	-	-	-	-	-	-

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	30	-	-	-	-	-	-	-

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	40	-	-	-	-	-	-	-

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%	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%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%	93.3%

GEOs⁸	91.2%	91.6%	91.2%	91.5%	91.1%	90.5%	90.0%	89.8%

1)	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.

3)	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.

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.

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.

- 14 -

Summary of Units Sold


	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	95	-	-	-	-	-

Hemlo	4,478	-	-	-	-	-	-	-

Fenix	274	-	-	-	-	-	-	-

Santo Domingo⁴	312	312	312	312	312	312	447	-

El Domo⁴	-	-	-	-	-	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	137	143	-	-	-	-

Other

Los Filos	7	-	3	8	57	29	26	24

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	8	10	9	9	8	7	6	7

Mineral Park	13	-	-	-	-	-	-	-

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	88	88

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	32	-	-	-	-	-	-	-

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

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.

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.

- 15 -

Results of Operations

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


Three Months Ended March 31, 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		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		76		-		n.a.		n.a.		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		30		-		n.a.		n.a.		n.a.		-		-		-		78,814
		2,591		2,906	$	1,689	$	310	$	492	$	4,909	$	2,578	$	4,008	$	286,276
Platinum
Marathon		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	9,451
Platreef		40		-		n.a.		n.a.		n.a.		-		-		-		57,584
		40		-	$	n.a.	$	n.a.	$	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

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.

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 and Hemlo 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 and Kudz Ze Kayah silver interests.

- 16 -


Three Months Ended March 31, 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		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.			n.a.			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		35		-			n.a.			n.a.			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.			n.a.			n.a.		-		-		-		78,814
		2,661		2,457		$	965		$	172		$	429	$	2,372	$	895	$	1,949	$	290,939

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		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

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.

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.

- 17 -

Comparative Results of Operations on a GEO Basis


		Q1 2026		Q1 2025		Change	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		36	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.

- 18 -

Non-GAAP Measures

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

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	$	582,044	$	253,984
Add back (deduct):
(Gain) loss on fair value adjustment of share purchase warrants held		928		(623)
Deferred income tax (expense) recovery recognized in the Statement of OCI		-		(2,351)
Other		(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

- 19 -

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 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

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 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 ounces¹		(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 ²		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. Please see the Company’s MD&A for more information.

- 20 -

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 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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

●

the future price of commodities;

●

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

●

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

- 21 -

●

the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton’s precious metal purchase agreement (“PMPA”) counterparties at Mining Operations.

●

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

●

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

●

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

●

the costs of future production;

●

the ability of the Company to repay the existing Revolving Facility and new Term Loan;

●

the estimation of produced but not yet delivered ounces;

●

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

●

any statements as to future dividends;

●

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

●

projected increases to Wheaton’s production and cash flow profile;

●

projected changes to Wheaton’s production mix;

●

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

●

the ability to sell precious metals and cobalt production;

●

confidence in the Company’s business structure;

●

the Company’s assessment of taxes payable, and the Company’s ability to pay its taxes;

●

possible CRA domestic and international audits;

●

the Company’s assessment of the impact of any tax reassessments;

●

the Company’s climate change and environmental commitments; and

●

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

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

●

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

●

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

●

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

●

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

●

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

●

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

●

risks relating to the generation of sufficient cash flow to repay the existing Revolving Facility and the new Term Loan;

●

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

●

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

●

risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;

●

counterparty credit and liquidity risks;

●

mine operator and counterparty concentration risks;

●

indebtedness and guarantees risks;

●

hedging risk;

●

competition in the streaming industry risk;

- 22 -

●

risks relating to security over underlying assets;

●

risks relating to third-party PMPAs;

●

risks relating to revenue from royalty interests;

●

risks related to Wheaton’s acquisition strategy;

●

risks relating to third-party rights under PMPAs;

●

risks relating to future financings and security issuances;

●

risks relating to unknown defects and impairments;

●

risks related to governmental regulations;

●

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

●

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

●

risks related to environmental regulations;

●

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

●

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

●

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

●

risks related to underinsured Mining Operations;

●

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

●

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

●

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

●

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

●

challenges related to global financial conditions;

●

risks associated with sustainability-related matters;

●

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

●

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

●

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

●

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

●

risks related to interest rates;

●

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

●

risks related to access to confidential information regarding Mining Operations;

●

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

●

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

●

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

●

risks relating to activist shareholders;

●

risks relating to reputational damage;

●

risks relating to expression of views by industry analysts;

●

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

●

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

●

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

●

risks relating to artificial intelligence;

●

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

●

risks relating to corporate governance and public disclosure compliance;

●

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

●

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

●

other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton’s Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the “Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

●

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

●

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

●

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

●

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

●

that the production estimates from Mining Operations are accurate;

●

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

●

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

●

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

- 23 -

●

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

●

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

●

that the Company will be able to repay the existing Revolving Facility and new Term Loan;

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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

Cautionary Language Regarding Reserves and Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2025, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2026, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

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

End Notes

¹Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in the Wheaton’s news release dated May 7, 2026, titled “Wheaton Precious Metals Announces Quarterly Dividend.”

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

³Gold equivalent ounces for 2026 and long-term guidance are calculated by converting silver, palladium, platinum and cobalt to a gold equivalent by using the following commodity price assumptions: $4,800 per ounce gold, $80 per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and $25 per pound Cobalt.

- 24 -

⁴Source: Company reports S&P Global estimates of 2026-2030 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines

⁵Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 22 mining assets which are currently operating, 24 which are at various stages of development, and 2 of which have been placed in care and maintenance or have been closed.

⁶Further details for long-term guidance can be found in the Wheaton news release dated February 16, 2026, titled “Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030.”

⁷Wheaton’s long-term production outlook is based on information available as of February 16, 2026, the date of publication.

Exhibit 99.2

LOGO

First Quarter Report 2026 Management’s Discussion & Analysis

Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three Months Ended March 31, 2026

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 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.

Table of Contents


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 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

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

As of 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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview


	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		40		-		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		-		(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 earnings⁴	$	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 share⁴	$	1.687	$	0.795		112.2 %
Dividends declared ⁵	$	88,549	$	74,880		18.3 %
Per share	$	0.195	$	0.165		18.2 %

1)	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.

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]

Highlights

Operations

●

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.

●

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]

●

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

●

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.

Outlook¹

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.

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.

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]

Mineral Stream Interests

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


											Total Upfront Consideration
Mineral Stream Interests	Mine Owner ¹		Location¹		Attributable Production		Production Payment Per Unit ^2,3		Depletion Rate Per Unit ^¹		Paid to Mar 31, 2026 ³		To be Paid ²		Total ³		Cash Flow Generated to Date³		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		-		623,572		393,029		11,581		20 years ⁵

Constancia		Hudbay		PER		50%		$429	$	338		135,000		-		135,000		482,475		468		LOM

San Dimas		FM		MEX		variable ⁶		$643	$	428		220,000		-		220,000		428,123		1,755		LOM

Stillwater ⁷		Sibanye		USA		100%		18%	$	570		237,880		-		237,880		124,472		4,459		LOM

Blackwater		Artemis Gold		CAN		8% ⁸		35%	$	606		340,000		-		340,000		54,288		354		LOM

Platreef		Ivanhoe		SA		62.5% ⁹		$100		NP		275,300		-		275,300		-		61		LOM ⁹

Other

Copper World		Hudbay		USA		100%		$450		NP		-		39,296		39,296		-		-		LOM

Marmato		Aris		CO		10.5% ¹⁰		18%	$	527		122,431		40,569		163,000		27,485		209		LOM

Santo Domingo		Capstone		CHL		100% ¹¹		18%		NP		(6,214)		290,000		283,786		7,683		-		LOM

Fenix		Rio2		CHL		22% ¹²		18%	$	921		150,000		-		150,000		1,049		230		LOM

El Domo		Silvercorp		ECU		50% ¹³		18%		NP		31,981		96,655		128,636		1,203		-		LOM

Marathon		Gen Mining		CAN		100% ¹⁴		18%		NP		21,857		100,438		122,295		-		-		LOM

Goose		B2Gold		CAN		2.78% ¹⁵		18%	$	1,212		83,750		-		83,750		7,510		567		LOM

Cangrejos		CMOC		ECU		4.4% ¹⁶		18%		NP		32,160		168,840		201,000		-		-		LOM

Curraghinalt		Dalradian		UK		3.05% ¹⁷		18%		NP		20,000		55,000		75,000		-		-		LOM

Kudz Ze Kayah		BMC		CAN		7.375% ¹⁸		20%		NP		14,760		5,400		20,160		-		-		LOM

Koné		Montage		CIV		19.5% ¹⁹		20%		NP		468,750		156,250		625,000		-		-		LOM

Kurmuk		Allied		ETH		6.7% ²⁰		15%		NP		175,000		-		175,000		-		-		LOM

Spring Valley		Waterton Gold		USA		8% ²¹		20%		NP		100,000		570,000		670,000		-		-		LOM

Hemlo		Hemlo		CAN		10.13% ²²		20%	$	1,425		300,000		-		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		-		294,900		404,557		230		LOM

Blackwater		Artemis Gold		CAN		50% ⁸		18%	$	7.55		170,800		-		170,800		24,916		13		LOM

Other

Los Filos		Equinox		MEX		100%		$4.81	$	0.00		4,463		-		4,463		45,727		44		25 years ²⁴

Zinkgruvan		Boliden		SWE		100%		$4.81	$	1.00		77,866		-		77,866		651,907		254		LOM

Stratoni		Eldorado		GRC		100%		$11.54		NP		57,500		-		57,500		155,868		-		LOM

Neves-Corvo		Boliden		PRT		100%		$4.55	$	1.36		35,350		-		35,350		232,263		86		50 years ²⁵

Aljustrel		Almina		PRT		100% ²⁶		50%	$	0.00		2,451		-		2,451		87,451		-		50 years ²⁵

El Alto		Barrick		CHL/ARG		25%		$3.90		NP		625,000		-		625,000		372,767		-		LOM

Copper World		Hudbay		USA		100%		$3.90		NP		-		191,855		191,855		-		-		LOM

Navidad		PAAS		ARG		12.5%		$4.00		NP		10,788		32,400		43,188		-		-		LOM

Marmato		Aris		CO		100% ¹⁰		18%	$	6.60		10,601		1,399		12,000		4,853		2		LOM

Cozamin		Capstone		MEX		50% ²⁷		10%	$	21.62		150,000		-		150,000		89,077		133		LOM

El Domo		Silvercorp		ECU		75% ¹³		18%		NP		11,531		34,969		46,500		-		-		LOM

Mineral Park		Waterton		US		100%		18%	$	12.29		115,000		-		115,000		893		11		LOM

Kudz Ze Kayah		BMC		CAN		6.875% ¹⁸		20%		NP		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		SA		5.25% ⁹		30%		NP		78,700		-		78,700		-		24		LOM ⁹

											$	340,820	$	-	$	340,820	$	175,468		4,803

Platinum

Marathon		Gen Mining		CAN		22% ¹⁴		18%		NP	$	9,367	$	43,045	$	52,412	$	-		-		LOM

Platreef		Ivanhoe		SA		5.25% ⁹		30%		NP		57,500		-		57,500		-		32		LOM ⁹

											$	66,867	$	43,045	$	109,912	$	-		32

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]

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.

2)	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.

7)	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.

10)	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.

11)	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).

12)

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.

13)

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).

14)	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%.

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%.

16)

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%.

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

18)

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%.

19)

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

20)

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

21)	Once 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%.

22)

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.

23)

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.

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

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

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

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

28)

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%.

29)	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.

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Acquisition of Mineral Stream Interests

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%.

Updates on the Operating Mineral Stream Interests

Constancia

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [9]

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.

Updates on the Development Stage Mineral Stream Interests

Mineral Park

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]

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

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
Early Deposit Mineral Stream Interests	Mine Owner		Location of Mine		Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold			Silver			Term of Agreement		Date of Original 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

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

2)	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.

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

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [11]

Mineral Royalty Interests

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

Royalty Interests

Mine

Owner

Location of

Mine

Royalty¹

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 Creek³

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine⁴

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd⁵

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

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

2)	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.

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

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

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

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.

Long-Term Equity Investments

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at March 31, 2026 and December 31, 2025:



	March 31		December 31

(in thousands)	2026		2025

Common shares held	$	161,879	$	407,230

Warrants held		2,338		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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]

Common Shares Held


	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

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

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


	Three Months Ended March 31, 2025

(in thousands)	Fair Value at Dec 31, 2024		Additions		Disposals		Fair Value Adjustment 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	$	-

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [13]

Summary of Units Produced


	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		76		-		-		-		-		-		-		-

Other

Marmato		816		705		807		748		757		622		648		584

Goose		1,096		1,027		387		19		-		-		-		-

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		35		-		-		-

Other

Los Filos ⁶		-		-		-		-		68		29		26		27

Zinkgruvan		532		513		688		684		585		637		537		699

Neves-Corvo		483		549		431		449		459		494		425		432

Aljustrel⁷		657		516		180		-		-		-		-		-

Cozamin		165		170		169		174		174		192		185		177

Marmato		8		8		10		8		8		7		7		6

Mineral Park		19		8		-		-		-		-		-		-

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		30		-		-		-		-		-		-		-

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		40		-		-		-		-		-		-		-

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%		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%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%

GEOs⁸		91.2%		91.6%		91.2%		91.5%		91.1%		90.5%		90.0%		89.8%

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

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

6)	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.

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]

Summary of Units Sold


	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		95		-		-		-		-		-

Hemlo		4,478		-		-		-		-		-		-		-

Fenix		274		-		-		-		-		-		-		-

Santo Domingo⁴		312		312		312		312		312		312		447		-

El Domo⁴		-		-		-		-		-		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		137		143		-		-		-		-

Other

Los Filos		7		-		3		8		57		29		26		24

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		8		10		9		9		8		7		6		7

Mineral Park		13		-		-		-		-		-		-		-

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		88		88

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		32		-		-		-		-		-		-		-

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

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

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

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

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]

Quarterly Financial Review ¹


	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024

Gold ounces sold		95,072		121,791		78,944		98,973		111,297		87,662		75,694		77,326

Realized price ²	$	4,849	$	4,215	$	3,481	$	3,318	$	2,872	$	2,677	$	2,491	$	2,356

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		88		88

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

Silver / oz	$	4.63	$	4.79	$	4.57	$	5.93	$	6.03	$	5.90	$	5.89	$	5.76

Palladium / oz	$	492	$	492	$	492	$	429	$	429	$	429	$	429	$	429

Cobalt / lb	$	9.02	$	9.02	$	9.02	$	9.18	$	9.18	$	12.78	$	12.78	$	12.78

Gain on disposal of PMPA	$	-	$	-	$	85,724	$	-	$	-	$	-	$	-	$	-

Impairment	$	-	$	-	$	-	$	-	$	-	$	108,861	$	-	$	-

Net earnings	$	582,044	$	558,250	$	367,216	$	292,270	$	253,984	$	88,148	$	154,635	$	122,317

Per share

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

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

Adjusted net earnings ³	$	582,772	$	554,979	$	281,054	$	286,004	$	250,825	$	198,969	$	152,803	$	149,565

Per share

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

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	$	0.165	$	0.165	$	0.165	$	0.155	$	0.155	$	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

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

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

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

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

Changes in sales, net earnings and cash flow from operations from quarter to quarter are affected primarily by fluctuations in production at the mines, the timing of shipments, changes in the price of commodities, the

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [16]

commencement of operations of mines under construction, as well as acquisitions of PMPAs and any related capital raising activities.

Revenue by Commodity

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.

LOGO

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]

Cash Operating Margin ¹

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.

LOGO

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]

Results of Operations and Operational Review

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

Results of Operations for the Three Months Ended March 31, 2026 and 2025

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


Three Months Ended March 31, 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		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		76		-		n.a.		n.a.		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		30		-		n.a.		n.a.		n.a.		-		-		-		78,814

		2,591		2,906	$	1,689	$	310	$	492	$	4,909	$	2,578	$	4,008	$	286,276

Platinum

Marathon		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	9,451

Platreef		40		-		n.a.		n.a.		n.a.		-		-		-		57,584

		40		-	$	n.a.	$	n.a.	$	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

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.

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) on page 36 of this MD&A.

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

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 and Hemlo 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 and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]


Three Months Ended March 31, 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		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.		n.a.		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		35		-		n.a.		n.a.		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.		n.a.		n.a.		-		-		-		78,814

		2,661		2,457	$	965	$	172	$	429	$	2,372	$	895	$	1,949	$	290,939

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		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

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.

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

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

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]

Comparative Results of Operations on a GEO Basis



		Q1 2026		Q1 2025		Change	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		36	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.

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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).

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]

General and Administrative

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

Share Based Compensation
	Three Months Ended March 31

(in thousands)	2026		2025

Equity settled share based compensation ¹

Share purchase options	$	700	$	579

Restricted share units		947		846

Cash settled share based compensation

Performance share units		8,466		10,756

Total share based compensation	$	10,113	$	12,181

1)	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.

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Donations and Community Investments


	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		78		1,104

Total donations and community investments	$	1,497	$	2,693

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

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

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

Other Income (Expense)


	Three Months Ended 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%.

Finance Costs


	Three Months Ended March 31

(in thousands)	2026		2025

Costs related to undrawn credit facilities	$	1,303	$	1,350

Interest expense - lease liabilities		102		91

Total finance costs	$	1,405	$	1,441

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]

Income Tax Expense

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.

Liquidity and Capital Resources¹

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.

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]

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

Three Months Ended March 31, 2026

Cash Flows from Operating Activities

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		90

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]

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)

1)	Excludes closing costs.

2)	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).

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]

Contractual Obligations and Commitments¹

Mineral Stream Interests

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

Per Ounce Cash Payment for Gold

Mineral Stream Interests

Attributable
Payable Production
to be Purchased

Per Ounce Cash
Payment ¹

Term of

Agreement

Date of

Original

Contract

Constancia

50%

429

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.

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

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

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

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]

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.

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

8)	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

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.

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

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

4)	Terms of the agreement not yet finalized.

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

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%.

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]

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

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

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

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.

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

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

Other Contractual Obligations and Commitments


		Projected Payment Dates ¹

(in thousands)		2026			2027 - 2028			2029 - 2030			After 2030			Total

Payments for mineral stream interests & royalty
Antamina	$		4,300,000	$		-	$		-	$		-	$		4,300,000
Salobo			-			8,000			16,000			56,000			80,000
Copper World ²			-			231,151			-			-			231,151
Marmato			41,968			-			-			-			41,968
Santo Domingo			-			290,000			-			-			290,000
El Domo			87,750			43,875			-			-			131,625
Marathon			-			100,438			43,045			-			143,483
Cangrejos			-			84,420			84,420			-			168,840
Curraghinalt			-			-			-			55,000			55,000
Loma de La Plata			-			-			-			32,400			32,400
Spring Valley			210,000			360,000			-			-			570,000
Kudz Ze Kayah			-			15,000			-			-			15,000
Koné			156,250			-			-			-			156,250

Payments for early deposit mineral stream interest
Cotabambas			-			-			-			126,000			126,000
Toroparu			-			-			-			138,000			138,000
Kutcho			-			-			-			58,000			58,000

Leases liabilities			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

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [30]

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]

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.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]

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.

Share Capital

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.

Financial Instruments

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

In order to mitigate the effect of short-term volatility in gold, silver and palladium prices, the Company will occasionally enter into forward contracts in relation to gold, silver and palladium deliveries that it is highly confident will occur within a given quarter. The Company does not hedge its long-term exposure to commodity prices. The Company has not used derivative financial instruments to manage the risks associated with its operations and therefore, in the normal course of business, it is inherently exposed to currency, interest rate and commodity price fluctuations. Refer to Note 5 to the consolidated financial statement for further information.

Future Changes to Accounting Policies

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 PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]

Non-GAAP Measures

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	$	582,044	$	253,984

Add back (deduct):

(Gain) loss on fair value adjustment of share purchase warrants held		928		(623)

Deferred income tax (expense) recovery recognized in the Statement of OCI		-		(2,351)

Other		(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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]

ii.

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]

iii.

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).

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]

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 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).

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

Subsequent Events

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.

Controls and Procedures

Disclosure Controls and Procedures

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

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

There were no changes in the Company’s internal controls over financial reporting during the three months ended 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.

Attributable Reserves and Resources

The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company’s percentage entitlement to such metals, as of December 31, 2025, unless otherwise noted.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]

Mineral Reserves Attributable to Wheaton Precious Metals ^(1,2,3,8,41)


			December 31, 2025 ⁽⁶⁾																				December 31, 2024

			Proven						Probable						Proven & Probable								Proven & Probable
Asset	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Process Recovery %⁽⁷⁾		Tonnage Mt		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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]

Mineral Reserves Attributable to Wheaton Precious Metals (Continued) ^(1,2,3,8,41)


			December 31, 2025 ⁽⁶⁾																				December 31, 2024

			Proven						Probable						Proven & Probable								Proven & Probable
Asset	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Process Recovery %⁽⁷⁾		Tonnage Mt		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								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								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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]

Mineral Resources Attributable to Wheaton Precious Metals ^{(1,2,3,4,5,9,41)}


			December 31, 2025 ⁽⁶⁾

			Measured						Indicated						Measured & Indicated						Inferred
	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Gold
Black Pine Royalty ⁽³²⁾		0.5%		-		-		-		1.0		0.26		0.01		1.0		0.26		0.01		0.8		0.21		0.005
Blackwater ^(11,27)		8%		4.6		0.37		0.06		6.4		0.49		0.10		11.0		0.44		0.16		0.7		0.45		0.01
Brewery Creek Royalty⁽²⁴⁾		2%		0.3		1.06		0.01		0.5		1.02		0.02		0.8		1.03		0.03		1.0		0.88		0.03
Cangrejos ^(11,31)		4.4%		-		-		-		13.7		0.38		0.17		13.7		0.38		0.17		8.7		0.39		0.11
Constancia		50%		53.2		0.04		0.06		35.2		0.03		0.04		88.4		0.03		0.10		17.1		0.07		0.04
Copper World Complex⁽²¹⁾		100%		424.0		0.02		0.30		191.0		0.02		0.10		615.0		0.02		0.40		192.0		0.01		0.08
Cotabambas ^(12,23)		25%		-		-		-		126.8		0.20		0.82		126.8		0.20		0.82		105.9		0.17		0.57
Curraghinalt^(11,33)		3.05%		-		-		-		-		-		-		-		-		-		0.2		12.24		0.07
DeLamar Royalty⁽³⁷⁾		1.5%		0.4		0.49		0.006		1.5		0.38		0.02		1.9		0.40		0.02		0.6		0.31		0.006
El Domo^(11,29)		50%		-		-		-		1.2		1.63		0.06		1.2		1.63		0.06		0.4		1.62		0.02
Fenix ^(11,26)		22%		2.4		0.34		0.03		8.5		0.34		0.09		10.9		0.34		0.12		3.2		0.33		0.03
Goose^(11,30)		2.78%		-		-		-		0.1		6.91		0.03		0.1		6.91		0.03		0.1		7.63		0.03
Hemlo ^(11,41)		10.13%
Hemlo O/P				-		-		-		1.9		0.85		0.05		1.9		0.85		0.05		0.4		0.42		0.01
Hemlo Interlake				-		-		-		0.03		5.37		0.01		0.03		5.37		0.01		0.04		7.13		0.01
Hemlo Non-Interlake				-		-		-		0.1		4.41		0.01		0.1		4.41		0.01		0.1		3.78		0.01
Koné^(11,38)		19.5%		-		-		-		4.7		0.43		0.06		4.7		0.43		0.06		2.4		0.54		0.04
Kudz Ze Kayah ^(11,34)		7.27%		-		-		-		0.2		1.23		0.01		0.2		1.23		0.01		0.04		1.15		0.002
Kurmuk ^(11,39)		6.7%		0.2		1.30		0.01		0.5		1.35		0.02		0.6		1.34		0.03		0.4		1.62		0.02
Kutcho⁽¹²⁾		100%		0.4		0.20		0.003		5.0		0.38		0.06		5.4		0.37		0.06		12.9		0.25		0.10
Marathon ^(11,28)		100%		32.4		0.06		0.06		44.9		0.06		0.08		77.3		0.06		0.15		20.0		0.04		0.03
Marmato^(11,15)		10.5%		0.1		5.04		0.01		1.7		2.28		0.13		1.8		2.40		0.14		1.9		2.43		0.15
Metates Royalty ⁽¹⁷⁾		0.5%		0.2		0.86		0.004		4.5		0.56		0.08		4.6		0.57		0.08		0.7		0.47		0.01
Mt Todd Royalty ^(11,36)		1%		0.4		0.60		0.007		0.8		0.73		0.02		1.2		0.69		0.03		0.4		0.78		0.01
Platreef ^(11,35)		62.5%		-		-		-		7.7		0.26		0.07		7.7		0.26		0.07		15.8		0.26		0.13
Salobo ⁽¹⁰⁾		75%		8.7		0.25		0.07		459.9		0.22		3.25		468.6		0.22		3.32		148.3		0.30		1.43
San Dimas⁽¹⁴⁾		25%		0.2		4.49		0.03		0.3		1.84		0.02		0.5		2.87		0.05		1.5		2.64		0.12
Santo Domingo^(11,25)		100%		2.0		0.02		0.001		72.3		0.03		0.07		74.3		0.03		0.07		154.1		0.03		0.13
Spring Valley ^(11,42)		100%		-		-		-		5.1		0.37		0.06		5.1		0.37		0.06		4.6		0.37		0.05
Stillwater⁽¹³⁾		100%		20.5		0.36		0.24		20.6		0.31		0.20		41.0		0.34		0.44		96.5		0.37		1.14
Sudbury⁽¹¹⁾		70%		1.0		0.25		0.01		2.0		0.28		0.02		3.0		0.27		0.03		1.4		0.34		0.02
Toroparu ^(12,16)		10%		4.9		1.31		0.20		7.8		1.30		0.33		12.7		1.30		0.53		2.3		1.60		0.12

Total Gold								1.11						6.00						7.11						4.55

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]

Mineral Resources Attributable to Wheaton Precious Metals (Continued) ^{(1,2,3,4,5,9,41)}


			December 31, 2025 ⁽⁶⁾

			Measured						Indicated						Measured & Indicated						Inferred
	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Silver
Aljustrel⁽¹⁹⁾		100%		14.2		45.3		20.7		11.5		45.2		16.8		25.8		45.2		37.5		27.1		41.7		36.3
Antamina^{(10,11,18,43)}		67.5%
Copper				57.2		6.6		12.1		118.1		8.2		31.0		175.2		7.7		43.1		488.1		8.9		140.0
Copper-Zinc				9.5		25.5		7.8		43.9		18.4		25.9		53.4		19.6		33.7		132.1		16.2		69.0
Blackwater ^(11,27)		50%		37.8		4.7		5.7		52.9		8.7		14.8		90.8		7.0		20.5		5.6		12.8		2.3
Constancia		100%		106.3		2.4		8.1		70.4		2.0		4.5		176.7		2.2		12.6		34.2		3.7		4.1
Copper World Complex ⁽²¹⁾		100%		424.0		4.1		55.9		191.0		3.5		21.5		615.0		3.9		77.4		192.0		3.1		19.1
Cotabambas^(12,23)		100%		-		-		-		507.3		2.4		39.5		507.3		2.4		39.5		423.6		2.5		34.5
Cozamin ^(11,20)		50%
Copper				0.2		53.8		0.3		3.9		40.1		5.0		4.0		40.7		5.3		2.8		42.1		3.8
Zinc				-		-		-		1.4		36.4		1.6		1.4		36.4		1.6		1.7		33.8		1.8
DeLamar Royalty⁽³⁷⁾		1.5%		0.4		32.3		0.40		1.5		19.5		1.0		1.9		22.1		1.4		0.6		11.7		0.2
El Alto		25%		10.7		57.2		19.7		97.9		52.2		164.4		108.6		52.7		184.1		3.8		17.8		2.2
El Domo ^(11,29)		75%		-		-		-		1.8		38.4		2.2		1.8		38.4		2.2		0.7		31.6		0.7
Kudz Ze Kayah ^(11,34)		7.21%		-		-		-		0.2		134.7		0.9		0.2		134.7		0.9		0.04		144.2		0.2
Kutcho⁽¹²⁾		100%		0.4		28.0		0.4		5.0		25.7		4.1		5.4		25.9		4.5		12.9		20.0		8.3
Loma de La Plata		12.5%		-		-		-		3.6		169.0		19.8		3.6		169.0		19.8		0.2		76.0		0.4
Marmato^(11,15)		100%		0.7		25.3		0.6		16.3		6.0		3.1		17.0		6.8		3.7		17.8		3.2		1.8
Metates Royalty⁽¹⁷⁾		0.5%		0.2		18.2		0.1		4.5		14.2		2.0		4.6		14.3		2.1		0.7		13.2		0.3
Mineral Park		100%		13.6		1.9		0.8		233.4		1.9		14.1		246.9		1.9		15.0		391.2		1.2		15.5
Neves-Corvo		100%
Copper				5.9		27.0		5.2		23.5		31.0		23.4		29.4		30.2		28.6		39.2		23.0		29.0
Zinc				5.6		58.0		10.5		15.0		56.0		27.1		20.7		56.5		37.6		4.4		51.0		7.2
Peñasquito⁽¹⁰⁾		25%		13.2		28.3		12.0		43.0		25.3		35.0		56.2		26.0		47.0		2.3		24.2		1.8
San Dimas⁽¹⁴⁾		25%		0.2		322.8		2.2		0.3		184.1		2.0		0.5		237.9		4.1		1.5		234.1		10.9
Stratoni		100%		-		-		-		1.4		151.7		6.8		1.4		151.7		6.8		1.8		166.5		9.7
Toroparu^(12,16)		50%		24.3		1.8		1.4		39.2		1.2		1.5		63.5		1.4		2.9		11.5		0.7		0.3
Zinkgruvan		100%
Zinc				3.7		70.0		8.3		3.0		53.0		5.1		6.7		62.4		13.4		16.0		96.0		49.4
Copper				0.6		25.0		0.5		0.1		30.0		0.1		0.7		25.6		0.6		0.3		29.0		0.3

Total Silver								172.6						473.1						645.7						449.0
Palladium
Platreef ^(11,35)		5.25%		-		-		-		0.3		1.5		0.01		0.3		1.5		0.01		0.5		1.5		0.02
Stillwater ^(11,13)		4.5%		0.2		10.7		0.07		0.2		8.7		0.06		0.4		9.7		0.13		1.0		10.3		0.32

Total Palladium								0.07						0.07						0.14						0.34
Platinum
Marathon^(11,28)		22.0%		7.6		0.1		0.04		10.5		0.1		0.04		18.1		0.1		0.08		4.5		0.1		0.01
Platreef ^(11,35)		5.25%		-		0.0		-		0.3		1.5		0.01		0.3		1.5		0.01		0.5		1.4		0.02

Total Platinum								0.04						0.06						0.09						0.04
Cobalt
Voisey’s Bay ^(11,22)		42.4%		0.5		0.07		0.7		3.5		0.11		8.5		3.9		0.11		9.2		2.9		0.08		5.3

Total Cobalt								0.7						8.5						9.2						5.3

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]

Notes on Mineral Reserves & Mineral Resources:

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

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

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

Ryan Ulansky, M.A.Sc., P.Eng. Vice President, Technical Services); and

Jeremy Vincent, M.Sc., P.Geo. (Director, Geology),

both employees of the Company (the “Company’s QPs”).

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

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

Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2025 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

Mineral Resources for Aljustrel’s Moinho mine are reported as of June 30, 2025, for the Feitais mine as of May 31, 2025, the Estação mine as of April 2024, and the São João project as of December 31, 2023. Mineral Reserves for Moinho, Feitais, and Estação are reported as of December 31, 2024.

Mineral Resources and Mineral Reserves for the Black Pine project are reported as of January 31, 2026.

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

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

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

Mineral Resources for the Cotabambas project are reported as of November 20, 2023.

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

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

Mineral Resources and Mineral Reserves for the DeLamar project are reported as of December 8, 2025.

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

Mineral Resources and Mineral Reserves for the Hemlo mine are reported as of December 31, 2024.

Mineral Resources for the Koné project are reported as of January 31, 2025 for the satellite and Gbongogo deposits and as of February 20, 2025 for the Koné deposit. Mineral Reserves are reported as of January 14, 2024.

Mineral Resources for the Kudz Ze Kayah project are reported as of January 3, 2025 for the ABM deposit and June 30, 2025 for the Kona Deposit, and Mineral Reserves as of October 30, 2023 for the ABM deposit.

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

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

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

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

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

Mineral Resources for the Metates royalty are reported as of January 28, 2023.

Mineral Resources for the Mineral Park project are reported as of January 31, 2026 and Mineral Reserves as of February 11, 2026.

Mineral Resources and Mineral Reserves for the Mt. Todd project are reported as of July 25, 2025.

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

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

Mineral Resources and Mineral Reserves for the Spring Valley project are reported as of October 31, 2025.

Mineral Resources for the Stratoni mine are reported as of September 30, 2025.

Mineral Resources for the Toroparu project are reported as of February 10, 2023.

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

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

Aljustrel mine – 2.5% zinc cut-off for the Moinho, Feitais, and Estação mines project.

Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.75 per pound copper, $1.21 per pound zinc, $15.00 per pound molybdenum and $27.00 per ounce silver.

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

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

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

Constancia mine – NSR cut-off of $7.30 per tonne for Pampacancha and Constancia assuming $2,800 per ounce gold, $32.00 per ounce silver, $4.40 per pound copper and $17.00 per pound molybdenum.

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

Cozamin mine - NSR cut-off of $60.54 per tonne for long-hole and $65.55 per tonne for cut and fill for MNV and MNFWZ, and $82.78

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per tonne for both mining methods at MNV West, assuming $3.55 per pound copper for MNV and MNFWZ and $3.75 per pound for MNV West, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.

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

DeLamar project – Variable cut-offs based on variable processing costs of $3.26-$5.30 per tonne and metallurgical recoveries of 45%-95% for gold and 15%-92% for silver, all assuming $2,000 per ounce gold and $25.00 per ounce silver.

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

Fenix project – 0.235 grams per tonne gold cut-off assuming $1,650 per ounce gold.

Goose mine – 1.65 grams per tonne gold cut-off for open pit and 4.64 grams per tonne for underground, assuming $1,750 per ounce gold.

Hemlo mine – NSR cut-off of $110.8 per tonne or $120.0 per tonne cut-off depending on underground mining method, and $34.13 per tonne for open pit material assuming $1,700 per ounce gold.

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

Kudz Ze Kayah project - NSR cut-off of Cdn$29.30 per tonne for open pit and Cdn$173.23 per tonne for underground assuming $1,700 per ounce gold, $22.60 per ounce silver, $3.80 per pound copper, $0.95 per pound lead and $1.20 per pound zinc.

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

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

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

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

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

Mineral Park project - NSR cut-off of $8.50 per tonne assuming $4.50 per pound copper, $20.00 per pound molybdenum and $37.00 per ounce silver.

Mt Todd project – 0.50 grams per tonne gold cut-off for the Batman deposit and zero cut-off for the Heap Leach, assuming $1,800 per ounce gold.

Neves-Corvo mine – NSR cut-offs ranging from EUR 49 to 89 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $4.04 per pound copper, $0.91 per pound lead and $1.27 per pound zinc.

Peñasquito mine - $1,700 per ounce gold, $25.00 per ounce silver, $0.90 per pound lead and $1.20 per pound zinc.

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

aa.

Salobo mine – 0.248% copper equivalent cut-off assuming $1,925 per ounce gold and $4.15 per pound copper.

bb.

San Dimas mine – $3,100 per ounce gold and $35.00 per ounce silver.

cc.

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

dd.

Spring Valley project – 0.10 grams per tonne gold cut-off assuming $1,800 per ounce gold.

ee.

Stillwater mines - combined platinum and palladium cut-off of 10.1 grams per tonne for Stillwater and 8.0 grams per tonne for East Boulder assuming $1,172 per ounce 2E PGM prices.

ff.

Sudbury mines - $1,300 to $1,450 per ounce gold, $6.07 to $8.53 per pound nickel, $2.77 to $3.40 per pound copper, $1,155 to $1,225 per ounce platinum, $925 to $1,400 per ounce palladium and $20.41 to $22.68 per pound cobalt.

gg.

Voisey’s Bay mines – NSR cut-offs of Cdn $28.35 per tonne for Discovery Hill Open Pit, Cdn$220 to $230 per tonne for Reid Brook and Cdn$220 per tonne for Eastern Deeps all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

hh.

Zinkgruvan mine – NSR cut-offs ranging from SEK 1,050 to 1,300 per tonne depending on area and mining method for both the zinc and copper Mineral Reserves assuming $3.85 per pound copper and $0.90 per pound lead and $1.20 per pound zinc and $4.83 per ounce silver.

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

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

Antamina mine - $6,000 per hour of mill operation cut-off for the open pit and $58.70 per tonne NSR cut-off for the underground, both assuming $3.75 per pound copper, $1.33 per pound zinc, $21.00 per pound molybdenum and $31.38 per ounce silver.

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

Blackwater mine – 0.2 grams per tonne gold equivalent cut-off assuming $2,002 per ounce gold and $21.45 per ounce silver.

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

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

Constancia mine – NSR cut-off of $7.30 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $2,800 per ounce gold, $32.00 per ounce silver, $4.40 per pound copper and $17.00 per pound molybdenum.

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

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

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

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

DeLamar project – 0.17 grams per tonne gold equivalent cut-off for oxide leach and mixed leach and 0.1 grams per tonne gold equivalent cut-off for stockpile, all assuming $2,650 per ounce gold and $30.00 per ounce silver.

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

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

Goose mine - 0.9 grams per tonne gold cut-off for open pit and 2.2 grams per tonne for underground, assuming $2,500 per ounce gold.

Hemlo mine – 2.38 grams per tonne gold cut-off on average for underground and 0.21 grams per tonne gold cut-off for open pit.

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

Kudz Ze Kayah project – NSR cut-off of $40 per tonne for “shallow” and $150 per tonne for ”deep” mineralization at the ABM deposit, assuming $1,700 per ounce gold, $22.60 per ounce silver, $3.80 per pound copper, $0.95 per pound lead and $1.20 per pound zinc.

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

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

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

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

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

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

Mineral Park project – NSR cut-off of $8.00 per tonne assuming $4.50 per pound copper, $20.00 per pound molybdenum and $37.00 per ounce silver.

Mt Todd project – 0.4 grams per tonne gold cut-off for the Batman and Quigleys deposits and zero cut-off for Heap Leach, assuming $1,950 per ounce gold.

aa.

Neves-Corvo mine – 15% lower than the Mineral Reserve cut-off value for each mine zone and mining method.

bb.

El Alto project – $1,700 per ounce gold, $21.00 per ounce silver and $3.75 per pound copper.

cc.

Peñasquito mine - $2,000 per ounce gold, $28.00 per ounce silver, $1.00 per pound lead and $1.30 per pound zinc.

dd.

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

ee.

Salobo mine – 0.248% copper equivalent cut-off assuming $2,300 per ounce gold and $4.54 per pound copper.

ff.

San Dimas mine – NSR cut-off of $149 per tonne assuming $3,400 per ounce gold and $38.50 per ounce silver.

gg.

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

hh.

Spring Valley – 0.10 grams per tonne gold cut-off assuming $2,200 per ounce gold.

ii.

Stillwater mines – combined platinum and palladium cut-off of 8.8 grams per tonne for Stillwater and 6.5 grams per tonne for East Boulder assuming $1,350 per ounce 2E PGM prices.

jj.

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

kk.

Sudbury mines - $1,000 to $1,950 per ounce gold, $6.07 to $9.44 per pound nickel, $2.77 to $4.31 per pound copper, $1,124 to $1,350 per ounce platinum, $925 to $1,450 per ounce palladium and $20.41 to $25.54 per pound cobalt.

ll.

Toroparu project – 0.45 grams per tonne gold cut-off for open pit and 1.5 grams per tonne gold for underground assuming $1,950 per ounce gold.

mm.

Voisey’s Bay mines – NSR cut-off of Cdn $28.35 per tonne for Discovery Hill Open Pit and Cdn$230 to $250 per tonne for Reid Brook, Cdn$145 to $220 per tonne for Eastern Deeps Underground, and Cdn$210 to $250 per tonne for Discovery Hill Underground, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

nn.

Zinkgruvan mine – NSR cut-offs ranging from SEK 750 to 1,100 per tonne depending on area and mining method for the zinc Mineral Resources assuming $3.85 per pound copper and $0.90 per pound lead and $1.20 per pound zinc and $4.83 per ounce silver.

10.

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

Antamina – Teck Resources Annual Information Form filed on SEDAR on February 18, 2026.

Peñasquito – Newmont’s December 31, 2025 Resources and Reserves press release dated February 19, 2026 and

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

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

11.

The Company’s attributable Mineral Resources and Mineral Reserves have been constrained to the production expected for the various contracts.

12.

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

13.

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

The Stillwater mine has been in operation since 1986 and the East Boulder mine since 2002. Individual grades for platinum, palladium, gold and rhodium are estimated using ratios applied to the combined platinum plus palladium grades based upon average

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]

historic production results provided to the Company as of the date of this document. As such, the Attributable Mineral Resource and Mineral Reserve palladium and gold grades for the Stillwater mines have been estimated using the following ratios:

Stillwater mine: Pd = (Pt + Pd) / (1/3.46 + 1) and Au = (Pd + Pt) x 0.0238

East Boulder mine: Pd = (Pt + Pd) / (1/3.66 + 1) and Au = (Pd + Pt) x 0.0323

14.

15.

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

16.

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

17.

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

18.

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

19.

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

20.

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

21.

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

22.

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

23.

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

24.

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

25.

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

26.

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

27.

The Blackwater Silver and Blackwater Gold PMPAs provide that Artemis will deliver respectively silver and gold equal to (i) a multiple ranging from 5.07 to 5.17 of the number of ounces of gold produced until 17.8 million ounces of silver are delivered and 33% of the payable silver thereafter for the life of the mine, and (ii) 8% of the payable gold production until 464,000 ounces are delivered and 4% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 5.17 ratio / 33% basis for silver and 8% / 4% basis for gold.

28.

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

29.

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

30.

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

31.

The Cangrejos PMPA provides that Lumina will deliver gold equal to 4.40% of the gold production until 0.47 million ounces are delivered and 2.93% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 4.40% / 2.93% basis. On September 16, 2025, in connection with its acquisition of Lumina, CMOC exercised its 33% buy-back option under the Cangrejos PMPA, bringing the stream percentages and thresholds to the stated values.

32.

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

33.

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

34.

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

35.

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

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36.

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

37.

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

38.

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

39.

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

40.

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

41.

The Hemlo PMPA provides that Hemlo Mining Corp. will deliver gold equal to 10.13% of the payable gold production until 135,750 ounces of gold are delivered, then 6.75% until an additional 117,998 ounces of gold are delivered, and 4.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 10.13% / 6.75% / 4.5% basis.

42.

The Spring Valley PMPA provides that Waterton will deliver gold equal to 8% of the payable gold production until 300,000 ounces of gold are delivered, then 6% thereafter for the life of the mine. Attributable reserves and resources have been calculated on the 8% / 6% basis.

43.

The BHP Antamina PMPA provides that BHP will deliver silver equal to 33.75% of the silver production until 100 million ounces are delivered and 22.5% of silver production thereafter. Attributable reserves and resources have been calculated on the 33.75% / 22.5% basis.

44.

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

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

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Cautionary Note Regarding Forward-Looking Statements

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

●

the future price of commodities;

●

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

●

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

●

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

●

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

●

the costs of future production;

●

the ability of the Company to repay the existing Revolving Facility and new Term Loan;

●

the estimation of produced but not yet delivered ounces;

●

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

●

any statements as to future dividends;

●

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

●

projected increases to Wheaton’s production and cash flow profile;

●

projected changes to Wheaton’s production mix;

●

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

●

the ability to sell precious metals and cobalt production;

●

confidence in the Company’s business structure;

●

the Company’s assessment of taxes payable, and the Company’s ability to pay its taxes;

●

possible CRA domestic or international audits;

●

the Company’s assessment of the impact of any tax reassessments;

●

the Company’s climate change and environmental commitments; and

●

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

●

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

●

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

●

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [48]

financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

●

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

●

risks relating to the generation of sufficient cash flow to repay the existing Revolving Facility and the new Term Loan;

●

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

●

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

●

risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;

●

counterparty credit and liquidity risks;

●

mine operator and counterparty concentration risks;

●

indebtedness and guarantees risks;

●

hedging risk;

●

competition in the streaming industry risk;

●

risks relating to security over underlying assets;

●

risks relating to third-party PMPAs;

●

risks relating to revenue from royalty interests;

●

risks related to Wheaton’s acquisition strategy;

●

risks relating to third-party rights under PMPAs;

●

risks relating to future financings and security issuances;

●

risks relating to unknown defects and impairments;

●

risks related to governmental regulations;

●

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

●

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

●

risks related to environmental regulations;

●

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

●

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

●

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

●

risks related to underinsured Mining Operations;

●

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

●

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

●

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

●

challenges related to global financial conditions;

●

risks associated with sustainability-related matters;

●

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

●

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

●

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

●

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

●

risks related to interest rates;

●

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

●

risks related to access to confidential information regarding Mining Operations;

●

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

●

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

●

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

●

risks relating to activist shareholders;

●

risks relating to reputational damage;

●

risks relating to expression of views by industry analysts;

●

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [49]

●

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

●

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

●

risks relating to artificial intelligence;

●

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

●

risks relating to corporate governance and public disclosure compliance;

●

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

●

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

●

other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s most recent Annual Information Form available on SEDAR+ at www.sedarplus.ca, and in Wheaton’s Form 40-F and Form 6-Ks, all on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the “Disclosure”).

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

●

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

●

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

●

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

●

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

●

that the production estimates from Mining Operations are accurate;

●

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

●

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

●

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

●

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

●

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

●

that the Company will be able to repay the existing Revolving Facility and new Term Loan;

●

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

●

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

●

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

●

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

●

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

●

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

●

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

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

Cautionary Language Regarding Reserves and Resources

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [50]

Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. For example, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards of the SEC generally applicable to U.S. companies. Accordingly, information contained herein that describes Wheaton’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton’s Form 40-F, a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.html.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [51]

LOGO

Corporate Information DIRECTORS George Brack, Lead Independent Director Jaimie Donovan Chantal Gosselin Haytham Hodaly Jeane Hull Glenn Ives Charles Jeannes Marilyn Schonberner Randy Smallwood, chair Srinivasan Venkatakrishnan OFFICERS Haytham Hodaly President & Chief Executive Officer Curt Bernardi Executive Vice President Strategy & General Counsel Vincent Lau Senior Vice President & Chief Financial Officer Patrick Drouin President, Wheaton Precious Metals International & Chief Sustainability Officer AUDITORS Deloitte LLP Vancouver, Canada INVESTOR CONTACT Emma Murray Vice President, Investor Relations Telephone: 1 604 684 9648 Toll Free: 1 844 288 9878 Email: info@wheatonpm.com CANADA - HEAD OFFICE Wheaton Precious Metals Corp. Suite 3500 1021 West Hastings Street Vancouver, BC V6E 0C3 Canada CAYMAN ISLANDS OFFICE Wheaton Precious Metals International Ltd. Suite 300, 94 Solaris Avenue Camana Bay P.O. Box 1791GT, Grand Cayman Cayman Islands KYl-1109 TRANSFER AGENT Odyssey Trust Company 1310 - 1140 West Pender Street Vancouver, BC V6E 4Gl Toll free in Canada & USA 1 888 290 1175 Direct Dial 1 587 885 0960 STOCK EXCHANGE LISTING: Toronto Stock Exchange: WPM New York Stock Exchange: WPM London Stock Exchange: WPM Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.

LOGO

Wheaton Precious Metals Corp. Suite 3500 - 1021 West Hastings St. Vancouver, BC Canada V6E 0C3 T: 1 604 684 9648 F: 1 604 684 3123 TSX I NYSE I LSE: WPM wheatonpm.com Value through streaming.

Exhibit 99.3

LOGO

WHEATON PRECIOUS METALS 1 FIRST QUARTER REPORT 2025 Interim Financial Statements

Condensed Interim Consolidated Statements of Earnings


			Three Months Ended March 31

(US dollars and shares in thousands, except per share amounts - unaudited)	Note		2026		2025

Sales		6	$	901,469	$	470,411

Cost of sales

Cost of sales, excluding depletion			$	125,243	$	74,635

Depletion				76,852		76,693

Total cost of sales			$	202,095	$	151,328

Gross margin			$	699,374	$	319,083

General and administrative		7		12,971		13,525

Share based compensation		8		10,113		12,181

Donations and community investments		9		1,497		2,693

Earnings from operations			$	674,793	$	290,684

Other income (expense)		10		17,736		7,520

Earnings before finance costs and income taxes			$	692,529	$	298,204

Finance costs		16.3		1,405		1,441

Earnings before income taxes			$	691,124	$	296,763

Income tax expense		22		109,080		42,779

Net earnings			$	582,044	$	253,984

Basic earnings per share			$	1.282	$	0.560

Diluted earnings per share			$	1.279	$	0.559

Weighted average number of shares outstanding

Basic		20		454,044		453,692

Diluted		20		454,955		454,428

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income


			Three Months Ended March 31

(US dollars in thousands - unaudited)	Note		2026		2025

Net earnings			$	582,044	$	253,984

Other comprehensive income

Items that will not be reclassified to net earnings

Gain on LTIs¹		15	$	63,463	$	26,161

Income tax expense related to LTIs				(8,567)		(2,351)

Total other comprehensive income			$	54,896	$	23,810

Total comprehensive income			$	636,940	$	277,794

LTIs = long-term equity investments – common shares held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets



(US dollars in thousands - unaudited)	Note		As at March 31 2026		As at December 31 2025

Assets

Current assets

Cash and cash equivalents		21	$	2,164,505	$	1,153,593

Accounts receivable		11		18,039		46,723

Other				3,053		3,853

Total current assets			$	2,185,597	$	1,204,169

Non-current assets

Mineral stream interests		12	$	7,379,936	$	7,397,149

Early deposit mineral stream interests		13		47,097		47,094

Mineral royalty interests		14		40,421		40,421

Long-term equity investments		15		164,217		410,495

Property, plant and equipment				9,587		9,926

Other		23		19,340		16,527

Total non-current assets			$	7,660,598	$	7,921,612

Total assets			$	9,846,195	$	9,125,781

Liabilities

Current liabilities

Accounts payable and accrued liabilities			$	13,499	$	22,557

Dividends payable		17.2		88,549		-

Income taxes payable		22		367,506		109,951

Current portion of performance share units		19.1		12,216		21,604

Current portion of lease liabilities		16.2		581		575

Total current liabilities			$	482,351	$	154,687

Non-current liabilities

Performance share units		19.1	$	1,500	$	13,215

Lease liabilities		16.2		7,081		7,330

Income taxes payable - non-current		22		96,443		252,271

Deferred income taxes		22		9,487		1,794

Pension liability				6,055		5,976

Total non-current liabilities			$	120,566	$	280,586

Total liabilities			$	602,917	$	435,273

Shareholders’ equity

Issued capital		17	$	3,818,179	$	3,814,910

Reserves		18		99,780		176,911

Retained earnings				5,325,319		4,698,687

Total shareholders’ equity			$	9,243,278	$	8,690,508

Total liabilities and shareholders’ equity			$	9,846,195	$	9,125,781

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows


			Three Months Ended March 31

(US dollars in thousands - unaudited)	Note		2026		2025

Operating activities

Net earnings			$	582,044	$	253,984

Adjustments for

Depreciation and depletion				77,283		76,994

Equity settled share based compensation		8		1,647		1,425

Performance share units - expense		19.1		8,466		10,756

Performance share units - paid		19.1		(29,257)		(17,209)

Income tax expense		22		109,080		42,779

Investment income recognized in net earnings				(13,015)		(9,046)

Other				(2,394)		3,007

Change in non-cash working capital		21		18,776		(7,742)

Cash generated from operations before income taxes and interest			$	752,630	$	354,948

Income taxes paid				(182)		(2,234)

Interest paid				(103)		(91)

Interest received				13,478		8,170

Cash generated from operating activities			$	765,823	$	360,793

Financing activities

Debt issue costs		26	$	(3,045)	$	-

Share purchase options exercised		18.1		739		2,506

Lease payments				(159)		(122)

Cash (used for) generated from financing activities			$	(2,465)	$	2,384

Investing activities

Mineral stream interests		12	$	(61,154)	$	(95,740)

Early deposit mineral stream interests		13		(3)		-

Acquisition of long-term investments		15		(14,608)		(3)

Proceeds on disposal of long-term investments		15		323,421		-

Dividends received				-		239

Other				3,440		(260)

Cash (used for) generated from investing activities			$	251,096	$	(95,764)

Effect of exchange rate changes on cash and cash equivalents			$	(3,542)	$	2

Increase in cash and cash equivalents			$	1,010,912	$	267,415

Cash and cash equivalents, beginning of period				1,153,593		818,166

Cash and cash equivalents, end of period		21	$	2,164,505	$	1,085,581

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity



					Reserves
(US dollars in thousands - unaudited)	Number of Shares (000’s)		Issued Capital		Share Purchase Options Reserve		Restricted Share Units Reserve		LTI ¹ Revaluation Reserve (Net of Tax)		Total Reserves		Retained Earnings		Total

At January 1, 2025		453,677	$	3,798,108	$	23,361	$	8,859	$	(95,723)	$	(63,503)	$	3,524,774	$ 7,259,379

Total comprehensive income				-		-		-		23,810		23,810		253,984	277,794

SBC ¹ expense				-		579		846		-		1,425		-	1,425

Options ¹ exercised		62		2,965		(541)		-		-		(541)		-	2,424

RSUs ¹ released		69		3,095		-		(3,095)		-		(3,095)		-	-

Dividends (Note 17.2)				-		-		-		-		-		(74,880)	(74,880)

At March 31, 2025		453,808	$	3,804,168	$	23,399	$	6,610	$	(71,913)	$	(41,904)	$	3,703,878	$ 7,466,142

Total comprehensive income				-		-		-		216,514		216,514		1,217,736	1,434,250

Income tax recovery (expense)				-		-		-		-		-		1,788	1,788

SBC ¹ expense				-		2,074		2,976		-		5,050		-	5,050

Options ¹ exercised		116		5,857		(1,092)		-		-		(1,092)		-	4,765

RSUs ¹ released		73		1,657		-		(1,657)		-		(1,657)		-	-

Dividends		37		3,228		-		-		-		-		(224,715)	(221,487)

At December 31, 2025		454,034	$	3,814,910	$	24,381	$	7,929	$	144,601	$	176,911	$	4,698,687	$ 8,690,508

Total comprehensive income				-		-		-		54,896		54,896		582,044	636,940

Income tax recovery (expense)				-		-		-		-		-		1,993	1,993

SBC ¹ expense				-		700		947		-		1,647		-	1,647

Options ¹exercised		17		909		(170)		-		-		(170)		-	739

RSUs ¹ released		46		2,360		-		(2,360)		-		(2,360)		-	-

Dividends (Note 17.2)				-		-		-		-		-		(88,549)	(88,549)

Realized gain on disposal of LTIs ¹ (Note 18.3)				-		-		-		(131,144)		(131,144)		131,144	-

At March 31, 2026		454,097	$	3,818,179	$	24,911	$	6,516	$	68,353	$	99,780	$	5,325,319	$ 9,243,278

1)	Definitions as follows: “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTIs” = Long-Term Investments - Common Shares Held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

1.	Description of Business and Nature of Operations

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM.

The condensed interim consolidated financial statements of the Company for the three months ended March 31, 2026 (“Interim Financial Statements”) were authorized for issue as of May 7, 2026 in accordance with a resolution of the Board of Directors.

2.	Basis of Presentation and Statement of Compliance

These Interim Financial Statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The Interim Financial Statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are rounded to the nearest thousand US dollars (US$ 000’s) unless otherwise noted. References to “Cdn$” refer to Canadian dollars.

These Interim Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). The accounting policies applied in these Interim Financial Statements are based on IFRS Accounting Standards as issued by the IASB (“IFRS”) and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2025 and were consistently applied to all the periods presented unless otherwise stated below. These Interim Financial Statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at March 31, 2026 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3.	Material Accounting Policy Information

3.1.

Future Changes to Accounting Policies

The International Accounting Standards Board has issued the following new or amended standards:

IFRS 18 - Presentation and Disclosure in Financial Statements.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

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.

4.	Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company’s Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the Interim Financial Statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2025.

5.	Financial Instruments

There have been no significant changes to the Company’s financial instruments and related risks since December 31, 2025. Refer to Note 5 to the audited consolidated financial statements for the year ended December 31, 2025 for more information.

5.1.

Fair Value Estimation

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”).

Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs which are supported by little or no market activity.

The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.



			March 31, 2026

(in thousands)	Note		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		21	$	2,164,505	$	2,164,505	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		11,942		-		11,942		-

Long-term investments - common shares held		15		161,879		161,879		-		-

Long-term investments - warrants held		15		2,338		-		2,338		-

			$	2,340,664	$	2,326,384	$	14,280	$	-

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)



			December 31, 2025

(in thousands)	Note		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		21	$	1,153,593	$	1,153,593	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		41,545		-		41,545		-

Long-term investments - common shares held		15		407,230		407,230		-		-

Long-term investments - warrants held		15		3,265		-		3,265		-

			$	1,605,633	$	1,560,823	$	44,810	$	-

When balances are outstanding, the Company’s bank debt (Note 16.1 and 26) is reported at amortized cost using the effective interest method.

5.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

The Company’s trade receivables from provisional concentrate sales are valued based on forward price of silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy.

Long-Term Investments in Warrants Held

The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk-free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

6.	Revenue


	Three Months Ended March 31

(in thousands)	2026				2025

Sales

Gold credit sales	$	461,038	51	%	$	319,696	68	%
Silver

Silver credit sales	$	331,058	37	%	$	122,299	26	%

Concentrate sales		95,712	10	%		22,638	4	%

Total silver sales	$	426,770	47	%	$	144,937	30	%

Palladium credit sales	$	4,909	1	%	$	2,372	1	%

Cobalt sales	$	8,752	1	%	$	3,406	1	%

Total sales revenue	$	901,469	100	%	$	470,411	100	%

Gold, Silver and Palladium Credit Sales

Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer.

Concentrate Sales

Under certain PMPAs, silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

Cobalt Sales

The Company has entered into an offtake agreement under which all cobalt is sold to a third-party offtaker. Revenue from the cobalt sale is recognized at the time of the delivery, which is also the date that control of the cobalt is transferred to the offtaker.

7.	General and Administrative


	Three Months Ended 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

8.	Share Based Compensation


			Three Months Ended March 31

(in thousands)	Note		2026		2025

Equity settled share based compensation ¹

Share purchase options		18.1	$	700	$	579

Restricted share units		18.2		947		846

Cash settled share based compensation

Performance share units		19.1	$	8,466	$	10,756

Total share based compensation			$	10,113	$	12,181

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

9.	Donations and Community Investments


	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		78		1,104

Total donations and community investments	$	1,497	$	2,693

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

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

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

10.

Other Income (Expense)


	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

11.

Accounts Receivable



(in thousands)	Note		March 31 2026		December 31 2025

Trade receivables from provisional concentrate sales, net of fair value adjustment		6	$	11,942	$	41,545

Trade receivables from sales of cobalt		6		5,035		3,472

Other accounts receivable				1,062		1,706

Total accounts receivable			$	18,039	$	46,723

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

12.

Mineral Stream Interests


	Three Months Ended March 31, 2026

	Cost								Accumulated Depletion & Impairment ¹

(in thousands)	Balance Jan 1, 2026		Additions		Disposal ^4,5		Balance Mar 31, 2026		Balance Jan 1, 2026		Depletion		Disposal ^4,5		Balance Mar 31, 2026		Carrying Amount Mar 31, 2026

Gold interests

Salobo	$	3,573,911	$	-	$	-	$	3,573,911	$	(953,201)	$	(23,713)	$	-	$	(976,914)	$	2,596,997

Sudbury ²		623,864		-		-		623,864		(405,370)		(6,172)		-		(411,542)		212,322

Constancia		140,058		-		-		140,058		(87,774)		(3,683)		-		(91,457)		48,601

San Dimas		220,429		-		-		220,429		(95,211)		(3,285)		-		(98,496)		121,933

Stillwater ³		239,352		-		-		239,352		(35,150)		(795)		-		(35,945)		203,407

Blackwater		340,231		-		-		340,231		(9,183)		(2,978)		-		(12,161)		328,070

Platreef		275,702		-		-		275,702		-		-		-		-		275,702

Other ⁴		1,513,278		56,422		(19,360)		1,550,340		(56,146)		(8,624)		19,360		(45,410)		1,504,930

	$	6,926,825	$	56,422	$	(19,360)	$	6,963,887	$	(1,642,035)	$	(49,250)	$	19,360	$	(1,671,925)	$	5,291,962

Silver interests

Peñasquito	$	524,626	$	-	$	-		524,626	$	(317,760)	$	(7,350)	$	-	$	(325,110)	$	199,516

Antamina		900,343		9		-		900,352		(441,260)		(6,606)		-		(447,866)		452,486

Constancia		302,948		-		-		302,948		(151,545)		(4,333)		-		(155,878)		147,070

Blackwater		170,947		-		-		170,947		(3,445)		(957)		-		(4,402)		166,545

Other ⁵		1,168,469		3,208		(3,048)		1,168,629		(611,582)		(4,143)		3,048		(612,677)		555,952

	$	3,067,333	$	3,217	$	(3,048)	$	3,067,502	$	(1,525,592)	$	(23,389)	$	3,048	$	(1,545,933)	$	1,521,569

Palladium interests

Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(54,829)	$	(1,430)		-	$	(56,259)	$	207,462

Platreef		78,814		-		-		78,814		-		-		-		-		78,814

	$	342,535	$	-	$	-	$	342,535	$	(54,829)	$	(1,430)	$	-	$	(56,259)	$	286,276

Platinum interests

Marathon	$	9,451	$	-	$	-	$	9,451	$	-	$	-		-	$	-	$	9,451

Platreef		57,584		-		-		57,584		-		-		-		-		57,584

	$	67,035	$	-	$	-	$	67,035	$	-	$	-	$	-	$	-	$	67,035

Cobalt interests

Voisey’s Bay	$	393,422	$	-	$	-	$	393,422	$	(177,545)	$	(2,783)		-	$	(180,328)	$	213,094

	$	10,797,150	$	59,639	$	(22,408)	$	10,834,381	$	(3,400,001)	$	(76,852)	$	22,408	$	(3,454,445)	$	7,379,936

1)	Includes cumulative impairment charges to March 31, 2026 as follows: El Alto silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey’s Bay cobalt interest - $109 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests. The additions to other gold interests include Spring Valley - $50 million and Marmato - $37 million; less a repayment relative to Santo Domingo - $30 million to be re-advanced at a later date. The fully depleted Minto PMPA was removed from the Mineral Stream Interests owned due to Minto Metals Corp. being placed in receivership.

Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests include Marmato - $3 million. The fully depleted Minto PMPA was removed from the Mineral Stream Interests owned due to Minto Metals Corp. being placed in receivership.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)


	Year Ended December 31, 2025

	Cost								Accumulated Depletion & Impairment ¹

(in thousands)	Balance Jan 1, 2025		Additions		Disposal ⁶		Balance Dec 31, 2025		Balance Jan 1, 2025		Depletion		Balance Dec 31, 2025		Carrying Amount Dec 31, 2025

Gold interests

Salobo	$	3,429,911	$	144,000	$	-	$	3,573,911	$	(834,426)	$	(118,775)	$	(953,201)	$	2,620,710

Sudbury ²		623,864		-		-		623,864		(382,313)		(23,057)		(405,370)		218,494

Constancia		140,058		-		-		140,058		(75,732)		(12,042)		(87,774)		52,284

San Dimas		220,429		-		-		220,429		(83,948)		(11,263)		(95,211)		125,218

Stillwater ³		239,352		-		-		239,352		(31,892)		(3,258)		(35,150)		204,202

Blackwater		340,231		-		-		340,231		-		(9,183)		(9,183)		331,048

Platreef		275,702		-		-		275,702		-		-		-		275,702

Other ⁴		419,174		1,110,110		(16,006)		1,513,278		(53,791)		(2,355)		(56,146)		1,457,132

	$	5,688,721	$	1,254,110	$	(16,006)	$	6,926,825	$	(1,462,102)	$	(179,933)	$	(1,642,035)	$	5,284,790

Silver interests

Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(280,161)	$	(37,599)	$	(317,760)	$	206,866

Antamina		900,343		-		-		900,343		(409,572)		(31,688)		(441,260)		459,083

Constancia		302,948		-		-		302,948		(137,570)		(13,975)		(151,545)		151,403

Blackwater		140,908		30,039		-		170,947		-		(3,445)		(3,445)		167,502

Other ⁵		1,115,154		53,315		-		1,168,469		(593,432)		(18,150)		(611,582)		556,887

	$	2,983,979	$	83,354	$	-	$	3,067,333	$	(1,420,735)	$	(104,857)	$	(1,525,592)	$	1,541,741

Palladium interests

Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(50,542)	$	(4,287)	$	(54,829)	$	208,892

Platreef		78,814		-		-		78,814		-		-		-		78,814

	$	342,535	$	-	$	-	$	342,535	$	(50,542)	$	(4,287)	$	(54,829)	$	287,706

Platinum interests

Marathon	$	9,451	$	-	$	-	$	9,451	$	-	$	-	$	-	$	9,451

Platreef		57,584		-		-		57,584		-		-		-		57,584

	$	67,035	$	-	$	-	$	67,035	$	-	$	-	$	-	$	67,035

Cobalt interests

Voisey’s Bay	$	393,422	$	-	$	-	$	393,422	$	(162,733)	$	(14,812)	$	(177,545)	$	215,877

	$	9,475,692	$	1,337,464	$	(16,006)	$	10,797,150	$	(3,096,112)	$	(303,889)	$	(3,400,001)	$	7,397,149

1)	Includes cumulative impairment charges to December 31, 2025 as follows: El Alto silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey’s Bay cobalt interest - $109 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests. The additions to other gold interests include Kone - $469 million, Hemlo - $300 million, Kurmuk - $131 million, Fenix - $125 million, Spring Valley - $50 million, El Domo - $32 million, Cangrejos - $3 million and Kudz Ze Kayah - $1 million.

Comprised of Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests include Mineral Park - $40 million, El Domo - $12 million and Kudz Ze Kayah - $1 million.

6)	During Q3 2025, in connection with its acquisition of Lumina Gold Corp., CMOC exercised its 33% buy-back option under the Cangrejos PMPA.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving commercial production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.


	March 31, 2026						December 31, 2025

(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total

Gold interests

Salobo	$	2,270,822	$	326,175	$	2,596,997	$	2,294,535	$	326,175	$	2,620,710

Sudbury ¹		175,229		37,093		212,322		181,401		37,093		218,494

Constancia		45,077		3,524		48,601		48,761		3,523		52,284

San Dimas		43,156		78,777		121,933		46,440		78,778		125,218

Stillwater ²		183,773		19,634		203,407		184,568		19,634		204,202

Blackwater		314,961		13,109		328,070		317,940		13,108		331,048

Platreef		-		275,702		275,702		-		275,702		275,702

Other ³		440,819		1,064,111		1,504,930		92,269		1,364,863		1,457,132

	$	3,473,837	$	1,818,125	$	5,291,962	$	3,165,914	$	2,118,876	$	5,284,790

Silver interests

Peñasquito	$	199,516	$	-	$	199,516	$	206,866	$	-	$	206,866

Antamina		206,674		245,812		452,486		213,280		245,803		459,083

Constancia		140,697		6,373		147,070		145,029		6,374		151,403

Blackwater		166,545		-		166,545		167,502		-		167,502

Other ⁴		206,060		349,892		555,952		210,203		346,684		556,887

	$	919,492	$	602,077	$	1,521,569	$	942,880	$	598,861	$	1,541,741

Palladium interests

Stillwater ²	$	199,974	$	7,488	$	207,462	$	201,404	$	7,488	$	208,892

Platreef		-		78,814		78,814		-		78,814		78,814

	$	199,974	$	86,302	$	286,276	$	201,404	$	86,302	$	287,706

Platinum interests

Marathon	$	-	$	9,451	$	9,451	$	-	$	9,451	$	9,451

Platreef		-		57,584		57,584		-		57,584		57,584

	$	-	$	67,035	$	67,035	$	-	$	67,035	$	67,035

Cobalt interests

Voisey’s Bay	$	201,239	$	11,855	$	213,094	$	204,022	$	11,855	$	215,877

	$	4,794,542	$	2,585,394	$	7,379,936	$	4,514,220	$	2,882,929	$	7,397,149

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

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

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

4)	Comprised of the Zinkgruvan, Neves-Corvo, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

Significant acquisitions, amendments and disposals of mineral stream interests (if any) in the three months ended March 31, 2026 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in Note 24.

Antamina

On February 16, 2026, the Company entered into a PMPA with BHP Group Limited (“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.

13.

Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 24 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests owned by the Company as of March 31, 2026 and December 31, 2025:


											Attributable Production to be Purchased

Early Deposit Mineral Stream Interests	Mine Owner		Location of Mine		Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold		Silver		Term of Agreement

Toroparu		Aris Mining		Guyana	$	15,500	$	138,000	$	153,500		10%		50%		Life of Mine

Cotabambas		Panoro		Peru		14,000		126,000		140,000		25% ³		100% ³		Life of Mine

Kutcho		Kutcho		Canada		16,852		58,000		74,852		100%		100%		Life of Mine

					$	46,352	$	322,000	$	368,352

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

2)	Please refer to Note 24 for details of when the remaining upfront consideration to be paid becomes due.

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

14.

Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of March 31, 2026 and December 31, 2025:

Royalty Interests

Mine
Owner

Location of
Mine

Royalty¹

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 Creek³

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine⁴

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd⁵

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

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

2)	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.

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

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

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

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

15.

Long-Term Equity Investments



(in thousands)	March 31 2026		December 31 2025

Common shares held	$	161,879	$	407,230

Warrants held		2,338		3,265

Total long-term equity investments	$	164,217	$	410,495

Common Shares Held


	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

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

2)	The disposals during the quarter were made to partially fund the BHP Antamina PMPA (Notes 12 and 26).


	Three Months Ended March 31, 2025

(in thousands)	Fair Value at Dec 31, 2024		Additions		Disposals		Fair Value Adjustment Gains (Losses) ¹		Fair Value at Mar 31, 2025		Realized (Loss) 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	$	-

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

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

16.

Credit Facilities

16.1.

Sustainability-Linked Revolving Credit Facility

As at March 31, 2026, the Company’s unsecured $2.0 billion revolving credit facility remained undrawn (please see Note 26 for more information). In addition to the credit facility, the Company has a $500 million accordion feature. The facility includes sustainability-linked features and a financial covenant requiring a capitalization ratio ≤ 0.60:1, with which the Company was in compliance as at March 31, 2026 and 2025. Interest on drawn amounts is based on the Company’s leverage ratio at SOFR + 1.10% to 2.15%. The standby fee was 0.1966% (2025 – 0.1966%).

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

purposes. In connection with the Revolving Facility, there is $4 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 23).

16.2.

Lease Liabilities

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:



(in thousands)	March 31 2026		December 31 2025

Current portion	$	581	$	575

Long-term portion		7,081		7,330

Total lease liabilities	$	7,662	$	7,905

The maturity analysis, on an undiscounted basis, of these leases is as follows:


(in thousands)	March 31 2026

Not later than 1 year	$	987

Later than 1 year and not later than 5 years		4,171

Later than 5 years		4,673

Total lease liabilities	$	9,831

16.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:


			Three Months Ended March 31

(in thousands)	Note		2026		2025

Costs related to undrawn credit facilities		16.1	$	1,303	$	1,350

Interest expense - lease liabilities		16.2		102		91

Total finance costs			$	1,405	$	1,441

17.

Issued Capital



(in thousands)	Note		March 31 2026		December 31 2025

Issued capital

Share capital issued and outstanding: 454,097,336 common shares (December 31, 2025: 454,033,830 common shares)		17.1	$	3,818,179	$	3,814,910

17.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at March 31, 2026 and 2025, the Company had no preference shares outstanding.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

17.2.

Dividends Declared


		Three Months Ended March 31

(in thousands, except per share amounts)		2026		2025

Dividends declared per share		$	0.195	$	0.165

Average number of shares eligible for dividend			454,099		453,821

Total dividends declared		$	88,549	$	74,880

1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

18. Reserves

(in thousands)	Note	March 31 2026		December 31 2025

Reserves
Share purchase options	18.1	$	24,911	$	24,381
Restricted share units	18.2		6,516		7,929
Long-term investment revaluation reserve, net of tax	18.3		68,353		144,601

Total reserves		$	99,780	$	176,911

18.1.

Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of three years.

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 36-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:


	Three Months Ended March 31

	2026		2025

Black-Scholes weighted average assumptions

Grant date share price and exercise price		Cdn$190.62		Cdn$108.56

Expected dividend yield		0.65%		0.92%

Expected volatility		30%		30%

Risk-free interest rate		3.05%		2.89%

Expected option life, in years		3.0		3.0

Weighted average fair value per option granted		Cdn$43.34		Cdn$23.90

Number of options issued during the period		95,290		178,020

Total fair value of options issued (000’s)	$	3,020	$	2,974

The following table summarizes information about the options outstanding and exercisable at March 31, 2026:


Exercise Price (Cdn$)	Exercisable Options		Non-Exercisable Options		Total Options Outstanding		Weighted Average Remaining Contractual Life

$49.86		160,010		-		160,010	2.0 years

$55.69¹		6,714		-		6,714	2.0 years

$60.00		164,163		-		164,163	3.0 years

$65.46¹		15,650		-		15,650	3.0 years

$59.41		206,171		-		206,171	4.0 years

$60.31¹		31,034		-		31,034	4.0 years

$59.79		129,741		70,048		199,789	5.0 years

$61.54¹		37,122		21,513		58,635	5.0 years

$105.78¹		12,574		25,156		37,730	6.0 years

$108.56		46,000		92,356		138,356	6.0 years

$190.62		-		73,090		73,090	7.0 years

$194.30¹		-		22,200		22,200	7.0 years

		809,179		304,363		1,113,542	4.3 years

1)	US$ share purchase options converted to Cdn$ using the exchange rate of 1.3939, being the Cdn$/US$ exchange rate at March 31, 2026.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2025 to March 31, 2026 is presented below:


	Number of Options Outstanding		Weighted Average Exercise Price

At January 1, 2025		1,070,974		Cdn$58.14

Granted (fair value - $3 million or Cdn$23.90 per option)		178,020		108.56

Exercised		(62,041)		55.90

Forfeited		(24,410)		59.76

At March 31, 2025		1,162,543		Cdn$65.95

Exercised		(116,448)		56.84

Forfeited		(8,593)		97.83

Expired		(2,186)		49.86

At December 31, 2025		1,035,316		Cdn$66.40

Granted (fair value - $3 million or Cdn$43.34 per option)		95,290		190.62

Exercised		(17,064)		59.65

At March 31, 2026		1,113,542		Cdn$77.37

As it relates to share purchase options, during the three months ended March 31, 2026, the weighted average share price at the time of exercise was Cdn$175.05 per share, as compared to Cdn$109.30 per share during the comparable period in 2025.

18.2.

Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2025 to March 31, 2026 is presented below:


	Number of RSUs Outstanding		Weighted Average Intrinsic Value at Date Granted

At January 1, 2025		336,929		$34.64

Granted (fair value - $4 million)		52,960		75.92

Released		(69,129)		44.78

Forfeited		(5,384)		43.86

At March 31, 2025		315,376		$39.19

Released		(72,396)		22.89

Forfeited		(1,100)		55.85

At December 31, 2025		241,880		$43.99

Granted (fair value - $4 million)		30,480		139.35

Released		(46,442)		50.81

At March 31, 2026		225,918		$55.45

18.3.

Long-Term Investment Revaluation Reserve

The Company’s long-term investments in common shares (Note 15) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2025 to March 31, 2026 is presented below:


(in thousands)	Change in Fair Value			Deferred Tax Recovery (Expense)		Total

At January 1, 2025	$	(95,675)		$	(48)	$	(95,723)

Unrealized gain (loss) on LTIs ¹		26,161			(2,351)		23,810

At March 31, 2025	$	(69,514)		$	(2,399)	$	(71,913)

Unrealized gain (loss) on LTIs ¹		236,566			(20,052)		216,514

At December 31, 2025	$	167,052		$	(22,451)	$	144,601

Unrealized gain (loss) on LTIs ¹		63,463			(8,567)		54,896

Reallocate reserve to retained earnings upon disposal of LTIs ¹		(151,519	)		20,375		(131,144)

At March 31, 2026	$	78,996		$	(10,643)	$	68,353

1)	LTIs refers to long-term investments in common shares held.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

19.

Share Based Compensation

The Company’s share based compensation consists of share purchase options (Note 18.1), restricted share units (Note 18.2) and performance share units (Note 19.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

19.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return (“TSR”) to those achieved by various peer companies and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2025 to March 31, 2026 is presented below:


(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding		PSU accrual liability

At January 1, 2025		378,970	$	25,084

Granted		78,390		-

Accrual related to the fair value of the PSUs outstanding		-		10,796

Foreign exchange adjustment		-		87

Paid		(118,240)		(17,209)

Forfeited		(890)		(40)

At March 31, 2025		338,230	$	18,718

Accrual related to the fair value of the PSUs outstanding		-		15,556

Foreign exchange adjustment		-		828

Forfeited		(3,560)		(283)

At December 31, 2025		334,670	$	34,819

Granted		43,340		-

Accrual related to the fair value of the PSUs outstanding		-		8,472

Foreign exchange adjustment		-		(312)

Paid		(123,700)		(29,257)

Forfeited		(230)		(6)

At March 31, 2026		254,080	$	13,716

A summary of the PSUs outstanding at March 31, 2026 is as follows:


Year of Grant		Year of Maturity		Number Outstanding		Estimated Value Per PSU at Maturity		Anticipated Performance Factor at Maturity		Percent of Service Period Completed at Mar 31, 2026		PSU Liability at Mar 31, 2026
	2024		2027		133,400		$132.18		99%		70%	$	12,216
	2025		2028		77,340		$105.57		41%		43%		1,430
	2026		2029		43,340		$129.58		99%		1%		71

					254,080							$	13,717

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

20.

Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:


	Three Months Ended March 31

(in thousands)	2026		2025

Basic weighted average number of shares outstanding		454,044		453,692

Effect of dilutive securities

Share purchase options		671		407

Restricted share units		240		329

Diluted weighted average number of shares outstanding		454,955		454,428

The following table lists the number of share purchase options excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$190.64, compared to Cdn$95.38 for the comparable period in 2025.

	Three Months Ended March 31

(in thousands)	2026		2025

Share purchase options		22		178

21.

Supplemental Cash Flow Information

Change in Non-Cash Working Capital


	Three Months Ended March 31

(in thousands)	2026		2025

Change in non-cash working capital

Accounts receivable	$	28,022	$	(1,407)

Accounts payable and accrued liabilities		(9,059)		(6,599)

Other		(187)		264

Total change in non-cash working capital	$	18,776	$	(7,742)

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

Cash and Cash Equivalents


(in thousands)	March 31 2026		December 31 2025
Cash and cash equivalents comprised of:

Cash	$	2,164,505	$	999,311

Cash equivalents		-		154,282

Total cash and cash equivalents	$	2,164,505	$	1,153,593

Cash equivalents include short-term deposits, treasury bills, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

22.

Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings


	Three Months Ended March 31

(in thousands)	2026		2025
Current income tax expense (recovery)	$	(8,308)	$	44
Global minimum income tax expense		96,443		45,066
Total current income tax expense	$	88,135	$	45,110

Total deferred income tax expense (recovery)	$	20,945	$	(2,331)

Total income tax expense recognized in net earnings	$	109,080	$	42,779

Effective tax rate		16%		14%

23.

Other Long-Term Assets

The composition of other long-term assets is shown below:



(in thousands)	Note		March 31 2026		December 31 2025

Intangible assets			$	1,024	$	1,120

Debt issue costs - Revolving Facility		16.1		4,369		4,702

Refundable deposit - 777 PMPA				10,363		10,163

Other				3,584		542

Total other long-term assets			$	19,340	$	16,527

Refundable Deposit – 777 PMPA

On August 8, 2012, the Company entered into a PMPA with Hudbay in respect to the 777 mine. Under the terms of the 777 PMPA, should the market value of gold and silver delivered to Wheaton through the initial 40 year term of the contract, net of the per ounce cash payment, be lower than the initial $455 million upfront consideration, the Company is entitled to a refund of the difference (the “Refundable Deposit”) at the conclusion of the 40 year term. On June 22, 2022, Hudbay announced that mining activities at the 777 mine have concluded after the reserves were depleted and closure activities have commenced. The undiscounted balance of the Refundable Deposit is $78 million.

WHEATON PRECIOUS METALS 2026 1ST QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2026 (US Dollars)

24.

Contractual Obligations and Commitments

Mineral Stream Interests

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% ⁵

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

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

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

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