Condensed Interim Consolidated Statements of Earnings

		Three Months Ended	June 30		Six Months Ended June 30
(US dollars and shares in thousands, except per share amounts - unaudited)	Note	2025		2024	2025		2024
Sales	6	\$ 503,218	\$	299,064	\$ 973,629	\$	595,870
Cost of sales
Cost of sales, excluding depletion		\$ 75,169	\$	54,007	\$ 149,805	\$	115,562
Depletion		75,002		58,865	151,695		122,541
Total cost of sales		\$ 150,171	\$	112,872	\$ 301,500	\$	238,103
Gross margin		\$ 353,047	\$	186,192	\$ 672,129	\$	357,767
General and administrative	7	11,022		10,241	24,547		20,705
Share based compensation	8	9,962		6,241	22,143		7,522
Donations and community investments	9	2,368		703	5,060		2,273
Earnings from operations		\$ 329,695	\$	169,007	\$ 620,379	\$	327,267
Other income (expense)	10	9,736		5,122	17,256		12,317
Earnings before finance costs and income taxes		\$ 339,431	\$	174,129	\$ 637,635	\$	339,584
Finance costs	16.3	1,427		1,299	2,868		2,741
Earnings before income taxes		\$ 338,004	\$	172,830	\$ 634,767	\$	336,843
Income tax expense	22	45,734		50,513	88,513		50,485
Net earnings		\$ 292,270	\$	122,317	\$ 546,254	\$	286,358
Basic earnings per share		\$ 0.644	\$	0.270	\$ 1.204	\$	0.632
Diluted earnings per share		\$ 0.643	\$	0.269	\$ 1.202	\$	0.631
Weighted average number of shares outstanding
Basic	20	453,889		453,430	453,791		453,262
Diluted	20	454,663		454,104	454,550		453,888

Condensed Interim Consolidated Statements of Comprehensive Income

		Three Months Ended	June 30			Six Months Ended June 30
(US dollars in thousands - unaudited)	Note	2025		2024	2025		2024
Net earnings		\$ 292,270	\$	122,317	\$ 546,254	\$	286,358
Other comprehensive income
Items that will not be reclassified to net earnings
Gain on LTIs¹	15	\$ 40,520	\$	18,309	\$ 66,681	\$	12,840
Income tax expense related to LTIs	22	(3,945)		(1,327)	(6,295)		(1,424)
Total other comprehensive income		\$ 36,575	\$	16,982	\$ 60,386	\$	11,416
Total comprehensive income		\$ 328,845	\$	139,299	\$ 606,640	\$	297,774

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

Condensed Interim Consolidated Balance Sheets

		As at June 30	As at December 31
Note (US dollars in thousands - unaudited)		2025	2024
Assets
Current assets
Cash and cash equivalents	21	\$ 1,005,885	\$ 818,166
Accounts receivable	11	15,586	6,217
Other	23	4,725	3,697
Total current assets		\$ 1,026,196	\$ 828,080
Non-current assets
Mineral stream interests	12	\$ 6,669,707	\$ 6,379,580
Early deposit mineral stream interests	13	47,094	47,094
Mineral royalty interests	14	40,421	40,421
Long-term equity investments	15	171,531	98,975
Property, plant and equipment		10,517	8,691
Other	24	16,919	21,616
Total non-current assets		\$ 6,956,189	\$ 6,596,377
Total assets		\$ 7,982,385	\$ 7,424,457
Liabilities
Current liabilities
Accounts payable and accrued liabilities		\$ 7,857	\$ 13,553
Income taxes payable		112,511	2,127
Current portion of performance share units 19.1		18,194	13,562
Current portion of lease liabilities 16.2		566	262
Total current liabilities		\$ 139,128	\$ 29,504
Non-current liabilities
Performance share units 19.1		\$ 9,515	\$ 11,522
Lease liabilities 16.2		7,682	4,909
Income taxes payable - non-current	22	94,701	113,505
Deferred income taxes	22	386	349
Pension liability		5,267	5,289
Total non-current liabilities		\$ 117,551	\$ 135,574
Total liabilities		\$ 256,679	\$ 165,078
Shareholders' equity
Issued capital	17	\$ 3,810,111	\$ 3,798,108
Reserves	18	(5,654)	(63,503)
Retained earnings		3,921,249	3,524,774
Total shareholders' equity		\$ 7,725,706	\$ 7,259,379
Total liabilities and shareholders' equity		\$ 7,982,385	\$ 7,424,457

Condensed Interim Consolidated Statements of Cash Flows

		Three Months Ended June 30		Six Months Ended June 30
(US dollars in thousands - unaudited)	Note	2025		2024	2025		2024
Operating activities
Net earnings		\$ 292,270	\$	122,317	\$ 546,254	\$	286,358
Adjustments for
Depreciation and depletion		75,322		59,211	152,316		123,224
Equity settled share based compensation	8	1,809		1,655	3,234		3,253
Performance share units - expense	19.1	8,153		4,586	18,909		4,269
Performance share units - paid	19.1	-		-	(17,209)		(11,129)
Income tax expense	22	45,734		50,513	88,513		50,485
Investment income recognized in net earnings		(8,742)		(4,877)	(17,789)		(11,315)
Other		164		640	3,171		580
Change in non-cash working capital	21	(6,709)		(3,664)	(14,450)		(1,508)
Cash generated from operations before
income taxes and interest		\$ 408,001	\$	230,381	\$ 762,949	\$	444,217
Income taxes refunded (paid)		(948)		(75)	(3,182)		(191)
Interest paid		(87)		(73)	(178)		(148)
Interest received		7,993		4,160	16,163		9,895
Cash generated from operating activities		\$ 414,959	\$	234,393	\$ 775,752	\$	453,773
Financing activities
Credit facility extension fees	16.1	\$ (862)	\$	(925)	\$ (862)	\$	(925)
Share purchase options exercised	18.1	1,967		8,348	4,473		12,164
Lease payments		(89)		(147)	(211)		(295)
Dividends paid	17.2	(147,939)		(139,124)	(147,939)		(139,124)
Cash used for financing activities		\$ (146,923)	\$	(131,848)	\$ (144,539)	\$	(128,180)
Investing activities
Mineral stream interests	12	\$ (347,951)	\$	(35,605)	\$ (443,691)	\$	(486,507)
Mineral royalty interest	14	-		(10,078)	-		(22,025)
Acquisition of long-term investments	15	-		-	(3)		(751)
Proceeds on disposal of long-term
investments	15	-		177,088	-		177,088
Dividends received		287		481	526		1,181
Other		(231)		(193)	(491)		(789)
Cash (used for) generated from investing activities		\$ (347,895)	\$	131,693	\$ (443,659)	\$	(331,803)
Effect of exchange rate changes on cash and cash
equivalents		\$ 163	\$	(130)	\$ 165	\$	(100)
(Decrease) increase in cash and cash equivalents		\$ (79,696)	\$	234,108	\$ 187,719	\$	(6,310)
Cash and cash equivalents, beginning of period		1,085,581		306,109	818,166		546,527
Cash and cash equivalents, end of period	21	\$ 1,005,885	\$	540,217	\$ 1,005,885	\$	540,217

Condensed Interim Consolidated Statements of Shareholders' Equity


(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, 2024		453,069 \$ 3,777,323 \$	22,907 \$	8,006 \$	(71,004) \$		(40,091) \$ 3,248,284 \$ 6,985,516
Total comprehensive income		-	-	-	(5,566)	(5,566)	164,041	158,475
SBC 1 expense		-	674	924	-	1,598	-	1,598
Options 1 exercised	158	4,565	(698)	-	-	(698)	-	3,867
RSUs 1 released	68	2,960	-	(2,960)	-	(2,960)	-	-
Dividends (Note 17.2)		-	-	-	-	-	(70,261)	(70,261)
At March 31, 2024		453,295 \$ 3,784,848 \$	22,883 \$	5,970 \$	(76,570) \$		(47,717) \$ 3,342,064 \$ 7,079,195
Total comprehensive income		-	-	-	16,982	16,982	122,317	139,299
SBC 1 expense		-	698	957	-	1,655	-	1,655
Options 1 exercised	311	9,861	(1,475)	-	-	(1,475)	-	8,386
RSUs 1 released	1	53	-	(53)	-	(53)	-	-
Dividends (Note 17.2)	28	1,410	-	-	-	-	(70,273)	(68,863)
Realized gain on disposal of LTIs ¹		-	-	-	(31,578)	(31,578)	31,578	-
At June 30, 2024		453,635 \$ 3,796,172 \$	22,106 \$	6,874 \$	(91,166) \$		(62,186) \$ 3,425,686 \$ 7,159,672
Total comprehensive income		-	-	-	(7,619)	(7,619)	242,782	235,163
SBC 1 expense		-	1,465	1,985	-	3,450	-	3,450
Options 1 exercised	31	1,230	(210)	-	-	(210)	-	1,020
Dividends	11	706	-	-	-		(140,632)	(139,926)
Realized gain on disposal of LTIs ¹		-	-	-	3,062	3,062	(3,062)	-
At December 31, 2024		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		-	-	-	36,575	36,575	292,270	328,845
SBC 1 expense		-	711	1,098	-	1,809	-	1,809
Options 1 exercised	50	2,444	(477)	-	-	(477)	-	1,967
RSUs 1 released	73	1,657	-	(1,657)	-	(1,657)	-	-
Dividends (Note 17.2)	23	1,842	-	-	-	-	(74,899)	(73,057)
At June 30, 2025		453,954 \$ 3,810,111 \$	23,633 \$	6,051 \$	(35,338) \$		(5,654) \$ 3,921,249 \$ 7,725,706

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

1. Description of Business and Nature of Operations

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

As of June 30, 2025, the Company has entered into 40 long-term agreements¹ (32 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 33 different mining companies, related to precious metals and cobalt relating to 20 mining assets which are currently operating, 24 of which are at various stages of development and 2 which have been placed into care and maintenance or have been closed, located in 18 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.1

The condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2025 ("Interim Financial Statements") were authorized for issue as of August 7, 2025 in accordance with a resolution of the Board of Directors.

2. Basis of Presentation and Statement of Compliance

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

These Interim Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB"). The accounting policies applied in these Interim Financial Statements are based on IFRS Accounting Standards as issued by the IASB ("IFRS") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2024 and were consistently applied to all the periods presented unless otherwise stated below. These Interim Financial Statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024.

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

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at June 30, 2025 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3. Material Accounting Policy Information

3.1. New Accounting Standards Effective in 2025

Amendment to IAS 21 - Lack of Exchangeability

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

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

4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments

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

Information about significant areas of estimation uncertainty and judgments made by management in preparing the Interim Financial Statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2024.

5. Financial Instruments

5.1. Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments.

The capital structure of the Company consists of debt (Note 16) and equity attributable to common shareholders, comprising of issued capital (Note 17), accumulated reserves (Note 18) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the financial covenant under its sustainability-linked revolving credit facility requiring a capitalization ratio of <= 0.60:1 (Note 16).

The Company is in compliance with the debt covenant at June 30, 2025, as described in Note 16.1.

5.2. Categories of Financial Assets and Liabilities

Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company's long-term investments in common shares held. As these longterm investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of Other Comprehensive Income ("OCI"). Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity. The following table summarizes the classification of the Company's financial assets and liabilities:

		June 30	December 31
(in thousands)	Note	2025	2024
Financial assets
Financial assets mandatorily measured at FVTNE 1
Cash and cash equivalents	21	\$ 1,005,885	\$ 818,166
Trade receivables from provisional concentrate sales, net of fair value adjustment	6, 11	11,255	3,518
Long-term investments - warrants held		3,543	785
Investments in equity instruments designated at FVTOCI 1
Long-term investments - common shares held	15	167,988	98,190
Financial assets measured at amortized cost
Trade receivables from sales of cobalt	11	2,394	1,199
Refundable deposit - 777 PMPA	24	9,785	9,413
Other		2,837	1,500
Total financial assets		\$ 1,203,687	\$ 932,771
Financial liabilities
Financial liabilities at amortized cost
Accounts payable and accrued liabilities		\$ 7,857	\$ 13,553
Total financial liabilities		\$ 7,857	\$ 13,553

1) FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income.

5.3. Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds.

The Company monitors its financial assets and does not have a significant concentration of credit risk. The Company invests surplus cash in bank accounts and short-term money market instruments. Finally, counterparties used to sell precious metals are established organizations with minimum acceptable credit worthiness and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at June 30, 2025 is considered to be negligible.

The Company's maximum exposure to credit risk related to its financial assets is as follows:

		June 30	December 31
(in thousands)	Note	2025	2024
Cash and cash equivalents	21	\$ 1,005,885	\$ 818,166
Trade receivables from provisional concentrate sales, net of fair value
adjustment	11	11,255	3,518
Trade receivables from sales of cobalt	11	2,394	1,199
Refundable Deposit - 777 PMPA	24	9,785	9,413
Other		2,837	1,500
Maximum exposure to credit risk related to financial assets		\$ 1,032,156	\$ 833,796

5.4. Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at June 30, 2025, the Company had cash and cash equivalents of \$1.0 billion (December 31, 2024 - \$818 million) and working capital of \$887 million (December 31, 2024 - \$799 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at June 30, 2025 of \$172 million (December 31, 2024 - \$99 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company's planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

The following table summarizes the timing associated with the Company's remaining contractual payments relating to its financial liabilities and performance share units liability. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable.

						As at June 30, 2025
(in thousands)	2025	2026 - 2027	2028 - 2029	After 2029		Total
Accounts payable and accrued liabilities	\$ 7,857	\$ -	\$ -	\$	- \$	7,857
Performance share units 1	-	27,011	698		-	27,709
Total	\$ 7,857	\$ 27,011	\$ 698	\$	- \$	35,566

1) See Note 19.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

5.5. Currency Risk

The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company's Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

	June 30	December 31
(in thousands)	2025	2024
Monetary assets
Cash and cash equivalents	\$ 2,751	\$ 7,833
Accounts receivable	97	160
Long-term investments - common shares held	167,988	98,190
Long-term investments - warrants held	3,543	785
Other long-term assets	-	3,114
Total Canadian dollar denominated monetary assets	\$ 174,379	\$ 110,082
Monetary liabilities
Accounts payable and accrued liabilities	\$ 4,942	\$ 9,291
Performance share units	22,882	20,989
Lease liability	5,317	5,170
Pension liability	5,266	5,289
Total Canadian dollar denominated monetary liabilities	\$ 38,407	\$ 40,739

The following tables detail the Company's sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in exchange rates.

	As at June 30, 2025
	Change in Canadian Dollar
		10%
(in thousands)		Increase		Decrease
Increase (decrease) in net earnings	\$	(3,202)	\$	3,202
Increase (decrease) in other comprehensive income		16,799		(16,799)
Increase (decrease) in total comprehensive income	\$	13,597	\$	(13,597)

	As at December 31, 2024
	Change in Canadian Dollar 10%

(in thousands)		Increase	Decrease
Increase (decrease) in net earnings	\$	(2,885)	\$	2,885
Increase (decrease) in other comprehensive income		9,819		(9,819)
Increase (decrease) in total comprehensive income	\$	6,934	\$	(6,934)

5.6. Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and six months ended June 30, 2025 the weighted average interest rate earned on its cash

deposits in interest bearing accounts was 4.2% and 4.2%, respectively, as compared to 5.1% and 5.2%, in the comparable periods of the prior year.

During the three and six months ended June 30, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three and six months ended June 30, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest earned by approximately \$2 million and \$4 million, respectively, as compared to \$1 million and \$2 million during the comparable periods of the prior year.

5.7. Other Price Risk

The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments.

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and six months ended June 30, 2025 and 2024 would have increased/decreased by approximately \$17 million and \$9 million respectively, as a result of changes in the fair value of common shares held.

5.8. Fair Value Estimation

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

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

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

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

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

		June 30, 2025
(in thousands)	Note		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	21	\$	1,005,885	\$	1,005,885	\$	-	\$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		11,255		-		11,255		-
Long-term investments - common shares held	15		167,988		167,988		-		-
Long-term investments - warrants held	15		3,543		-		3,543		-
		\$	1,188,671	\$	1,173,873	\$	14,798	\$	-

				December 31, 2024
(in thousands)	Note	Total	Level 1	Level 2	Level 3
Cash and cash equivalents	21	\$ 818,166	\$ 818,166	\$ -	\$ -
Trade receivables from provisional concentrate sales, net of fair value adjustment	11	3,518	-	3,518	-
Long-term investments - common shares held	15	98,190	98,190	-	-
Long-term investments - warrants held	15	785	-	785	-
		\$ 920,659	\$ 916,356	\$ 4,303	\$ -

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

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

6. Revenue

		Three Months Ended June 30					Six Months Ended June 30
(in thousands)	2025		2024				2025		2024
Sales
Gold credit sales	\$ 328,354	65%	\$	182,150 61%		\$	648,049 66%		\$	372,839	63%
Silver
Silver credit sales	\$ 139,949	28%	\$	86,542 29%		\$	262,249 27%		\$	170,251	29%
Concentrate sales	25,790	5%		24,749	8%		48,428	5%		37,698	6%
Total silver sales	\$ 165,739	33%	\$	111,291 37%		\$	310,677 32%		\$	207,949	35%
Palladium credit sales	\$ 2,564	1%	\$	4,210	1%	\$	4,936	1%	\$	8,887	1%
Cobalt sales	\$ 6,561	1%	\$	1,413	1%	\$	9,967	1%	\$	6,195	1%
Total sales revenue	\$ 503,218	100%	\$	299,064 100%		\$	973,629 100%		\$	595,870	100%

Gold, Silver and Palladium Credit Sales

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

Concentrate Sales

Under certain PMPAs, silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the "Quotational Period") pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

Three and Six Months Ended June 30, 2025 (US Dollars)

Cobalt Sales

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

7. General and Administrative

		June 30	Three Months Ended	Six Months Ended June 30
(in thousands)	2025		2024		2025		2024
Salaries and benefits	\$ 5,631	\$	5,387	\$	13,442	\$	11,104
Depreciation	320		347		620		684
Professional fees, audit and regulatory	2,648		1,919		4,499		3,505
Business travel	398		736		983		1,091
Business taxes	260		309		882		728
Insurance	492		368		985		882
Other	1,273		1,175		3,136		2,711
Total general and administrative	\$ 11,022	\$	10,241	\$	24,547	\$	20,705

8. Share Based Compensation

		Three Months Ended June 30		Six Months Ended June 30
(in thousands)	Note	2025	2024		2025		2024
Equity settled share based compensation 1
Stock options	18.1	\$ 711	\$ 698	\$	1,290	\$	1,372
RSUs	18.2	1,098	957		1,944		1,881
Cash settled share based compensation
PSUs	19.1	\$ 8,153	\$ 4,586	\$	18,909	\$	4,269
Total share based compensation		\$ 9,962	\$ 6,241	\$	22,143	\$	7,522

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

9. Donations and Community Investments

	Three Months Ended June 30		Six Months Ended June 30
(in thousands)	2025		2024	2025		2024
Local donations and community investments 1	\$ 793	\$	407	\$ 1,625	\$	1,096
Partner donations and community investments 2	1,551		296	2,308		1,177
Environmental and innovation investments 3	24		-	1,127		-
Total donations and community investments	\$ 2,368	\$	703	\$ 5,060	\$	2,273

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

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

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

Three and Six Months Ended June 30, 2025 (US Dollars)

10. Other Income (Expense)

		Three Months Ended June 30		Six Months Ended June 30
(in thousands)	Note	2025	2024		2025		2024
Interest income		\$ 8,455	\$ 4,396	\$	17,263	\$	10,134
Dividend income		287	481		526		1,181
Foreign exchange gain (loss)		(1,379)	48		(1,532)		622
Gain (loss) on fair value adjustment of share purchase warrants held		2,134	197		2,757		380
Other		239	-		(1,758)		-
Total other income (expense)		\$ 9,736	\$ 5,122	\$	17,256	\$	12,317

11. Accounts Receivable

		June 30	December 31
(in thousands)	Note	2025	2024
Trade receivables from provisional concentrate sales, net of fair value adjustment	6	\$ 11,255	\$ 3,518
Trade receivables from sales of cobalt	6	2,394	1,199
Other accounts receivable		1,937	1,500
Total accounts receivable		\$ 15,586	\$ 6,217

12. Mineral Stream Interests

	Six Months Ended June 30, 2025
			Cost			Accumulated Depletion & Impairment 1
(in thousands)		Balance Jan 1, 2025	Additions		Balance Jun 30, 2025		Balance Jan 1, 2025		Depletion		Balance Jun 30, 2025		Carrying Amount Jun 30, 2025
Gold interests
Salobo		\$ 3,429,911 \$			144,000 \$ 3,573,911 \$		(834,426) \$		(62,412) \$		(896,838) \$		2,677,073
Sudbury 2		623,864	-		623,864		(382,313)		(11,244)		(393,557)		230,307
Constancia		140,058	-		140,058		(75,732)		(5,363)		(81,095)		58,963
San Dimas		220,429	-		220,429		(83,948)		(4,694)		(88,642)		131,787
Stillwater 3		239,352	-		239,352		(31,892)		(1,402)		(33,294)		206,058
Other 4		1,035,107	227,768		1,262,875		(53,791)		(2,877)		(56,668)		1,206,207
		\$ 5,688,721 \$			371,768 \$ 6,060,489 \$		(1,462,102) \$				(87,992) \$ (1,550,094) \$		4,510,395
Silver interests
Peñasquito	\$	524,626 \$	-		524,626 \$		(280,161) \$		(19,857) \$		(300,018) \$		224,608
Antamina		900,343	-		900,343		(409,572)		(16,556)		(426,128)		474,215
Constancia		302,948	-		302,948		(137,570)		(8,269)		(145,839)		157,109
Other 5		1,256,062	70,054		1,326,116		(593,432)		(11,192)		(604,624)		721,492
		\$ 2,983,979 \$			70,054 \$ 3,054,033 \$		(1,420,735) \$				(55,874) \$ (1,476,609) \$		1,577,424
Palladium interests
Stillwater 3	\$	263,721 \$		- \$	263,721 \$		(50,542) \$		(2,160) \$		(52,702) \$		211,019
Platreef		78,814	-		78,814		-		-		-		78,814
	\$	342,535 \$		- \$	342,535 \$		(50,542) \$		(2,160) \$		(52,702) \$		289,833
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 6	\$	393,422 \$		- \$	393,422 \$		(162,733) \$		(5,669) \$		(168,402) \$		225,020
		\$ 9,475,692 \$			441,822 \$ 9,917,514 \$		(3,096,112) \$				(151,695) \$ (3,247,807) \$		6,669,707

1) Includes cumulative impairment charges to June 30, 2025 as follows: Pascua-Lama silver interest - \$338 million; Sudbury gold interest - \$120 million; and Voisey's Bay cobalt interest - \$109 million.

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

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

4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests. The additions to other gold interests includes Kone - \$156 million, Kurmuk - \$44 million, Fenix - \$25 million and Cangrejos - \$3 million. Under the terms of the Cangrejos PMPA, CMOC may purchase one-third of the Cangrejos stream if it provides notice of its intention to do so within 60 days of the change of control on June 23, 2025.

5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Mineral Park - \$40 million and Blackwater - \$30 million.

	Year Ended December 31, 2024
	Accumulated Depletion & Impairment 1 Cost
(in thousands)		Balance Jan 1, 2024		Additions		Balance Dec 31, 2024		Balance Jan 1, 2024		Depletion		Impairment Charge	Balance Dec 31, 2024	Carrying Amount Dec 31, 2024
Gold interests
Salobo		\$ 3,429,911	\$	-		\$ 3,429,911	\$	(748,492)	\$	(85,934)	\$	-	\$ (834,426)	\$ 2,595,485
Sudbury 2		623,864		-		623,864		(361,379)		(20,934)		-	(382,313)	241,551
Constancia		140,058		-		140,058		(59,793)		(15,939)		-	(75,732)	64,326
San Dimas		220,429		-		220,429		(75,707)		(8,241)		-	(83,948)	136,481
Stillwater 3		239,352		-		239,352		(27,883)		(4,009)		-	(31,892)	207,460
Other 4		656,187		378,920		1,035,107		(52,498)		(1,293)		-	(53,791)	981,316
		\$ 5,309,801		\$ 378,920		\$ 5,688,721		\$ (1,325,752)		\$ (136,350)	\$	-	\$ (1,462,102)	\$ 4,226,619
Silver interests
Peñasquito	\$	524,626	\$	-	\$	524,626	\$	(248,394)	\$	(31,767)	\$	-	\$ (280,161)	\$ 244,465
Antamina		900,343		-		900,343		(380,813)		(28,759)		-	(409,572)	490,771
Constancia		302,948		-		302,948		(123,365)		(14,205)		-	(137,570)	165,378
Other 5		1,159,563		96,499		1,256,062		(577,450)		(15,982)		-	(593,432)	662,630
		\$ 2,887,480	\$	96,499		\$ 2,983,979		\$ (1,330,022)	\$	(90,713)	\$	-	\$ (1,420,735)	\$ 1,563,244
Palladium interests
Stillwater 3	\$	263,721	\$	-	\$	263,721	\$	(43,054)	\$	(7,488)	\$	-	\$ (50,542)	\$ 213,179
Platreef		-		78,814		78,814		-		-		-	-	78,814

	\$	263,721	\$	78,814	\$	342,535	\$	(43,054)	\$	(7,488)	\$	-	\$ (50,542)	\$ 291,993
Platinum interests
Marathon	\$	9,451	\$	-	\$	9,451	\$	-	\$	-	\$	-	\$ -	\$ 9,451
Platreef		-		57,584		57,584		-		-		-	-	57,584
	\$	9,451	\$	57,584	\$	67,035	\$	-	\$	-	\$	-	\$ -	\$ 67,035

Cobalt interests Voisey's Bay 6	\$	393,422	\$	-	\$	393,422	\$	(42,606)	\$	(11,266)		\$ (108,861)	\$ (162,733)	\$ 230,689

		\$ 8,863,875		\$ 611,817		\$ 9,475,692		\$ (2,741,434)		\$ (245,817)		\$ (108,861)	\$ (3,096,112)	\$ 6,379,580

1) Includes cumulative impairment charges to December 31, 2024 as follows: Pascua-Lama silver interest - \$338 million; Sudbury gold interest - \$120 million; and Voisey's Bay cobalt interest - \$109 million.

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

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

\$40 million; and Kurmuk - \$44 million; less a repayment relative to El Domo - \$10 million to be re-advanced at a later date. 5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - \$25 million; and Mineral Park - \$75 million; less a repayment relative to El Domo - \$3 million to be re-advanced at a later date.

6) When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey's Bay cobalt interest is inclusive of depletion relating to inventory.

Three and Six Months Ended June 30, 2025 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving commercial production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

	June 30, 2025							December 31, 2024

(in thousands)		Depletable		Non Depletable		Total		Depletable		Non Depletable		Total
Gold interests
Salobo		\$ 2,350,898	\$	326,175		\$ 2,677,073		\$ 2,269,310	\$	326,175		\$ 2,595,485
Sudbury 1		188,595		41,712		230,307		199,840		41,711		241,551
Constancia		55,358		3,605		58,963		60,721		3,605		64,326
San Dimas		42,493		89,294		131,787		47,187		89,294		136,481
Stillwater 2		186,423		19,635		206,058		187,826		19,634		207,460
Other 3		338,714		867,493		1,206,207		16,706		964,610		981,316
		\$ 3,162,481		\$ 1,347,914		\$ 4,510,395		\$ 2,781,590		\$ 1,445,029		\$ 4,226,619
Silver interests
Peñasquito	\$	224,608	\$	-	\$	224,608	\$	244,465	\$	-	\$	244,465
Antamina		127,197		347,018		474,215		143,753		347,018		490,771
Constancia		150,627		6,482		157,109		158,896		6,482		165,378
Other 4		272,200		449,292		721,492		122,498		540,132		662,630
	\$	774,632	\$	802,792		\$ 1,577,424	\$	669,612	\$	893,632		\$ 1,563,244

Palladium interests Stillwater 2	\$	203,532	\$	7,487	\$	211,019	\$	205,691	\$	7,488	\$	213,179
Platreef		-		78,814		78,814		-		78,814		78,814

	\$	203,532	\$	86,301	\$	289,833	\$	205,691	\$	86,302	\$	291,993
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	\$	211,631	\$	13,389	\$	225,020	\$	217,300	\$	13,389	\$	230,689
		\$ 4,352,276		\$ 2,317,431		\$ 6,669,707		\$ 3,874,193		\$ 2,505,387		\$ 6,379,580

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

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

3) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests.

4) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Three and Six Months Ended June 30, 2025 (US Dollars)

Significant acquisitions, amendments and disposals of mineral stream interests (if any) in the six months ended June 30, 2025 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in Note 25.

Amendment to the Blackwater PMPA

On March 7, 2025, the Company amended its PMPA (the "Blackwater Silver PMPA") with Artemis Gold Inc. ("Artemis") in respect of silver production from the Blackwater Project located in British Columbia in Canada (the "Blackwater Project"). Under the Blackwater Silver PMPA, Wheaton will acquire an amount of silver equal to 50% of the payable silver until 17.8 million ounces have been delivered and 33% of payable silver thereafter for the life of the mine.

As a result of the amendment, the amount of payable silver will be based on a multiple ranging from 5.07 to 5.17 of the number of ounces of gold produced, rather than being based on a fixed silver recovery factor. The ratio is currently 5.17. Once 17.8 million ounces of silver have been delivered, the determination of payable silver will revert to being based on a fixed silver recovery factor, consistent with the previous terms of the Blackwater Silver PMPA. On March 10, 2025, the Company paid Artemis \$30 million in connection with this amendment.

13. Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 25 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests owned by the Company as of June 30, 2025.

						Attributable 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 25 for details of when the remaining upfront consideration to be paid becomes due.

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

14. Mineral Royalty Interests

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

Royalty Interests	Mine Owner	Location of Mine	Royalty 1	Total Upfront Consideration 2	Term of Agreement	Date of Original Contract
Metates	Chesapeake	Mexico	0.5% NSR	\$ 3,000	Life of Mine	07-Aug-2014
Brewery Creek 3	Victoria Gold	Canada	2.0% NSR	3,529	Life of Mine	04-Jan-2021
Black Pine 4	Liberty Gold	USA	0.5% NSR	3,600	Life of Mine	10-Sep-2023
Mt Todd 5	Vista	Australia	1.0% GR	20,000	Life of Mine	13-Dec-2023
DeLamar 6	Integra	USA	1.5% NSR	9,750	Life of Mine	20-Feb-2024
				\$ 39,879

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

2) Expressed in thousands; excludes closing costs.

3) The Company paid \$3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn \$2 million to the Company.

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

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

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

15. Long-Term Equity Investments

	June 30	December 31
(in thousands)	2025	2024
Common shares held Warrants held	\$ 167,988 3,543	\$ 98,190 785
Total long-term equity investments	\$ 171,531	\$ 98,975

Common Shares Held

								Three Months Ended June 30, 2025
(in thousands)	Fair Value at Mar 31, 2025	Cost of Additions		Proceeds of Disposition		Fair Value Adjustment Gains (Losses) 1	Fair Value at Jun 30, 2025	Realized Gain on Disposal
Streaming or royalty partners	\$ 121,799 \$		- \$		- \$	39,595 \$	161,394 \$	-
Strategic investments	5,669	-		-		925	6,594	-
Total	\$ 127,468 \$		- \$		- \$	40,520 \$	167,988 \$	-

1) Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income ("OCI").

	Three Months Ended June 30, 2024
(in thousands)	Fair Value at Mar 31, 2024	Cost of Additions		Proceeds of Disposition		Fair Value Adjustment Gains (Losses) 1	Fair Value at Jun 30, 2024	Realized Gain on Disposal
Streaming or royalty partners	\$ 74,717 \$		- \$		- \$	8,232 \$	82,949 \$	-
Strategic investments 2	170,961	-		(177,088)		10,077	3,950	35,768
Total	\$ 245,678 \$			- \$ (177,088) \$		18,309 \$	86,899 \$	35,768

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

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

	Six Months Ended June 30, 2025
(in thousands)		Fair Value at Dec 31, 2024	Cost of Additions		Proceeds of Disposition		Fair Value Adjustment Gains (Losses) 1	Fair Value at Jun 30, 2025	Realized Gain on Disposal
Streaming or royalty partners	\$	93,915 \$		- \$		- \$	67,479 \$	161,394 \$	-
Strategic investments		4,275	3,117		-		(798)	6,594	-
Total	\$	98,190 \$	3,117 \$			- \$	66,681 \$	167,988 \$	-

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

	Six Months Ended June 30, 2024
(in thousands)	Fair Value at Dec 31, 2023	Cost of Additions	Proceeds of Disposition		Fair Value Adjustment Gains (Losses) 1	Fair Value at Jun 30, 2024	Realized Gain on Disposal
Streaming or royalty partners	\$ 75,481 \$	5,121 \$		- \$	2,347 \$	82,949 \$	-
Strategic investments 2	170,545	-	(177,088)		10,493	3,950	35,768
Total	\$ 246,026 \$		5,121 \$ (177,088) \$		12,840 \$	86,899 \$	35,768

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

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

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

16. Credit Facilities

16.1. Sustainability-Linked Revolving Credit Facility

As at June 30, 2025, the Company's unsecured \$2.0 billion revolving credit facility remained undrawn. The maturity was extended by an additional year to June 30, 2030, and a \$500 million accordion feature was added. The facility includes sustainability-linked features and a financial covenant requiring a capitalization ratio ≤ 0.60:1, with which the Company was in compliance as at June 30, 2025 and 2024. Interest on drawn amounts is based on the Company's leverage ratio at SOFR + 1.10% to 2.15%. The standby fee was 0.1966% (2024 – 0.20%).

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is \$5 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).

Three and Six Months Ended June 30, 2025 (US Dollars)

16.2. Lease Liabilities

The lease liability on the Company's offices located in Vancouver, Canada and the Cayman Islands is as follows:

	June 30	December 31
(in thousands)	2025	2024
Current portion	\$ 566	\$ 262
Long-term portion	7,682	4,909
Total lease liabilities	\$ 8,248	\$ 5,171

The maturity analysis, on an undiscounted basis, of these leases is as follows:

	June 30
(in thousands)	2025
Not later than 1 year	\$ 986
Later than 1 year and not later than 5 years	3,657
Later than 5 years	6,010
Total lease liabilities	\$ 10,653

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 June 30		Six Months Ended June 30
(in thousands)	Note		2025	2024	2025		2024
Costs related to undrawn credit facilities	16.1	\$	1,317	\$ 1,340	\$ 2,667	\$	2,677
Interest expense - lease liabilities	16.2		110	72	201		145
Letters of guarantee			-	(113)	-		(81)
Total finance costs		\$	1,427	\$ 1,299	\$ 2,868	\$	2,741

17. Issued Capital

			June 30 December 31
(in thousands)	Note	2025	2024
Issued capital
Share capital issued and outstanding: 453,954,302 common shares
(December 31, 2024: 453,677,299 common shares)	17.1	\$	3,810,111 \$ 3,798,108

Three and Six Months Ended June 30, 2025 (US Dollars)

17.1. Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at June 30, 2025 and 2024, the Company had no preference shares outstanding.

17.2. Dividends Declared

	Three Months Ended June 30		Six Months Ended June 30
(in thousands, except per share amounts)	2025	2024	2025	2024
Dividends declared per share	\$ 0.165	\$ 0.155	\$ 0.330	\$ 0.310
Average number of shares eligible for dividend	453,933	453,376	453,878	453,334
Total dividends declared	\$ 74,899	\$ 70,273	\$ 149,780	\$ 140,534

1) The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

18. Reserves

				June 30 December 31
(in thousands)	Note	2025		2024
Reserves
Share purchase options	18.1	\$ 23,633		\$ 23,361
Restricted share units	18.2	6,051		8,859
Long-term investment revaluation reserve, net of tax	18.3	(35,338)		(95,723)
Total reserves		\$	(5,654) \$	(63,503)

18.1. Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company's Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company's Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

Three and Six Months Ended June 30, 2025 (US Dollars)

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 36-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Six Months Ended June 30
	2025	2024
Black-Scholes weighted average assumptions
Grant date share price and exercise price	Cdn\$108.56	Cdn\$59.79
Expected dividend yield	0.92%	1.45%
Expected volatility	30%	30%
Risk-free interest rate	2.89%	4.10%
Expected option life, in years	3.0	3.0
Weighted average fair value per option granted	Cdn\$23.90	Cdn\$13.39
Number of options issued during the period	178,020	305,710
Total fair value of options issued (000's)	\$ 2,974	\$ 3,022

The following table summarizes information about the options outstanding and exercisable at June 30, 2025:

Exercise Price (Cdn\$)	Exercisable Options	Non-Exercisable Options	Total Options Outstanding	Weighted Average Remaining Contractual Life
\$49.86	170,426	-	170,426	2.7 years
\$54.50¹	15,480	-	15,480	2.7 years
\$59.03¹	17,903	14,945	32,848	4.7 years
\$59.41	155,319	74,668	229,987	4.7 years
\$59.79	74,607	142,602	217,209	5.7 years
\$60.23¹	16,632	45,026	61,658	5.7 years
\$60.00	185,048	-	185,048	3.7 years
\$64.07¹	21,638	-	21,638	3.7 years
\$103.54¹	-	39,490	39,490	6.7 years
\$108.56	-	138,530	138,530	6.7 years
	657,053	455,261	1,112,314	4.7 years

1) US\$ share purchase options converted to Cdn\$ using the exchange rate of 1.3643, being the Cdn\$/US\$ exchange rate at June 30, 2025.

A continuity schedule of the Company's outstanding share purchase options from January 1, 2024 to June 30, 2025 is presented below:

	Number of	Weighted
	Options	Average
	Outstanding	Exercise Price
At January 1, 2024	1,270,021	Cdn\$48.47
Granted (fair value - \$3 million or Cdn\$13.39 per option)	305,710	59.79
Exercised	(158,148)	33.20
At March 31, 2024	1,417,583	Cdn\$52.75
Exercised	(311,211)	36.79
Forfeited	(4,740)	59.59
At June 30, 2024	1,101,632	Cdn\$57.33
Exercised	(30,658)	45.40
At December 31, 2024	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	(50,229)	54.62
At June 30, 2025	1,112,314	Cdn\$65.86

As it relates to share purchase options, during the three months ended June 30, 2025, the weighted average share price at the time of exercise was Cdn\$116.13 per share (six months - Cdn\$112.17 per share), as compared to Cdn\$75.68 per share (six months - Cdn\$70.80 per share) during the comparable period in 2024.

18.2. Restricted Share Units ("RSUs")

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company's Board of Directors or the Company's Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company's common shares on the grant date and the awards that are expected to vest. The fair value is calculated with reference to the closing price of the Company's common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company's common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

A continuity schedule of the Company's restricted share units outstanding from January 1, 2024 to June 30, 2025 is presented below:

		Weighted
	Number of	Average Intrinsic Value
	RSUs	at Date
	Outstanding	Granted
At January 1, 2024	316,336	\$33.81
Granted (fair value - \$4 million)	90,120	44.16
Released	(68,277)	43.35
At March 31, 2024	338,179	\$34.64
Granted	1,010	54.55
Released	(1,217)	43.73
Forfeited	(1,043)	44.40
At June 30 and December 31, 2024	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
At June 30, 2025	242,980	\$44.04

18.3. Long-Term Investment Revaluation Reserve

The Company's long-term investments in common shares (Note 15) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn\$/US\$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

A continuity schedule of the Company's long-term investment revaluation reserve from January 1, 2024 to June 30, 2025 is presented below:

		Deferred Tax
	Change in	Recovery
(in thousands)	Fair Value	(Expense)	Total
At January 1, 2024	\$ (68,099)	\$ (2,905)	\$ (71,004)
Unrealized gain (loss) on LTIs 1	(5,470)	(96)	(5,566)
At March 31, 2024	\$ (73,569)	\$ (3,001)	\$ (76,570)
Unrealized gain (loss) on LTIs 1	18,309	(1,327)	16,982
Reallocate reserve to retained earnings upon disposal of LTIs 1	(35,768)	4,190	(31,578)
At June 30, 2024	\$ (91,028)	\$ (138)	\$ (91,166)
Unrealized gain (loss) on LTIs 1	(8,191)	572	(7,619)
Reallocate reserve to retained earnings upon disposal of LTIs 1	3,543	(481)	3,062
At December 31, 2024	\$ (95,676)	\$ (47)	\$ (95,723)
Unrealized gain (loss) on LTIs 1	26,160	(2,350)	23,810
At March 31, 2025	\$ (69,516)	\$ (2,397)	\$ (71,913)
Unrealized gain (loss) on LTIs 1	40,520	(3,945)	36,575
At June 30, 2025	\$ (28,996)	\$ (6,342)	\$ (35,338)

1) LTIs refers to long-term investments in common shares held.

19. Share Based Compensation

The Company's share based compensation consists of share purchase options (Note 18.1), restricted share units (Note 18.2) and performance share units (Note 19.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder's equity section of the Company's balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

19.1. Performance Share Units ("PSUs")

The Company has established a Performance Share Unit Plan ("the PSU plan") whereby PSUs will be issued to eligible employees as determined by the Company's Board of Directors or the Company's Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company's total shareholder return ("TSR") to those achieved by various peer companies and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

Three and Six Months Ended June 30, 2025 (US Dollars)

A continuity schedule of the Company's outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company's PSU accrual from January 1, 2024 to June 30, 2025 is presented below:

	Number of PSUs	PSU accrual
(in thousands, except for number of PSUs outstanding)	Outstanding	liability
At January 1, 2024	372,460	\$ 21,126
Granted	135,220	-
Accrual related to the fair value of the PSUs outstanding	-	(317)
Foreign exchange adjustment	-	(428)
Paid	(126,590)	(11,129)
At March 31, 2024	381,090	\$ 9,252
Accrual related to the fair value of the PSUs outstanding	-	4,635
Foreign exchange adjustment	-	(79)
Forfeited	(2,120)	(49)
At June 30, 2024	378,970	\$ 13,759
Accrual related to the fair value of the PSUs outstanding	-	12,296
Foreign exchange adjustment	-	(971)
At December 31, 2024	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	-	8,153
Foreign exchange adjustment	-	838
At June 30, 2025	338,230	\$ 27,709

A summary of the PSUs outstanding at June 30, 2025 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 Complete at Jun 30, 2025	PSU Liability at Jun 30, 2025
2023	2026	125,070	\$92.83	200%	79%	\$ 18,194
2024	2027	134,770	\$91.70	151%	47%	8,817
2025	2028	78,390	\$90.61	104%	9%	698
		338,230				\$ 27,709

20. Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS")

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company's common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

	Three Months Ended June 30		Six Months Ended June 30
(in thousands)	2025	2024	2025	2024
Basic weighted average number of shares outstanding	453,889	453,430	453,791	453,262
Effect of dilutive securities
Share purchase options	497	337	456	298
Restricted share units	277	337	303	328

Diluted weighted average number of shares outstanding	454,663	454,104	454,550	453,888

The following table lists the number of share purchase options excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn\$116.72 (six months - Cdn\$106.13), compared to Cdn\$73.11 (six months - Cdn\$67.14) for the comparable period in 2024.

		Three Months Ended June 30	Six Months Ended June 30
(in thousands)	2025	2024	2025	2024
Share purchase options	-	-	139	-

21. Supplemental Cash Flow Information

Change in Non-Cash Working Capital

	Three Months Ended June 30			Six Months Ended June 30
(in thousands)		2025	2024	2025		2024
Change in non-cash working capital
Accounts receivable	\$	(7,316) \$	(4,039) \$		(8,722) \$		406
Accounts payable and accrued liabilities		999	1,399		(5,600)		(1,262)
Other		(392)	(1,024)		(128)		(652)
Total change in non-cash working capital	\$	(6,709) \$	(3,664) \$		(14,450) \$		(1,508)

Cash and Cash Equivalents

	June 30	December 31
(in thousands)	2025	2024
Cash and cash equivalents comprised of:
Cash	\$ 854,699	\$ 768,682
Cash equivalents	151,186	49,484
Total cash and cash equivalents	\$ 1,005,885	\$ 818,166

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 June 30				Six Months Ended June 30
(in thousands)		2025		2024	2025		2024
Current income tax expense (recovery)	\$		28 \$	(2,868) \$		72 \$	(2,809)
Global minimum income tax expense		49,634		50,510	94,700		50,510
Total current income tax expense	\$	49,662 \$		47,642 \$	94,772 \$		47,701
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	\$	4,446 \$		4,271 \$	5,866 \$		4,495
Write down (reversal of write down) or recognition of prior period temporary
differences		(8,374)		(1,400)	(12,125)		(1,711)
Total deferred income tax expense (recovery)	\$	(3,928) \$		2,871 \$	(6,259) \$		2,784
Total income tax expense recognized in net
earnings	\$	45,734 \$		50,513 \$	88,513 \$		50,485
Effective Tax Rate		14%		29%	14%		15%

Pillar II Tax Expense - Global Minimum Tax

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

The Company has applied the mandatory exemption to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two taxes.

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

Three and Six Months Ended June 30, 2025 (US Dollars)

Income Tax Expense (Recovery) in Other Comprehensive Income

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)		2025		2024		2025		2024
Current income tax expense (recovery) related to LTIs - common shares held	\$	-	\$	4,190	\$	-	\$	4,190
Deferred income tax expense (recovery) related to LTIs - common shares held		3,945		(2,863)		6,295		(2,766)
Income tax expense (recovery) recognized in OCI	\$	3,945	\$	1,327	\$	6,295	\$	1,424

23. Other Current Assets

The composition of other current assets is shown below:

		June 30	December 31
(in thousands)	Note	2025	2024
Prepaid expenses		\$ 3,247	\$ 3,230
Other		1,478	467
Total other current assets		\$ 4,725	\$ 3,697

24. Other Long-Term Assets

The composition of other long-term assets is shown below:

		June 30	December 31
(in thousands)	Note	2025	2024
Intangible assets		\$ 1,312	\$ 1,503
Debt issue costs - Revolving Facility	16.1	5,289	5,101
Refundable deposit - 777 PMPA		9,785	9,413
Subscription Rights		-	3,114
Other		533	2,485
Total other long-term assets		\$ 16,919	\$ 21,616

Subscription Rights

The subscription rights from 2024 were converted to common shares during the first quarter of 2025 and were reclassified to Long-Term Equity Investments.

Refundable Deposit – 777 PMPA

On August 8, 2012, the Company entered into a PMPA with Hudbay in respect to the 777 mine. Under the terms of the 777 PMPA, should the market value of gold and silver delivered to Wheaton through the initial 40 year term of the contract, net of the per ounce cash payment, be lower than the initial \$455 million upfront consideration, the Company is entitled to a refund of the difference (the "Refundable Deposit") at the conclusion of the 40 year term. On June 22, 2022, Hudbay announced that mining activities at the 777 mine have concluded after the reserves were depleted and closure activities have commenced. The balance of the Refundable Deposit is \$78 million.

At December 31, 2022, the Company derecognized the 777 PMPA and recognized a long-term receivable, with interest to be accreted on a quarterly basis until maturity which is August 8, 2052. The Company estimated that a credit facility with similar terms and conditions would have an interest rate of 8%.

25. Commitments and Contingencies

Mineral Stream Interests

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

Per Ounce Cash Payment for Gold

	Attributable			Date of
	Payable Production	Per Ounce Cash	Term of	Original
Mineral Stream Interests	to be Purchased	Payment 1	Agreement	Contract
Constancia	50%	\$ 425 ²	Life of Mine	8-Aug-12
Salobo	75%	\$ 429	Life of Mine	28-Feb-13
Sudbury	70%	\$ 400	20 years	28-Feb-13
San Dimas	variable ³	\$ 643	Life of Mine	10-May-18
Stillwater	100%	18% ⁴	Life of Mine	16-Jul-18
Marathon	100% ⁵	18% ⁴	Life of Mine	26-Jan-22
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
Blackwater	8% ⁵	35%	Life of Mine	13-Dec-21
El Domo	50% ⁵	18% ⁴	Life of Mine	17-Jan-22
Goose	2.78% ⁵	18% ⁴	Life of Mine	8-Feb-22
Cangrejos	6.6% ⁵	18% ⁴	Life of Mine	16-May-23
Platreef	62.5% ⁵	\$ 100 ⁵	Life of Mine ⁵	7-Dec-21 ⁸
Curraghinalt	3.05% ⁵	18% ⁴	Life of Mine	15-Nov-23
Kudz Ze Kayah	6.875% ⁷	20%	Life of Mine	22-Dec-21 ⁸
Koné	19.5% ⁵	20% ⁹	Life of Mine	23-Oct-24
Kurmuk	6.7% ⁵	15%	Life of Mine	5-Dec-24
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

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

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

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

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

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

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

b. Marmato reduced to 5.25% once Wheaton has received 310,000 ounces of gold.
c. Santo Domingo reduced to 67% once the Company has received 285,000 ounces of gold. d. Blackwater – reduced to 4% once the Company has received 464,000 ounces of gold.
e. El Domo reduced to 33% once the Company has received 145,000 ounces of gold.
f. Goose reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the Company has received 134,000 ounces. g. Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

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

i. Curraghinalt reduced to 1.5% once the Company has received 125,000 ounces of gold.
j. Koné reduced to 10.8% once the Company has received 400,000 ounces of gold, subject to adjustment if there are delays in deliveries relative to an agreed
schedule, with a further reduction to 5.4% once the Company has received an additional 130,000 ounces of gold. k. Kurmuk – reduced to 4.8% once the Company has received 220,000 ounces of gold. During any period in which debt exceeding \$150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop down threshold is reached.
l. Cotabambas reduced to 16.67% once the Company has received 90 million silver equivalent ounces.

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

7) Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to

Three and Six Months Ended June 30, 2025 (US Dollars)

a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of \$36 million to Wheaton.

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

9) Until October 23, 2029, there is a price adjustment mechanism under the Koné PMPA a. if the spot price of gold is less than \$2,100 per ounce, the Company will pay 20% of \$2,100 less 25% of the difference between \$2,100 and \$1,800, less 30% of the

difference between \$1,800 and the spot price of gold; and b. if the spot price is greater than \$2,700 per ounce, the Company will pay 25% of the difference between \$3,000 and \$2,700, plus 30% of the difference between the

actual spot price of gold and \$3,000.

Per Ounce Cash Payment for Silver

	Attributable Payable			Date of
	Production to be	Per Ounce Cash	Term of	Original
Mineral Stream Interests	Purchased	Payment 1	Agreement	Contract
Peñasquito	25%	\$ 4.56	Life of Mine	24-Jul-07
Constancia	100%	\$ 6.26 ²	Life of Mine	8-Aug-12
Antamina	33.75%	20%	Life of Mine	3-Nov-15
Other
Los Filos	100%	\$ 4.74	25 years	15-Oct-04
Zinkgruvan	100%	\$ 4.75	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
Pascua-Lama	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
Blackwater	50% ⁵	18% ⁶	Life of Mine	13-Dec-21
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	6.875% ⁷	20%	Life of Mine	22-Dec-21 ⁸
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

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

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

3) Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the

production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025.

4) Terms of the agreement not yet finalized.

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

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

b. Cozamin – reduced to 33% once the Company has received 10 million ounces of silver. c. Blackwater – reduced to 33% once the Company has received 17.8 million ounces of silver.

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

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

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

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 Platreef	4.5% ² 5.25% ²	18% ³ 30% ²	Life of Mine Life of Mine ²	16-Jul-18 7-Dec-21 ⁴
Platinum Marathon Platreef	22% ² 5.25% ²	18% ³ 30% ²	Life of Mine Life of Mine ²	26-Jan-22 7-Dec-21 ⁴
Cobalt Voisey's Bay	42.4% ²	18% ³	Life of Mine	11-Jun-18

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

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

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

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

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

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

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

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

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

Projected Payment Dates 1
(in thousands)		2025		2026 - 2027		2028 - 2029		After 2029	Total
Payments for mineral stream interests & royalty
Salobo	\$	-	\$	-	\$	16,000	\$	64,000	\$ 80,000
Copper World 2		-		131,429		99,722		-	231,151
Marmato		81,984		-		-		-	81,984
Santo Domingo		-		162,500		97,500		-	260,000
Fenix Gold		50,000		50,000		-		-	100,000
El Domo		43,875		131,625		-		-	175,500
Marathon		-		-		146,596		-	146,596
Cangrejos		-		-		252,000		-	252,000
Curraghinalt		-		-		-		55,000	55,000
Loma de La Plata		-		-		-		32,400	32,400
Kudz Ze Kayah		-		5,000		-		-	5,000
Koné		156,250		312,500		-		-	468,750
Kurmuk		87,500		-		-		-	87,500
Payments for early deposit mineral stream interest
Cotabambas		-		-		-		126,000	126,000
Toroparu		-		-		-		138,000	138,000
Kutcho		-		-		-		58,000	58,000
Leases liabilities		450		2,013		2,103		6,132	10,698
Total contractual obligations	\$	420,059	\$	795,067	\$	613,921	\$	479,532	\$ 2,308,579

Other Contractual Obligations and Contingencies

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

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

Salobo

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

Copper World Complex

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

Marmato

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

Santo Domingo

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

Fenix

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

El Domo

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

Marathon

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

Cangrejos

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

Curraghinalt

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

Loma de La Plata

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

Mineral Park

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

Kudz Ze Kayah

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

Koné

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

Kurmuk

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

Cotabambas

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

Toroparu

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

Kutcho

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

Tax Contingencies

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

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

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

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

General

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

26. Segmented Information

Operating Segments

The Company's reportable operating segments, which are the components of the Company's business where discrete financial information is available and which are evaluated on a regular basis by the Company's Chief Executive Officer ("CEO"), who is the Company's chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

						Three Months Ended June 30, 2025
					Cash Flow
		Cost		Net	From	Total
(in thousands)	Sales	of Sales	Depletion	Earnings	Operations	Assets
Gold
Salobo	\$ 252,997	\$ 32,734	\$ 30,720	\$ 189,543	\$ 220,263	\$ 2,677,073
Sudbury 1	9,597	1,140	3,778	4,679	8,457	230,307
Constancia	22,629	2,899	2,203	17,527	19,730	58,963
San Dimas	23,982	4,632	2,097	17,253	19,350	131,787
Stillwater	4,594	818	583	3,193	3,776	206,058
Other 2	14,555	5,303	2,422	6,830	10,261	1,206,207
Total gold interests	\$ 328,354	\$ 47,526	\$ 41,803	\$ 239,025	\$ 281,837	\$ 4,510,395
Silver
Peñasquito	\$ 71,467	\$ 9,632	\$ 10,261	\$ 51,574	\$ 61,835	\$ 224,608
Antamina	36,303	7,355	9,077	19,871	28,948	474,215
Constancia	21,138	3,911	3,814	13,413	17,227	157,109
Other 3	36,831	5,036	5,702	26,093	27,480	721,492
Total silver interests	\$ 165,739	\$ 25,934	\$ 28,854	\$ 110,951	\$ 135,490	\$ 1,577,424
Palladium
Stillwater	\$ 2,564	\$ 450	\$ 1,105	\$ 1,009	\$ 2,114	\$ 211,019
Platreef	-	-	-	-	-	78,814
Total palladium interests	\$ 2,564	\$ 450	\$ 1,105	\$ 1,009	\$ 2,114	\$ 289,833
Platinum
Marathon	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 9,451
Platreef	-	-	-	-	-	57,584
Total platinum interests	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 67,035
Cobalt
Voisey's Bay	\$ 6,561	\$ 1,259	\$ 3,240	\$ 2,062	\$ 2,907	\$ 225,020
Total mineral stream interests	\$ 503,218	\$ 75,169	\$ 75,002	\$ 353,047	\$ 422,348	\$ 6,669,707

Other
General and administrative				\$ (11,022)	\$ (10,498)
Share based compensation				(9,962)	-
Donations and community investments				(2,368)	(2,096)
Finance costs				(1,427)	(2,025)
Other				9,736	8,179
Income tax				(45,734)	(949)
Total other				\$ (60,777)	\$ (7,389)	\$ 1,312,678
Consolidated				\$ 292,270	\$ 414,959	\$ 7,982,385

1) Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. 2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin and Blackwater silver interests as well as the non-operating Stratoni, Aljustrel, Pascua-Lama, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Three and Six Months Ended June 30, 2025 (US Dollars)

					Three Months Ended June 30, 2024
						Cash Flow
		Cost		Net		From		Total
(in thousands)	Sales	of Sales	Depletion	Earnings		Operations		Assets
Gold
Salobo	\$ 129,466	\$ 23,337	\$ 20,783	\$ 85,346	\$	105,795	\$	2,638,316
Sudbury 1	13,383	2,272	7,530	3,581		11,106		250,227
Constancia	15,640	2,791	2,143	10,706		12,849		71,769
San Dimas	16,021	4,320	1,971	9,730		11,701		140,542
Stillwater	6,190	1,090	1,106	3,994		5,100		209,162
Other 2	1,450	256	324	870		1,195		903,067
Total gold interests	\$ 182,150	\$ 34,066	\$ 33,857	\$ 114,227	\$	147,746	\$	4,213,083
Silver
Peñasquito	\$ 42,599	\$ 6,667	\$ 7,197	\$ 28,735	\$	35,932	\$	261,561
Antamina	26,365	5,270	7,758	13,337		21,095		506,396
Constancia	12,122	2,614	2,574	6,934		9,508		172,475
Other 3	30,205	4,363	4,506	21,336		21,614		624,616
Total silver interests	\$ 111,291	\$ 18,914	\$ 22,035	\$ 70,342	\$	88,149	\$	1,565,048
Palladium
Stillwater	\$ 4,210	\$ 753	\$ 1,846	\$ 1,611	\$	3,457	\$	216,696
Platreef	-	-	-	-		-		78,815
Total palladium interests	\$ 4,210	\$ 753	\$ 1,846	\$ 1,611	\$	3,457	\$	295,511
Platinum
Marathon	\$ -	\$ -	\$ -	\$ -	\$	-	\$	9,451
Platreef	-	-	-	-		-		57,585
Total platinum interests	\$ -	\$ -	\$ -	\$ -	\$	-	\$	67,036

Cobalt Voisey's Bay	\$ 1,413	\$ 274	\$ 1,127	\$ 12	\$	2,081	\$	346,874

Total mineral stream interests	\$ 299,064	\$ 54,007	\$ 58,865	\$ 186,192	\$	241,433	\$	6,487,552
Other
General and administrative				\$ (10,241)	\$	(8,962)
Share based compensation				(6,241)		-
Donations and community investments				(703)		(614)
Finance costs				(1,299)		(1,057)
Other				5,122		3,668
Income tax				(50,513)		(75)
Total other				\$ (63,875)	\$	(7,040)	\$	759,530
Consolidated				\$ 122,317	\$	234,393	\$	7,247,082

Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Three and Six Months Ended June 30, 2025 (US Dollars)

						Six Months Ended June 30, 2025
					Cash Flow
(in thousands)	Sales	Cost of Sales	Depletion	Net Earnings	From Operations	Total Assets
Gold
Salobo	\$ 493,802	\$ 68,676	\$ 62,412	\$ 362,714	\$ 425,126	\$ 2,677,073
Sudbury 1	25,714	3,393	11,244	11,077	22,307	230,307
Constancia	50,752	7,054	5,363	38,335	43,698	58,963
San Dimas	49,733	10,341	4,694	34,698	39,392	131,787
Stillwater	10,188	1,786	1,402	7,000	8,402	206,058
Other 2	17,860	6,651	2,877	8,332	13,082	1,206,207
Total gold interests	\$ 648,049	\$ 97,901	\$ 87,992	\$ 462,156	\$ 552,007	\$ 4,510,395
Silver
Peñasquito	\$ 134,738	\$ 18,641	\$ 19,857	\$ 96,240	\$ 116,097	\$ 224,608
Antamina	64,614	13,018	16,556	35,040	51,596	474,215
Constancia	44,514	8,481	8,269	27,764	36,034	157,109
Other 3	66,811	8,982	11,192	46,637	50,549	721,492
Total silver interests	\$ 310,677	\$ 49,122	\$ 55,874	\$ 205,681	\$ 254,276	\$ 1,577,424
Palladium
Stillwater	\$ 4,936	\$ 873	\$ 2,160	\$ 1,903	\$ 4,063	\$ 211,019
Platreef	-	-	-	-	-	78,814
Total palladium interests	\$ 4,936	\$ 873	\$ 2,160	\$ 1,903	\$ 4,063	\$ 289,833
Platinum
Marathon	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 9,451
Platreef	-	-	-	-	-	57,584
Total platinum interests	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 67,035
Cobalt
Voisey's Bay	\$ 9,967	\$ 1,909	\$ 5,669	\$ 2,389	\$ 6,869	\$ 225,020
Total mineral stream interests	\$ 973,629	\$ 149,805	\$ 151,695	\$ 672,129	\$ 817,215	\$ 6,669,707
Other
General and administrative				\$ (24,547)	\$ (29,875)
Share based compensation				(22,143)	(17,209)
Donations and community investments				(5,060)	(4,975)
Finance costs				(2,868)	(3,186)
Other				17,256	16,964
Income tax				(88,513)	(3,182)
Total other				\$ (125,875)	\$ (41,463)	\$ 1,312,678
Consolidated				\$ 546,254	\$ 775,752	\$ 7,982,385

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

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

Three and Six Months Ended June 30, 2025 (US Dollars)

						Six Months Ended June 30, 2024
					Cash Flow
		Cost		Net	From	Total
(in thousands)	Sales	of Sales	Depletion	Earnings	Operations	Assets
Gold
Salobo	\$ 247,317	\$ 47,472	\$ 43,103	\$ 156,742	\$ 199,845	\$ 2,638,316
Sudbury 1	21,844	3,923	12,258	5,663	17,920	250,227
Constancia	57,363	11,251	8,496	37,616	46,112	71,769
San Dimas	32,469	9,322	4,180	18,967	23,147	140,542
Stillwater Other 2	11,073	1,965	2,307	6,801	9,108	209,162
	2,773	494	661	1,618	2,279	903,067
Total gold interests	\$ 372,839	\$ 74,427	\$ 71,005	\$ 227,407	\$ 298,411	\$ 4,213,083
Silver
Peñasquito	\$ 86,249	\$ 14,942	\$ 14,671	\$ 56,636	\$ 71,307	\$ 261,561
Antamina	44,453	8,835	13,134	22,484	35,618	506,396
Constancia	29,358	7,116	7,108	15,134	22,242	172,475
Other 3	47,889	7,433	7,583	32,873	37,433	624,616
Total silver interests	\$ 207,949	\$ 38,326	\$ 42,496	\$ 127,127	\$ 166,600	\$ 1,565,048
Palladium
Stillwater	\$ 8,887	\$ 1,622	\$ 3,971	\$ 3,294	\$ 7,265	\$ 216,696
Platreef	-	-	-	-	-	78,815
Total palladium interests	\$ 8,887	\$ 1,622	\$ 3,971	\$ 3,294	\$ 7,265	\$ 295,511
Platinum
Marathon	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 9,451
Platreef	-	-	-	-	-	57,585
Total platinum interests	\$ -	\$ -	\$ -	\$ -	\$ -	\$ 67,036
Cobalt
Voisey's Bay	\$ 6,195	\$ 1,187	\$ 5,069	\$ (61)	\$ 9,087	\$ 346,874
Total mineral stream interests	\$ 595,870	\$ 115,562	\$ 122,541	\$ 357,767	\$ 481,363	\$ 6,487,552
Other
General and administrative				\$ (20,705)	\$ (24,920)
Share based compensation				(7,522)	(11,129)
Donations and community investments				(2,273)	(1,988)
Finance costs				(2,741)	(2,182)
Other				12,317	12,820
Income tax				(50,485)	(191)
Total other				\$ (71,409)	\$ (27,590)	\$ 759,530
Consolidated				\$ 286,358	\$ 453,773	\$ 7,247,082

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

2) Where a gold interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

3) Where a silver interest represents less than 10% of the Company's sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company's CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Marmato and Cozamin silver interests as well as the non-operating Stratoni, Aljustrel, Minto, Pascua-Lama, Copper World, Navidad, Blackwater, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Geographical Areas

The Company's geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

			Sales		Carrying Amount at June 30, 2025
(in thousands)	Three Months Ended Jun 30, 2025		Six Months Ended Jun 30, 2025		Gold Interests	Silver Interests	Palladium Interests	Platinum Interests	Cobalt Interests	Total
North America
Canada	\$ 32,481		6% \$ 52,319	5% \$	688,015 \$	194,641 \$		- \$		9,452 \$ 225,020 \$ 1,117,128 18%
United States	7,158	1%	15,124	2%	206,058	116,437	211,019	-	-	533,514	8%
Mexico	100,940 20%		197,032 20%		131,784	323,713	-	-	-	455,497	7%
Europe
Portugal	7,627	2%	15,060	2%	-	15,997	-	-	-	15,997	0%
Sweden	18,163	4%	33,368	3%	-	24,198	-	-	-	24,198	0%
UK	-	0%	-	0%	20,375	-	-	-	-	20,375	0%
South America
Argentina/Chile 1	-	0%	-	0%	-	253,514	-	-	-	253,514	4%
Argentina	-	0%	-	0%	-	10,889	-	-	-	10,889	0%
Chile	1,011	0%	1,886	0%	78,629	-	-	-	-	78,629	1%
Brazil	252,997 50%		493,802 51%		2,677,074	-	-	-	-	2,677,074 40%
Peru	80,071 16%		159,880 16%		58,963	631,317	-	-	-	690,280 10%
Ecuador	-	0%	-	0%	48,727	85	-	-	-	48,812	1%
Colombia	2,770	1%	5,158	1%	79,752	6,633	-	-	-	86,385	1%
Africa
Côte d'Ivoire	-	0%	-	0%	157,342	-	-	-	-	157,342	2%
Ethiopia	-	0%	-	0%	87,974	-	-	-	-	87,974	1%
South Africa	-	0%	-	0%	275,702	-	78,814	57,583	-	412,099	7%
Consolidated					\$ 503,218 100% \$ 973,629 100% \$ 4,510,395 \$ 1,577,424 \$ 289,833 \$					67,035 \$ 225,020 \$ 6,669,707 100%

1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

Three and Six Months Ended June 30, 2025 (US Dollars)

			Sales		Carrying Amount at December 31, 2024
(in thousands)	Three Months Six Months Ended Ended Jun 30, 2024 Jun 30, 2024		Gold Interests	Silver Palladium Platinum Cobalt Interests Interests Interests Interests
North America
Canada	\$ 14,796		5% \$ 28,039	5% \$	701,358 \$	165,983 \$	- \$		9,452 \$ 230,689 \$ 1,107,482 17%
United States	10,400	3%	19,960	3%	207,461	76,426	213,179	-	-	497,066	8%
Mexico	63,876 21%		128,506 22%		136,478	351,732	-	-	-	488,210	8%
Europe
Portugal	6,649	2%	12,469	2%	-	16,559	-	-	-	16,559	0%
Sweden	18,100	6%	25,229	4%	-	25,169	-	-	-	25,169	0%
UK	-	0%	-	0%	20,365	-	-	-	-	20,365	0%
South America
Argentina/Chile 1	-	0%	-	0%	-	253,513	-	-	-	253,513	4%
Argentina	-	0%	-	0%	-	10,889	-	-	-	10,889	0%
Chile	-	0%	-	0%	55,024	-	-	-	-	55,024	1%
Brazil	129,466 43%		247,317 42%		2,595,486	-	-	-	-	2,595,486 41%
Peru	54,127 19%		131,174 21%		64,327	656,142	-	-	-	720,469 11%
Ecuador	-	0%	-	0%	45,593	82	-	-	-	45,675	1%
Colombia	1,650	1%	3,176	1%	80,531	6,749	-	-	-	87,280	1%
Africa
Côte d'Ivoire	-	0%	-	0%	342	-	-	-	-	342	0%
Ethiopia	-	0%	-	0%	43,952	-	-	-	-	43,952	1%
South Africa	-	0%	-	0%	275,702	-	78,814	57,583	-	412,099	7%
Consolidated					\$ 299,064 100% \$ 595,870 100% \$ 4,226,619 \$ 1,563,244 \$ 291,993 \$ 67,035 \$ 230,689 \$ 6,379,580 100%

1) Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

27. Subsequent Events

Declaration of Dividend

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

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

AI Terminal

Wheaton Precious Metals Corp.

10586_ir_2025-08-08_92f7ca31-bac4-4576-9143-bbd1970fa32a.pdf

Condensed Interim Consolidated Statements of Earnings

Condensed Interim Consolidated Statements of Comprehensive Income

Condensed Interim Consolidated Balance Sheets

Condensed Interim Consolidated Statements of Cash Flows

Condensed Interim Consolidated Statements of Shareholders' Equity

1. Description of Business and Nature of Operations

2. Basis of Presentation and Statement of Compliance

3. Material Accounting Policy Information

3.1. New Accounting Standards Effective in 2025

Amendment to IAS 21 - Lack of Exchangeability

4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments

5. Financial Instruments

5.1. Capital Risk Management

5.2. Categories of Financial Assets and Liabilities

5.3. Credit Risk

5.4. Liquidity Risk

5.5. Currency Risk

5.6. Interest Rate Risk

5.7. Other Price Risk

5.8. Fair Value Estimation

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

Long-Term Investments in Warrants Held

6. Revenue

Gold, Silver and Palladium Credit Sales

Concentrate Sales

Cobalt Sales

7. General and Administrative

8. Share Based Compensation

9. Donations and Community Investments

10. Other Income (Expense)

11. Accounts Receivable

12. Mineral Stream Interests

Amendment to the Blackwater PMPA

13. Early Deposit Mineral Stream Interests

14. Mineral Royalty Interests

15. Long-Term Equity Investments

Common Shares Held

16. Credit Facilities

16.1. Sustainability-Linked Revolving Credit Facility

16.2. Lease Liabilities

16.3. Finance Costs

17. Issued Capital

17.1. Shares Issued

17.2. Dividends Declared

18. Reserves

18.1. Share Purchase Options

Three and Six Months Ended June 30, 2025 (US Dollars)

18.2. Restricted Share Units ("RSUs")

18.3. Long-Term Investment Revaluation Reserve

19. Share Based Compensation

19.1. Performance Share Units ("PSUs")

20. Earnings per Share ("EPS") and Diluted Earnings per Share ("Diluted EPS")

21. Supplemental Cash Flow Information

Change in Non-Cash Working Capital

Cash and Cash Equivalents

22. Income Taxes

Income Tax Expense (Recovery) in Net Earnings

Pillar II Tax Expense - Global Minimum Tax

Income Tax Expense (Recovery) in Other Comprehensive Income

23. Other Current Assets

24. Other Long-Term Assets

Subscription Rights

Refundable Deposit – 777 PMPA

25. Commitments and Contingencies

Mineral Stream Interests

Per Ounce Cash Payment for Gold

Per Ounce Cash Payment for Silver

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

Other Contractual Obligations and Contingencies

Salobo

Copper World Complex

Marmato

Santo Domingo

Fenix

El Domo

Marathon