6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

6-K

Report of Foreign Private Issuer Pursuant to Rule

13a-16

15d-16

Under the

Securities Exchange Act of 1934

For the Month of August, 2024

Commission File Number:

001-32482

WHEATON PRECIOUS METALS CORP.

(Exact name of registrant as specified in its charter)

Suite 3500, 1021 West Hastings Street

Vancouver, British Columbia

V6E 0C3

(604)

684-9648

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form

20-F

or Form

40-F.

Form

20-F ☐ Form

40-F ☑

This report on Form

6-K

shall be incorporated by reference into the registrant’s Registration Statement on

Form S-8

(File

No. 333-128128),

on Form

F-10

(File

No. 333-271239)

and on Form

F-3D

(File

No. 333-194702)

under the Securities Act of 1933, as amended.

DOCUMENTS FILED AS PART OF THIS FORM

6-K

See the Exhibit Index to this Form

6-K.

SIGNATURE

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


	WHEATON PRECIOUS METALS CORP.

August 7, 2024	By:	/s/ Curt Bernardi
		Name:	Curt Bernardi
		Title:	Senior Vice President, Legal
			and Strategic Development

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EXHIBIT INDEX


99.1		News Release dated August 7, 2024

99.2		Management’s Discussion and Analysis for the period ended June 30, 2024

99.3		Unaudited Interim Consolidated Financial Statements for the period ended June 30, 2024

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

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

99.6		Consent of W. Carson

99.7		Consent of N. Burns

99.8		Consent of R. Ulansky

101		Interactive Data File (formatted as Inline XBRL)

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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EX-99.1

Exhibit 99.1

LOGO

August 7, 2024

Vancouver, British Columbia

Designated News Release

SECOND QUARTER FINANCIAL RESULTS

Wheaton Precious Metals Announces Second Quarter 2024 Results

and Record Operating Cash Flow for the First Half of 2024

“Wheaton once again delivered strong results in the second quarter, generating $234 million in operating cash flow, resulting in record cash flows of over $450 million for the first half of the year. With year-to-date gold equivalent production of approximately 305,000 ounces, we are well on track to achieve our 2024 production guidance of 550,000 to 620,000 gold equivalent ounces,” said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals.” In addition, we were ranked among the top 10 companies on Corporate Knights’ annual list of the Best 50 Corporate Citizens in Canada and published our annual sustainability and climate change reports. Corporate Knights’ recognition highlights our leadership in sustainability and commitment to creating value for all stakeholders. Our performance in the first half of 2024 supports our belief that the strength of our organic growth profile and high-quality, long-life portfolio, combined with favorable commodity price trends, firmly positions Wheaton as a premier choice for precious metals exposure.”

Solid Financial Results and Strong Balance Sheet

●

Second quarter of 2024: $299 million in revenue, $234 million in operating cash flow, $122 million in net earnings and $150 million in adjusted net earnings¹ and, declared a quarterly dividend¹ of $0.155 per common share.

●

Balance Sheet: cash balance of $540 million, no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2024 after making total upfront cash payments of $45 million relative to mineral stream and royalty interests in the quarter.

Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 25, 2029.

High Quality Asset Base

●

Streaming and royalty agreements on 18 operating mines and 27 development projects⁵.

●

93% of attributable production from assets in the lowest half of their respective cost curves²^,⁴.

●

Attributable gold equivalent production³ (“GEOs”) of 147,100 ounces in the second quarter of 2024 and 305,800 for the first six months of 2024, with year-to-date production representing an increase of 13% relative to the comparable period of the prior year due primarily to the mill throughput expansion at Salobo.

●

Average annual forecast production guidance for 2024 of 550,000 to 620,000 GEOs³ maintained, with forecasted sector-leading growth of over 800,000 GEOs³ by 2028, and average annual forecast attributable production growing to over 850,000 GEOs³in years 2029 to 2033.

●

Further de-risked forecast growth profile as construction activities advanced at the Blackwater, Goose, Platreef, Mineral Park and Marmato Lower Mine Projects, all of which are expected to be producing within the next 16 months.

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Leadership in Sustainability

●

Recognized among Corporate Knights’ 2024 100 Most Sustainable Corporations in the World, and Best 50 Corporate Citizens in Canada.

●

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

●

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

●

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

Operational Overview


(all figures in US dollars unless otherwise noted)		Q2 2024		Q2 2023	Change		YTD 2024		YTD 2023	Change

Units produced

Gold ounces		84,993		83,180	2.2 %		176,932		156,199	13.3 %

Silver ounces		5,062		4,441	14.0 %		10,538		9,575	10.1 %

Palladium ounces		4,338		3,880	11.8 %		8,801		7,585	16.0 %

Cobalt pounds		259		152	70.8 %		499		276	80.8 %

Gold equivalent ounces ³		147,059		137,176	7.2 %		305,761		271,906	12.5 %

Units sold

Gold ounces		77,326		75,294	2.7 %		169,345		137,899	22.8 %

Silver ounces		3,823		4,437	(13.8)%		7,890		8,186	(3.6)%

Palladium ounces		4,301		3,392	26.8 %		9,075		6,338	43.2 %

Cobalt pounds		88		265	(66.8)%		397		588	(32.5)%

Gold equivalent ounces ³		124,009		129,734	(4.4)%		267,193		239,027	11.8 %

Change in PBND and Inventory

Gold equivalent ounces ³		9,615		(13,750)	(23,365)		10,289		(1,994)	(12,283)

Revenue	$	299,064	$	264,972	12.9 %	$	595,870	$	479,437	24.3 %

Net earnings	$	122,317	$	141,448	(13.5)%	$	286,358	$	252,839	13.3 %

Per share	$	0.270	$	0.312	(13.5)%	$	0.632	$	0.559	13.1 %

Adjusted net earnings ¹	$	149,565	$	142,584	4.9 %	$	288,398	$	247,015	16.8 %

Per share ¹	$	0.330	$	0.315	4.8 %	$	0.636	$	0.546	16.5 %

Operating cash flows	$	234,393	$	202,376	15.8 %	$	453,773	$	337,482	34.5 %

Per share ¹	$	0.517	$	0.447	15.7 %	$	1.001	$	0.746	34.2 %

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

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Financial Review

Revenues

Revenue in the second quarter of 2024 was $299 million (61% gold, 37% silver, 1% palladium and 1% cobalt), with the $34 million increase relative to the prior period quarter being primarily due to an 18% increase in the average realized gold equivalent³ price; partially offset by a 4% decrease in the number of GEOs³ sold.

Revenue was $596 million in the six months ended June 30, 2024, representing a $116 million increase from the comparable period of the previous year due primarily to an 11% increase in the average realized gold equivalent³ price, resulting from relative changes in the GEOs³ produced but not yet delivered; and a 12% increase in the number of GEOs³ sold.

Cash Costs and Margin

Average cash costs¹ in the second quarter of 2024 were $436 per GEO³ as compared to $452 in the second quarter of 2023. This resulted in a cash operating margin¹ of $1,976 per GEO³ sold, an increase of 24% as compared with the second quarter of 2023, a result of the higher realized price per ounce coupled with the lower average cash costs.

Average cash costs¹ for the six months ended June 30, 2024 were $433 per GEO³ as compared to $463 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $1,797 per GEO³ sold, a 16% increase from the comparable period of the previous year.

Cash Flow from Operations

Operating cash flow in the second quarter of 2024 amounted to $234 million, with the $32 million increase due primarily to the higher gross margin.

Operating cash flows for the six months ended June 30, 2024 amounted to $454 million, with the $116 million increase from the comparable period of the previous year being due primarily to the higher gross margin.

Balance Sheet (at June 30, 2024)

●

Approximately $540 million of cash on hand

●

The Company extended its existing undrawn $2 billion revolving term loan (the “Revolving Facility”) with its maturity date now June 25, 2029.

●

During the second quarter of 2024, the Company made total upfront cash payments of $45 million relative to the mineral stream and royalty interests consisting of:

$10 million relative to the Cangrejos PMPA;

$25 million relative to the Mineral Park PMPA; and

$10 million relative to the Mt Todd Royalty.

●

During the second quarter of 2024, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million.

●

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

Global Minimum Tax

The Company is within the scope of global minimum tax (“GMT”) under the OECD Pillar Two model rules (“Pillar Two”), under which large multinational entities will be subject to a 15% GMT. On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The GMTA enacts the OECD Pillar Two model rules where in scope companies will be

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subject to a 15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company’s subsidiaries which operate in jurisdictions with a statutory tax rate of 0% is impacted by the GMTA and an amount of $51 million current tax expense associated with GMT was recorded for the period from January 1, 2024 to June 30, 2024. GMT accrued to December 31, 2024, is payable on or before June 30, 2026 (18 months following year-end).

Second Quarter Operating Asset Highlights

Salobo: In the second quarter of 2024, Salobo produced 63,200 ounces of attributable gold, an increase of approximately 15% relative to the second quarter of 2023, driven by higher throughput, with production from the third concentrator line commencing at the end of 2022. On April 24, 2024, Vale S.A. (“Vale”) reported the continued ramp-up at Salobo III, which reached 90% average throughput in the first quarter, as well as improved year over year operational performance at Salobo I and II. On July 25, 2024, Vale also reported that the Salobo III processing plant operations resumed in July, after being halted for 31 days due to a fire on a conveyor belt. Vale confirmed that 2024 copper production guidance of 320-355 kt has been maintained.

Peñasquito: In the second quarter of 2024, Peñasquito produced 2.3 million ounces of attributable silver, an increase of approximately 30% relative to the second quarter of 2023 primarily due to higher throughput, partially offset by lower grades.

Constancia: In the second quarter of 2024, Constancia produced 0.5 million ounces of attributable silver and 6,100 ounces of attributable gold, an increase of approximately 7% for silver production and a decrease of approximately 18% for gold production relative to the second quarter of 2023. The decrease in gold production was primarily the result of lower gold grades due largely to the planned stripping activity in the Pampacancha pit, which commenced in the second quarter and is expected to continue through the third quarter. As a result of the stripping activity, ore feed was supplemented with stockpiles during the second quarter, as per the original mine plan. Mill ore feed has now reverted to the typical blend of approximately one-third from Pampacancha and two-thirds from Constancia, which is expected to continue throughout 2024. The increase in silver production is primarily due to higher throughput and grades, partially offset by lower recoveries.

Stillwater: In the second quarter of 2024, the Stillwater mines produced 2,100 ounces of attributable gold and 4,300 ounces of attributable palladium, an increase of approximately 4% for gold and 12% for palladium relative to the second quarter of 2023, due primarily to higher throughput and grades.

Voisey’s Bay: In the second quarter of 2024, the Voisey’s Bay mine produced 259,000 pounds of attributable cobalt, an increase of approximately 71% relative to the second quarter of 2023, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground mine nears completion. Vale reports that physical completion of the Voisey’s Bay underground mine extension was 96% at the end of the second quarter, and that the main surface assets are completed and in operation. In the underground portion, Reid Brook activities are largely complete, with the powerhouse planned to be fully commissioned and linked to the grid by Q3 2024. The mine development at Eastern Deeps is now concluded, and construction of the bulk material handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.

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Other Gold: In the second quarter of 2024, total Other Gold attributable production was 600 ounces, a decrease of approximately 70% relative to the second quarter of 2023, primarily due to the closure of the Minto mine in May 2023.

Other Silver: In the second quarter of 2024, total Other Silver attributable production was 1.4 million ounces, an increase of approximately 5% relative to the second quarter of 2023. The increase from the comparable period of the prior year is primarily due to an 87% increase in production at Zinkgruvan as a result of higher throughput and grades, largely offset by the cessation of attributable ore mined at Aljustrel.

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

Recent Development Asset Updates

Blackwater Project: On July 30, 2024, Artemis Gold Inc. (“Artemis”) announced that overall construction was approximately 87% complete and that construction of the water management pond, excavation of the cutoff trench, and the earthworks and lining of the central water management pond were completed. Work on the tailings storage facility continues to progress well with increased productivity and material movements through the quarter. Equipment installation was a key focus area as well as installation of structural steel, conveyors, platework, pipework, and electrical infrastructure. Early pre-commissioning activities in the crushing area of the process facility are underway. Artemis also stated that the project remains on schedule for first gold pour in Q4 2024.

On July 22, 2024, Artemis announced that it had responded to a wildfire evacuation order by proactively removing all non-essential staff and contractors as of July 21, 2024. On July 26, 2024, Artemis announced the evacuation order has been lifted and began an expedient, staged return of employees and contractors to site. The mine site was not impacted by any wildfires.

Platreef Project: On July 31, 2024, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that construction of Platreef’s Phase 1 concentrator was completed on schedule subsequent to the quarter. Cold commissioning has started, with water being fed through the concentrator, and construction of Platreef’s Shaft 2 headgear is approximately 60% complete. Work is well underway on the updated feasibility study to accelerate Platreef’s Phase 2 expansion, as well as the preliminary economic assessment of the previously announced Phase 3 expansion. Both studies are expected to be completed in the fourth quarter. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world’s largest platinum-group metal, nickel, copper and gold producers.

Goose Project: On May 7, 2024, B2Gold Corp. (“B2Gold”) announced the successful completion of the 2024 winter ice road (“WIR”) campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates.

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Marmato Mine: On April 15, 2024, Aris Mining Corporation (“Aris”) provided an update on the Marmato Lower Mine expansion project, including the completion of the access road to the new processing facility area. Earthworks in the plant area will reportedly commence soon, and the contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced. On May 14, 2024, Aris reported that most of the mechanical equipment has been ordered and the access road has reached the portal level. On July 16, 2024, Aris further reported that the Lower Mine project is on track for first gold pour by the end of 2025, followed by an approximate six-month ramp-up period.

Curipamba Project: On June 17, 2024, Adventus Mining Corporation (“Adventus”) announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted Administrative Authorization over Public Hydric Domain for the Curipamba project. This key permit allows the Curipamba project to carry out planned construction activities in accordance with the technical requirements stipulated in the Water Resources Law. With this approval, Adventus noted that the last main step prior to the start of construction is the receipt of the final document outlining the transition from the medium scale exploration to exploitation phase.

On April 26, 2024, Adventus announced that Silvercorp Metals Inc. (“Silvercorp”) has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp’s existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction. On July 2, 2024, the Ontario Superior Court of Justice granted a final order approving the arrangement. The acquisition closed on July 31, 2024.

On August 6, 2024, Silvercorp announced a key milestone that the Ministry of Energy and Mines of the Government of Ecuador (“MEM”) has issued a Resolution of Change of Phase for the Curipamba project. The Resolution of Change of Phase advances the legal status of the project from the economic evaluation phase to the exploitation phase and allows for the start of construction and subsequent operation of the mine. The Change of Phase for a medium-scale project is equivalent to the Exploitation Agreement for large-scale mines in Ecuador.

Marathon Project: On July 31, 2024, Generation Mining Limited (“Gen Mining”) reported that the federal government has approved amendments to Schedule 2 of the Metal and Diamond Mining Effluent Regulations (“Schedule 2”) which will allow for the construction of specific water management structures and operation of key infrastructure for the Marathon Project. Gen Mining also states that receipt of the few remaining provincial and federal approvals and permits required for construction is expected in the coming months.

On August 7, 2024, Gen Mining announced a key milestone with the receipt of the Fisheries Act Authorization (“FAA”) for the Marathon project. The FAA, issued by Fisheries and Oceans Canada, approves Gen Mining’s plan to avoid, mitigate and offset impacts to fish and fish habitat related to the development of the project. This authorization represents the final federal approval required to commence construction of the tailings storage facility and water management structures. The Marathon project requires three remaining provincial approvals to be issued by the Ministry of the Environment, Conservation and Parks and the Ministry of Natural Resources. These are expected in the coming months. Following which, the Marathon project will have all of the key government permits and approvals required for construction.

Santo Domingo: On July 31, 2024, Capstone Copper Corp. (“Capstone”) published the results of an updated feasibility study for the Santo Domingo project, outlining an optimized mine plan, updated capital and operating cost estimates, and a 19-year mine life supported by higher mineral reserve estimates. The report indicates that total gold production is expected to average 35,000 ounces per year for the first seven years of production, an increase from the 30,000 ounces per year estimate outlined in the 2020 feasibility study, and 22,000 ounces per year for the life of mine, up from 17,000 ounces per year. Capstone has reported that with construction completed at the Mantoverde project, a deposit situated 35 kilometers northeast of the Santo Domingo project, Capstone plans to advance several value enhancement initiatives within the Mantoverde-Santo Domingo district that are not yet included in the 2024 feasibility study. The first of these initiatives is a newly announced two-year, $25 million exploration program at Mantoverde, aimed at supporting the two future processing centers between Mantoverde and Santo Domingo.

Curraghinalt Project: On May 3, 2024, the Planning Appeals Commission & Water Appeals Commission (the “Commission”) in Northern Ireland concluded that the water abstraction and impoundment licenses (“Water Licenses”) relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The Commission noted that it has suspended arrangements for the

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current inquiry timetable until it is in receipt of the expected Water License applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course.

Sustainability

Annual Sustainability Report & Climate Change Report

Wheaton published its fifth annual sustainability report on May 23, 2024, and its second annual climate change report on June 24, 2024. The reports are part of Wheaton’s voluntary suite of sustainability disclosures demonstrating the Company’s commitment to responsible business practices and ESG performance.

ESG Ratings & Awards

On June 26, 2024, Wheaton was named as one of Corporate Knights’ 2024 Best 50 Corporate Citizens in Canada ranking ninth on the list. With a significant portion of the score linked to sustainable revenue, this metric underscores the exceptional quality of Wheaton’s mining partners and the Company’s rigorous due diligence process.

Community Investment Program

•

Wheaton’s Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay Minerals, First Majestic Silver and Sibanye-Stillwater to support the communities influenced by the mines and provide vital services and programs including educational resources, health and dental programs, poverty reduction initiatives, entrepreneurial opportunities, and various social and environmental programs.

•

Coast Mental Health Foundation’s Courage To Come Back Awards presented by Wheaton raised over CA$1.7 million in support of community-based services for people living with mental illness in British Columbia.

2024 and Long-Term Production Outlook

Wheaton’s estimated attributable production in 2024 is forecast to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 GEOs³ of other metals, resulting in annual production of approximately 550,000 to 620,000 GEOs³, unchanged from previous guidance^2,3.

Annual production is forecast to increase by approximately 40% to over 800,000 GEOs³ by 2028, with average annual production forecast to grow to over 850,000 GEO³in years 2029 to 2033, also unchanged from previous guidance⁶.

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About Wheaton Precious Metals Corp.

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

In accordance with Wheaton Precious Metals^™ Corp.’s (“Wheaton Precious Metals”, “Wheaton” or the “Company”) MD&A and Financial Statements, reference to the Company and Wheaton includes the Company’s wholly owned subsidiaries.

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Webcast and Conference Call Details

A conference call will be held on Thursday, August 8, 2024, starting at 5:00am PT (8:00 am ET) to discuss these results. To participate in the live call please use one of the following methods:


RapidConnect URL:		Click here
Live webcast:		Click here
Dial toll free:		1-888-664-6383 or 1-416-764-8650
Conference Call ID:		94107872

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

The conference call will be recorded and available until August 15, 2024 at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:


Dial toll free from Canada or the US:		1-888-390-0541
Dial from outside Canada or the US:		1-416-764-8677
Pass code:		107872 #
Archived webcast:		Click here

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

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

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

For further information:

Investor Contact

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com

Media Contact

Simona Antolak

Vice President, Communications & Corporate Affairs

Tel: 604-639-9870

Email: simona.antolak@wheatonpm.com

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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)	2024		2023		2024		2023

Sales	$	299,064	$	264,972	$	595,870	$	479,437

Cost of sales

Cost of sales, excluding depletion	$	54,007	$	58,642	$	115,562	$	110,606

Depletion		58,865		54,474		122,541		99,473

Total cost of sales	$	112,872	$	113,116	$	238,103	$	210,079

Gross margin	$	186,192	$	151,856	$	357,767	$	269,358

General and administrative expenses		10,241		10,216		20,705		20,315

Share based compensation		6,241		4,484		7,522		11,881

Donations and community investments		703		1,940		2,273		3,318

Earnings from operations	$	169,007	$	135,216	$	327,267	$	233,844

Gain on disposal of mineral stream interests		-		5,027		-		5,027

Other income (expense)		5,122		8,692		12,317		16,254

Earnings before finance costs and income taxes	$	174,129	$	148,935	$	339,584	$	255,125

Finance costs		1,299		1,352		2,741		2,731

Earnings before income taxes	$	172,830	$	147,583	$	336,843	$	252,394

Income tax expense (recovery)		50,513		6,135		50,485		(445)

Net earnings	$	122,317	$	141,448	$	286,358	$	252,839

Basic earnings per share	$	0.270	$	0.312	$	0.632	$	0.559

Diluted earnings per share	$	0.269	$	0.312	$	0.631	$	0.558

Weighted average number of shares outstanding

Basic		453,430		452,892		453,262		452,633

Diluted		454,104		453,575		453,888		453,368

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Condensed Interim Consolidated Balance Sheets



(US dollars in thousands - unaudited)		As at June 30 2024		As at December 31 2023

Assets
Current assets
Cash and cash equivalents	$	540,217	$	546,527
Accounts receivable		9,654		10,078
Cobalt inventory		-		1,372
Income taxes receivable		4,544		5,935
Other		4,398		3,499

Total current assets	$	558,813	$	567,411

Non-current assets
Mineral stream interests	$	6,487,552	$	6,122,441
Early deposit mineral stream interests		47,094		47,093
Mineral royalty interests		35,527		13,454
Long-term equity investments		88,071		246,678
Property, plant and equipment		7,752		7,638
Other		22,273		26,470

Total non-current assets	$	6,688,269	$	6,463,774

Total assets	$	7,247,082	$	7,031,185

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	12,272	$	13,458
Current portion of performance share units		8,099		12,013
Current portion of lease liabilities		435		604

Total current liabilities	$	20,806	$	26,075

Non-current liabilities
Performance share units	$	5,660	$	9,113
Lease liabilities		5,301		5,625
Global minimum tax		50,510		-
Deferred income taxes		250		232
Pension liability		4,883		4,624

Total non-current liabilities	$	66,604	$	19,594

Total liabilities	$	87,410	$	45,669

Shareholders’ equity
Issued capital	$	3,796,172	$	3,777,323
Reserves		(62,186)		(40,091)
Retained earnings		3,425,686		3,248,284

Total shareholders’ equity	$	7,159,672	$	6,985,516

Total liabilities and shareholders’ equity	$	7,247,082	$	7,031,185

- 12 -

Condensed Interim Consolidated Statements of Cash Flows


	Three Months Ended June 30				Six Months Ended June 30

(US dollars in thousands - unaudited)	2024		2023		2024		2023

Operating activities

Net earnings	$	122,317	$	141,448	$	286,358	$	252,839

Adjustments for

Depreciation and depletion		59,211		54,857		123,224		100,247

Gain on disposal of mineral stream interest		-		(5,027)		-		(5,027)

Interest expense		72		36		145		53

Equity settled stock based compensation		1,655		1,859		3,253		3,402

Performance share units - expense		4,586		2,625		4,269		8,479

Performance share units - paid		-		-		(11,129)		(16,675)

Pension expense		283		291		458		458

Pension paid		-		(20)		(43)		(116)

Income tax (recovery) expense		50,513		6,135		50,485		(445)

(Gain) loss on fair value adjustment of share purchase warrants held		(197)		280		(380)		105

Investment income recognized in net earnings		(4,877)		(8,880)		(11,315)		(16,028)

Other		482		418		400		499

Change in non-cash working capital		(3,664)		1,685		(1,508)		(387)

Cash generated from operations before income taxes and interest	$	230,381	$	195,707	$	444,217	$	327,404

Income taxes paid		(75)		(988)		(191)		(4,332)

Interest paid		(73)		(15)		(148)		(33)

Interest received		4,160		7,672		9,895		14,443

Cash generated from operating activities	$	234,393	$	202,376	$	453,773	$	337,482

Financing activities

Credit facility extension fees	$	(925)	$	(846)	$	(925)	$	(846)

Share purchase options exercised		8,348		1,134		12,164		10,510

Lease payments		(147)		(177)		(295)		(379)

Dividends paid		(139,124)		(131,091)		(139,124)		(131,091)

Cash used for financing activities	$	(131,848)	$	(130,980)	$	(128,180)	$	(121,806)

Investing activities

Mineral stream interests	$	(35,605)	$	(88,710)	$	(486,507)	$	(120,234)

Early deposit mineral stream interests		-		-		-		(750)

Mineral royalty interest		(10,078)		-		(22,025)		-

Net proceeds on disposal of mineral stream interests		-		46,400		-		46,400

Acquisition of long-term investments		-		(31)		(751)		(8,175)

Proceeds on disposal of long-term investments		177,088		202		177,088		202

Dividends received		481		917		1,181		917

Other		(193)		(1,209)		(789)		(1,770)

Cash (used for) generated from investing activities	$	131,693	$	(42,431)	$	(331,803)	$	(83,410)

Effect of exchange rate changes on cash and cash equivalents	$	(130)	$	175	$	(100)	$	482

Increase (decrease) in cash and cash equivalents	$	234,108	$	29,140	$	(6,310)	$	132,748

Cash and cash equivalents, beginning of period		306,109		799,697		546,527		696,089

Cash and cash equivalents, end of period	$	540,217	$	828,837	$	540,217	$	828,837

- 13 -

Summary of Units Produced



	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022

Gold ounces produced ²

Salobo		63,225		61,622		71,778		69,045		54,804		43,677		37,939		44,212

Sudbury ³		5,910		5,618		5,823		3,857		5,818		6,203		5,270		3,437

Constancia		6,086		13,897		22,292		19,003		7,444		6,905		10,496		7,196

San Dimas ⁴		7,089		7,542		10,024		9,995		11,166		10,754		10,037		11,808

Stillwater ⁵		2,099		2,637		2,341		2,454		2,017		1,960		2,185		1,833

Other

Marmato		584		623		668		673		639		457		533		542

Minto ⁶		-		-		-		-		1,292		3,063		2,567		3,050

Total Other		584		623		668		673		1,931		3,520		3,100		3,592

Total gold ounces produced		84,993		91,939		112,926		105,027		83,180		73,019		69,027		72,078

Silver ounces produced ²

Peñasquito ⁷		2,263		2,643		1,036		-		1,744		2,076		1,761		2,017

Antamina		992		806		1,030		894		984		872		1,067		1,327

Constancia		451		640		836		697		420		552		655		564

Other

Los Filos		42		42		28		28		28		45		14		21

Zinkgruvan		699		641		510		785		374		632		664		642

Neves-Corvo		432		524		573		486		407		436		369		323

Aljustrel⁸		-		-		-		327		279		343		313		246

Cozamin		177		173		185		165		184		141		157		179

Marmato		6		7		10		11		7		8		9		7

Yauliyacu ⁹		-		-		-		-		-		-		261		463

Minto ⁶		-		-		-		-		14		29		33		33

Total Other		1,356		1,387		1,306		1,802		1,293		1,634		1,820		1,914

Total silver ounces produced		5,062		5,476		4,208		3,393		4,441		5,134		5,303		5,822

Palladium ounces produced ²

Stillwater ⁵		4,338		4,463		4,209		4,006		3,880		3,705		3,869		3,229

Cobalt pounds produced ²

Voisey’s Bay		259		240		215		183		152		124		128		226

GEOs produced ¹⁰		147,059		158,703		164,818		147,230		137,176		134,730		132,780		142,103

Average payable rate ²
Gold		95.2%		94.7%		95.1%		95.4%		95.1%		95.1%		94.9%		95.1%
Silver		84.4%		84.5%		83.0%		78.3%		83.7%		83.1%		84.2%		86.3%
Palladium		97.3%		97.8%		98.0%		94.1%		94.1%		96.3%		93.9%		96.3%
Cobalt		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%
GEO¹⁰		90.9%		90.6%		91.6%		90.8%		90.8%		89.8%		89.9%		90.9%

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

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

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

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the “70” shall be revised to “50” or “90”, as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the “70” shall be reinstated. For reference, attributable silver production from prior periods is as follows: Q2 2024 - 285,000 ounces; Q1 2024 - 291,000 ounces; Q4 2023 - 378,000 ounces; Q3 2023 - 387,000 ounces; Q2 2023 - 423,000 ounces; Q1 2023 - 401,000 ounces; Q4 2022 - 348,000 ounces; Q3 2022 - 412,000 ounces.

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

6)	On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.

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

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

9)	On December 14, 2022 the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

10)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

- 14 -

Summary of Units Sold



	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022

Gold ounces sold
Salobo	54,962	56,841	76,656	44,444	46,030	35,966	41,029	31,818
Sudbury ²	5,679	4,129	5,011	4,836	4,775	4,368	4,988	5,147
Constancia	6,640	20,123	19,925	12,399	9,619	6,579	6,013	6,336
San Dimas	6,801	7,933	10,472	9,695	11,354	10,651	10,943	10,196
Stillwater ³	2,628	2,355	2,314	1,985	2,195	2,094	1,783	2,127
Other
Marmato	616	638	633	792	467	480	473	719
777	-	-	-	275	153	126	785	3,098
Minto	-	-	-	-	701	2,341	2,982	2,559

Total Other	616	638	633	1,067	1,321	2,947	4,240	6,376
Total gold ounces sold	77,326	92,019	115,011	74,426	75,294	62,605	68,996	62,000

Silver ounces sold
Peñasquito	1,482	1,839	442	453	1,913	1,483	2,066	1,599
Antamina	917	762	1,091	794	963	814	1,114	1,155
Constancia	422	726	665	435	674	366	403	498
Other
Los Filos	24	44	24	30	37	34	16	24
Zinkgruvan	597	297	449	714	370	520	547	376
Neves-Corvo	216	243	268	245	132	171	80	105
Aljustrel	-	1	86	142	182	205	156	185
Cozamin	158	147	141	139	150	119	150	154
Marmato	7	8	9	11	7	7	7	8
Yauliyacu	-	-	-	-	-	-	337	1,005
Minto	-	-	-	-	7	29	23	22
Keno Hill	-	-	-	-	-	1	1	30
777	-	-	-	2	2	-	35	73

Total Other	1,002	740	977	1,283	887	1,086	1,352	1,982

Total silver ounces sold	3,823	4,067	3,175	2,965	4,437	3,749	4,935	5,234

Palladium ounces sold
Stillwater ³	4,301	4,774	3,339	4,242	3,392	2,946	3,396	4,227

Cobalt pounds sold
Voisey’s Bay	88	309	288	198	265	323	187	115

GEOs sold ⁴	124,009	143,184	155,059	111,935	129,734	109,293	128,662	125,053
Cumulative payable units PBND ⁵
Gold ounces	89,667	86,114	91,092	98,715	72,916	77,377	70,562	74,053
Silver ounces	2,795	2,347	1,787	1,469	1,777	2,531	2,013	2,481
Palladium ounces	6,018	6,198	6,666	5,607	6,122	5,751	5,098	5,041
Cobalt pounds	513	360	356	377	251	285	258	403
GEO ⁴	128,156	118,541	117,294	120,865	98,041	111,217	97,936	107,720

Inventory on hand
Cobalt pounds	-	-	88	155	310	398	633	556

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

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

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

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

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

- 15 -

Results of Operations

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


Three Months Ended June 30, 2024

	Units Produced²		Units Sold		Average Realized Price ($’s Per Unit)		Average Cash Cost ($’s Per Unit) ³		Average Depletion ($’s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets

Gold

Salobo		63,225		54,962	$	2,356	$	425	$	378	$	129,466	$	85,346	$	105,795	$	2,638,316

Sudbury ⁴		5,910		5,679		2,357		400		1,326		13,383		3,581		11,106		250,227

Constancia		6,086		6,640		2,356		420		323		15,640		10,706		12,849		71,769

San Dimas		7,089		6,801		2,356		635		290		16,021		9,730		11,701		140,542

Stillwater		2,099		2,628		2,356		415		421		6,190		3,994		5,100		209,162

Other ⁵		584		616		2,356		415		527		1,450		870		1,195		903,067
		84,993		77,326	$	2,356	$	441	$	438	$	182,150	$	114,227	$	147,746	$	4,213,083

Silver

Peñasquito		2,263		1,482	$	28.75	$	4.50	$	4.86	$	42,599	$	28,735	$	35,932	$	261,561

Antamina		992		917		28.75		5.75		8.46		26,365		13,337		21,095		506,396

Constancia		451		422		28.75		6.20		6.10		12,122		6,934		9,508		172,475

Other ⁶		1,356		1,002		30.14		4.35		4.50		30,205		21,336		21,614		624,616
		5,062		3,823	$	29.11	$	4.95	$	5.76	$	111,291	$	70,342	$	88,149	$	1,565,048

Palladium

Stillwater		4,338		4,301	$	979	$	175	$	429	$	4,210	$	1,611	$	3,457	$	216,696

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,815

		4,338		4,301	$	979	$	175	$	429	$	4,210	$	1,611	$	3,457	$	295,511

Platinum

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

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		57,585

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,036

Cobalt
Voisey’s Bay		259		88	$	16.02	$	3.11	$	12.78	$	1,413	$	12	$	2,081	$	346,874

Operating results											$	299,064	$	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

													$	122,317	$	234,393	$	7,247,082

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

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

3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

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

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

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

- 16 -

On a gold equivalent basis, results for the Company for the three months ended June 30, 2024 were as follows:


Three Months Ended June 30, 2024

	Ounces Produced ¹		Ounces Sold		Average Realized Price ($’s Per Ounce)		Average Cash Cost ($’s Per Ounce)²		Cash Operating Margin ($’s Per Ounce) ³		Average Depletion ($’s Per Ounce)		Gross Margin ($’s Per Ounce)
Gold equivalent basis ⁴		147,059		124,009		$ 2,412		$ 436		$ 1,976		$ 475		$ 1,501

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

2)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

3)	Refer to discussion on non-IFRS measure (iv) at the end of this press release.

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

- 17 -


Three Months Ended June 30, 2023

	Units Produced²		Units Sold		Average Realized Price ($’s Per Unit)		Average Cash Cost ($’s Per Unit) ³			Average Depletion ($’s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets

Gold
Salobo		54,804		46,030	$	1,985	$	420		$	330	$	91,350	$	-	$	56,790	$	71,999	$	2,356,169
Sudbury ⁵		5,818		4,775		2,000		400			1,025		9,549		-		2,747		7,579		274,048
Constancia		7,444		9,619		1,985		416			316		19,090		-		12,049		15,085		90,469
San Dimas		11,166		11,354		1,985		628			260		22,532		-		12,454		15,401		150,154
Stillwater		2,017		2,195		1,985		357			510		4,356		-		2,451		3,571		213,663
Other ⁶		1,931		1,321		1,994		1,131			186		2,634		-		894		1,252		537,197
		83,180		75,294	$	1,986	$	461		$	365	$	149,511	$	-	$	87,385	$	114,887	$	3,621,700

Silver
Peñasquito		1,744		1,913	$	24.20	$	4.43		$	4.06	$	46,291	$	-	$	30,041	$	37,816	$	279,872
Antamina		984		963		24.20		4.70			7.06		23,302		-		11,985		18,780		532,828
Constancia		420		674		24.20		6.14			6.24		16,322		-		7,968		12,180		186,452
Other ⁷		1,293		887		23.88		5.75			3.46		21,166		5,027		18,031		15,878		482,572
		4,441		4,437	$	24.13	$	5.01		$	4.92	$	107,081	$	5,027	$	68,025	$	84,654	$	1,481,724

Palladium
Stillwater		3,880		3,392	$	1,438	$	261		$	445	$	4,879	$	-	$	2,482	$	3,993	$	224,099

Platinum
Marathon		-		-	$	n.a.	$	n.a.		$	n.a.	$	-	$	-	$	-	$	-	$	9,448

Cobalt
Voisey’s Bay		152		265	$	13.23	$	3.20	⁸	$	13.85	$	3,501	$	-	$	(1,009)	$	4,335	$	354,195

Operating results												$	264,972	$	5,027	$	156,883	$	207,869	$	5,691,166

Other
General and administrative																$	(10,216)	$	(9,544)
Share based compensation																	(4,484)		-
Donations and community investments																	(1,940)		(1,738)
Finance costs																	(1,352)		(999)
Other																	8,692		7,776
Income tax																	(6,135)		(988)
Total other																$	(15,435)	$	(5,493)	$	1,188,739
																$	141,448	$	202,376	$	6,879,905

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

3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4)	The gain on disposal of Other silver interests relates to the gain on the buyback of 33% of the Goose PMPA..

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

Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests, the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

8)	Cash cost per pound of cobalt sold during the second quarter of 2023 was net of a previously recorded inventory write-down of $0.5 million, resulting in a decrease of $1.81 per pound of cobalt sold.

- 18 -

On a gold equivalent basis, results for the Company for the three months ended June 30, 2023 were as follows:


Three Months Ended June 30, 2023

	Ounces Produced ¹		Ounces Sold		Average Realized Price ($’s Per Ounce)		Average Cash Cost ($’s Per Ounce)²		Cash Operating Margin ($’s Per Ounce) ³		Average Depletion ($’s Per Ounce)		Gross Margin ($’s Per Ounce)
Gold equivalent basis ⁴		137,176		129,734		$ 2,042		$ 452		$ 1,590		$ 420		$ 1,170

2)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

3)	Refer to discussion on non-IFRS measure (iv) at the end of this press release.

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

- 19 -


Six Months Ended June 30, 2024
	Units Produced²		Units Sold		Average Realized Price ($’s Per Unit)		Average Cash Cost ($’s Per Unit) ³			Average Depletion ($’s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets

Gold

Salobo		124,847		111,803	$	2,212	$	425		$	386	$	247,317	$	156,742	$	199,845	$	2,638,316

Sudbury ⁴		11,528		9,808		2,227		400			1,250		21,844		5,663		17,920		250,227

Constancia		19,983		26,763		2,143		420			317		57,363		37,616		46,112		71,769

San Dimas		14,631		14,734		2,204		633			284		32,469		18,967		23,147		140,542

Stillwater		4,736		4,983		2,222		394			463		11,073		6,801		9,108		209,162

Other ⁵		1,207		1,254		2,212		394			527		2,773		1,618		2,279		903,067

		176,932		169,345	$	2,202	$	440		$	419	$	372,839	$	227,407	$	298,411	$	4,213,083

Silver

Peñasquito		4,906		3,321	$	25.97	$	4.50		$	4.42	$	86,249	$	56,636	$	71,307	$	261,561

Antamina		1,798		1,679		26.48		5.26			7.82		44,453		22,484		35,618		506,396

Constancia		1,091		1,148		25.58		6.20			6.19		29,358		15,134		22,242		172,475

Other ⁶		2,743		1,742		27.48		4.27			4.35		47,889		32,873		37,433		624,616

		10,538		7,890	$	26.36	$	4.86		$	5.39	$	207,949	$	127,127	$	166,600	$	1,565,048

Palladium

Stillwater		8,801		9,075	$	979	$	179		$	438	$	8,887	$	3,294	$	7,265	$	216,696

Platreef		-		-		n.a.	$	n.a.		$	n.a.		-		-		-		78,815

		8,801		9,075	$	979	$	179		$	438	$	8,887	$	3,294	$	7,265	$	295,511

Platinum

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

Platreef		-		-		n.a.	$	n.a.		$	n.a.		-		-		-		57,585
		-		-	$	n.a.	$	n.a.		$	n.a.	$	-	$	-	$	-	$	67,036

Cobalt

Voisey’s Bay		499		397	$	15.61	$	2.99	⁸	$	12.77	$	6,195	$	(61)	$	9,087	$	346,874

Operating results												$	595,870	$	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

														$	286,358	$	453,773	$	7,247,082

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

3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

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

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

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

- 20 -

On a gold equivalent basis, results for the Company for the six months ended June 30, 2024 were as follows:


Six Months Ended June 30, 2024
	Ounces Produced ¹		Ounces Sold		Average Realized Price ($’s Per Ounce)		Average Cash Cost ($’s Per Ounce)²		Cash Operating Margin ($’s Per Ounce) ³		Average Depletion ($’s Per Ounce)		Gross Margin ($’s Per Ounce)
Gold equivalent basis ⁴		305,761		267,193		$ 2,230		$ 433		$ 1,797		$ 459		$ 1,338

2)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

3)	Refer to discussion on non-IFRS measure (iv) at the end of this press release.

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

- 21 -


Six Months Ended June 30, 2023
	Units Produced²		Units Sold		Average Realized Price ($’s Per Unit)		Average Cash Cost ($’s Per Unit) ³		Average Depletion ($’s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings		Cash Flow From Operations		Total Assets

Gold
Salobo		98,481		81,996	$	1,949	$	420	$	330	$	159,825	$	-	$	98,261	$	125,353	$	2,356,169
Sudbury ⁵		12,021		9,143		1,954		400		1,025		17,866		-		4,841		13,925		274,048
Constancia		14,349		16,198		1,952		416		316		31,615		-		19,759		24,873		90,469
San Dimas		21,920		22,005		1,946		626		260		42,812		-		23,319		29,030		150,154
Stillwater		3,977		4,289		1,945		346		510		8,343		-		4,671		6,860		213,663
Other ⁶		5,451		4,268		1,932		1,306		117		8,247		-		2,173		2,407		537,197
		156,199		137,899	$	1,949	$	477	$	362	$	268,708	$	-	$	153,024	$	202,448	$	3,621,700

Silver
Peñasquito		3,820		3,396	$	23.61	$	4.43	$	4.06	$	80,162	$	-	$	51,317	$	65,119	$	279,872
Antamina		1,856		1,777		23.58		4.63		7.06		41,897		-		21,128		33,668		532,828
Constancia		972		1,040		23.72		6.14		6.24		24,674		-		11,792		18,288		186,452
Other ⁷		2,927		1,973		23.33		5.86		2.95		46,025		5,027		33,668		35,925		482,572
		9,575		8,186	$	23.55	$	5.04	$	4.72	$	192,758	$	5,027	$	117,905	$	153,000	$	1,481,724

Palladium
Stillwater		7,585		6,338	$	1,517	$	277	$	428	$	9,614	$	-	$	5,149	$	7,862	$	224,099

Platinum
Marathon		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	-	$	9,448

Cobalt
Voisey’s Bay		276		588	$	14.22	$	3.25 ⁸	$	13.85	$	8,357	$	-	$	(1,693)	$	8,820	$	354,195

Operating results											$	479,437	$	5,027	$	274,385	$	372,130	$	5,691,166

Other
General and administrative															$	(20,315)	$	(23,384)
Share based compensation																(11,881)		(16,675)
Donations and community investments																(3,318)		(3,146)
Finance costs																(2,731)		(2,066)
Other																16,254		14,955
Income tax																445		(4,332)

Total other															$	(21,546)	$	(34,648)	$	1,188,739

															$	252,839	$	337,482	$	6,879,905

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

3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4)	The gain on disposal of Other silver interests relates to the gain on the buyback of 33% of the Goose PMPA..

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

Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

8)	Cash cost per pound of cobalt sold during the six months ended June 30, 2023 was net of a previously recorded inventory write-down of $1.5 million, resulting in a decrease of $2.57 per pound of cobalt sold.

- 22 -

On a gold equivalent basis, results for the Company for the six months ended June 30, 2023 were as follows:


Six Months Ended June 30, 2023
	Ounces Produced ¹		Ounces Sold		Average Realized Price ($‘s Per Ounce)		Average Cash Cost ($‘s Per Ounce)²		Cash Operating Margin ($‘s Per Ounce) ³		Average Depletion ($‘s Per Ounce)		Gross Margin ($‘s Per Ounce)

Gold equivalent basis ⁴		271,906		239,027	$	2,006	$	463	$	1,543	$	416	$	1,127

2)	Silver ounces produced and sold in thousands.

3)	Refer to discussion on non-IFRS measure (iii) at the end of this press release.

4)	Refer to discussion on non-IFRS measure (iv) at the end of this press release.

5)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

- 23 -

Non-IFRS Measures

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

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

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


	Three Months Ended June 30				Six Months Ended June 30
(in thousands, except for per share amounts)	2024		2023		2024		2023

Net earnings	$	122,317	$	141,448	$	286,358	$	252,839

Add back (deduct):

Gain on disposal of Mineral Stream Interest		-		(5,027)		-		(5,027)
(Gain) loss on fair value adjustment of share purchase warrants held		(197)		280		(380)		105
Deferred income tax (expense) recovery recognized in the Statement of OCI		2,863		6,044		2,766		2,090

Income tax recovery related to prior year disposal of Mineral Stream Interest		-		-		-		(2,672)
Global minimum tax expense related to Q1-2024 earnings		24,755		-		-		-
Other		(173)		(161)		(346)		(320)

Adjusted net earnings	$	149,565	$	142,584	$	288,398	$	247,015

Divided by:
Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633
Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368

Equals:
Adjusted earnings per share - basic	$	0.330	$	0.315	$	0.636	$	0.546
Adjusted earnings per share - diluted	$	0.329	$	0.314	$	0.635	$	0.545

- 24 -

ii.

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

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


	Three Months Ended June 30				Six Months Ended June 30
(in thousands, except for per share amounts)	2024		2023		2024		2023
Cash generated by operating activities	$	234,393	$	202,376	$	453,773	$	337,482
Divided by:
Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633
Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368
Equals:
Operating cash flow per share - basic	$	0.517	$	0.447	$	1.001	$	0.746
Operating cash flow per share - diluted	$	0.516	$	0.446	$	1.000	$	0.744

iii.

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

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


	Three Months Ended June 30				Six Months Ended June 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)	2024		2023		2024		2023
Cost of sales	$	112,872	$	113,116	$	238,103	$	210,079
Less: depletion		(58,865)		(54,474)		(122,541)		(99,473)
Cash cost of sales	$	54,007	$	58,642	$	115,562	$	110,606
Cash cost of sales is comprised of:
Total cash cost of gold sold	$	34,066	$	34,675	$	74,427	$	65,711
Total cash cost of silver sold		18,914		22,234		38,326		41,231
Total cash cost of palladium sold		753		887		1,622		1,752
Total cash cost of cobalt sold¹		274		846		1,187		1,912
Total cash cost of sales	$	54,007	$	58,642	$	115,562	$	110,606
Divided by:
Total gold ounces sold		77,326		75,294		169,345		137,899
Total silver ounces sold		3,823		4,437		7,890		8,186
Total palladium ounces sold		4,301		3,392		9,075		6,338
Total cobalt pounds sold		88		265		397		588
Equals:
Average cash cost of gold (per ounce)	$	441	$	461	$	440	$	477
Average cash cost of silver (per ounce)	$	4.95	$	5.01	$	4.86	$	5.04
Average cash cost of palladium (per ounce)	$	175	$	261	$	179	$	277
Average cash cost of cobalt (per pound)	$	3.11	$	3.20	$	2.99	$	3.25

Cash cost per pound of cobalt sold during the second quarter of 2023 was net of a previously recorded inventory write-down of $0.5 million (six months - $1.5 million), resulting in a decrease of $1.81 per pound of cobalt sold (six months - $2.57 per pound of cobalt sold).

- 25 -

iv.

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

The following table provides a reconciliation of cash operating margin.


	Three Months Ended June 30				Six Months Ended June 30
(in thousands, except for gold and palladium ounces sold and per unit amounts)	2024		2023		2024		2023

Gross margin	$	186,192	$	151,856	$	357,767	$	269,358
Add back: depletion		58,865		54,474		122,541		99,473

Cash operating margin	$	245,057	$	206,330	$	480,308	$	368,831

Cash operating margin is comprised of:
Total cash operating margin of gold sold	$	148,084	$	114,836	$	298,412	$	202,997
Total cash operating margin of silver sold		92,377		84,847		169,623		151,527
Total cash operating margin of palladium sold		3,457		3,992		7,265		7,862
Total cash operating margin of cobalt sold		1,139		2,655		5,008		6,445

Total cash operating margin	$	245,057	$	206,330	$	480,308	$	368,831

Divided by:
Total gold ounces sold		77,326		75,294		169,345		137,899
Total silver ounces sold		3,823		4,437		7,890		8,186
Total palladium ounces sold		4,301		3,392		9,075		6,338
Total cobalt pounds sold		88		265		397		588

Equals:
Cash operating margin per gold ounce sold	$	1,915	$	1,525	$	1,762	$	1,472
Cash operating margin per silver ounce sold	$	24.16	$	19.12	$	21.50	$	18.51
Cash operating margin per palladium ounce sold	$	804	$	1,177	$	800	$	1,240
Cash operating margin per cobalt pound sold	$	12.94	$	10.03	$	12.62	$	10.97

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

- 26 -

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

•

the future price of commodities;

•

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

•

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

•

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

•

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

•

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

•

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

•

the costs of future production;

•

the estimation of produced but not yet delivered ounces;

•

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

•

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

•

any statements as to future dividends;

•

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

•

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

•

projected changes to Wheaton’s production mix;

•

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

•

the ability to sell precious metals and cobalt production;

•

confidence in the Company’s business structure;

•

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

•

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

•

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

•

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

•

the Company’s climate change and environmental commitments; and

•

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

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

•

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

•

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

•

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

•

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

•

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

- 27 -

•

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

•

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

•

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

•

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

•

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

•

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

•

counterparty credit and liquidity risks;

•

mine operator and counterparty concentration risks;

•

indebtedness and guarantees risks;

•

hedging risk;

•

competition in the streaming industry risk;

•

risks relating to security over underlying assets;

•

risks relating to third-party PMPAs;

•

risks relating to revenue from royalty interests;

•

risks related to Wheaton’s acquisition strategy;

•

risks relating to third-party rights under PMPAs;

•

risks relating to future financings and security issuances;

•

risks relating to unknown defects and impairments;

•

risks related to governmental regulations;

•

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

•

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

•

risks related to environmental regulations;

•

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

•

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

•

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

•

risks related to underinsured Mining Operations;

•

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

•

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

•

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

•

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

•

challenges related to global financial conditions;

•

risks associated with environmental, social and governance matters;

•

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

•

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

•

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

•

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

•

risks related to interest rates;

•

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

•

risks related to access to confidential information regarding Mining Operations;

•

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

•

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

•

risks associated with the sale of Common Shares under the at-the-market equity program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;

•

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

•

risks relating to activist shareholders;

•

risks relating to reputational damage;

•

risks relating to expression of views by industry analysts;

•

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

•

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

•

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

•

risks relating to generative artificial intelligence;

•

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

- 28 -

•

risks relating to corporate governance and public disclosure compliance;

•

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

•

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

•

other risks discussed in the section entitled “Description of the Business – Risk Factors” in Wheaton’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton’s Form 40-F for the year ended December 31, 2022 on file with the U.S. Securities and Exchange Commission on EDGAR (the “Disclosure”).

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

•

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

•

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

•

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

•

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

•

that the production estimates from Mining Operations are accurate;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

that any sale of Common Shares under the at-the-market equity program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;

•

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

•

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

•

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

•

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

•

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

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

Cautionary Language Regarding Reserves and Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2023, which was filed on March 28, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of

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

End Notes

¹ Please refer to disclosure on non-IFRS measures in this press release. Dividends declared in the referenced calendar quarter, relative to the financial results of the prior quarter. Details of the dividend can be found in the Wheaton’s news release dated August 7, 2024, titled “Wheaton Precious Metals Declares Quarterly Dividend.”

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

³ Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt.

⁴ Source: Company reports & S and P Capital IQ estimates of 2024 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines. Portfolio mine life based on recoverable reserves and resources as of Dec 31, 2023 and 2023 actual mill throughput and is weighted by individual reserve and resource category.

⁵ Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 of which have been placed in care and maintenance or have been closed.

⁶ Further details for long-term guidance can be found in the Wheaton news release dated March 14, 2024, titled “Wheaton Precious Metals Announces Solid 2023 Annual Results and Transition to Progressive Dividend Policy.”

EX-99.2

Exhibit 99.2

LOGO

Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three and Six Months Ended June 30, 2024

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with Wheaton Precious Metals Corp.’s (“Wheaton” or the “Company”) unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2024 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, the related MD&A and the 2023 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at www.sedarplus.ca. Reference to Wheaton or the Company includes the Company’s wholly-owned subsidiaries. This MD&A contains “forward-looking” statements that are subject to risk factors set out in the cautionary note contained on page 52 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of August 7, 2024.

Table of Contents


Highlights			5

Outlook			6

Mineral Stream Interests			7

Updates on the Operating Mineral Stream Interests			8

Updates on the Development Stage Mineral Stream Interests			8

Mineral Royalty Interests			11

Long-Term Equity Investments			12

Summary of Units Produced			14

Summary of Units Sold			15

Quarterly Financial Review			16

Results of Operations and Operational Review			17

General and Administrative			26

Share Based Compensation			27

Donations and Community Investments			27

Other Income (Expense)			27

Finance Costs			28

Income Tax Expense (Recovery)			28

Liquidity and Capital Resources			29

Share Capital			38

Financial Instruments			39

New Accounting Standards Effective in 2024			39

Future Changes to Accounting Policies			39

Non-IFRS Measures			40

Subsequent Events			44

Controls and Procedures			44

Attributable Reserves and Resources			45

Cautionary Note Regarding Forward-Looking Statements			52

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

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

As of June 30, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended June 30, 2024, the per ounce price paid by the Company for the metals acquired under the agreements averaged $441 for gold, $4.95 for silver, $175 for palladium and $2.99 per pound for cobalt. The primary drivers of the Company’s financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview


	Q2 2024		Q2 2023		Change		YTD 2024		YTD 2023		Change

Units produced
Gold ounces		84,993		83,180		2.2%		176,932		156,199		13.3%
Silver ounces		5,062		4,441		14.0%		10,538		9,575		10.1%
Palladium ounces		4,338		3,880		11.8%		8,801		7,585		16.0%
Cobalt pounds		259		152		70.8%		499		276		80.8%
Gold equivalent ounces ²		147,059		137,176		7.2%		305,761		271,906		12.5%
Units sold
Gold ounces		77,326		75,294		2.7%		169,345		137,899		22.8%
Silver ounces		3,823		4,437		(13.8)%		7,890		8,186		(3.6)%
Palladium ounces		4,301		3,392		26.8%		9,075		6,338		43.2%
Cobalt pounds		88		265		(66.8)%		397		588		(32.5)%
Gold equivalent ounces ²		124,009		129,734		(4.4)%		267,193		239,027		11.8%
Change in PBND and Inventory ³
Gold ounces		3,553		(4,460)		(8,013)		(1,425)		2,354		3,779
Silver ounces		448		(754)		(1,202)		1,008		(236)		(1,244)
Palladium ounces		(180)		371		551		(647)		1,024		1,671
Cobalt pounds		153		(123)		(276)		69		(330)		(399)
Gold equivalent ounces ²		9,615		(13,750)		(23,365)		10,289		(1,994)		(12,283)

Per unit metrics
Sales price
Gold per ounce	$	2,356	$	1,986		18.6%	$	2,202	$	1,949		13.0%
Silver per ounce	$	29.11	$	24.13		20.6%	$	26.36	$	23.55		11.9%
Palladium per ounce	$	979	$	1,438		(31.9)%	$	979	$	1,517		(35.4)%
Cobalt per pound	$	16.02	$	13.23		21.1%	$	15.61	$	14.22		9.8%
Gold equivalent per ounce ²	$	2,412	$	2,042		18.1%	$	2,230	$	2,006		11.2%
Cash costs ⁴
Gold per ounce ⁴	$	441	$	461		4.3%	$	440	$	477		7.8%
Silver per ounce ⁴	$	4.95	$	5.01		1.2%	$	4.86	$	5.04		3.6%
Palladium per ounce ⁴	$	175	$	261		33.0%	$	179	$	277		35.4%
Cobalt per pound ^{4, 5}	$	3.11	$	3.20		2.8%	$	2.99	$	3.25		8.0%
Gold equivalent per ounce ^{2, 4}	$	436	$	452		3.5%	$	433	$	463		6.5%
Cash operating margin ⁴
Gold per ounce ⁴	$	1,915	$	1,525		25.6%	$	1,762	$	1,472		19.7%
Silver per ounce ⁴	$	24.16	$	19.12		26.4%	$	21.50	$	18.51		16.2%
Palladium per ounce ⁴	$	804	$	1,177		(31.7)%	$	800	$	1,240		(35.5)%
Cobalt per pound ⁴	$	12.91	$	10.03		28.7%	$	12.62	$	10.97		15.0%
Gold equivalent per ounce ^{2, 4}	$	1,976	$	1,590		24.3%	$	1,797	$	1,543		16.5%

Total revenue	$	299,064	$	264,972		12.9%	$	595,870	$	479,437		24.3%
Gold revenue	$	182,150	$	149,511		21.8%	$	372,839	$	268,708		38.8%
Silver revenue	$	111,291	$	107,081		3.9%	$	207,949	$	192,758		7.9%
Palladium revenue	$	4,210	$	4,879		(13.7)%	$	8,887	$	9,614		(7.6)%
Cobalt revenue	$	1,413	$	3,501		(59.6)%	$	6,195	$	8,357		(25.9)%
Net earnings	$	122,317	$	141,448		(13.5)%	$	286,358	$	252,839		13.3%
Per share	$	0.270	$	0.312		(13.5)%	$	0.632	$	0.559		13.1%
Adjusted net earnings⁴	$	149,565	$	142,584		4.9%	$	288,398	$	247,015		16.8%
Per share ⁴	$	0.330	$	0.315		4.8%	$	0.636	$	0.546		16.5%
Operating cash flows	$	234,393	$	202,376		15.8%	$	453,773	$	337,482		34.5%
Per share⁴	$	0.517	$	0.447		15.7%	$	1.001	$	0.746		34.2%
Dividends declared ⁶	$	70,273	$	67,938		3.4%	$	140,534	$	135,848		3.4%
Per share	$	0.155	$	0.150		3.3%	$	0.310	$	0.300		3.3%

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

Gold-equivalent ounces (“GEOs”), which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

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

4)	Refer to discussion on non-IFRS measures beginning on page 40 of this MD&A.

5)	Cash cost per pound of cobalt sold during the second quarter of 2023 was net of a previously recorded inventory write-down of $0.5 million (six months - $1.5 million), resulting in a decrease of $1.81 per pound of cobalt sold (six months - $2.57 per pound sold).

6)	As at June 30, 2024, cumulative dividends of $2,207 million have been declared and paid by the Company.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]

Highlights

Operations

●

For the three months ended June 30, 2024, relative to the comparable period of the prior year:

^○

Production amounted to 147,100 gold equivalent ounces (“GEOs”), an increase of 7%, with higher production from Salobo, Zinkgruvan and Peñasquito being offset by lower production from San Dimas and Constancia combined with the cessation of production from Aljustrel and Minto.

^○

Sales volumes amounted to 124,000 GEO’s, a decrease of 4% relative to the comparable period of the prior year.

^○

Revenue increased 13% or $34 million to $299 million (61% gold, 37% silver, 1% palladium and 1% cobalt), with the increase being primarily due to an 18% increase in realized commodity prices.

^○

Gross margin amounted to $186 million (62% of revenue), representing an increase of $34 million.

^○

Net earnings amounted to $122 million, a decrease of $19 million, with the increased gross margin being offset by a $51 million tax expense attributable to the enactment of the global minimum tax (“GMT”) legislation by the Canadian government during the quarter, with the resulting tax expense including the GMT liability for both the first and second quarter of 2024.

^○

Adjusted net earnings increased 5% or $7 million to $150 million, with the increase in gross margin more than offsetting the GMT accrued relative to the second quarter of 2024.

^○

Operating cashflow amounted to $234 million, representing a $32 million increase being the result of the higher gross margin.

●

For the six months ended June 30, 2024 relative to the comparable period of the prior year:

^○

Production amounted to 305,800 GEOs, an increase of 12%, with increased production from Salobo due to the mill throughput expansion and Peñasquito resulting from higher grades being partially offset by the cessation of production from Aljustrel and Minto.

^○

Revenue increased 24% or $116 million to $596 million (63% gold, 35% silver, 1% palladium and 1% cobalt), with the increase being primarily due to a 12% increase in sales volumes coupled with an 11% increase in realized commodity prices.

^○

Gross margin amounted to $358 million (60% of revenue), representing an increase of $89 million.

^○

Net earnings amounted to $286 million, an increase of $34 million with the higher gross margin more than offsetting the cumulative GMT accrual relative to the first six months of 2024.

^○

Operating cashflow amounted to $454 million, with the $116 million increase being due primarily to the higher gross margin.

●

On August 7, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share.

Other

●

On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”) received royal assent. The GMTA enacts the OECD Pillar Two model rules where in scope companies will be subject to a 15% GMT for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA, the income of the Company’s Cayman Island subsidiaries are subject to the GMT and a current tax expense of $51 million associated with GMT was recorded for the period from January 1, 2024 to June 30, 2024.

●

During the second quarter of 2024:

^○

The Company made two quarterly dividend payments totaling $139 million.

^○

The Company made total upfront cash payments of $45 million relative to the Cangrejos PMPA ($10 million), the Mineral Park PMPA ($25 million) and the Mt Todd royalty ($10 million).

^○

The Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]

Outlook¹

Wheaton continues to forecast estimated attributable production in 2024 to be 325,000 to 370,000 ounces of gold, 18.5 to 20.5 million ounces of silver, and 12,000 to 15,000 gold equivalent ounces (“GEOs”) of other metals, resulting in production of approximately 550,000 to 620,000 GEOs², unchanged from previous guidance.

Annual production is forecast to increase by approximately 40% to over 800,000 GEOs² by 2028, with average annual production forecast to grow to over 850,000 GEOs² in years 2029 to 2033, also unchanged from previous guidance.

Liquidity

From a liquidity perspective, the $540 million of cash and cash equivalents as at June 30, 2024 combined with the liquidity provided by the available credit under the $2 billion revolving term loan (“Revolving Facility”) and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

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

Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt. Other metal includes palladium, platinum and cobalt. Not included in Wheaton’s long-term forecast and instead classified as ‘optionality’, includes potential future production from Pascua Lama, Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]

Mineral Stream Interests

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


										Total Upfront Consideration
Mineral Stream Interests	Mine Owner ¹		Location¹		Attributable Production			Production Payment Per Unit ^2,3		Paid to Jun 30, 2024 ³		To be Paid ^1, 2		Total ³		Cash Flow Generated to Date ³		Units Received & Sold to Date ³		Q2-2024 PBND ^3, 4		Term ¹

Gold

Salobo		Vale		BRA		75%			$425	$	3,429,360	$	163,000	$	3,592,360	$	2,364,210		2,081,079		69,835		LOM

Sudbury ⁵		Vale		CAN		70%			$400		623,572		-		623,572		307,019		288,278		10,607		20 years ⁵

Constancia		Hudbay		PER		50%			$420		135,000		-		135,000		267,076		204,566		1,940		LOM

San Dimas		FM		MEX		variable	⁶		$637		220,000		-		220,000		279,446		251,996		2,478		LOM

Stillwater ⁷		Sibanye		USA		100%			18%		237,880		-		237,880		91,466		64,740		4,738		LOM

Other

Minto		MNTO		CAN		100%	⁸		50%		47,283		-		47,283		230,824		231,091		-		LOM

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

Marmato ⁹		Aris		CO		10.5%	⁹		18%		45,400		117,600		163,000		13,359		8,546		69		LOM

Santo Domingo		Capstone		CHL		100%	¹⁰		18%		30,000		260,000		290,000		-		-		-		LOM

Fenix		Rio2		CHL		6%	¹¹		18%		25,000		25,000		50,000		-		-		-		LOM

Blackwater		Artemis		CAN		8%	¹²		35%		340,000		-		340,000		-		-		-		LOM

Curipamba		Silvercorp ¹³		ECU		50%	¹³		18%		10,190		119,165		129,355		-		-		-		LOM

Marathon		Gen Mining		CAN		100%	¹⁴		18%		21,857		102,287		124,144		-		-		-		LOM

Goose		B2Gold		CAN		2.78%	¹⁵		18%		83,750		-		83,750		-		-		-		LOM

Cangrejos		Lumina		ECU		6.6%	¹⁶		18%		38,900		261,100		300,000		-		-		-		LOM

Platreef		Ivanhoe		SA		62.5%	¹⁷		$100		275,300		-		275,300		-		-		-		LOM ¹⁷

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

Kudz Ze Kayah		BMC		CAN		6.875%	¹⁹		20%		13,860		1,800		15,660		-		-		-		LOM

										$	5,597,352	$	1,144,248	$	6,741,600	$	3,553,400		3,130,296		89,667

Silver

Peñasquito		Newmont		MEX		25%			$4.50	$	485,000	$	-	$	485,000	$	1,460,250		83,407		1,523		LOM

Antamina		Glencore		PER		33.75%	²⁰		20%		900,000		-		900,000		721,401		45,903		649		LOM

Constancia		Hudbay		PER		100%			$6.20		294,900		-		294,900		248,166		18,357		105		LOM

Other

Los Filos		Equinox		MEX		100%			$4.68		4,463		-		4,463		41,887		2,252		46		25 years ²¹

Zinkgruvan		Lundin		SWE		100%			$4.68		77,866		-		77,866		513,315		34,158		288		LOM

Stratoni		Eldorado		GRC		100%			$11.54		57,500		-		57,500		155,868		10,378		-		LOM

Neves-Corvo		Lundin		PRT		100%			$4.50		35,350		-		35,350		172,272		10,047		80		50 years ²²

Aljustrel		Almina		PRT		100%	²³		$0.50		2,451		-		2,451		48,811		4,274		-		50 years ²²

Minto		MNTO		CAN		100%	⁸		$4.39		7,522		-		7,522		28,995		1,646		-		LOM

Pascua-Lama		Barrick		CHL/ARG		25%			$3.90		625,000		-		625,000		372,767		19,775		-		LOM

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

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

Marmato ⁹		Aris		CO		100%	⁹		18%		7,600		4,400		12,000		2,733		137		2		LOM

Cozamin		Capstone		MEX		50%	²⁴		10%		150,000		-		150,000		46,790		2,168		102		LOM

Blackwater		Artemis		CAN		50%	¹²		18%		140,800		-		140,800		-		-		-		LOM

Curipamba		Silvercorp ¹³		ECU		75%	¹³		18%		3,675		43,084		46,759		-		-		-		LOM

Mineral Park		Waterton		US		100%			18%		25,000		90,000		115,000		-		2,149		-		LOM

Kudz Ze Kayah		BMC		CAN		6.875%	¹⁹		20%		24,640		3,200		27,840		-		-		-		LOM

										$	2,852,555	$	364,939	$	3,217,494	$	3,813,255		234,651		2,795

Palladium

Stillwater ⁷		Sibanye		USA		4.5%	²⁵		18%	$	262,120	$	-	$	262,120	$	156,104		106,863		6,018		LOM

Platreef		Ivanhoe		SA		5.25%	¹⁷		30%		78,700		-		78,700		-		-		-		LOM ¹⁷

										$	340,820	$	-	$	340,820	$	156,104		106,863		6,018

Platinum

Marathon		Gen Mining		CAN		22%	¹⁴		18%	$	9,367	$	43,837	$	53,204	$	-		-		-		LOM

Platreef		Ivanhoe		SA		5.25%	¹⁷		30%		57,500		-		57,500		-		-		-		LOM ¹⁷

										$	66,867	$	43,837	$	110,704	$	-		-		-

Cobalt

Voisey’s Bay		Vale		CAN		42.4%	²⁶		18%	$	390,000	$	-	$	390,000	$	56,023		3,395		513		LOM

Total PMPAs Currently Owned										$	9,111,394	$	1,553,024	$	10,664,418	$	7,578,782

Terminated / Matured PMPAs											1,303,697		-	$	1,303,697		3,117,152

Total										$	10,415,091	$	1,553,024	$	11,968,115	$	10,695,934

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]

Abbreviations as follows: FM = First Majestic Silver Corp; MNTO = Minto Metals Corp.; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CO = Colombia; ECU = Ecuador; GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine.

2)	Please refer to the section entitled “Contractual Obligations and Contingencies – Mineral Stream Interests” on page 33 of this MD&A for more information.

All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 35 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid.

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

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of June 30, 2024, the Company has received approximately $307 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. The term of the Sudbury PMPA ends on May 11, 2033.

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

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

8)	The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.

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

10)	Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%.

11)	Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the attributable gold production will reduce to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.

12)

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

13)

Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. On July 31, 2024, Silvercorp Metals Inc. (“Silvercorp”) completed the previously announced acquisition of all of the issued and outstanding common shares of Adventus Mining Corporation (“Adventus”).

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

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

16)	Once Wheaton has received 700,000 ounces of gold under the Cangrejos PMPA, the Company’s attributable gold production will be reduced to 4.4%.

17)

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

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

19)

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

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

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

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

23)

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 second quarter of 2025.

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

25)

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

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

Updates on the Operating Mineral Stream Interests

Salobo – Mill Throughput Expansion

On November 21, 2023, Vale S.A. (“Vale”) reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum (“Mtpa”) over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. Vale has stated that they expect Salobo III to achieve a sustained throughput capacity of 36 Mtpa in the fourth quarter of 2024. On April 24, 2024, Vale reported the continued ramp-up at Salobo III, which reached 90% average throughput in the first quarter, as well as improved year over year operational performance at Salobo I and II. On July 25, 2024, Vale reported that the Salobo III processing plant operations resumed in July, after being halted for 31 days due to a fire on a conveyor belt. Vale’s 2024 copper production guidance of 320-355kt has been maintained.

Voisey’s Bay – Underground Mine Extension

Vale reports that physical completion of the Voisey’s Bay underground mine extension was 96% at the end of the second quarter, and that the main surface assets are completed and in operation. In the underground portion, Reid Brook activities are largely complete, with the Powerhouse planned to be fully commissioned and linked to the grid by Q3 2024. The mine development at Eastern Deeps is now concluded, and construction of the Bulk Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.

Updates on the Development Stage Mineral Stream Interests

Marmato Mine

On April 15, 2024, Aris Mining Corporation (“Aris”) provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [8]

commence soon. On May 14, 2024, Aris reported that most of the mechanical equipment has been ordered and the access road has reached the portal level, which allows the portal contractor access to their work area, and the second phase of the contract for the decline development has been submitted to a third-party review. On July 16, 2024, Aris reported that the Lower Mine project is on track for first gold pour by the end of 2025, followed by an approximate six-month ramp-up period.

Santo Domingo

On July 31, 2024, Capstone Copper Corp. (“Capstone”) published the results of an updated feasibility study for the Santo Domingo project, outlining an optimized mine plan, updated capital and operating cost estimates, and a 19-year mine life supported by higher mineral reserve estimates. As a result, total gold production is expected to average 35,000 ounces per year for the first seven years of production, an increase from the 30,000 ounces per year estimate outlined in the 2020 feasibility study, and 22,000 ounces per year for the life of mine, up from 17,000 ounces per year. With construction completed at the Mantoverde project, a deposit situated 35 kilometers northeast of the Santo Domingo project, Capstone plans to advance several value enhancement initiatives within the Mantoverde-Santo Domingo district that are not yet included in the 2024 feasibility study. The first of these initiatives is a newly announced two-year, $25 million exploration program at Mantoverde, aimed at supporting the two future processing centers between Mantoverde and Santo Domingo.

Fenix

On April 8, 2024, Rio2 Limited (“Rio2”) announced that its Chilean subsidiary has received the formal Environmental Qualification Resolution (“RCA”) for the Fenix gold project. The receipt of the RCA now allows Rio2 to advance permitting activities for the Fenix project. Rio2 has noted that there are four principal Sectorial Permits required before construction can commence at the Project: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan and that work on these permits is well underway.

Blackwater

On July 30, 2024, Artemis announced that overall construction was approximately 87% complete and that construction of the water management pond, excavation of the cutoff trench, and the earthworks and lining of the central water management pond were completed. Work on the tailings storage facility continues to progress well with increased productivity and material movements through the quarter. Equipment installation was a key focus area as well as installation of structural steel, conveyors, platework, pipework, and electrical infrastructure. Early pre-commissioning activities in the crushing area of the process facility is underway. Artemis also stated that the project remains on schedule for first gold pour in Q4 2024.

On July 22, 2024, Artemis announced that it had responded to a wildfire evacuation order issued across a region that includes its Blackwater Mine by proactively removing all non-essential staff and contractors from the mine site as of July 21, 2024. On July 26, 2024, Artemis announced the evacuation order has been lifted and began an expedient, staged return of employees and contractors to site. The mine site was not impacted by any wildfires.

Curipamba

On January 22, 2024, Adventus Mining Corporation (“Adventus”) announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador (“MAATE”) has granted the environmental license for the construction and operation of the Curipamba project. On January 30, 2024, Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility (“TSF”) for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA. On June 17, 2024, Adventus announced that the MAATE has granted Administrative Authorization over Public Hydric Domain for the Curipamba project. This key permit allows the Curipamba project to carry out planned construction activities in accordance with the technical requirements stipulated in the Water Resources Law. With this approval, Adventus noted that the last main step prior to the start of construction is the receipt of the final document outlining the transition from the medium scale exploration to exploitation phase. During the period, an Ecuadorian court rejected a constitutional protective action (the “Constitutional Action”) filed by third parties against MAATE and concluded that the consultative process followed by MAATE in issuing the permits to Adventus’ Ecuadorian subsidiary complied with applicable legal requirements. The Ecuadorian Court ruling is subject to appeal, however no appeal date has been set.

On April 26, 2024, Adventus announced that Silvercorp Metals Inc. (“Silvercorp”) has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus (the “Arrangement Agreement”). As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp’s existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction. On July 2, 2024, the Ontario Superior Court of Justice granted a final order approving the arrangement. The acquisition closed on July 31, 2024.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [9]

Under the terms of the Curipamba PMPA, within 30 days of a change of control, Adventus has a one-time option to repurchase 33% of the gold and silver stream for an amount ensuring a minimum internal rate of return to the Company.

Marathon

On June 6, 2024, Generation Mining Limited (“Gen Mining”), reported that Gen Mining is working to complete the permitting process and to obtain the necessary government approvals to commence construction, and it has engaged a construction-focused engineering firm to support design optimizations. Gen Mining is also concurrently evaluating alternative pit sequencing options that further exploit the benefit of the ore body’s proximity to surface.

On July 31, 2024, Gen Mining reported that the federal government has approved amendments to Schedule 2 of the Metal and Diamond Mining Effluent Regulations (“Schedule 2”) which will allow for the construction of specific water management structures and operation of key infrastructure for the Marathon project. Gen Mining also state that receipt of the few remaining provincial and federal approvals and permits required for construction is expected in the coming months.

Goose

On May 7, 2024, B2Gold Corp., (“B2Gold”) announced the successful completion of the 2024 winter ice road (“WIR”) campaign, delivering all necessary materials to complete the construction of the Goose project. B2Gold reports that while mill construction remains on schedule, development of the open pit and underground is slightly behind schedule due to equipment availability, adverse weather conditions and prioritization of critical path construction activities. As a result, B2Gold reports that first gold pour is now expected in the second quarter of 2025 with ramp up to full production in the third quarter of 2025, one quarter later than previous estimates.

Cangrejos

On May 21, 2024, Lumina Gold Corp., (“Lumina”) provided an update that the work on the feasibility study for the Cangrejos project is progressing on schedule to be finalized in Q2 2025.

Platreef

On July 31, 2024, Ivanhoe Mines Ltd., (“Ivanhoe”) reported that construction activities of Platreef’s Phase 1 concentrator was completed on schedule subsequent to the quarter. Cold commissioning has started, with water now being fed through the concentrator, and construction of Platreef’s Shaft 2 headgear is approximately 60% complete. Work is well underway on the updated feasibility study to accelerate Platreef’s Phase 2, as well as the preliminary economic assessment of the previously announced Phase 3 expansion. Both studies are expected to be completed in the fourth quarter of 2024. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world’s largest platinum-group metal, nickel, copper and gold producers.

Curraghinalt

On May 3, 2024, the Planning Appeals Commission & Water Appeals Commission (“the commission”) in Northern Ireland concluded that the water abstraction and impoundment licenses (“water licenses”) relative to the Curraghinalt Project have been rescinded and that license applications would need to be resubmitted and subsequent public inquiry referrals held. The commission noted that it has suspended arrangements for the current inquiry timetable until it is in receipt of the expected water license applications, at which time it will move to set directions and new dates for the submission of statements of case, rebuttals, and for the opening of the re-scheduled hearing sessions in due course.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]

Early Deposit Mineral Stream Interests

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

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


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

Toroparu		Aris Mining		Guyana	$	15,500	$	138,000	$	153,500		10%		50%		Life of Mine		11-Nov-13

Cotabambas		Panoro		Peru		14,000		126,000		140,000		25% ³		100% ³		Life of Mine		21-Mar-16

Kutcho		Kutcho		Canada		16,852		58,000		74,852		100%		100%		Life of Mine		14-Dec-17

					$	46,352	$	322,000	$	368,352

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

2)	Please refer to the section entitled “Other Contractual Obligations and Contingencies” on page 35 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.

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

Mineral Royalty Interests

The following table summarizes the mineral royalty interests owned by the Company as at June 30, 2024:

Royalty Interests

Mine

Owner

Location

Mine

Royalty¹

Upfront

Consideration

Paid to Date ²

Upfront

Consideration

to be Paid ²

Total

Upfront

Consideration ²

Term of

Agreement

Date of

Original

Contract

Metates

Chesapeake

Mexico

0.5% NSR

3,000

Life of Mine

07-Aug-2014

Brewery Creek³

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine⁴

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd⁵

Vista

Australia

1.0% GR

20,000

Life of Mine

13-Dec-2023

DeLamar ⁶

Integra

USA

1.5% NSR

4,875

9,750

Life of Mine

20-Feb-2024

35,004

4,875

39,879

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

2)	Expressed in thousands; excludes closing costs.

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

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.

To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Black Pine

On June 26, 2024, Liberty Gold Corp., (“Liberty Gold”) hosted a formal mine permitting kick-off meeting with key representatives from the US Forest Service (“USFS”), the Bureau of Land Management, and the Idaho Department of Lands, with the meetings primary purpose to prepare for the formal submission of the Mine Plan of Operations (“MPO”) which is expected to be in Q4 of 2024. Liberty Gold states that activities for the second half of 2024 are focused in three key areas: 1) Completion of the pre-feasibility study, 2) Submission of the draft MPO to USFS to commence formally, the National Environmental Policy Act permitting process and, 3) Exploration drilling on priority target areas on recently permitted ground.

DeLamar

On June 5, 2024, Integra Resources Corp., (“Integra”) announced that the Mine Plan of Operations (“MPO”) for the DeLamar and Florida Mountain Project has met the content requirement of the United States Code of Federal Regulations by the U.S. Bureau of Land Management (“BLM”). Integra has been notified that it may proceed with the National Environmental Policy Act (“NEPA”) process. The acceptance of the MPO by BLM is a critical step in permitting for DeLamar. Following the acceptance of the MPO, the BLM will publish the Notice of Intent (“NOI”) which will allow for the commencement of work on the Draft Environmental Impact Statement (“DEIS”). The NOI step of the NEPA permitting process is integral as it begins formal engagement with all cooperating governmental agencies and

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stakeholders. On July 8, 2024, the Company advanced the final upfront cash payment of $5 million under the DeLamar royalty agreement.

Long-Term Equity Investments

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at June 30, 2024 and December 31, 2023:



	June 30		December 31

(in thousands)	2024		2023

Common shares held	$	86,899	$	246,026

Warrants held		1,172		652

Total long-term equity investments	$ 88,071		$ 246,678

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

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

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

A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company’s OCI during the three and six months ended June 30, 2024 and 2023 is presented below:

Common Shares Held


	Three Months Ended June 30, 2024

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2024		Cost of Additions		Proceeds of Disposition¹		Fair Value Adjustment Gains (Losses)²		Fair Value at Jun 30, 2024		Realized Gain on Disposal

Bear Creek		15,707		6.90%	$	2,608	$	-	$	-	$	1,179	$	3,787	$	-

Kutcho		18,640		12.03%		1,651		-		-		596		2,248		-

Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768

B2Gold		12,025		0.92%		31,504		-		-		739		32,243		-

Other						41,660		-		-		6,962		48,621		-

Total					$	245,678	$	-	$	(177,088)	$	18,309	$	86,899	$	35,768

1)	The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

2)	Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).


	Three Months Ended June 30, 2023

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2023		Cost of Additions		Proceeds of Disposition ¹		Fair Value Adjustment Gains (Losses)²		Fair Value at Jun 30, 2023		Realized Loss on Disposal

Bear Creek		13,264		8.58%	$	6,763	$	-	$	-	$	(1,253)	$	5,510	$	-

Sabina		-		-		47,104		-		(48,832)		1,728		-		872

Kutcho		18,640		13.27%		3,994		-		-		(1,390)		2,604		-

Hecla		34,980		5.71%		221,628		-		(202)		(41,277)		180,149		73

B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-

Other						28,841		31		-		(4,926)		23,946		-

Total					$	308,330	$	48,863	$	(49,034)	$	(53,083)	$	255,076	$	945

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]


	Six Months Ended June 30, 2024

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2023		Cost of Additions		Proceeds of Disposition ¹		Fair Value Adjustment Gains (Losses)²		Fair Value at Jun 30, 2024		Realized Gain (Loss) on Disposal

Bear Creek		15,707		6.90%	$	2,138	$	-	$	-	$	1,649	$	3,787	$	-

Kutcho		18,640		12.03%		1,551		-		-		697		2,248		-

Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768

B2Gold		12,025		0.92%		38,094		-		-		(5,851)		32,243		-

Other						35,988		5,121		-		7,512		48,621		-

Total					$	246,026	$	5,121	$	(177,088)	$	12,840	$	86,899	$	35,768

1)	The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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


	Six Months Ended June 30, 2023

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2022		Cost of Additions		Proceeds of Disposition ¹		Fair Value Adjustment Gains (Losses) ²		Fair Value at Jun 30, 2023		Realized Loss on Disposal

Bear Creek		13,264		8.58%	$	7,443	$	-	$	-	$	(1,933)	$	5,510	$	-

Sabina		-		-		30,535		-		(48,832)		18,297		-		872

Kutcho		18,640		13.27%		3,097		-		-		(493)		2,604		-

Hecla		34,980		5.71%		194,668		-		(202)		(14,317)		180,149		73

B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-

Other						19,792		8,199		(27)		(4,018)		23,946		(990)

Total					$	255,535	$	57,031	$	(49,061)	$	(8,429)	$	255,076	$	(45)

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [13]

Summary of Units Produced


	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022

Gold ounces produced ²

Salobo		63,225		61,622		71,778		69,045		54,804		43,677		37,939		44,212

Sudbury ³		5,910		5,618		5,823		3,857		5,818		6,203		5,270		3,437

Constancia		6,086		13,897		22,292		19,003		7,444		6,905		10,496		7,196

San Dimas ⁴		7,089		7,542		10,024		9,995		11,166		10,754		10,037		11,808

Stillwater ⁵		2,099		2,637		2,341		2,454		2,017		1,960		2,185		1,833

Other

Marmato		584		623		668		673		639		457		533		542

Minto ⁶		-		-		-		-		1,292		3,063		2,567		3,050

Total Other		584		623		668		673		1,931		3,520		3,100		3,592

Total gold ounces produced		84,993		91,939		112,926		105,027		83,180		73,019		69,027		72,078

Silver ounces produced ²

Peñasquito ⁷		2,263		2,643		1,036		-		1,744		2,076		1,761		2,017

Antamina		992		806		1,030		894		984		872		1,067		1,327

Constancia		451		640		836		697		420		552		655		564

Other

Los Filos		42		42		28		28		28		45		14		21

Zinkgruvan		699		641		510		785		374		632		664		642

Neves-Corvo		432		524		573		486		407		436		369		323

Aljustrel ⁸		-		-		-		327		279		343		313		246

Cozamin		177		173		185		165		184		141		157		179

Marmato		6		7		10		11		7		8		9		7

Yauliyacu ⁹		-		-		-		-		-		-		261		463

Minto ⁶		-		-		-		-		14		29		33		33

Total Other		1,356		1,387		1,306		1,802		1,293		1,634		1,820		1,914

Total silver ounces produced		5,062		5,476		4,208		3,393		4,441		5,134		5,303		5,822

Palladium ounces produced ²

Stillwater ⁵		4,338		4,463		4,209		4,006		3,880		3,705		3,869		3,229

Cobalt pounds produced ²

Voisey’s Bay		259		240		215		183		152		124		128		226

GEOs produced ¹⁰		147,059		158,703		164,818		147,230		137,176		134,730		132,780		142,103

Average payable rate ²

Gold		95.2%		94.7%		95.1%		95.4%		95.1%		95.1%		94.9%		95.1%

Silver		84.4%		84.5%		83.0%		78.3%		83.7%		83.1%		84.2%		86.3%

Palladium		97.3%		97.8%		98.0%		94.1%		94.1%		96.3%		93.9%		96.3%

Cobalt		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%

GEO ¹⁰		90.9%		90.6%		91.6%		90.8%		90.8%		89.8%		89.9%		90.9%

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

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

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

6)	On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.

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

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

9)	On December 14, 2022, the Company terminated the Yauliyacu PMPA in exchange for a cash payment of $132 million.

10)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]

Summary of Units Sold


	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022

Gold ounces sold

Salobo		54,962		56,841		76,656		44,444		46,030		35,966		41,029		31,818

Sudbury ²		5,679		4,129		5,011		4,836		4,775		4,368		4,988		5,147

Constancia		6,640		20,123		19,925		12,399		9,619		6,579		6,013		6,336

San Dimas		6,801		7,933		10,472		9,695		11,354		10,651		10,943		10,196

Stillwater ³		2,628		2,355		2,314		1,985		2,195		2,094		1,783		2,127

Other

Marmato		616		638		633		792		467		480		473		719

777		-		-		-		275		153		126		785		3,098

Minto		-		-		-		-		701		2,341		2,982		2,559

Total Other		616		638		633		1,067		1,321		2,947		4,240		6,376

Total gold ounces sold		77,326		92,019		115,011		74,426		75,294		62,605		68,996		62,000

Silver ounces sold Peñasquito		1,482		1,839		442		453		1,913		1,483		2,066		1,599

Antamina		917		762		1,091		794		963		814		1,114		1,155

Constancia		422		726		665		435		674		366		403		498

Other

Los Filos		24		44		24		30		37		34		16		24

Zinkgruvan		597		297		449		714		370		520		547		376

Neves-Corvo		216		243		268		245		132		171		80		105

Aljustrel		-		1		86		142		182		205		156		185

Cozamin		158		147		141		139		150		119		150		154

Marmato		7		8		9		11		7		7		7		8

Yauliyacu		-		-		-		-		-		-		337		1,005

Minto		-		-		-		-		7		29		23		22

Keno Hill		-		-		-		-		-		1		1		30

777		-		-		-		2		2		-		35		73

Total Other		1,002		740		977		1,283		887		1,086		1,352		1,982

Total silver ounces sold		3,823		4,067		3,175		2,965		4,437		3,749		4,935		5,234

Palladium ounces sold Stillwater ³		4,301		4,774		3,339		4,242		3,392		2,946		3,396		4,227

Cobalt pounds sold

Voisey’s Bay		88		309		288		198		265		323		187		115

GEOs sold ⁴		124,009		143,184		155,059		111,935		129,734		109,293		128,662		125,053

Cumulative payable units PBND ⁵

Gold ounces		89,667		86,114		91,092		98,715		72,916		77,377		70,562		74,053

Silver ounces		2,795		2,347		1,787		1,469		1,777		2,531		2,013		2,481

Palladium ounces		6,018		6,198		6,666		5,607		6,122		5,751		5,098		5,041

Cobalt pounds		513		360		356		377		251		285		258		403

GEO ⁴		128,156		118,541		117,294		120,865		98,041		111,217		97,936		107,720

Inventory on hand Cobalt pounds		-		-		88		155		310		398		633		556

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

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

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

4)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]

Quarterly Financial Review ¹


	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022

Gold ounces sold		77,326		92,019		115,011		74,426		75,294		62,605		68,996		62,000

Realized price ²	$	2,356	$	2,072	$	2,006	$	1,944	$	1,986	$	1,904	$	1,725	$	1,728

Gold sales	$	182,150	$	190,689	$	230,716	$	144,707	$	149,511	$	119,196	$	119,051	$	107,128

Silver ounces sold		3,823		4,067		3,175		2,965		4,437		3,749		4,935		5,234

Realized price ²	$	29.11	$	23.77	$	23.77	$	23.73	$	24.13	$	22.85	$	21.52	$	19.16

Silver sales	$	111,291	$	96,658	$	75,465	$	70,372	$	107,081	$	85,678	$	106,175	$	100,270

Palladium ounces sold		4,301		4,774		3,339		4,242		3,392		2,946		3,396		4,227

Realized price ²	$	979	$	980	$	1,070	$	1,251	$	1,438	$	1,607	$	1,939	$	2,091

Palladium sales	$	4,210	$	4,677	$	3,574	$	5,307	$	4,879	$	4,735	$	6,586	$	8,838

Cobalt pounds sold		88		309		288		198		265		323		187		115

Realized price ²	$	16.02	$	15.49	$	12.92	$	13.87	$	13.23	$	15.04	$	22.62	$	22.68

Cobalt sales	$	1,413	$	4,782	$	3,716	$	2,751	$	3,501	$	4,856	$	4,239	$	2,600

Total sales	$	299,064	$	296,806	$	313,471	$	223,137	$	264,972	$	214,465	$	236,051	$	218,836

Cash cost ^{2, 3}

Gold / oz	$	441	$	439	$	437	$	444	$	461	$	496	$	475	$	474

Silver / oz	$	4.95	$	4.77	$	5.02	$	5.10	$	5.01	$	5.07	$	5.00	$	5.59

Palladium / oz	$	175	$	182	$	198	$	223	$	261	$	294	$	357	$	353

Cobalt / lb ⁴	$	3.11	$	2.96	$	3.14	$	3.66	$	3.20	$	3.30	$	16.52	$	7.21

Depletion ²

Gold / oz	$	438	$	404	$	405	$	381	$	365	$	360	$	357	$	353

Silver / oz	$	5.76	$	5.03	$	5.29	$	4.57	$	4.92	$	4.48	$	4.98	$	5.84

Palladium / oz	$	429	$	445	$	445	$	459	$	445	$	408	$	399	$	399

Cobalt / lb	$	12.78	$	12.77	$	12.80	$	12.98	$	13.85	$	13.85	$	13.72	$	13.63

Gain on disposal of PMPA	$	-	$	-	$	-	$	-	$	5,027	$	-	$	51,443	$	104,425

Impairment (reversal)	$	-	$	-	$	-	$	-	$	-	$	-	$	1,719	$	(10,330)

Net earnings	$	122,317	$	164,041	$	168,435	$	116,371	$	141,448	$	111,391	$	166,125	$	196,460

Per share

Basic	$	0.270	$	0.362	$	0.372	$	0.257	$	0.312	$	0.246	$	0.367	$	0.435

Diluted	$	0.269	$	0.362	$	0.371	$	0.257	$	0.312	$	0.246	$	0.367	$	0.434

Adjusted net earnings ³	$	149,565	$	138,834	$	164,569	$	121,467	$	142,584	$	104,431	$	103,744	$	93,878

Per share

Basic	$	0.330	$	0.306	$	0.363	$	0.268	$	0.315	$	0.231	$	0.229	$	0.208

Diluted	$	0.329	$	0.306	$	0.363	$	0.268	$	0.314	$	0.230	$	0.229	$	0.208

Cash flow from operations	$	234,393	$	219,380	$	242,226	$	171,103	$	202,376	$	135,104	$	172,028	$	154,497

Per share ³

Basic	$	0.517	$	0.484	$	0.535	$	0.378	$	0.447	$	0.299	$	0.381	$	0.342

Diluted	$	0.516	$	0.484	$	0.534	$	0.377	$	0.446	$	0.298	$	0.380	$	0.342

Dividends declared	$	70,273	$	70,261	$	67,950	$	67,946	$	67,938	$	67,910	$	67,797	$	67,754

Per share	$	0.155	$	0.155	$	0.150	$	0.150	$	0.150	$	0.150	$	0.150	$	0.150

Total assets	$	7,247,082	$	7,180,455	$	7,031,185	$	6,881,515	$	6,879,905	$	6,905,479	$	6,759,906	$	6,587,595

Total liabilities	$	87,410	$	101,260	$	45,669	$	38,254	$	33,492	$	93,025	$	42,231	$	38,783

Total shareholders’ equity	$	7,159,672	$	7,079,195	$	6,985,516	$	6,843,261	$	6,846,413	$	6,812,454	$	6,717,675	$	6,548,812

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

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

3)	Refer to discussion on non-IFRS beginning on page 40 of this MD&A. Adjusted net earnings for Q1-2024 has been updated subsequent to the release of the MD&A for the first quarter of 2024 to reflect the GMT accrual relating to Q1-2024 in the amount of $25 million.

Cash cost per pound of cobalt sold during the fourth quarter of 2022 includes an inventory write-down of $1.6 million, resulting in an increase of $8.71 per pound. During the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, the cobalt inventory sold was net of the inventory write-down taken in 2022 in the amount of $1.0 million, $0.5 million, $0.1 million and $0.02 million, respectively, resulting in a decrease to the reported cost of cobalt sold of $3.18 per pound of cobalt sold, $1.81 per pound of cobalt sold, $0.51 per pound of cobalt sold and $0.08 per pound of cobalt sold, respectively.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [16]

Results of Operations and Operational Review

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

Results of Operations For The Three Months Ended June 30, 2024 and 2023

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


Three Months Ended June 30, 2024

	Units Produced²		Units Sold		Average Realized Price ($‘s Per Unit)		Average Cash Cost ($‘s Per Unit) ³		Average Depletion ($‘s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets

Gold

Salobo		63,225		54,962	$	2,356	$	425	$	378	$	129,466	$	85,346	$	105,795	$	2,638,316

Sudbury ⁴		5,910		5,679		2,357		400		1,326		13,383		3,581		11,106		250,227

Constancia		6,086		6,640		2,356		420		323		15,640		10,706		12,849		71,769

San Dimas		7,089		6,801		2,356		635		290		16,021		9,730		11,701		140,542

Stillwater		2,099		2,628		2,356		415		421		6,190		3,994		5,100		209,162

Other ⁵		584		616		2,356		415		527		1,450		870		1,195		903,067

		84,993		77,326	$	2,356	$	441	$	438	$	182,150	$	114,227	$	147,746	$	4,213,083

Silver

Peñasquito		2,263		1,482	$	28.75	$	4.50	$	4.86	$	42,599	$	28,735	$	35,932	$	261,561

Antamina		992		917		28.75		5.75		8.46		26,365		13,337		21,095		506,396

Constancia		451		422		28.75		6.20		6.10		12,122		6,934		9,508		172,475

Other ⁶		1,356		1,002		30.14		4.35		4.50		30,205		21,336		21,614		624,616

		5,062		3,823	$	29.11	$	4.95	$	5.76	$	111,291	$	70,342	$	88,149	$	1,565,048

Palladium

Stillwater		4,338		4,301	$	979	$	175	$	429	$	4,210	$	1,611	$	3,457	$	216,696

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,815

		4,338		4,301	$	979	$	175	$	429	$	4,210	$	1,611	$	3,457	$	295,511

Platinum

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

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		57,585

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,036

Cobalt

Voisey’s Bay		259		88	$	16.02	$	3.11	$	12.78	$	1,413	$	12	$	2,081	$	346,874

Operating results											$	299,064	$	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

													$	122,317	$	234,393	$	7,247,082

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

3)	Refer to discussion on non-IFRS measure (iii) on page 42 of this MD&A.

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]


Three Months Ended June 30, 2023

	Units Produced²		Units Sold		Average Realized Price ($‘s Per Unit)		Average Cash Cost ($‘s Per Unit) ³		Average Depletion ($‘s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings			Cash Flow From Operations			Total Assets

Gold

Salobo		54,804		46,030	$	1,985	$	420	$	330	$	91,350	$	-	$	56,790		$	71,999		$	2,356,169

Sudbury ⁵		5,818		4,775		2,000		400		1,025		9,549		-		2,747			7,579			274,048

Constancia		7,444		9,619		1,985		416		316		19,090		-		12,049			15,085			90,469

San Dimas		11,166		11,354		1,985		628		260		22,532		-		12,454			15,401			150,154

Stillwater		2,017		2,195		1,985		357		510		4,356		-		2,451			3,571			213,663

Other ⁶		1,931		1,321		1,994		1,131		186		2,634		-		894			1,252			537,197

		83,180		75,294	$	1,986	$	461	$	365	$	149,511	$	-	$	87,385		$	114,887		$	3,621,700

Silver

Peñasquito		1,744		1,913	$	24.20	$	4.43	$	4.06	$	46,291	$	-	$	30,041		$	37,816		$	279,872

Antamina		984		963		24.20		4.70		7.06		23,302		-		11,985			18,780			532,828

Constancia		420		674		24.20		6.14		6.24		16,322		-		7,968			12,180			186,452

Other ⁷		1,293		887		23.88		5.75		3.46		21,166		5,027		18,031			15,878			482,572

		4,441		4,437	$	24.13	$	5.01	$	4.92	$	107,081	$	5,027	$	68,025		$	84,654		$	1,481,724

Palladium

Stillwater		3,880		3,392	$	1,438	$	261	$	445	$	4,879	$	-	$	2,482		$	3,993		$	224,099

Platinum

Marathon		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-		$	-		$	9,448

Cobalt

Voisey’s Bay		152		265	$	13.23	$	3.20⁸	$	13.85	$	3,501	$	-	$	(1,009	)	$	4,335		$	354,195

Operating results											$	264,972	$	5,027	$	156,883		$	207,869		$	5,691,166

Other

General and administrative															$	(10,216	)	$	(9,544	)

Share based compensation																(4,484	)		-

Donations and community investments																(1,940	)		(1,738	)

Finance costs																(1,352	)		(999	)

Other																8,692			7,776

Income tax																(6,135	)		(988	)

Total other															$	(15,435	)	$	(5,493	)	$	1,188,739

															$	141,448		$	202,376		$	6,879,905

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

3)	Refer to discussion on non-IFRS measure (iii) on page 42 of this MD&A.

4)	Refer to page 26 of this MD&A for more information.

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

8)	Cash cost per pound of cobalt sold during the second quarter of 2023 was net of a previously recorded inventory write-down of $0.5 million, resulting in a decrease of $1.81 per pound of cobalt sold.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]

Comparative Results of Operations on a GEO Basis



		Q2 2024		Q2 2023		Change		Change


GEO Production ^{1, 2}		147,059		137,176		9,883		7.2 %


GEO Sales ²		124,009		129,734		(5,725	)	(4.4)%

Average price per GEO sold ²	$	2,412	$	2,042	$	370		18.1 %


Revenue	$	299,064	$	264,972	$	34,092		12.9 %


Cost of sales, excluding depletion	$	54,007	$	58,642	$	4,635		7.9 %

Depletion		58,865		54,474		(4,391	)	(8.1)%


Cost of Sales	$	112,872	$	113,116	$	244		0.2 %


Gross Margin	$	186,192	$	151,856	$	34,336		22.6 %

General and administrative expenses		10,241		10,216		(25	)	(0.2)%

Share based compensation		6,241		4,484		(1,757	)	(39.2)%

Donations and community investments		703		1,940		1,237		63.8 %


Earnings from Operations	$	169,007	$	135,216	$	33,791		25.0 %

Gain on disposal of mineral stream interests		-		5,027		(5,027	)	(100.0)%

Other income (expense)		5,122		8,692		(3,570	)	(41.1)%


Earnings before finance costs and income taxes	$	174,129	$	148,935	$	25,194		16.9 %

Finance costs		1,299		1,352		53		3.9 %


Earnings before income taxes	$	172,830	$	147,583	$	25,247		17.1 %

Income tax expense		50,513		6,135		(44,378	)	(723.4)%


Net earnings	$	122,317	$	141,448	$	(19,131	)	(13.5)%

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

GEO Production

For the three months ended June 30, 2024, attributable GEO production was 147,100 ounces, with the 9,900 ounce increase from the comparable period in 2023 being primarily attributable to the following factors:

●

8,400 ounce or 15% increase from Salobo resulting from higher throughput, with production from the third concentrator line commencing at the end of 2022 and achieving the initial completion test of 32 Mtpa in Q4 2023. From a throughput perspective, the three 12 mtpa lines operated at approximately 76% of capacity during Q2-2024, with operations at Salobo 3 being halted for one month effective June 16 due to a fire on one of the plant’s conveyor belts, as compared to approximately 68% during Q2-2023; and

●

6,000 ounce or 30% increase from Peñasquito (519,000 silver ounces) primarily due to higher throughput with 2023 being impacted by a labour strike which lasted from June 7 to October 13, partially offset by lower grades; partially offset by

●

4,100 ounce or 37% decrease from San Dimas, primarily due to lower throughput and grades.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]

Net Earnings

For the three months ended June 30, 2024, net earnings amounted to $122 million, with the $19 million decrease relative to the comparable period of the prior year being attributable to the following factors:


Net earnings for the three months ended June 30, 2023			$	141,448
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	3,603
Payable silver production		13,358
Payable palladium production		516
Payable cobalt production		1,326
Total payable production			$	18,803
Changes in inventory and PBND				(30,621	)
Prices realized per ounce sold				45,910
Total increase to revenue			$	34,092
Variance in cost of sales due to:
GEO payable production volume			$	(8,981	)
GEO payable production mix differences				3,749
Changes in inventory and PBND				14,392
Cash cost per ounce				(1,346	)
Depletion per ounce				(7,570	)
Total decrease to cost of sales			$	244
Total increase to gross margin			$	34,336
Other variances
Gain on disposal of mineral stream interest (see page 26)				(5,027	)
General and administrative expenses (see page 26)				(25	)
Share based compensation (see page 27)				(1,757	)
Donations and community investment (see page 27)				1,237
Other income / expense (see page 27)				(3,570	)
Finance costs (see page 28)				53
Income taxes (see page 28)				(44,378	)
Total decrease in net earnings			$	(19,131	)
Net earnings for the three months ended June 30, 2024			$	122,317

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]

Results of Operations For The Six Months Ended June 30, 2024 and 2023

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


Six Months Ended June 30, 2024

	Units Produced²		Units Sold		Average Realized Price ($‘s Per Unit)		Average Cash Cost ($‘s Per Unit) ³		Average Depletion ($‘s Per Unit)		Sales		Net Earnings		Cash Flow From Operations		Total Assets

Gold

Salobo		124,847		111,803	$	2,212	$	425	$	386	$	247,317	$	156,742	$	199,845	$	2,638,316

Sudbury ⁴		11,528		9,808		2,227		400		1,250		21,844		5,663		17,920		250,227

Constancia		19,983		26,763		2,143		420		317		57,363		37,616		46,112		71,769

San Dimas		14,631		14,734		2,204		633		284		32,469		18,967		23,147		140,542

Stillwater		4,736		4,983		2,222		394		463		11,073		6,801		9,108		209,162

Other ⁵		1,207		1,254		2,212		394		527		2,773		1,618		2,279		903,067

		176,932		169,345	$	2,202	$	440	$	419	$	372,839	$	227,407	$	298,411	$	4,213,083

Silver

Peñasquito		4,906		3,321	$	25.97	$	4.50	$	4.42	$	86,249	$	56,636	$	71,307	$	261,561

Antamina		1,798		1,679		26.48		5.26		7.82		44,453		22,484		35,618		506,396

Constancia		1,091		1,148		25.58		6.20		6.19		29,358		15,134		22,242		172,475

Other ⁶		2,743		1,742		27.48		4.27		4.35		47,889		32,873		37,433		624,616

		10,538		7,890	$	26.36	$	4.86	$	5.39	$	207,949	$	127,127	$	166,600	$	1,565,048

Palladium

Stillwater		8,801		9,075	$	979	$	179	$	438	$	8,887	$	3,294	$	7,265	$	216,696

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,815

		8,801		9,075	$	979	$	179	$	438	$	8,887	$	3,294	$	7,265	$	295,511

Platinum

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

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		57,585

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,036

Cobalt

Voisey’s Bay		499		397	$	15.61	$	2.99	$	12.77	$	6,195	$	(61)	$	9,087	$	346,874

Operating results											$	595,870	$	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

													$	286,358	$	453,773	$	7,247,082

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

3)	Refer to discussion on non-IFRS measure (iii) on page 42 of this MD&A.

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [21]


Six Months Ended June 30, 2023

	Units Produced²		Units Sold		Average Realized Price ($‘s Per Unit)		Average Cash Cost ($‘s Per Unit) ³		Average Depletion ($‘s Per Unit)		Sales		Gain on Disposal ⁴		Net Earnings			Cash Flow From Operations			Total Assets

Gold

Salobo		98,481		81,996	$	1,949	$	420	$	330	$	159,825	$	-	$	98,261		$	125,353		$	2,356,169

Sudbury ⁵		12,021		9,143		1,954		400		1,025		17,866		-		4,841			13,925			274,048

Constancia		14,349		16,198		1,952		416		316		31,615		-		19,759			24,873			90,469

San Dimas		21,920		22,005		1,946		626		260		42,812		-		23,319			29,030			150,154

Stillwater		3,977		4,289		1,945		346		510		8,343		-		4,671			6,860			213,663

Other ⁶		5,451		4,268		1,932		1,306		117		8,247		-		2,173			2,407			537,197

		156,199		137,899	$	1,949	$	477	$	362	$	268,708	$	-	$	153,024		$	202,448		$	3,621,700

Silver

Peñasquito		3,820		3,396	$	23.61	$	4.43	$	4.06	$	80,162	$	-	$	51,317		$	65,119		$	279,872

Antamina		1,856		1,777		23.58		4.63		7.06		41,897		-		21,128			33,668			532,828

Constancia		972		1,040		23.72		6.14		6.24		24,674		-		11,792			18,288			186,452

Other ⁷		2,927		1,973		23.33		5.86		2.95		46,025		5,027		33,668			35,925			482,572

		9,575		8,186	$	23.55	$	5.04	$	4.72	$	192,758	$	5,027	$	117,905		$	153,000		$	1,481,724

Palladium

Stillwater		7,585		6,338	$	1,517	$	277	$	428	$	9,614	$	-	$	5,149		$	7,862		$	224,099

Platinum

Marathon		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-		$	-		$	9,448

Cobalt

Voisey’s Bay		276		588	$	14.22	$	3.25 ⁸	$	13.85	$	8,357	$	-	$	(1,693	)	$	8,820		$	354,195

Operating results											$	479,437	$	5,027	$	274,385		$	372,130		$	5,691,166

Other

General and administrative															$	(20,315	)	$	(23,384	)

Share based compensation																(11,881	)		(16,675	)

Donations and community investments																(3,318	)		(3,146	)

Finance costs																(2,731	)		(2,066	)

Other																16,254			14,955

Income tax																445			(4,332	)

Total other															$	(21,546	)	$	(34,648	)	$	1,188,739

															$	252,839		$	337,482		$	6,879,905

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

3)	Refer to discussion on non-IFRS measure (iii) on page 42 of this MD&A.

4)	Refer to page 26 of this MD&A for more information.

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

8)	Cash cost per pound of cobalt sold during the six months ended June 30, 2023 was net of a previously recorded inventory write-down of $1.5 million, resulting in a decrease of $2.57 per pound of cobalt sold.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]

Comparative Results of Operations on a GEO Basis


	YTD 2024		YTD 2023		Change		Change

GEO Production ^{1, 2}		305,761		271,906		33,855		12.5 %

GEO Sales ²		267,193		239,027		28,166		11.8 %

Average price per GEO sold ²	$	2,230	$	2,006	$	224		11.2 %

Revenue	$	595,870	$	479,437	$	116,433		24.3 %

Cost of sales, excluding depletion	$	115,562	$	110,606	$	(4,956)		(4.5)%

Depletion		122,541		99,473		(23,068)		(23.2)%

Cost of Sales	$	238,103	$	210,079	$	(28,024)		(13.3)%

Gross Margin	$	357,767	$	269,358	$	88,409		32.8 %

General and administrative expenses		20,705		20,315		(390)		(1.9)%

Share based compensation		7,522		11,881		4,359		36.7 %

Donations and community investments		2,273		3,318		1,045		31.5 %

Earnings from Operations	$	327,267	$	233,844	$	93,423		40.0 %

Gain on disposal of mineral stream interests		-		5,027		(5,027)		(100.0)%

Other income (expense)		12,317		16,254		(3,937)		(24.2)%

Earnings before finance costs and income taxes	$	339,584	$	255,125	$	84,459		33.1 %

Finance costs		2,741		2,731		(10)		(0.4)%

Earnings before income taxes	$	336,843	$	252,394	$	84,449		33.5 %

Income tax expense (recovery)		50,485		(445)		(50,930)		(11,444.9)%

Net earnings	$	286,358	$	252,839	$	33,519		13.3 %

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2024.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [23]

GEO Production

For the six months ended June 30, 2024, attributable GEO production was 305,800 ounces, with the 33,900 ounce increase from the comparable period in 2023 being primarily attributable to the following factors:

●

26,400 ounce or 27% increase from Salobo, with production from the third concentrator line commencing at the end of 2022 and achieving the initial completion test of 32 Mtpa in Q4 2023, partially offset by lower grades. From a throughput perspective, the three 12 mtpa lines operated at approximately 79% of capacity during 2024 as compared to approximately 61% during 2023;

●

12,500 ounce or 28% increase from Peñasquito (1,087,000 silver ounces), primarily due to higher grades; and

●

7,000 ounce or 27% increase from Constancia (comprised of 5,600 gold ounces and 119,000 silver ounces), primarily due to an increase in grades attributable to the mining of the high-grade zones of the Pampacancha deposit; partially offset by

●

7,300 ounce or 33% decrease from San Dimas, primarily due to lower throughput and grades; and

●

6,400 ounce or 16% decrease from the Other mines (comprised of 4,200 gold ounces and 184,000 silver ounces), primarily due to the closure of the Minto mine in May 2023 and the temporary suspension of attributable production from Aljustrel, partially offset by higher production at Zinkgruvan.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]

Net Earnings

For the six months ended June 30, 2024, net earnings amounted to $286 million, with the $34 million increase relative to the comparable period of the prior year being attributable to the following factors:


Net earnings for the six months ended June 30, 2023			$	252,839
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	37,870
Payable silver production		21,496
Payable palladium production		1,617
Payable cobalt production		2,961
Total payable production			$	63,944
Changes in inventory and PBND				(8,209	)
Prices realized per ounce sold				60,698

Total increase to revenue			$	116,433
Variance in cost of sales due to:
GEO payable production volume			$	(29,668	)
GEO payable production mix differences				9,917
Changes in inventory and PBND				4,852
Cash cost per ounce				(1,542	)
Depletion per ounce				(11,583	)

Total increase to cost of sales			$	(28,024	)
Total increase to gross margin			$	88,409
Other variances
Gain on disposal of mineral stream interest (see page 26)				(5,027	)
General and administrative expenses (see page 26)				(390	)
Donations and community investment (see page 27)				1,045
Share based compensation (see page 27)				4,359
Other income / expense (see page 27)				(3,937	)
Finance costs (see page 28)				(10	)
Income taxes (see page 28)				(50,930	)

Total increase in net earnings			$	33,519

Net earnings for the six months ended June 30, 2024			$	286,358

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]

Gain on Disposal of Mineral Stream Interest

Goose

During the three months ended June 30, 2023, the Company reflected a gain on the partial buyback of 33% of the Goose PMPA by B2Gold of $5 million, calculated as follows:


(in thousands)

Proceeds received on 33% buyback of Goose	$	46,400
Less: 33% carrying value		(41,373	)

Gain on partial disposal of the Goose PMPA	$	5,027

General and Administrative


	Three Months Ended June 30							Six Months Ended June 30

(in thousands)		2024			2023			2024			2023

Corporate
Salaries and benefits	$		3,734	$		3,593	$		7,698	$		7,454
Depreciation			228			268			446			556
Professional fees			540			909			1,034			1,423
Business travel			584			311			868			652
Director fees			252			248			541			581
Business taxes			254			139			601			713
Audit and regulatory			871			1,337			1,749			2,169
Insurance			354			519			851			1,057
Other			924			952			2,207			2,016
General and administrative - corporate	$		7,741	$		8,276	$		15,995	$		16,621

Subsidiaries
Salaries and benefits	$		1,349	$		1,156	$		2,750	$		2,317
Depreciation			119			115			238			218
Professional fees			474			189			665			260
Business travel			152			94			223			147
Director fees			52			52			115			103
Business taxes			55			65			127			139
Insurance			14			11			31			27
Other			285			258			561			483

General and administrative - subsidiaries	$		2,500	$		1,940	$		4,710	$		3,694

Consolidated general and administrative	$		10,241	$		10,216	$		20,705	$		20,315

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]

Share Based Compensation


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Equity settled share based compensation ¹

Stock options	$	698	$	724	$	1,372	$	1,355

Restricted share units		957		1,135		1,881		2,047

Cash settled share based compensation PSUs		4,586		2,625		4,269		8,479

Total share based compensation	$	6,241	$	4,484	$	7,522	$	11,881

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

For the three months ended June 30, 2024, share based compensation increased by $2 million relative to the comparable period in the previous year, while for the six months ended June 30, 2024, share based compensation decreased by $4 million relative to the comparable period in the previous year. The relative changes year over year are primarily due to differences in accrued costs associated with the Company’s performance share units (“PSUs”).

Donations and Community Investments


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Local donations and community investments ¹	$	407	$	407	$	1,096	$	942

Partner donations and community investments ²		296		1,533		1,177		2,376

Total donations and community investments	$	703	$	1,940	$	2,273	$	3,318

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.

Other Income (Expense)


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Interest income	$	4,396	$	8,181	$	10,134	$	15,111

Dividend income		481		700		1,181		917

Foreign exchange gain (loss)		48		(202)		622		71

Gain (loss) on fair value adjustment of share purchase warrants held		197		(280)		380		(105)

Other		-		293		-		260

Total other income (expense)	$	5,122	$	8,692	$	12,317	$	16,254

Interest Income

For the three months ended June 30, 2024, interest income decreased by $4 million, a result of the average cash balance during the period decreasing from approximately $691 million to approximately $331 million, partially offset by an increase in the rates of interest earned of approximately 0.5%.

For the six months ended June 30, 2024, interest income decreased by $5 million, a result of the average cash balance during the period decreasing from approximately $680 million to approximately $381 million, partially offset by an increase in the rates of interest earned of approximately 1%.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]

Finance Costs


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Costs related to undrawn credit facilities	$	1,340	$	1,272	$	2,677	$	2,589

Interest expense - lease liabilities		72		36		145		53

Letter of guarantee		(113)		44		(81)		89

Total finance costs	$	1,299	$	1,352	$	2,741	$	2,731

Income Tax Expense (Recovery)

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


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Current income tax expense (recovery)	$	(2,868)	$	80	$	(2,809)	$	(2,560)

Global minimum income tax expense		50,510		-		50,510		-

Total current income tax expense (recovery)	$	47,642	$	80	$	47,701	$	(2,560)

Deferred income tax expense (recovery) related to:

Origination and reversal of temporary differences	$	4,271	$	1,701	$	4,495	$	3,061

Write down (reversal of write down) or recognition of prior period temporary differences		(1,400)		4,354		(1,711)		(946)

Total deferred income tax expense	$	2,871	$	6,055	$	2,784	$	2,115

Total income tax expense (recovery) recognized in net earnings	$	50,513	$	6,135	$	50,485	$	(445)

On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The GMTA enacts the OECD Pillar Two model rules (“Pillar Two”) where in scope companies will be subject to a 15% global minimum tax (GMT) for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company’s Cayman Island subsidiaries, who have a statutory tax rate of 0%, are subject to the GMTA and an amount of $51 million current tax expense associated with GMT was recorded for the period from January 1, 2024 to June 30, 2024. GMT accrued to December 31, 2024 is payable on or before June 30, 2026 (18 months following year-end).

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

For the three months ended June 30, 2024, the Company reflected:

●

a current income tax expense of $51 million related to GMT (see above);

●

a current income tax recovery of $3 million in net earnings which partially offsets a current income tax expense reflected in the statement of OCI of $4 million which was the result of the disposition of the Company’s investment in Hecla Mining Company (see page 12 of this MD&A); and

●

a deferred income tax expense of $3 million in net earnings, which offsets a deferred income tax recovery in the statement of OCI of $3 million, resulting from the derecognition of unrealized gains on Hecla Mining Company shares disposed of during the period, partially offset by an increase in unrealized gains on other long-term investments in equity instruments.

For the three months ended June 30, 2023, the Company reflected:

●

a current income tax recovery of $3 million in net earnings, which reflects the carryback of a loss for tax purposes to the 2022 tax year to offset taxable income resulting from the disposition of the Keno Hill PMPA; and

●

a deferred income tax expense of $6 million in net earnings, which offsets a deferred income tax recovery in the statement of OCI of $6 million resulting from the decrease in unrealized gains on long-term investments in equity instruments.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]

The movement in current income taxes payable for the six months ended June 30, 2024 is as follows:



(in thousands)	Current Taxes (Payable) Receivable

Current taxes receivable - December 31, 2023	$	5,935

Current income tax recovery - income statement		2,809

Global minimum income tax expense		(50,510)

Current income tax expense - statement of OCI		(4,190)

Income taxes paid		191

Foreign exchange adjustments		(201)

Current taxes payable - June 30, 2024	$	(45,966)

Comprised of:

Current income taxes receivable	$	4,544

Non-current global minimum income tax payable		(50,510)

Current taxes payable - June 30, 2024	$	(45,966)

Liquidity and Capital Resources¹

As at June 30, 2024, the Company had cash and cash equivalents of $540 million (December 31, 2023 - $547 million) and no debt outstanding under its Revolving Facility (December 31, 2023 - $NIL).

In the opinion of management, the $540 million of cash and cash equivalents as at June 30, 2024, combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments, as detailed on pages 33 through 35 of this MD&A, as well as providing flexibility to acquire additional accretive mineral stream interests.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]

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

Three Months Ended June 30, 2024

Cash Flows From Operating Activities

During the three months ended June 30, 2024, the Company generated operating cash flows of $234 million, with the $32 million increase relative to the comparable period of the prior year being attributable to the following factors:


Operating cash inflow for the three months ended June 30, 2023	$	202,376

Variance attributable to revenue (see page 20):	$	34,092

Changes in accounts receivable		(6,092)

Total increase to cash inflows attributable to sales	$	28,000

Variance attributable to cost of sales, excluding depletion:

Sales volume	$	2,468

Sales mix differences		3,512

Cost per ounce		(1,345)

Changes in working capital, excluding accounts receivable		929

Total decrease to cash outflows attributable to cost of sales	$	5,564

Total increase to net cash inflows attributable to gross margin	$	33,564

Other variances:

General and administrative		582

Donation and community investment		1,124

Finance costs		(58)

Income taxes		913

Other		(4,108)

Total increase to net cash inflows	$	32,017

Operating cash inflow for the three months ended June 30, 2024	$	234,393

Other Variance

The decrease to cash inflows relative to Other during the period was due to amounts of interest earned on the Company’s cash balances, as explained on page 27 of this MD&A. The Company invests surplus cash in short-term, high credit quality, money market instruments.

Cash Flows From Financing Activities

During the three months ended June 30, 2024, the Company had net cash outflows from financing activities of $132 million, as compared to $131 million for the comparable period of the previous year, with the major sources (uses) of cash flows being as follows:


	Three Months Ended June 30

(in thousands)	2024		2023

Credit facility extension fees	$	(925)	$	(846)

Share purchase options exercised		8,348		1,134

Lease payments		(147)		(177)

Dividends paid ¹		(139,124)		(131,091)

Cash used for financing activities	$	(131,848)	$	(130,980)

1)	Dividends paid during the quarter reflects two quarterly dividend payments.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [30]

Cash Flows From Investing Activities

During the three months ended June 30, 2024, the Company had net cash inflows from investing activities of $132 million, as compared to net cash outflows of $42 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:


	Three Months Ended June 30
(in thousands)	2024		2023

Payments for the acquisition of new PMPAs ¹:
Cangrejos PMPA	$	(10,200)	$	(12,000)
Mineral Park PMPA		(25,000)		-
Goose PMPA		-		(31,250)
Blackwater Gold PMPA		-		(10,000)
Blackwater Silver PMPA		-		(35,200)
	$ (35,200)		$ (88,450)
Net proceeds on disposition of PMPA
Goose PMPA		-		46,400
Proceeds on disposal of long-term equity investments		177,088		-
Payments for the acquisition of new royalty agreements:
Mt Todd Royalty		(10,000)		-
Other		(195)		(381)

Total cash (used for) generated from investing activities	$	131,693	$	(42,431)

1)	Excludes closing costs.

Six Months Ended June 30, 2024

Cash Flows From Operating Activities

During the six months ended June 30, 2024, the Company generated operating cash flows of $454 million, with the $116 million increase relative to the comparable period of the prior year being attributable to the following factors:


Operating cash inflow for the six months ended June 30, 2023	$	337,482
Variance attributable to revenue (see page 25):	$	116,433
Changes in accounts receivable		(2,482	)
Total increase to cash inflows attributable to sales	$	113,951
Variance attributable to cost of sales, excluding depletion:
Sales volume	$	(13,627	)
Sales mix differences		10,213
Cost per ounce		(1,542	)
Changes in working capital, excluding accounts receivable		238
Total increase to cash outflows attributable to cost of sales	$	(4,718	)
Total increase to net cash inflows attributable to gross margin	$	109,233
Other variances:
General and administrative		(1,536	)
Donation and community investment		1,158
Share based compensation - PSUs		5,546
Finance costs		(116	)
Income taxes		4,141
Other		(2,135	)
Total increase to net cash inflows	$	116,291
Operating cash inflow for the six months ended June 30, 2024	$	453,773

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]

Cash Flows From Financing Activities

During the six months ended June 30, 2024, the Company had net cash outflows from financing activities of $128 million, as compared to $122 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:


	Six Months Ended June 30

(in thousands)	2024			2023

Credit facility extension fees	$	(925	)	$	(846	)

Share purchase options exercised		12,164			10,510

Lease payments		(295	)		(379	)

Dividends paid		(139,124	)		(131,091	)

Cash used for financing activities	$	(128,180	)	$	(121,806	)

Cash Flows From Investing Activities

During the six months ended June 30, 2024, the Company had net cash outflows from investing activities of $332 million, as compared to $83 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:


	Six Months Ended June 30

(in thousands)	2024			2023

Payments for the acquisition of new PMPAs ¹:
Platreef PMPA	$	(411,500	)	$	-
Kudz Ze Kayah PMPA		(38,500	)		-
Curipamba PMPA		(100	)		-
Cangrejos PMPA		(10,200	)		(12,000	)
Mineral Park PMPA		(25,000	)		-
Panoro early deposit PMPA		-			(750	)
Goose PMPA		-			(62,500	)
Blackwater Gold PMPA		-			(10,000	)
Blackwater Silver PMPA		-			(35,200	)
	$	(485,300	)	$	(120,450	)

Net proceeds on disposition of PMPA
Goose PMPA		-			46,400
Acquisition of long-term equity investments		(751	)		(8,175	)
Proceeds on disposal of long-term equity investments		177,088			-
Payments for the acquisition of new Royalty Agreement:
DeLamar Royalty		(4,875	)		-
Mt Todd Royalty		(17,000	)		-
Other		(965	)		(1,185	)
Total cash used for investing activities	$	(331,803	)	$	(83,410	)

1)	Excludes closing costs.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]

Contractual Obligations and Contingencies¹

Mineral Stream Interests

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

Per Ounce Cash Payment for Gold

Mineral Stream Interests

Attributable

Payable Production

to be Purchased

Per Ounce Cash

Payment ¹

Term of

Agreement

Date of

Original

Contract

Constancia

50%

420 ²

Life of Mine

8-Aug-12

Salobo

75%

425

Life of Mine

28-Feb-13

Sudbury

70%

400

20 years

28-Feb-13

San Dimas

variable ³

637

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

Minto

100% ⁶

50% ⁶

Life of Mine

20-Nov-08

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

6%⁵

18% ⁴

Life of Mine

15-Nov-21

Blackwater

8%⁵

35%

Life of Mine

13-Dec-21

Curipamba

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

Early Deposit

Toroparu

10%

400

Life of Mine

11-Nov-13

Cotabambas

25% ⁵

450

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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

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

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. Currently, the fixed gold to silver exchange ratio is 70:1.

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:

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

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

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

Fenix – reduced to 4% once the Company has received 90,000 ounces of gold, with a further reduction to 3.5% once the Company has received 140,000 ounces.

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

Curipamba – reduced to 33% once the Company has received 145,000 ounces of gold.

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

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

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

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

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

6)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp., announced the suspension of operations at the Minto mine.

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]

Per Ounce Cash Payment for Silver

Mineral Stream Interests

Attributable

Payable

Production to be

Purchased

Per Ounce Cash
Payment ¹

Term of

Agreement

Date of

Original

Contract

Peñasquito

25%

4.50

Life of Mine

24-Jul-07

Constancia

100%

6.20

Life of Mine

8-Aug-12

Antamina

33.75%

20%

Life of Mine

3-Nov-15

Other

Los Filos

100%

4.68

25 years

15-Oct-04

Zinkgruvan

100%

4.68

Life of Mine

8-Dec-04

Stratoni

100%

11.54

Life of Mine

23-Apr-07

Neves-Corvo

100%

4.50

50 years

5-Jun-07

Aljustrel

100% ³

50%

50 years

5-Jun-07

Minto

100% ⁴

4.39

Life of Mine

20-Nov-08

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

⁵

Marmato

100% ⁶

18%

⁷

Life of Mine

5-Nov-20

Cozamin

50% ⁶

10%

Life of Mine

11-Dec-20

Blackwater

50% ⁶

18%

⁷

Life of Mine

13-Dec-21

Curipamba

75%

18%

⁷

Life of Mine

17-Jan-22

Mineral Park

100%

18%

⁷

Life of Mine

24-Oct-23

Kudz Ze Kayah

6.875 ⁸

20%

Life of Mine

22-Dec-21

⁹

Early Deposit

Toroparu

50%

3.90

Life of Mine

11-Nov-13

Cotabambas

100% ⁶

5.90

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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

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

4)	On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.

5)	Terms of the agreement not yet finalized.

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

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

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

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

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

7)	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.

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%.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]

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



Mineral Stream Interests	Attributable Payable Production to be Purchased	Per Unit of Measurement Cash Payment ¹	Term of Agreement	Date of Original Contract

Palladium
Stillwater	4.5% ²	18% ³	Life of Mine		16-Jul-18
Platreef	5.25% ²	30% ²	Life of Mine ²		7-Dec-21	⁴

Platinum
Marathon	22% ²	18% ³	Life of Mine		26-Jan-22
Platreef	5.25% ²	30% ²	Life of Mine ²		7-Dec-21	⁴

Cobalt
Voisey’s Bay	42.4% ²	18% ³	Life of Mine		11-Jun-18

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

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

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

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

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

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

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

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

Other Contractual Obligations and Contingencies


		Projected Payment Dates ¹

(in thousands)		2024			2025 - 2026			2027 - 2028			After 2028			Total

Payments for mineral stream interests & royalty
Salobo ²	$		163,000	$		-	$		16,000	$		64,000	$		243,000
Copper World ³			-			131,429			99,721			-			231,150
Marmato			40,016			81,984			-			-			122,000
Santo Domingo			-			162,500			97,500			-			260,000
Fenix Gold			25,000			-			-			-			25,000
Curipamba			250			162,000			-			-			162,250
Marathon			-			146,124			-			-			146,124
Cangrejos			9,100			126,000			126,000			-			261,100
Curraghinalt			-			55,000			-			-			55,000
Loma de La Plata			-			-			-			32,400			32,400
Mineral Park			90,000			-			-			-			90,000
Kudz Ze Kayah			5,000			-			-			-			5,000
DeLamar Royalty			4,875			-			-			-			4,875

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

Leases liabilities			440			1,170			1,293			4,608			7,511

Total contractual obligations	$		337,681	$		866,207	$		340,514	$		423,008	$		1,967,410

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

2)	As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]

Salobo

The Salobo mine historically had a mill throughput capacity of 24 Mtpa and is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, with the Salobo complex exceeding an average throughput of 32 Mtpa over a 90-day period. As a result, Wheaton paid Vale $370 million on December 1, 2023, representing the amount due for completion of the first phase of the Salobo III expansion project.

The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $163 million if throughput is expanded beyond 35 Mtpa by January 1, 2025.

In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan, with payments to be made for each year 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 $122 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 additional upfront cash payments of $25 million, payable subject to certain customary conditions.

Curipamba

Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.2 million, which includes $250,000 which will be paid to support certain local community development initiatives around the Curipamba 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 $146 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, which had a closing date of May 16, 2023 and amended on May 31, 2024, the Company is committed to pay additional upfront consideration of $261 million. Of this amount, $6 million is payable on December 2, 2024, $3 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four 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.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]

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

Under the terms of the Mineral Park PMPA, the Company is committed to pay additional upfront cash payments of $90 million in three payments during construction through two installments of $25 million and a final installment of $40 million.

The Company has also 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.

DeLamar Royalty

Under the terms of the royalty agreement with Integra, the Company is committed to pay additional upfront cash payment of $5 million to advance DeLamar project. The payment was made on July 8, 2024.

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro 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.

Taxes - Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments ¹

The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the

¹	The assessment by management of the expected impact of the Domestic Reassessments on the Company is “forward-looking information”. Please see “Cautionary Note Regarding Forward-Looking Statements” in the MD&A for material risks, assumptions and important disclosure associated with this information.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

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.

Share Capital

During the three months ended June 30, 2024, the Company received proceeds of $8 million from the exercise of 311,211 share purchase options at a weighted average exercise price of Cdn$36.79 per option (six months - $12 million from the exercise of 469,359 share purchase options at a weighted average exercise price of Cdn$35.58). During the three months ended June 30, 2023, the Company received proceeds of $1 million from the exercise of 32,611 share purchase options at a weighted average exercise price of Cdn$35.78 per option (six months - $10 million from the exercise of 430,247 share purchase options at a weighted average exercise price of Cdn$31.52.

During the three months ended June 30, 2024, the Company released 1,217 RSUs (six months - 69,494 RSUs). During the three months ended June 30, 2023, the Company released 60,155 RSUs (six months – 119,827 RSUs).

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. During the six months ended June 30, 2024, there were 27,139 common shares issued under the DRIP, with all the shares being issued during the three months ended June 30, 2024. During the six months ended June 30, 2023, there were 100,732 common shares issued under the DRIP, with all the shares being issued during the three months ended June 30, 2023.

As of August 7, 2024, there were 453,635,246 outstanding common shares, 1,101,632 share purchase options and 336,929 restricted share units.

At the Market Equity Program

The Company has established an at-the-market equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at June 30, 2024 the Company has not issued any shares under the ATM program.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]

Financial Instruments

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

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

New Accounting Standards Effective in 2024

Amendment to IAS 1- Presentation of Financial Statements

The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. The adoption of this amendment did not have a material impact on the Company’s financial statements.

Future Changes to Accounting Policies

IFRS 18 - Presentation and Disclosure in Financial Statements.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]

Non-IFRS Measures

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


	Three Months Ended June 30				Six Months Ended June 30

(in thousands, except for per share amounts)	2024		2023		2024		2023

Net earnings	$	122,317	$	141,448	$	286,358	$	252,839

Add back (deduct):
Gain on disposal of Mineral Stream Interest		-		(5,027)		-		(5,027)

(Gain) loss on fair value adjustment of share purchase warrants held		(197)		280		(380)		105

Deferred income tax (expense) recovery recognized in the Statement of OCI		2,863		6,044		2,766		2,090

Income tax recovery related to prior year disposal of Mineral Stream Interest		-		-		-		(2,672)

Global minimum tax expense related to Q1-2024 earnings		24,755		-		-		-

Other		(173)		(161)		(346)		(320)

Adjusted net earnings	$	149,565	$	142,584	$	288,398	$	247,015

Divided by:

Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633

Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368

Equals:

Adjusted earnings per share - basic	$	0.330	$	0.315	$	0.636	$	0.546

Adjusted earnings per share - diluted	$	0.329	$	0.314	$	0.635	$	0.545

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]

ii.

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


	Three Months Ended June 30				Six Months Ended June 30

(in thousands, except for per share amounts)	2024		2023		2024		2023

Cash generated by operating activities	$	234,393	$	202,376	$	453,773	$	337,482

Divided by:

Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633

Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368

Equals:

Operating cash flow per share - basic	$	0.517	$	0.447	$	1.001	$	0.746

Operating cash flow per share - diluted	$	0.516	$	0.446	$	1.000	$	0.744

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]

iii.

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


	Three Months Ended June 30				Six Months Ended June 30

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2024		2023		2024		2023

Cost of sales	$	112,872	$	113,116	$	238,103	$	210,079

Less: depletion		(58,865)		(54,474)		(122,541)		(99,473)

Cash cost of sales	$	54,007	$	58,642	$	115,562	$	110,606

Cash cost of sales is comprised of:

Total cash cost of gold sold	$	34,066	$	34,675	$	74,427	$	65,711

Total cash cost of silver sold		18,914		22,234		38,326		41,231

Total cash cost of palladium sold		753		887		1,622		1,752

Total cash cost of cobalt sold ¹		274		846		1,187		1,912

Total cash cost of sales	$	54,007	$	58,642	$	115,562	$	110,606

Divided by:

Total gold ounces sold		77,326		75,294		169,345		137,899

Total silver ounces sold		3,823		4,437		7,890		8,186

Total palladium ounces sold		4,301		3,392		9,075		6,338

Total cobalt pounds sold		88		265		397		588

Equals:

Average cash cost of gold (per ounce)	$	441	$	461	$	440	$	477

Average cash cost of silver (per ounce)	$	4.95	$	5.01	$	4.86	$	5.04

Average cash cost of palladium (per ounce)	$	175	$	261	$	179	$	277

Average cash cost of cobalt (per pound) ¹	$	3.11	$	3.20	$	2.99	$	3.25

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]

iv.

The following table provides a reconciliation of cash operating margin.


	Three Months Ended June 30				Six Months Ended June 30

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2024		2023		2024		2023

Gross margin	$	186,192	$	151,856	$	357,767	$	269,358

Add back: depletion		58,865		54,474		122,541		99,473

Cash operating margin	$	245,057	$	206,330	$	480,308	$	368,831

Cash operating margin is comprised of:

Total cash operating margin of gold sold	$	148,084	$	114,836	$	298,412	$	202,997

Total cash operating margin of silver sold		92,377		84,847		169,623		151,527

Total cash operating margin of palladium sold		3,457		3,992		7,265		7,862

Total cash operating margin of cobalt sold		1,139		2,655		5,008		6,445

Total cash operating margin	$	245,057	$	206,330	$	480,308	$	368,831

Divided by:

Total gold ounces sold		77,326		75,294		169,345		137,899

Total silver ounces sold		3,823		4,437		7,890		8,186

Total palladium ounces sold		4,301		3,392		9,075		6,338

Total cobalt pounds sold		88		265		397		588

Equals:

Cash operating margin per gold ounce sold	$	1,915	$	1,525	$	1,762	$	1,472

Cash operating margin per silver ounce sold	$	24.16	$	19.12	$	21.50	$	18.51

Cash operating margin per palladium ounce sold	$	804	$	1,177	$	800	$	1,240

Cash operating margin per cobalt pound sold	$	12.94	$	10.03	$	12.62	$	10.97

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Subsequent Events

Declaration of Dividend

Under the Company’s dividend policy, the quarterly dividend is fixed at $0.155 per common share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On August 7, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on August 21, 2024 and is expected to be distributed on or about September 4, 2024. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Controls and Procedures

Disclosure Controls and Procedures

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

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

There were no changes in the Company’s internal controls over financial reporting during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

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

Limitation of Controls and Procedures

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [44]

Attributable Reserves and Resources

The following tables set forth the estimated Mineral Reserves and Mineral Resources (metals attributable to Wheaton only) for the mines relating to which the Company has PMPAs, adjusted where applicable to reflect the Company’s percentage entitlement to such metals, as of December 31, 2023, unless otherwise noted.

Mineral Reserves Attributable to Wheaton Precious Metals ^(1,2,3,8,39)


			December 31, 2023 ⁽⁶⁾																				December 31, 2022

			Proven						Probable						Proven & Probable								Proven & Probable
Asset	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t /%		Contained Moz / Mlbs		Process Recovery % ⁽⁷⁾		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾		75%		216.9		0.38		2.64		599.8		0.34		6.60		816.7		0.35		9.24		72%		834.3		0.35		9.48
Stillwater ⁽¹³⁾		100%		10.9		0.36		0.13		49.5		0.37		0.59		60.4		0.37		0.72		69%		60.2		0.37		0.72
Constancia		50%		242.8		0.05		0.39		31.1		0.03		0.03		273.9		0.05		0.43		61%		246.1		0.06		0.47
Sudbury ⁽¹¹⁾		70%		8.2		0.40		0.11		20.2		0.22		0.14		28.4		0.27		0.25		75%		30.4		0.33		0.32
San Dimas ⁽¹⁴⁾		25%		0.5		3.47		0.06		0.4		2.69		0.04		0.9		3.11		0.09		95%		1.1		3.32		0.12
Marmato ^(11,15)		10.5%		0.2		4.31		0.03		3.0		3.07		0.30		3.3		3.16		0.33		90%		3.3		3.16		0.33
Cangrejos ^(11,31)		6.6%		-		-		-		43.5		0.55		0.76		43.5		0.55		0.76		85%		-		-		-
Platreef ^(11,35)		62.5%		-		-		-		69.8		0.30		0.67		69.8		0.30		0.67		79%		-		-		-
Blackwater^(11,27)		8%		23.4		0.74		0.56		0.7		0.80		0.02		24.1		0.74		0.57		91%		19.8		0.74		0.47
Santo Domingo ^(11,25)		100%		65.4		0.08		0.17		326.9		0.03		0.34		392.3		0.04		0.51		61%		392.3		0.04		0.51
Marathon^(11,28)		100%		111.6		0.07		0.25		12.5		0.06		0.02		124.2		0.07		0.28		71%		124.2		0.07		0.28
Copper World Complex ⁽²¹⁾		100%		319.4		0.03		0.27		65.7		0.02		0.04		385.1		0.02		0.31		60%		-		-		-
Curipamba^(11,29)		50%		1.6		2.83		0.14		1.7		2.23		0.12		3.2		2.52		0.26		53%		3.2		2.52		0.26
Goose^(11,30)		2.78%		0.2		5.54		0.04		0.3		6.29		0.06		0.5		5.97		0.10		93%		0.8		5.97		0.14
Kutcho ⁽¹²⁾		100%		6.8		0.37		0.08		10.6		0.39		0.13		17.4		0.38		0.21		41%		17.4		0.38		0.21
Fenix^(11,26)		6%		3.8		0.50		0.06		3.1		0.45		0.05		6.9		0.48		0.11		75%		6.9		0.49		0.11
Curraghinalt^(11,33)		3.05%		0.0		9.14		0.001		0.4		6.43		0.08		0.4		6.45		0.08		94%		-		-		-
Mt Todd^(11,36)		1%		0.7		0.84		0.02		1.7		0.75		0.04		2.4		0.77		0.06		92%		-		-		-
Kudz Ze Kayah^(11,34)		7.27%		-		-		-		1.1		1.32		0.05		1.1		1.32		0.05		64%		-		-		-
DeLamar⁽³⁷⁾		1.5%		0.2		0.46		0.002		1.2		0.39		0.02		1.4		0.40		0.02		72%		-		-		-

Total Gold								4.94						10.09						15.04								13.43
Silver
Peñasquito ⁽¹⁰⁾		25%		30.9		37.9		37.7		41.8		30.1		40.5		72.8		33.4		78.2		80%		79.1		34.0		86.5
Constancia		100%		485.6		2.7		42.9		62.1		2.2		4.5		547.7		2.7		47.3		70%		492.1		3.0		47.4
Antamina ^(10,11,18)		33.75%
Copper				37.1		7.0		8.4		16.5		10.0		5.3		53.7		7.9		13.7		75%		63.6		7.4		15.1
Copper-Zinc				9.8		17.0		5.3		12.8		17.0		7.0		22.6		17.0		12.4		75%		31.7		14.1		14.4
Zinkgruvan		100%
Zinc				4.3		62.1		8.6		6.7		80.9		17.5		11.0		73.6		26.1		83%		9.3		68.9		20.6
Copper				1.3		34.5		1.4		0.2		38.8		0.2		1.4		35.0		1.6		70%		1.7		33.6		1.8
Neves-Corvo		100%
Copper				2.6		31.8		2.7		18.6		33.2		19.8		21.2		33.0		22.5		24%		21.2		33.2		22.6
Zinc				4.0		67.9		8.7		17.6		62.1		35.1		21.6		63.2		43.8		30%		22.3		62.9		45.1
Aljustrel ⁽¹⁹⁾		100%		10.2		45.2		14.8		25.3		44.2		35.9		35.5		44.5		50.7		26%		35.5		44.5		50.7
Mineral Park		100%		42.4		2.6		3.5		141.3		2.4		11.1		183.7		2.5		14.6		61%		-		-		-
San Dimas ⁽¹⁴⁾		25%		0.5		264.6		4.2		0.4		254.0		3.4		0.9		259.7		7.6		94%		1.1		272.8		9.5
Cozamin ^(11,20)		50%
Copper				-		-		-		3.9		42.9		5.4		3.9		42.9		5.4		86%		5.4		45.6		8.0
Zinc				-		-		-		0.5		50.9		0.9		0.5		50.9		0.9		60%		0.7		44.5		1.0
Los Filos		100%		21.7		5.0		3.5		96.5		7.1		22.1		118.2		6.7		25.6		10%		118.2		6.7		25.6
Marmato ^(11,15)		100%		2.1		16.4		1.1		28.1		5.3		4.8		30.2		6.1		5.9		34%		30.2		6.1		5.9
Copper World Complex ⁽²¹⁾		100%		319.4		5.7		58.3		65.7		4.3		9.1		385.1		5.4		67.4		75.5%		516.6		4.6		76.7
Blackwater^(11,27)		50%		161.9		5.8		30.1		4.6		5.8		0.9		166.5		5.8		31.0		61%		166.5		5.8		31.0
Kutcho ⁽¹²⁾		100%		6.8		24.5		5.4		10.6		30.1		10.2		17.4		27.9		15.6		46%		17.4		27.9		15.6
Curipamba^(11,29)		75%		2.4		41.4		3.1		2.5		49.7		4.0		4.9		45.7		7.1		63%		4.9		45.7		7.1
Kudz Ze Kayah ^(11,34)		7.21%		-		-		-		1.1		137.5		4.8		1.1		137.5		4.8		86%		-		-		-
DeLamar⁽³⁷⁾		1.5%		0.2		23.3		0.1		1.2		16.5		0.6		1.4		17.3		0.8		37%		-		-		-

Total Silver								239.7						243.1						482.8								484.6
Palladium
Platreef ^(11,35)		5.25%		-		-		-		5.5		2.0		0.35		5.5		2.0		0.35		87%		-		-		-
Stillwater ^(11,13)		4.5%		0.3		10.5		0.10		1.3		10.6		0.45		1.6		10.6		0.55		90%		1.8		10.6		0.60

Total Palladium								0.10						0.80						0.90								0.60
Platinum
Platreef ^(11,35)		5.25%		-		-		-		5.5		1.9		0.34		5.5		1.9		0.34		87%		-		-		-
Marathon ^(11,28)		22%		25.3		0.2		0.16		2.8		0.1		0.01		28.1		0.2		0.18		76%		28.1		0.2		0.18

Total Platinum								0.16						0.35						0.52								0.18
Cobalt
Voisey’s Bay ^(11,22)		42.4%		6.6		0.10		15.1		6.6		0.12		17.3		13.2		0.11		32.3		84%		13.0		0.12		33.2

Total Cobalt								15.1						17.3						32.3								33.2

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]

Mineral Resources Attributable to Wheaton Precious Metals ^{(1,2,3,4,5,9,39)}


			December 31, 2023 ⁽⁶⁾

			Measured						Indicated						Measured & Indicated						Inferred
	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Gold
Salobo ⁽¹⁰⁾		75%		16.8		0.17		0.09		396.8		0.24		3.01		413.6		0.23		3.10		204.0		0.29		1.87
Stillwater ⁽¹³⁾		100%		21.1		0.30		0.21		19.3		0.26		0.16		40.4		0.28		0.36		113.8		0.33		1.22
Constancia		50%		39.2		0.04		0.05		46.6		0.04		0.06		85.8		0.04		0.11		18.5		0.07		0.04
Sudbury ⁽¹¹⁾		70%		2.9		1.20		0.11		2.6		0.47		0.04		5.4		0.85		0.15		2.0		0.44		0.03
San Dimas ⁽¹⁴⁾		25%		0.2		5.94		0.03		0.1		2.24		0.01		0.3		4.20		0.04		1.0		3.67		0.12
Marmato ^(11,15)		10.5%		0.1		5.04		0.01		1.7		2.28		0.13		1.8		2.40		0.14		1.9		2.43		0.15
Minto ⁽³⁸⁾		100%		-		-		-		11.1		0.53		0.19		11.1		0.53		0.19		13.0		0.49		0.21
Cangrejos ^(11,31)		6.6%		-		-		-		20.6		0.38		0.25		20.6		0.38		0.25		13.0		0.39		0.16
Platreef ^(11,35)		62.5%		-		-		-		7.9		0.26		0.07		7.9		0.26		0.07		15.8		0.26		0.13
Blackwater^(11,27)		8%		4.1		0.35		0.05		6.4		0.49		0.10		10.5		0.44		0.15		0.7		0.45		0.01
Toroparu ^(12,16)		10%		4.2		1.45		0.198		7.3		1.46		0.34		11.5		1.45		0.54		2.1		1.71		0.12
Santo Domingo ^(11,25)		100%		1.4		0.05		0.002		120.1		0.03		0.11		121.5		0.03		0.12		31.8		0.02		0.03
Marathon^(11,28)		100%		30.2		0.07		0.06		39.6		0.06		0.08		69.8		0.06		0.14		19.1		0.04		0.03
Copper World Complex⁽²¹⁾		100%		424.0		0.02		0.30		191.0		0.02		0.10		615.0		0.02		0.40		192.0		0.01		0.08
Curipamba^(11,29)		50%		-		-		-		1.2		1.63		0.06		1.2		1.63		0.06		0.4		1.62		0.02
Goose^(11,30)		2.78%		0.0		4.94		0.004		0.1		5.18		0.01		0.1		5.13		0.02		0.1		6.64		0.03
Kutcho ⁽¹²⁾		100%		0.4		0.20		0.003		5.0		0.38		0.06		5.4		0.37		0.06		12.9		0.25		0.10
Fenix^(11,26)		6%		2.4		0.34		0.03		8.5		0.34		0.09		10.9		0.34		0.12		3.2		0.33		0.03
Cotabambas ^(12,23)		25%		-		-		-		126.8		0.20		0.82		126.8		0.20		0.82		105.9		0.17		0.57
Curraghinalt^(11,33)		3.05%		-		-		-		-		-		-		-		-		-		0.2		12.24		0.07
Mt Todd^(11,36)		1%		0.0		1.15		0.0001		0.1		1.50		0.01		0.1		1.49		0.01		0.4		0.77		0.01
Kudz Ze Kayah^(11,34)		7.27%		-		-		-		0.2		1.64		0.01		0.2		1.64		0.01		0.0		1.18		0.002
Brewery Creek Royalty ⁽²⁴⁾		2%		0.3		1.06		0.01		0.5		1.02		0.02		0.8		1.03		0.03		1.0		0.88		0.03
Metates Royalty ⁽¹⁷⁾		1%		0.2		0.86		0.004		4.5		0.56		0.08		4.6		0.57		0.08		0.7		0.47		0.01
Black Pine Royalty ⁽³²⁾		0.5%		-		-		-		1.0		0.49		0.02		1.0		0.49		0.02		0.1		0.42		0.002
DeLamar⁽³⁷⁾		1.5%		0.1		0.27		0.001		1.0		0.21		0.01		1.0		0.21		0.01		0.4		0.25		0.003

Total Gold								1.16						5.83						6.99						5.07
Silver
Peñasquito ⁽¹⁰⁾		25%		9.4		24.5		7.4		39.3		25.1		31.8		48.7		25.0		39.1		5.7		25.4		4.7
Constancia		100%		78.4		2.2		5.5		93.1		2.0		5.9		171.5		2.1		11.5		36.9		3.6		4.3
Antamina ^(10,11,18)		33.75%
Copper				61.8		8.0		15.9		99.0		9.0		28.6		160.8		8.6		44.5		192.2		9.0		55.6
Copper-Zinc				14.9		20.0		9.5		51.4		18.0		29.7		66.3		18.4		39.3		91.3		15.6		45.7
Zinkgruvan		100%
Zinc				3.5		61.4		6.9		4.2		63.5		8.6		7.7		62.5		15.5		15.7		91.3		46.1
Copper				1.9		33.4		2.0		0.3		12.2		0.1		2.2		30.6		2.1		0.2		28.9		0.2
Neves-Corvo		100%
Copper				5.1		48.5		8.0		28.9		50.4		46.9		34.0		50.2		54.8		14.0		28.3		12.8
Zinc				8.3		62.1		16.5		34.7		57.5		64.1		43.0		58.4		80.6		4.1		63.2		8.3
San Dimas ⁽¹⁴⁾		25%		0.2		446.2		2.4		0.1		193.0		0.9		0.3		327.1		3.3		1.0		306.3		9.7
Aljustrel ⁽¹⁹⁾		100%		7.4		56.6		13.4		10.3		45.5		15.1		17.7		50.2		28.5		12.2		40.8		16.0
Mineral Park		100%		22.6		2.1		1.5		261.5		2.0		16.9		284.1		2.0		18.4		341.2		1.5		16.2
Cozamin ^(11,20)		50%
Copper				0.2		53.8		0.3		3.3		40.7		4.3		3.5		41.4		4.6		2.2		41.8		3.0
Zinc				-		-		-		1.4		36.5		1.7		1.4		36.5		1.7		1.7		33.8		1.8
Marmato ^(11,15)		100%		0.7		25.3		0.6		16.3		6.0		3.1		17.0		6.8		3.7		17.8		3.2		1.8
Minto ⁽³⁸⁾		100%		-		-		-		11.1		4.7		1.7		11.1		4.7		1.7		13.0		4.5		1.9
Stratoni		100%		-		-		-		1.4		151.7		6.8		1.4		151.7		6.8		1.8		166.5		9.7
Copper World Complex ⁽²¹⁾		100%		424.0		4.1		55.9		191.0		3.5		21.5		615.0		3.9		77.4		192.0		3.1		19.1
Blackwater^(11,27)		50%		33.7		4.7		5.1		52.9		8.7		14.8		86.6		7.1		19.9		5.6		12.8		2.3
Kutcho ⁽¹²⁾		100%		0.4		28.0		0.4		5.0		25.7		4.1		5.4		25.9		4.5		12.9		20.0		8.3
Curipamba ^(11,29)		75%		-		-		-		1.8		38.4		2.2		1.8		38.4		2.2		0.7		31.6		0.7
Pascua-Lama		25%		10.7		57.2		19.7		97.9		52.2		164.4		108.6		52.7		184.1		3.8		17.8		2.2
Loma de La Plata		12.5%		-		-		-		3.6		169.0		19.8		3.6		169.0		19.8		0.2		76.0		0.4
Toroparu ^(12,16)		50%		21.2		1.8		1.2		36.3		1.2		1.4		57.5		1.4		2.7		10.6		0.8		0.3
Cotabambas ^(12,23)		100.0%		-		-		-		507.3		2.4		39.5		507.3		2.4		39.5		423.6		2.5		34.5
Kudz Ze Kayah ^(11,34)		7.21%		-		-		-		0.2		186.4		1.4		0.2		186.4		1.4		0.0		143.4		0.2
Metates Royalty ⁽¹⁷⁾		0.5%		0.2		18.2		0.1		4.5		14.2		2.0		4.6		14.3		2.1		0.7		13.2		0.3
DeLamar⁽³⁷⁾		1.5%		0.1		12.9		0.03		1.0		10.0		0.3		1.0		10.2		0.3		0.4		8.4		0.1

Total Silver								172.4						537.7						710.0						306.1
Palladium
Platreef ^(11,35)		5.25%		-		-		-		0.3		1.5		0.01		0.3		1.5		0.01		0.5		1.5		0.02
Stillwater ^(11,13)		4.5%		0.21		9.0		0.06		0.2		7.2		0.04		0.4		8.1		0.11		1.1		9.3		0.34

Total Palladium								0.06						0.06						0.12						0.36
Platinum
Platreef^(11,35)		5.25%		-		-		-		0.3		1.5		0.01		0.3		1.5		0.01		0.5		1.4		0.02
Marathon^(11,28)		22%		7.14		0.2		0.04		9.4		0.1		0.04		16.5		0.1		0.08		4.3		0.1		0.01

Total Platinum								0.04						0.05						0.09						0.04
Cobalt
Voisey’s Bay ^(11,22)		42.4%		0.5		0.06		0.6		0.4		0.07		0.6		0.9		0.06		1.2		2.7		0.12		7.2

Total Cobalt								0.6						0.6						1.2						7.2

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [46]

Notes on Mineral Reserves & Mineral Resources:

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

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

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

Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); and

Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering),

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

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

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

6.	Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2023 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.

Mineral Resources for Aljustrel’s Feitais mine are reported as of July 2022, Moinho & St João mines as of June 2022 and the Estação project as of July 2018. Mineral Reserves for the Feitais, Moinho and St João mines are reported as of December 2021 and the Estação project as of April 2022.

Mineral Resources for the Black Pine project are reported as of February 15, 2024.

Mineral Resources for the Blackwater project are reported as of May 5, 2020 and Mineral Reserves as of September 10, 2021.

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

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

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

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

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

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

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

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

Mineral Resources for the Goose project are reported as of December 31, 2020 and Mineral Reserves as of January 15, 2021.

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

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

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

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

Mineral Resources and Mineral Reserves for the Marathon project are reported as of December 31, 2022.

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

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

Mineral Resources for the Mineral Park project are reported as of October 30, 2021 and Mineral Reserves as of September 29, 2023.

Mineral Resources for the Minto mine are reported as of March 31, 2021.

Mineral Resources for the Platreef project are reported as of January 28, 2022 and Mineral Reserves as of January 26, 2022.

Mineral Resources for the Santo Domingo project are reported as of February 13, 2020 and Mineral Reserves as of November 14, 2018.

Mineral Resources and Mineral Reserves for the Stratoni mine are reported as of September 30, 2023.

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

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

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

Aljustrel mine – 3.0% zinc cut-off for the Feitais, Moinho and St João mines and the Estação project.

Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.50 per pound copper, $1.10 per pound zinc, $11.10 per pound molybdenum and $21.50 per ounce silver.

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

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

Constancia mine – NSR cut-off of $6.40 per tonne for Constancia and $7.30 per tonne for Pampacancha assuming $1,700 per ounce gold, $23.00 per ounce silver, $4.00 per pound copper and $12.00 per pound molybdenum.

Copper World Complex project – $3.75 per pound copper, $12.00 per pound molybdenum, $22.00 per ounce silver and $1,650 per ounce gold.

Cozamin mine - NSR cut-off of $60.54 per tonne for long-hole and $65.55 per tonne for cut and fill assuming $3.55 per pound copper, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.

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

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

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DeLamar project – NSR cut-offs of $3.55 and $3.65 per tonne for Florida Mountain and DeLamar oxide leach and $4.20 and $4.65 per tonne for Florida Mountain and DeLamar mixed leach, all assuming $1,650 per ounce gold and $21.00 per ounce silver.

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

Goose project:

Umwelt – 1.72 grams per tonne gold cut-off for open pit and 3.9 grams per tonne for underground.

ii.

Llama – 1.74 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

iii.

Goose Main – 1.70 grams per tonne gold cut-off for open pit and 4.1 grams per tonne for underground.

iv.

Echo – 1.60 grams per tonne gold cut-off for open pit and 3.5 grams per tonne for underground.

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

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

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

Marathon project - NSR cut-off of Cdn$16.00 per tonne assuming $1,500 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver.

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

Mineral Park project - NSR cut-off of $10.50 per tonne assuming $2.81 per pound copper, $14.25 per pound molybdenum and $16.13 per ounce silver.

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

Neves-Corvo mine – NSR cut-offs ranging from EUR 49 to 82 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.65 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

Peñasquito mine - $1,400 per ounce gold, $20.00 per ounce silver, $1.00 per pound lead and $1.20 per pound zinc.

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

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

San Dimas mine – $1,850 per ounce gold and $22.50 per ounce silver.

Santo Domingo project - variable throughput rates and cut-offs assuming $3.00 per pound copper, $1,290 per ounce gold and $100 per tonne iron.

Stillwater mines - combined platinum and palladium cut-off of 6.86 grams per tonne for Stillwater and East Boulder sub-level extraction and 1.71 grams per tonne for Ramp & Fill at East Boulder assuming $1,500 per ounce 2E PGM prices.

aa.

Sudbury mines - $1,450 per ounce gold, $8.16 per pound nickel, $3.40 per pound copper, $1,200 per ounce platinum, $1,400 per ounce palladium and $22.68 per pound cobalt.

bb.

Voisey’s Bay mines – NSR cut-offs of Cdn$28.00 per tonne for Discovery Hill Open Pit, Cdn$230 to $250 per tonne for Reid Brook and Cdn$210 to $250 per tonne for Eastern Deeps all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

cc.

Zinkgruvan mine – NSR cut-offs ranging from SEK 950 to 1,100 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.65 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.

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

Aljustrel mine – 3.0% zinc cut-off for Feitais, Moinho and St João mines and the Estação project.

Antamina mine - $6,000 per hour of mill operation cut-off for the open pit and $53.80 per tonne NSR cut-off for the undergound, both assuming $3.50 per pound copper, $1.30 per pound zinc, $13.30 per pound molybdenum and $24.60 per ounce silver.

Black Pine – 0.2 grams per tonne gold cut-off assuming $1,800 per ounce gold.

Blackwater project – 0.2 grams per tonne gold equivalent cut-off assuming $1,400 per ounce gold and $15.00 per ounce silver.

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

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

Constancia mine – NSR cut-off of $6.40 per tonne for open pit and 0.65% copper cut-off for underground, both assuming $1,700 per ounce gold, $23.00 per ounce silver, $4.00 per pound copper and $12.00 per pound molybdenum.

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

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

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

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

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [48]

Goose project - 1.4 grams per tonne gold cut-off for open pit and 3.0 grams per tonne for underground for all deposits, assuming a gold price of $1,550 per ounce.

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

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

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

Los Filos mine – 0.2 grams per tonne gold cut-off for the open pits, 1.71 grams per tonne gold cut-off for Los Filos South underground, 2.05 grams per tonne gold cut-off for Los Filos North underground and 2.71 grams per tonne gold cut-off for Bermejal underground, all assuming $1,550 per ounce gold and $18.00 per ounce silver.

Marathon project – NSR cut-off of Cdn$15.00 per tonne for the Marathon project assuming $1,800 per ounce palladium, $1,000 per ounce platinum, $3.50 per pound copper, $1,600 per ounce gold and $20.00 per ounce silver. NSR cut-off of Cdn$13.00 per tonne for the Sally and Geordie projects assuming $1,600 per ounce palladium, $900 per ounce platinum, $3.00 per pound copper, $1,500 per ounce gold and $18.00 per ounce silver.

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

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

Mineral Park project - 0.15 percent copper equivalent cut-off assuming $3.45 per pound copper, $10.00 per pound molybdenum and $23.00 per ounce silver.

Minto mine – NSR cut-off of Cdn$35.00 per tonne for open pit and Cdn$70 per tonne for underground, assuming $1,500 per ounce gold, $18.00 per ounce silver and $3.10 per pound copper.

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

Neves-Corvo mine – 1.0% copper cut-off for the copper Mineral Resource and 4.5% zinc cut-off for the zinc Mineral Resource, both assuming $4.20 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

aa.

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

bb.

Peñasquito mine - $1,600 per ounce gold, $23.00 per ounce silver, $1.20 per pound lead and $1.45 per pound zinc.

cc.

Platreef project - 2.0 grams per tonne 3PE + Au (platinum, palladium, rhodium and gold) cut-off.

dd.

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

ee.

San Dimas mine – 215 grams per tonne silver equivalent cut-off assuming $2,000 per ounce gold and $24.50 per ounce silver.

ff.

Santo Domingo project - 0.125% copper equivalent cut-off assuming $3.50 per pound copper, $1,300 per ounce gold and $99 per tonne iron.

gg.

Stillwater mines – combined platinum and palladium cut-off of 3.77 grams per tonne for Stillwater, 6.86 grams per tonne for East Boulder sub-level extraction and 1.71 grams per tonne for East Boulder Ramp & Fill assuming $1,500 per ounce 2E PGM prices.

hh.

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

ii.

Sudbury mines - $1,200 to $1,373 per ounce gold, $6.07 to $8.16 per pound nickel, $2.38 to $3.18 per pound copper, $1,150 to $1,225 per ounce platinum, $750 to $1,093 per ounce palladium and $12.47 to $20.41 per pound cobalt.

jj.

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

kk.

Voisey’s Bay mines – NSR cut-off of Cdn$28 per tonne for Discovery Hill Open Pit and Cdn$250 per tonne for Reid Brook and Discovery Hill Underground, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

ll.

Zinkgruvan mine – NSR cut-offs ranging from SEK 740 to 920 per tonne depending on area and mining method for the zinc Mineral Resources and NSR cut-offs ranging from SEK 800 to 830 per tonne for the copper Mineral Resources assuming $4.20 per pound copper and $0.90 per pound lead and $1.15 per pound zinc.

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

Antamina – Teck Resources Annual Information Form filed on SEDAR on February 23, 2024.

Peñasquito – Newmont’s December 31, 2023 Resources and Reserves press release dated February 22, 2024 and

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

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

11.

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

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

13.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [49]

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

Stillwater mine: Pd = (Pt + Pd) / (1/3.51 + 1) and Au = (Pd + Pt) x 0.0238

East Boulder mine: Pd = (Pt + Pd) / (1/3.60 + 1) and Au = (Pd + Pt) x 0.0323

14.

15.

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

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

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

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

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

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

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

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

23.

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

24.

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

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

26.

The Fenix PMPA provides that Rio2 will deliver gold equal to 6% of the gold production until 90,000 ounces are delivered, then 4% of the gold production until 140,000 ounces are delivered and 3.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on this 6% / 4% / 3.5% basis.

27.

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

28.

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

29.

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

30.

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

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

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

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

34.

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

35.

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [50]

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

38.	On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

39.

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [51]

Cautionary Note Regarding Forward-Looking Statements

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

●

the future price of commodities;

●

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

●

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

●

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

●

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

●

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

●

the costs of future production;

●

the estimation of produced but not yet delivered ounces;

●

the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the ATM Program;

●

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

●

any statements as to future dividends;

●

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

●

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

●

projected changes to Wheaton’s production mix;

●

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

●

the ability to sell precious metals and cobalt production;

●

confidence in the Company’s business structure;

●

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

●

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

●

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

●

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

●

the Company’s climate change and environmental commitments; and

●

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

●

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

●

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [52]

●

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

●

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

●

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

●

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

●

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

●

counterparty credit and liquidity risks;

●

mine operator and counterparty concentration risks;

●

indebtedness and guarantees risks;

●

hedging risk;

●

competition in the streaming industry risk;

●

risks relating to security over underlying assets;

●

risks relating to third-party PMPAs;

●

risks relating to revenue from royalty interests;

●

risks related to Wheaton’s acquisition strategy;

●

risks relating to third-party rights under PMPAs;

●

risks relating to future financings and security issuances;

●

risks relating to unknown defects and impairments;

●

risks related to governmental regulations;

●

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

●

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

●

risks related to environmental regulations;

●

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

●

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

●

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

●

risks related to underinsured Mining Operations;

●

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

●

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

●

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

●

challenges related to global financial conditions;

●

risks associated with environmental, social and governance matters;

●

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

●

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

●

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

●

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

●

risks related to interest rates;

●

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

●

risks related to access to confidential information regarding Mining Operations;

●

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

●

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [53]

●

risks associated with the sale of Common Shares under the ATM Program, including the amount of any net proceeds from such offering of Common Shares and the use of any such proceeds;

●

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

●

risks relating to activist shareholders;

●

risks relating to reputational damage;

●

risks relating to expression of views by industry analysts;

●

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

●

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

●

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

●

risks relating to generative artificial intelligence;

●

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

●

risks relating to corporate governance and public disclosure compliance;

●

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

●

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

●

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

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

●

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

●

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

●

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

●

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

●

that the production estimates from Mining Operations are accurate;

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

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

●

that Wheaton’s assessment of the tax exposure and impact on the Company and its subsidiaries of the GMT is accurate;

●

that any sale of Common Shares under the ATM Program will not have a significant impact on the market price of the Common Shares and that the net proceeds of sales of Common Shares, if any, will be used as anticipated;

●

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

●

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

●

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

●

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

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [54]

undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Wheaton’s expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves And Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton’s Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by Wheaton since January 1, 2024, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [55]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

SRINIVASAN VENKATAKRISHNAN

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Strategic Development

GARY BROWN

Senior Vice President

& Chief Financial Officer

HAYTHAM HODALY

Senior Vice President,

Corporate Development

TRANSFER AGENT

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS

Deloitte LLP

Vancouver, Canada

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

T: 1 604 684 9648 TF: 1 844 288 9878

E: info@wheatonpm.com

Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.

LOGO

EX-99.3

Exhibit 99.3

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		2024		2023		2024		2023

Sales		6	$	299,064	$	264,972	$	595,870	$	479,437

Cost of sales

Cost of sales, excluding depletion			$	54,007	$	58,642	$	115,562	$	110,606

Depletion				58,865		54,474		122,541		99,473

Total cost of sales			$	112,872	$	113,116	$	238,103	$	210,079

Gross margin			$	186,192	$	151,856	$	357,767	$	269,358

General and administrative expenses		7		10,241		10,216		20,705		20,315

Share based compensation		8		6,241		4,484		7,522		11,881

Donations and community investments		9		703		1,940		2,273		3,318

Earnings from operations			$	169,007	$	135,216	$	327,267	$	233,844

Gain on disposal of mineral stream interests		12		-		5,027		-		5,027

Other income (expense)		10		5,122		8,692		12,317		16,254

Earnings before finance costs and income taxes			$	174,129	$	148,935	$	339,584	$	255,125

Finance costs		16.3		1,299		1,352		2,741		2,731

Earnings before income taxes			$	172,830	$	147,583	$	336,843	$	252,394

Income tax expense (recovery)		22		50,513		6,135		50,485		(445 )

Net earnings			$	122,317	$	141,448	$	286,358	$	252,839

Basic earnings per share			$	0.270	$	0.312	$	0.632	$	0.559

Diluted earnings per share			$	0.269	$	0.312	$	0.631	$	0.558

Weighted average number of shares outstanding

Basic		20		453,430		452,892		453,262		452,633

Diluted		20		454,104		453,575		453,888		453,368

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income


			Three Months Ended June 30				Six Months Ended June 30

(US dollars in thousands - unaudited)	Note		2024		2023		2024		2023

Net earnings			$	122,317	$	141,448	$	286,358	$	252,839

Other comprehensive income
Items that will not be reclassified to net earnings

Gain (loss) on LTIs¹		15	$	18,309	$	(53,083)	$	12,840	$	(8,429)

Income tax (recovery) expense related to LTIs		22		1,327		(6,044)		1,424		(2,090)

Total other comprehensive income (loss)			$	16,982	$	(47,039)	$	11,416	$	(6,339)

Total comprehensive income			$	139,299	$	94,409	$	297,774	$	246,500

LTIs = long-term investments – common shares held.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets



(US dollars in thousands - unaudited)	Note		As at June 30 2024		As at December 31 2023

Assets

Current assets

Cash and cash equivalents		21	$	540,217	$	546,527

Accounts receivable		11		9,654		10,078

Cobalt inventory				-		1,372

Income taxes receivable		22		4,544		5,935

Other		23		4,398		3,499

Total current assets			$	558,813	$	567,411

Non-current assets

Mineral stream interests		12	$	6,487,552	$	6,122,441

Early deposit mineral stream interests		13		47,094		47,093

Mineral royalty interests		14		35,527		13,454

Long-term equity investments		15		88,071		246,678

Property, plant and equipment				7,752		7,638

Other		24		22,273		26,470

Total non-current assets			$	6,688,269	$	6,463,774

Total assets			$	7,247,082	$	7,031,185

Liabilities

Current liabilities

Accounts payable and accrued liabilities			$	12,272	$	13,458

Current portion of performance share units		19.1		8,099		12,013

Current portion of lease liabilities		16.2		435		604

Total current liabilities			$	20,806	$	26,075

Non-current liabilities

Performance share units		19.1	$	5,660	$	9,113

Lease liabilities		16.2		5,301		5,625

Global minimum tax		22		50,510		-

Deferred income taxes		22		250		232

Pension liability				4,883		4,624

Total non-current liabilities			$	66,604	$	19,594

Total liabilities			$	87,410	$	45,669

Shareholders’ equity

Issued capital		17	$	3,796,172	$	3,777,323

Reserves		18		(62,186)		(40,091)

Retained earnings				3,425,686		3,248,284

Total shareholders’ equity			$	7,159,672	$	6,985,516

Total liabilities and shareholders’ equity			$	7,247,082	$	7,031,185

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows


			Three Months Ended June 30				Six Months Ended June 30

(US dollars in thousands - unaudited)	Note		2024		2023		2024		2023

Operating activities

Net earnings			$	122,317	$	141,448	$	286,358	$	252,839

Adjustments for

Depreciation and depletion				59,211		54,857		123,224		100,247

Gain on disposal of mineral stream interest		12		-		(5,027)		-		(5,027)

Interest expense		16.3		72		36		145		53

Equity settled share based compensation		8		1,655		1,859		3,253		3,402

Performance share units - expense		19.1		4,586		2,625		4,269		8,479

Performance share units - paid		19.1		-		-		(11,129)		(16,675)

Pension expense				283		291		458		458

Pension paid				-		(20)		(43)		(116)

Income tax (recovery) expense		22		50,513		6,135		50,485		(445)

(Gain) loss on fair value adjustment of share purchase warrants held		10		(197)		280		(380)		105

Investment income recognized in net earnings				(4,877)		(8,880)		(11,315)		(16,028)

Other				482		418		400		499

Change in non-cash working capital		21		(3,664)		1,685		(1,508)		(387)

Cash generated from operations before income taxes and interest			$	230,381	$	195,707	$	444,217	$	327,404

Income taxes paid				(75)		(988)		(191)		(4,332)

Interest paid				(73)		(15)		(148)		(33)

Interest received				4,160		7,672		9,895		14,443

Cash generated from operating activities			$	234,393	$	202,376	$	453,773	$	337,482

Financing activities

Credit facility extension fees		16.1	$	(925)	$	(846)	$	(925)	$	(846)

Share purchase options exercised		18.1		8,348		1,134		12,164		10,510

Lease payments		16.2		(147)		(177)		(295)		(379)

Dividends paid		17.2		(139,124)		(131,091)		(139,124)		(131,091)

Cash used for financing activities			$	(131,848)	$	(130,980)	$	(128,180)	$	(121,806)

Investing activities

Mineral stream interests		12	$	(35,605)	$	(88,710)	$	(486,507)	$	(120,234)

Early deposit mineral stream interests		13		-		-		-		(750)

Mineral royalty interest		14		(10,078)		-		(22,025)		-

Net proceeds on disposal of mineral stream interests				-		46,400		-		46,400

Acquisition of long-term investments		15, 21		-		(31)		(751)		(8,175)

Proceeds on disposal of long-term investments		15, 21		177,088		202		177,088		202

Dividends received				481		917		1,181		917

Other				(193)		(1,209)		(789)		(1,770)

Cash (used for) generated from investing activities			$	131,693	$	(42,431)	$	(331,803)	$	(83,410)

Effect of exchange rate changes on cash and cash equivalents			$	(130)	$	175	$	(100)	$	482

Increase (decrease) in cash and cash equivalents			$	234,108	$	29,140	$	(6,310)	$	132,748

Cash and cash equivalents, beginning of period				306,109		799,697		546,527		696,089

Cash and cash equivalents, end of period		21	$	540,217	$	828,837	$	540,217	$	828,837

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity



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

At January 1, 2023		452,319	$	3,752,662	$	83,077	$	22,578	$	8,142	$	(47,250)	$	66,547	$	2,898,466	$	6,717,675

Total comprehensive income

Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	111,391	$	111,391

OCI 1				-		-		-		-		40,700		40,700		-		40,700

Total comprehensive income			$	-	$	-	$	-	$	-	$	40,700	$	40,700	$	111,391	$	152,091

SBC 1 expense			$	-	$	-	$	631	$	911	$	-	$	1,542	$	-	$	1,542

Options 1 exercised		398		10,808		-		(1,752)		-		-		(1,752)		-		9,056

RSUs 1 released		59		2,484		-		-		(2,484)		-		(2,484)		-		-

Warrant expiration		-		-		(83,077)		-		-		-		(83,077)		83,077		-

Dividends (Note 17.2)				-		-		-		-		-		-		(67,910)		(67,910)

Realized loss on disposal of LTIs ¹ (Note 18.3)				-		-		-		-		990		990		(990)		-

At March 31, 2023		452,776	$	3,765,954	$	-	$	21,457	$	6,569	$	(5,560)	$	22,466	$	3,024,034	$	6,812,454

Total comprehensive income

Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	141,448	$	141,448

OCI 1				-		-		-		-		(47,039)		(47,039)		-		(47,039)

Total comprehensive income			$	-	$	-	$	-	$	-	$	(47,039)	$	(47,039)	$	141,448	$	94,409

SBC 1 expense			$	-	$	-	$	724	$	1,135	$	-	$	1,859	$	-	$	1,859

Options 1 exercised		33		1,033		-		(162)		-		-		(162)		-		871

RSUs 1 released		60		1,482		-		-		(1,482)		-		(1,482)		-		-

Dividends (Note 17.2)		100		4,758		-		-		-		-		-		(67,938)		(63,180)

Realized gain on disposal of LTIs ¹ (Note 18.3)				-		-		-		-		(1,831)		(1,831)		1,831		-

At June 30, 2023		452,969	$	3,773,227	$	-	$	22,019	$	6,222	$	(54,430)	$	(26,189)	$	3,099,375	$	6,846,413

Total comprehensive income

Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	284,805	$	284,805

OCI 1				-		-		-		-		(16,574)		(16,574)		-		(16,574)

Total comprehensive income			$	-	$	-	$	-	$	-	$	(16,574)	$	(16,574)	$	284,805	$	268,231

SBC 1 expense			$	-	$	-	$	1,252	$	1,784	$	-	$	3,036	$	-	$	3,036

Options 1 exercised		59		2,219		-		(364)		-		-		(364)		-		1,855

Dividends (Note 17.2)		41		1,877		-		-		-		-		-		(135,896)		(134,019)

At December 31, 2023		453,069	$	3,777,323	$	-	$	22,907	$	8,006	$	(71,004)	$	(40,091)	$	3,248,284	$	6,985,516

Total comprehensive income

Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	164,041	$	164,041

OCI 1				-		-		-		-		(5,566)		(5,566)		-		(5,566)

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

Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	122,317	$	122,317

OCI 1				-		-		-		-		16,982		16,982		-		16,982

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 (Note 18.3)				-		-		-		-		(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

Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

1.	Description of Business and Nature of Operations

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

The condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2024 were authorized for issue as of August 7, 2024 in accordance with a resolution of the Board of Directors.

2.	Basis of Presentation and Statement of Compliance

These unaudited condensed interim consolidated 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 consolidated 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 unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) 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, 2023 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated 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, 2023.

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, 2024 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 2024

Amendment to IAS

Presentation of Financial statements

The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or

non-current

is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as

non-current

even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or

non-current

at the reporting date. The amendments are effective for annual reporting periods

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

beginning on or after January 1,

2024

. The adoption of this amendment did not have a material impact on the Company’s financial statements.

3.2.	Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

IFRS 18 - Presentation and Disclosure in Financial Statements.

4.	Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company’s condensed interim consolidated 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 condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2023.

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 minimum tangible net worth covenant under its sustainability-linked revolving credit facility (Note 16).

The Company is in compliance with the debt covenants at June 30, 2024, as described in Note 16.1.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

5.2.	Categories of Financial Assets and Liabilities

Trade receivables from sales of cobalt and other receivables are

non-interest

bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of 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:



(in thousands)	Note	June 30 2024		December 31 2023

Financial assets

Financial assets mandatorily measured at FVTNE 1

Cash and cash equivalents	21	$	540,217	$	546,527

Trade receivables from provisional concentrate sales, net of fair value adjustment	6,11		8,703		5,360

Long-term investments - warrants held			1,172		652

Investments in equity instruments designated at FVTOCI 1

Long-term investments - common shares held	15		86,899		246,026

Financial assets measured at amortized cost

Trade receivables from sales of cobalt	11		-		3,975

Refundable deposit - 777 PMPA	24		9,063		8,717

Other accounts receivable			951		743

Total financial assets		$	647,005	$	812,000

Financial liabilities

Financial liabilities at amortized cost

Accounts payable and accrued liabilities		$	12,272	$	13,458

Lease liabilities	16.2		5,736		6,229

Total financial liabilities		$	18,008	$	19,687

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 closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings 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, 2024 is considered to be negligible.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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



(in thousands)	Note		June 30 2024		December 31 2023

Cash and cash equivalents		21	$	540,217	$	546,527

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		8,703		5,360

Trade receivables from sales of cobalt		11		-		3,975

Refundable Deposit - 777 PMPA		24		9,063		8,717

Other accounts receivables		11		951		743

Maximum exposure to credit risk related to financial assets			$	558,934	$	565,322

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, 2024, the Company had cash and cash equivalents of $540 million (December 31, 2023 - $547 million) and working capital of $538 million (December 31, 2023 - $541 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at June 30, 2024 of $88 million (December 31, 2023 - $247 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, 2024

(in thousands)	2024		2025 - 2026		2027 - 2028		After 2028		Total

Accounts payable and accrued liabilities	$	12,272		$ -	$	-	$	-	$	12,272

Performance share units 1		-		13,036		723		-		13,759

Total	$	12,272		$ 13,036	$	723	$	-	$	26,031

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

5.5.	Currency Risk

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



(in thousands)	June 30 2024		December 31 2023

Monetary assets

Cash and cash equivalents	$	10,518	$	1,729

Accounts receivable		125		112

Long-term investments - common shares held		86,898		77,770

Long-term investments - warrants held		1,172		652

Other long-term assets		3,273		7,898

Total Canadian dollar denominated monetary assets	$	101,986	$	88,161

Monetary liabilities

Accounts payable and accrued liabilities	$	8,162	$	9,080

Performance share units		11,572		17,303

Lease liability		5,565		5,892

Pension liability		4,882		4,624

Total Canadian dollar denominated monetary liabilities	$	30,181	$	36,899

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, 2024

	Change in Canadian Dollar

(in thousands)	10% Increase		10% Decrease

Increase (decrease) in net earnings	$	(1,509)	$	1,509

Increase (decrease) in other comprehensive income		8,690		(8,690)

Increase (decrease) in total comprehensive income	$	7,181	$	(7,181)


	As at December 31, 2023

	Change in Canadian Dollar

(in thousands)	10% Increase		10% Decrease

Increase (decrease) in net earnings	$	(2,651)	$	2,651

Increase (decrease) in other comprehensive income		7,777		(7,777)

Increase (decrease) in total comprehensive income	$	5,126	$	(5,126)

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, 2024 and 2023, the weighted average effective interest rate

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

paid by the Company on its outstanding borrowings was Nil

. During the three and six months ended June 30, 2024 the weighted average interest rate earned on its cash deposits in interest bearing accounts was

5.13% and 5.21%,

respectively, as compared to 4.57% and 4.03% in the comparable periods of the prior year.

During the three and six months ended June 30, 2024 and 2023, 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, 2024, a fluctuation in interest rates of 100 basis points

(1 percent)

would have impacted the amount of interest earned by approximately

$1 million and $2 million,

respectively, as compared to $2 million and $3 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, 2024 and 2023 would have increased/decreased by approximately $9 million and $26 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, 2024

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

Cash and cash equivalents		21	$	540,217	$	540,217	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		8,703		-		8,703		-

Long-term investments - common shares held		15		86,899		86,899		-		-

Long-term investments - warrants held		15		1,172		-		1,172		-

			$	636,991	$	627,116	$	9,875	$	-

			December 31, 2023

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

Cash and cash equivalents		21	$	546,527	$	546,527	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		5,360		-		5,360		-

Long-term investments - common shares held		15		246,026		246,026		-		-

Long-term investments - warrants held		15		652		-		652		-

			$	798,565	$	792,553	$	6,012	$	-

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

Revenue


	Three Months Ended June 30								Six Months Ended June 30

(in thousands)	2024				2023				2024				2023

Sales

Gold credit sales	$	182,150	61	%	$	149,511	56	%	$	372,839	63	%	$	268,708	56	%
Silver

Silver credit sales	$	86,542	29	%	$	90,826	35	%	$	170,251	29	%	$	156,005	32	%

Concentrate sales		24,749	8	%		16,255	6	%		37,698	6	%		36,753	8	%

Total silver sales	$	111,291	37	%	$	107,081	41	%	$	207,949	35	%	$	192,758	40	%

Palladium credit sales	$	4,210	1	%	$	4,879	2	%	$	8,887	1	%	$	9,614	2	%

Cobalt sales	$	1,413	1	%	$	3,501	1	%	$	6,195	1	%	$	8,357	2	%

Total sales revenue	$	299,064	100	%	$	264,972	100	%	$	595,870	100	%	$	479,437	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.

The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal.

Concentrate Sales

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Cobalt Sales

Effective January 1, 2024, the Company 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.

Prior to January 1, 2024, cobalt was sold to a third-party sales agent who generally sold the cobalt to third party customers approved by Wheaton. Revenue from the sale of cobalt was recognized once the third-party customer and sales terms had been agreed to between Wheaton and the third-party sales agent, which was also the date that control of the cobalt was transferred to the third-party sales agent. Should the sales agent retain the cobalt for their own use, revenue was recognized once the sales terms have been agreed to between Wheaton and the third-party sales agent and the product has been delivered, which is also the date that control of the cobalt is transferred to the third-party sales agent.

7.	General and Administrative


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Corporate

Salaries and benefits	$	3,734	$	3,593	$	7,698	$	7,454

Depreciation		228		268		446		556

Professional fees		540		909		1,034		1,423

Business travel		584		311		868		652

Director fees		252		248		541		581

Business taxes		254		139		601		713

Audit and regulatory		871		1,337		1,749		2,169

Insurance		354		519		851		1,057

Other		924		952		2,207		2,016

General and administrative - corporate	$	7,741	$	8,276	$	15,995	$	16,621

Subsidiaries

Salaries and benefits	$	1,349	$	1,156	$	2,750	$	2,317

Depreciation		119		115		238		218

Professional fees		474		189		665		260

Business travel		152		94		223		147

Director fees		52		52		115		103

Business taxes		55		65		127		139

Insurance		14		11		31		27

Other		285		258		561		483

General and administrative - subsidiaries	$	2,500	$	1,940	$	4,710	$	3,694

Consolidated general and administrative	$	10,241	$	10,216	$	20,705	$	20,315

WHEATON PRECIOUS METALS 2024

SECOND

QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

8.	Share Based Compensation


			Three Months Ended June 30				Six Months Ended June 30

(in thousands)	Note		2024		2023		2024		2023

Equity settled share based compensation 1

Stock options		18.1	$	698	$	724	$	1,372	$	1,355

RSUs		18.2		957		1,135		1,881		2,047

Cash settled share based compensation

PSUs		19.1	$	4,586	$	2,625	$	4,269	$	8,479

Total share based compensation			$	6,241	$	4,484	$	7,522	$	11,881

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)	2024		2023		2024		2023

Local donations and community investments 1	$	407	$	407	$	1,096	$	942

Partner donations and community investments 2		296		1,533		1,177		2,376

Total donations and community investments	$	703	$	1,940	$	2,273	$	3,318

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.

10.	Other Income (Expense)


		Three Months Ended June 30				Six Months Ended June 30

(in thousands)	Note	2024		2023		2024		2023

Interest income		$	4,396	$	8,181	$	10,134	$	15,111

Dividend income			481		700		1,181		917

Foreign exchange gain (loss)			48		(202)		622		71

Gain (loss) on fair value adjustment of share purchase warrants held mandatorily measured at FVTNE 1			197		(280)		380		(105)

Other			-		293		-		260

Total other income (expense)		$	5,122	$	8,692	$	12,317	$	16,254

1) FVTNE refers to Fair Value Through Net Earnings

11.	Accounts Receivable



(in thousands)	Note		June 30 2024		December 31 2023

Trade receivables from provisional concentrate sales, net of fair value adjustment		6	$	8,703	$	5,360

Trade receivables from sales of cobalt		6		-		3,975

Other accounts receivable				951		743

Total accounts receivable			$	9,654	$	10,078

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

12.	Mineral Stream Interests


	Six Months Ended June 30, 2024

	Cost						Accumulated Depletion & Impairment 1

(in thousands)	Balance Jan 1, 2024		Additions		Balance Jun 30, 2024		Balance Jan 1, 2024		Depletion		Balance Jun 30, 2024		Carrying Amount Jun 30, 2024

Gold interests

Salobo	$	3,429,911	$	-	$	3,429,911	$	(748,492)	$	(43,103)	$	(791,595)	$	2,638,316

Sudbury 2		623,864		-		623,864		(361,379)		(12,258)		(373,637)		250,227

Constancia		140,058		-		140,058		(59,793)		(8,496)		(68,289)		71,769

San Dimas		220,429		-		220,429		(75,707)		(4,180)		(79,887)		140,542

Stillwater 3		239,352		-		239,352		(27,883)		(2,307)		(30,190)		209,162

Other 4		656,187		300,039		956,226		(52,498)		(661)		(53,159)		903,067

	$	5,309,801	$	300,039	$	5,609,840	$	(1,325,752)	$	(71,005)	$	(1,396,757)	$	4,213,083

Silver interests

Peñasquito	$	524,626	$	-		524,626	$	(248,394)	$	(14,671)	$	(263,065)	$	261,561

Antamina		900,343		-		900,343		(380,813)		(13,134)		(393,947)		506,396

Constancia		302,948		-		302,948		(123,365)		(7,108)		(130,473)		172,475

Other 5		1,159,563		50,086		1,209,649		(577,450)		(7,583)		(585,033)		624,616

	$	2,887,480	$	50,086	$	2,937,566	$	(1,330,022)	$	(42,496)	$	(1,372,518)	$	1,565,048

Palladium interests

Stillwater 3	$	263,721	$	-	$	263,721	$	(43,054)	$	(3,971)	$	(47,025)	$	216,696

Platreef		-		78,815		78,815		-		-		-		78,815

	$	263,721	$	78,815	$	342,536	$	(43,054)	$	(3,971)	$	(47,025)	$	295,511

Platinum interests

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

Platreef		-		57,585		57,585		-		-		-		57,585

	$	9,451	$	57,585	$	67,036	$	-	$	-	$	-	$	67,036

Cobalt interests

Voisey’s Bay 6	$	393,422	$	-	$	393,422	$	(42,606)	$	(3,942)	$	(46,548)	$	346,874

	$	8,863,875	$	486,525	$	9,350,400	$	(2,741,434)	$	(121,414)	$	(2,862,848)	$	6,487,552

1)	Includes cumulative impairment charges to June 30, 2024 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests. The additions to other gold interests includes: Platreef - $275 million; Kudz Ze Kayah - $14 million; and Cangrejos - $10 million.

Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - $25 million and Mineral Park - $25 million.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)


	Year Ended December 31, 2023

	Cost								Accumulated Depletion & Impairment 1
(in thousands)	Balance Jan 1, 2023		Additions		Disposal		Balance Dec 31, 2023		Balance Jan 1, 2023		Depletion		Balance Dec 31, 2023		Carrying Amount Dec 31, 2023

Gold interests

Salobo	$	3,059,876	$	370,035	$	-	$	3,429,911	$	(676,614)	$	(71,878)	$	(748,492)	$	2,681,419

Sudbury 2		623,864		-		-		623,864		(340,448)		(20,931)		(361,379)		262,485

Constancia		140,058		-		-		140,058		(44,475)		(15,318)		(59,793)		80,265

San Dimas		220,429		-		-		220,429		(64,564)		(11,143)		(75,707)		144,722

Stillwater 3		239,352		-		-		239,352		(23,500)		(4,383)		(27,883)		211,469

Other 4		545,391		152,169		(41,373)		656,187		(51,248)		(1,250)		(52,498)		603,689

	$	4,828,970	$	522,204	$	(41,373)	$	5,309,801	$	(1,200,849)	$	(124,903)	$	(1,325,752)	$	3,984,049

Silver interests

Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(230,952)	$	(17,442)	$	(248,394)	$	276,232

Antamina		900,343		-		-		900,343		(354,975)		(25,838)		(380,813)		519,530

Constancia		302,948		-		-		302,948		(110,001)		(13,364)		(123,365)		179,583

Other 5		1,018,199		141,364		-		1,159,563		(565,103)		(12,347)		(577,450)		582,113

	$	2,746,116	$	141,364	$	-	$	2,887,480	$	(1,261,031)	$	(68,991)	$	(1,330,022)	$	1,557,458

Palladium interests

Stillwater 3	$	263,721	$	-	$	-	$	263,721	$	(36,909)	$	(6,145)	$	(43,054)	$	220,667

Platinum interests

Marathon	$	9,428	$	23	$	-	$	9,451	$	-	$	-	$	-	$	9,451

Cobalt interests

Voisey’s Bay 6	$	393,422	$	-	$	-	$	393,422	$	(35,849)	$	(6,757)	$	(42,606)	$	350,816

	$	8,241,657	$	663,591	$	(41,373)	$	8,863,875	$	(2,534,638)	$	(206,796)	$	(2,741,434)	$	6,122,441

1)	Includes cumulative impairment charges to December 31, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $40 million; Goose - $63 million; Cangrejos - $29 million; and Curraghinalt - $20 million.

5)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $141 million.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving first 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, 2024						December 31, 2023

(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total

Gold interests

Salobo	$	2,312,141	$	326,175	$	2,638,316	$	2,303,719	$	377,700	$	2,681,419

Sudbury 1		208,516		41,711		250,227		218,467		44,018		262,485

Constancia		68,164		3,605		71,769		74,758		5,507		80,265

San Dimas		51,247		89,295		140,542		55,428		89,294		144,722

Stillwater 2		189,528		19,634		209,162		186,668		24,801		211,469

Other 3		17,338		885,729		903,067		17,999		585,690		603,689

	$	2,846,934	$	1,366,149	$	4,213,083	$	2,857,039	$	1,127,010	$	3,984,049

Silver interests

Peñasquito	$	261,561	$	-	$	261,561	$	202,528	$	73,704	$	276,232

Antamina		159,378		347,018		506,396		172,512		347,018		519,530

Constancia		165,993		6,482		172,475		169,527		10,056		179,583

Other 4		130,897		493,719		624,616		130,462		451,651		582,113

	$	717,829	$	847,219	$	1,565,048	$	675,029	$	882,429	$	1,557,458

Palladium interests

Stillwater 2	$	209,208	$	7,488	$	216,696	$	211,959	$	8,708	$	220,667

Platreef		-		78,815		78,815		-		-		-

	$	209,208	$	86,303	$	295,511	$	211,959	$	8,708	$	220,667

Platinum interests

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

Platreef		-		57,585		57,585		-		-		-

	$	-	$	67,036	$	67,036	$	-	$	9,451	$	9,451

Cobalt interests

Voisey’s Bay	$	321,600	$	25,274	$	346,874	$	321,454	$	29,362	$	350,816

	$	4,095,571	$	2,391,981	$	6,487,552	$	4,065,481	$	2,056,960	$	6,122,441

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, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah 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, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Partial Disposition of Goose PMPA

On April 12, 2023, Sabina Gold & Silver Corp. (“Sabina”) announced that shareholders approved the proposed acquisition by B2Gold Corp. (“B2Gold”) of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million, calculated as follows:


(in thousands)

Proceeds received on 33% buyback of Goose	$	46,400

Less: 33% carrying value		(41,373)

Gain on partial disposal of the Goose PMPA	$	5,027

Acquisition of Cangrejos PMPA

On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. (“Lumina”) in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available

pre-construction,

with the remainder to be paid in staged equal installments during construction of the mine, subject to various customary conditions being satisfied. As it relates to the $48 million, payments will be made in installments, including (i) $12 million which was paid on closing; (ii) $10 million that was paid on November 22, 2023 (six months after closing); (iii) $

million that was paid on May 31, 2024 (12 months after closing); (iv) $

million payable on December 2, 2024 (modified from the original date of May 31, 2024) and (v) $11 million can be drawn upon for committed acquisition of surface rights, of which $

million has been paid to date.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Blackwater Gold PMPA

On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the

Company

paid total upfront cash consideration of $40 million.

Acquisition of Existing Platreef & Kudz Ze Kayah PMPAs

On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing streams in respect of Ivanhoe Mines’ Platreef Project (the “Platreef Streams”) and BMC Minerals’ Kudz Ze Kayah (“KZK”) Project (the “Kudz Ze Kayah Streams”). On February 27, 2024, the Company paid $450 million to Orion, with an additional $5 million contingency payment due to Orion if the KZK project achieves certain milestones.

The Platreef Project is located in Johannesburg, South Africa. Under the Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold until a total of 218,750 ounces of gold has been delivered to the Company, at which point the Company will be entitled to purchase 50% of the payable gold production until a total of 428,300 ounces of gold has been delivered. Once the threshold has been achieved, the Company will be entitled to purchase 3.125% of the payable gold production if certain conditions are met. Under the Platreef Gold PMPA, the Company will make ongoing payments for the gold ounces delivered equal to $100 per ounce until a total of 428,300 ounces of gold have been delivered, increasing to 80% of the spot price of gold thereafter.

Under the Platreef palladium and platinum PMPA (the “Platreef PGM PMPA”), the Company is entitled to purchase 5.25% of the payable palladium and platinum production until a total of 350,000 ounces of combined palladium and platinum have been received. Once the threshold has been achieved, the stream will be reduced to 3.0% of the payable palladium and platinum production until 485,115 ounces have been delivered, at which point the stream will be reduced to 0.1% of the payable palladium and platinum production if certain conditions are met. Under the Platreef PGM PMPA, the Company will make ongoing payments for the palladium and platinum ounces delivered equal to

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

30% of the respective spot prices until 485,115 combined ounces have been received, increasing to 80% of the spot price of palladium and platinum thereafter.

The Kudz Ze Kayah stream is located in Yukon, Canada. Under the Kudz Ze Kayah PMPA (the “KZK PMPA”), the Company is entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of such deliveries, until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5.000% to 5.500% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered (for a total of 660,000 ounces of gold and 86.60 million ounces of silver), and thereafter ranging between 6.25% and 6.75%. Under the KZK PMPA, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot gold and silver price. Under the KZK PMPA, BMC Minerals has a buyback option to repurchase 50% of the stream for a period of 30 days after June 22, 2026, for $36 million.

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, 2024:


											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.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

14.	Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of June 30, 2024. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Royalty Interests

Mine

Owner

Location

Mine

Royalty

Upfront

Consideration

Paid to Date

Upfront

Consideration

to be Paid

Total

Upfront

Consideration

Term of

Agreement

Date of

Original

Contract

Metates

Chesapeake

Mexico

0.5% NSR

3,000

Life of Mine

07-Aug-2014

Brewery Creek

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd

Vista

Australia

1.0% GR

20,000

Life of Mine

13-Dec-2023

DeLamar

Integra

USA

1.5% NSR

4,875

9,750

Life of Mine

20-Feb-2024

35,004

4,875

39,879

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

2)	Expressed in thousands; excludes closing costs.

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

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

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

15.	Long-Term Equity Investments



(in thousands)	June 30 2024		December 31 2023

Common shares held	$	86,899	$	246,026

Warrants held		1,172		652

Total long-term equity investments	$	88,071	$	246,678

Common Shares Held


	Three Months Ended June 30, 2024

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2024		Cost of Additions		Proceeds of Disposition 1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2024		Realized Gain on Disposal

Bear Creek		15,707		6.90%	$	2,608	$	-	$	-	$	1,179	$	3,787	$	-

Kutcho		18,640		12.03%		1,651		-		-		596		2,248		-

Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768

B2Gold		12,025		0.92%		31,504		-		-		739		32,243		-

Other						41,660		-		-		6,962		48,621		-

Total					$	245,678	$	-	$	(177,088)	$	18,309	$	86,899	$	35,768

1)	The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

2)	Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)


	Three Months Ended June 30, 2023

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2023		Cost of Additions		Proceeds of Disposition 1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2023		Realized Loss on Disposal

Bear Creek		13,264		8.58%		$ 6,763	$	-	$	-	$	(1,253)	$	5,510	$	-

Sabina		-		-		47,104		-		(48,832)		1,728		-		872

Kutcho		18,640		13.27%		3,994		-		-		(1,390)		2,604		-

Hecla		34,980		5.71%		221,628		-		(202)		(41,277)		180,149		73

B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-

Other						28,841		31		-		(4,926)		23,946		-

Total					$	308,330	$	48,863		$ (49,034)	$	(53,083)	$	255,076	$	945

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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


	Six Months Ended June 30, 2024

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2023		Cost of Additions		Proceeds of Disposition 1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2024		Realized Gain (Loss) on Disposal

Bear Creek		15,707		6.90%	$	2,138	$	-	$	-	$	1,649	$	3,787	$	-

Kutcho		18,640		12.03%		1,551		-		-		697		2,248		-

Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768

B2Gold		12,025		0.92%		38,094		-		-		(5,851)		32,243		-

Other						35,988		5,121		-		7,512		48,621		-

Total					$	246,026	$	5,121	$	(177,088)	$	12,840	$	86,899	$	35,768

1)	The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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


	Six Months Ended June 30, 2023

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2022		Cost of Additions		Proceeds of Disposition 1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2023		Realized Loss on Disposal

Bear Creek		13,264		8.58%	$	7,443	$	-	$	-	$	(1,933)	$	5,510	$	-

Sabina		-		-		30,535		-		(48,832)		18,297		-		872

Kutcho		18,640		13.27%		3,097		-		-		(493)		2,604		-

Hecla		34,980		5.71%		194,668		-		(202)		(14,317)		180,149		73

B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-

Other						19,792		8,199		(27)		(4,018)		23,946		(990)

Total					$	255,535	$	57,031	$	(49,061)	$	(8,429)	$	255,076	$	(45)

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

On June 25, 2024, the term of the Company’s undrawn $2

billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 25, 2029.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at June 30, 2024 and 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and six months ended June 30, 2024 and 2023, the

stand-by

fee rate was 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 $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).

16.2.

Lease Liabilities

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



(in thousands)	June 30 2024		December 31 2023

Current portion	$	435	$	604

Long-term portion		5,301		5,625

Total lease liabilities	$	5,736	$	6,229

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


(in thousands)	June 30 2024

Not later than 1 year	$	708

Later than 1 year and not later than 5 years		2,554

Later than 5 years		4,249

Total lease liabilities	$	7,511

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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		2024		2023		2024		2023

Costs related to undrawn credit facilities		16.1	$	1,340	$	1,272	$	2,677	$	2,589

Interest expense - lease liabilities		16.2		72		36		145		53

Letters of guarantee				(113)		44		(81)		89

Total finance costs			$	1,299	$	1,352	$	2,741	$	2,731

17.	Issued Capital



(in thousands)	Note		June 30 2024		December 31 2023

Issued capital

Share capital issued and outstanding: 453,635,246 common shares (December 31, 2023: 453,069,254 common shares)		17.1	$	3,796,172	$	3,777,323

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, 2024 and 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2023 to June 30, 2024 is presented below:


	Number of Shares		Weighted Average Price

At January 1, 2023		452,318,526

Share purchase options exercised 1		397,636		Cdn$31.17

Restricted share units released 1		59,672		Cdn$0.00

At March 31, 2023		452,775,834

Share purchase options exercised 1		32,611		Cdn$35.78

Restricted share units released 1		60,155		Cdn$0.00

Dividend reinvestment plan 2		100,732		US$47.23

At June 30, 2023		452,969,332

Share purchase options exercised 1		58,675		Cdn$42.36

Dividend reinvestment plan 2		41,247		US$45.50

At December 31, 2023		453,069,254

Share purchase options exercised 1		158,148		Cdn$33.20

Restricted share units released 1		68,277		Cdn$0.00

At March 31, 2024		453,295,679

Share purchase options exercised 1		311,211		Cdn$36.79

Restricted share units released 1		1,217		Cdn$0.00

Dividend reinvestment plan 2		27,139		US$51.95

At June 30, 2024		453,635,246

1)	The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

At the Market Equity Program

The Company has established an

at-the-market

equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at June 30, 2024 and 2023, the Company has not issued any shares under the ATM program.

17.2.

Dividends Declared


	Three Months Ended June 30								Six Months Ended June 30

(in thousands, except per share amounts)	2024				2023				2024				2023

Dividends declared per share	$	0.155			$	0.150			$	0.310			$	0.300

Average number of shares eligible for dividend		453,376				452,919				453,334				452,827

Total dividends declared	$	70,273			$	67,938			$	140,534			$	135,848

Paid as follows:

Cash	$	69,913	99	%	$	65,857	97	%	$	139,124	99	%	$	131,091	96	%

DRIP 1		360	1	%		2,081	3	%		1,410	1	%		4,757	4	%

Total dividends declared	$	70,273	100	%	$	67,938	100	%	$	140,534	100	%	$	135,848	100	%

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

18.

Reserves



(in thousands)	Note		June 30 2024			December 31 2023

Reserves
Share purchase options		18.1	$	22,106		$	22,907
Restricted share units		18.2		6,874			8,006
Long-term investment revaluation reserve, net of tax		18.3		(91,166	)		(71,004)

Total reserves			$	(62,186	)	$	(40,091)

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.

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

	2024		2023

Black-Scholes weighted average assumptions

Grant date share price and exercise price		Cdn$59.79		Cdn$59.41

Expected dividend yield		1.45%		1.39%

Expected volatility		30%		30%

Risk-free interest rate		4.10%		3.40%

Expected option life, in years		3.0		3.0

Weighted average fair value per option granted		Cdn$13.39		Cdn$12.89

Number of options issued during the period		305,710		316,580

Total fair value of options issued (000’s)		$ 3,022		$ 2,972

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

The following table summarizes information about the options outstanding and exercisable at June 30, 2024:


Exercise Price (Cdn$)	Exercisable Options		Non-Exercisable Options		Total Options Outstanding		Weighted Average Remaining Contractual Life

$32.96¹		11,285		-		11,285		0.7 years

$33.47		6,100		-		6,100		0.7 years

$49.86		227,106		-		227,106		3.7 years

$54.68¹		21,250		-		21,250		3.7 years

$59.22¹		11,538		30,550		42,088		5.7 years

$59.41		79,973		165,136		245,109		5.7 years

$59.79		-		237,180		237,180		6.7 years

$60.00		138,705		72,473		211,178		4.7 years

$60.43¹		-		68,530		68,530		6.7 years

$64.27¹		19,093		12,713		31,806		4.7 years

		515,050		586,582		1,101,632		5.2 years

1)	US$ share purchase options converted to Cdn$ using the exchange rate of 1.3687, being the Cdn$/US$ exchange rate at June 30, 2024.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2023 to June 30, 2024 is presented below:


	Number of Options Outstanding		Weighted Average Exercise Price

At January 1, 2023		1,478,300		Cdn$41.37

Granted (fair value - $3 million or Cdn$12.89 per option)		316,580		59.41

Exercised		(397,636)		31.17

Forfeited		(1,300)		55.01

At March 31, 2023		1,395,944		Cdn$48.32

Exercised		(32,611)		35.77

Forfeited		(1,450)		59.69

At June 30, 2023		1,361,883		Cdn$48.43

Exercised		(58,675)		42.36

Forfeited		(33,187)		59.60

At December 31, 2023		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

As it relates to share purchase options, during the three months ended June 30, 2024, the weighted average share price at the time of exercise was Cdn$75.68 per share (six months - Cdn$70.80 per share), as compared to Cdn$68.37 per share (six months - Cdn$63.57 per share) during the comparable period in 2023.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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, 2023 to June 30, 2024 is presented below:


	Number of RSUs Outstanding		Weighted Average Intrinsic Value at Date Granted

At January 1, 2023		350,206		$31.25

Granted (fair value - $4 million)		92,880		43.27

Released		(59,672)		41.64

Forfeited		(290)		43.58

At March 31, 2023		383,124		$32.54

Granted		1,110		50.26

Released		(60,155)		24.64

Forfeited		(320)		45.11

At June 30, 2023		323,759		$34.05

Forfeited		(7,423)		44.39

At December 31, 2023		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, 2024		336,929		$34.64

18.3.

Long-Term Investment Revaluation Reserve

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2023 to June 30, 2024 is presented below:


(in thousands)		Change in Fair Value		Deferred Tax Recovery (Expense)		Total

At January 1, 2023		$	(40,626)	$	(6,624)	$	(47,250)

Unrealized gain (loss) on LTIs 1			44,654		(3,954)		40,700

Reallocate reserve to retained earnings upon disposal of LTIs 1	15		990		-		990

At March 31, 2023		$	5,018	$	(10,578)	$	(5,560)

Unrealized gain (loss) on LTIs 1			(53,083)		6,044		(47,039)

Reallocate reserve to retained earnings upon disposal of LTIs 1			(1,831)		-		(1,831)

At June 30, 2023		$	(49,896)	$	(4,534)	$	(54,430)

Unrealized gain (loss) on LTIs 1			(18,203)		1,629		(16,574)

At December 31, 2023		$	(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	15		(35,768)		4,190		(31,578)

At June 30, 2024		$	(91,028)	$	(138)	$	(91,166)

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

19.	Share Based Compensation

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

19.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200%

and is determined by comparing the Company’s total shareholder return (“TSR”) to those achieved by various peer companies and the price of gold and silver.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (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, 2023 to June 30, 2024 is presented below:


(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding		PSU accrual liability

At January 1, 2023		444,620	$	21,239

Granted		135,690		-

Accrual related to the fair value of the PSUs outstanding		-		5,855

Foreign exchange adjustment		-		13

Paid		(191,980)		(16,675)

At March 31, 2023		388,330	$	10,432

Accrual related to the fair value of the PSUs outstanding		-		2,645

Foreign exchange adjustment		-		185

Forfeited		(1,280)		(21)

At June 30, 2023		387,050	$	13,241

Accrual related to the fair value of the PSUs outstanding		-		8,170

Foreign exchange adjustment		-		59

Forfeited		(14,590)		(344)

At December 31, 2023		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

A summary of the PSUs outstanding at June 30, 2024 is as follows:


Year of Grant		Year of Maturity		Number outstanding		Estimated Value Per PSU at Maturity		Anticipated Performance Factor at Maturity		Percent of Vesting Period Complete at Jun 30, 2024		PSU Liability at Jun 30, 2024
	2022		2025		118,240		$55.30		162%		76%	$	8,099
	2023		2026		125,510		$54.50		168%		43%		4,937
	2024		2027		135,220		$54.27		108%		9%		723

					378,970							$	13,759

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

20.	Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

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

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


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633

Effect of dilutive securities

Share purchase options		337		332		298		381

Restricted share units		337		351		328		354

Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$73.11 (six months - Cdn$67.14), compared to Cdn$63.69 (six months - Cdn$61.40) for the comparable period in 2023.


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Share purchase options		-		-		-		53

21.	Supplemental Cash Flow Information

Change in

Non-Cash

Working Capital


	Three Months Ended June 30						Six Months Ended June 30

(in thousands)	2024			2023			2024			2023

Change in non-cash working capital

Accounts receivable	$	(4,039	)	$	2,132		$	406		$	2,981

Accounts payable and accrued liabilities		1,399			452			(1,262	)		(3,004	)

Other		(1,024	)		(899	)		(652	)		(364	)

Total change in non-cash working capital	$	(3,664	)	$	1,685		$	(1,508	)	$	(387	)

Non-Cash

Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

During the six months ended June 30, 2023, the Company received common shares valued at $48 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Cash and Cash Equivalents


(in thousands)	June 30 2024		December 31 2023
Cash and cash equivalents comprised of:

Cash	$	490,885	$	211,430

Cash equivalents		49,332		335,097

Total cash and cash equivalents	$	540,217	$	546,527

Cash equivalents include short-term deposits, treasury bills, commercial paper, 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)	2024		2023		2024		2023
Current income tax expense (recovery)	$	(2,868)	$	80	$	(2,809)	$	(2,560)
Global minimum income tax expense		50,510		-		50,510		-
Total current income tax expense (recovery)	$	47,642	$	80	$	47,701	$	(2,560)
Deferred income tax expense (recovery) related to:

Origination and reversal of temporary differences	$	4,271	$	1,701	$	4,495	$	3,061

Write down (reversal of write down) or recognition of prior period temporary differences		(1,400)		4,354		(1,711)		(946)

Total deferred income tax expense	$	2,871	$	6,055	$	2,784	$	2,115
Total income tax expense (recovery) recognized in net earnings	$	50,513	$	6,135	$	50,485	$	(445)

Income Tax Expense (Recovery) in Other Comprehensive Income


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

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		(2,863)		(6,044)		(2,766)		(2,090)

Income tax expense (recovery) recognized in OCI	$	1,327	$	(6,044)	$	1,424	$	(2,090)

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:


	Three Months Ended June 30				Six Months Ended June 30

(in thousands)	2024		2023		2024		2023

Earnings before income taxes	$	172,830	$	147,583	$	336,843	$	252,394

Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%

Income tax expense (recovery) based on above rates	$	46,664	$	39,847	$	90,948	$	68,146

Non-deductible stock based compensation and other		421		547		770		886

Differences in tax rates in foreign jurisdictions 1		(46,211)		(39,044)		(90,576)		(68,938)

Global minimum tax expense		50,510		-		50,510		-

Current period unrecognized temporary differences		529		431		544		407

Write down (reversal of write down) or recognition of prior period temporary differences		(1,400)		4,354		(1,711)		(946)

Total income tax expense (recovery) recognized in net earnings	$	50,513	$	6,135	$	50,485	$	(445)

Effective Tax Rate		29%		4%		15%		0%

1)	During the six months ended June 30, 2024, the Company’s subsidiaries generated net earnings of $337 million, as compared to $257 million during the comparable period of the prior year.

Pillar II Tax Expense - Global Minimum Tax

, the income of the Company’s Cayman Island subsidiaries, who have a statutory tax rate of

0%, is subject to the GMTA and an amount of $51 million current tax expense associated with GMT was recorded for the period from January 1, 2024 to June 30,

2024. GMT accrued to December 31, 2024 is payable on or before June 30, 2026 (18 months following year-end) and accordingly is classified as non-current.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Current Income Taxes (Payable) Receivable

The movement in current income taxes (payable) receivable for the six months ended June 30, 2024 is as follows:



(in thousands)	Current Taxes (Payable) Receivable

Current taxes receivable - December 31, 2023	$	5,935

Current income tax recovery - income statement		2,809

Global minimum income tax expense		(50,510)

Current income tax expense - statement of OCI		(4,190)

Income taxes paid		191

Foreign exchange adjustments		(201)

Current taxes payable - June 30, 2024	$	(45,966)

Comprised of:

Current income taxes receivable	$	4,544

Non-current global minimum income tax payable		(50,510)

Current taxes payable - June 30, 2024	$	(45,966)

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the six months ended June 30, 2024 and the year ended December 31, 2023 is shown below:



	Six Months Ended June 30, 2024

Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance

Deferred tax assets

Non-capital loss carryforward 1	$	810	$	(810)	$	-	$	-

Capital loss carryforward		956		(317)		(639)		-

Other 2		4,135		(1,957)		-		2,178

Deferred tax liabilities

Debt financing fees 3		(818)		4		-		(814)

Unrealized gains on long-term investments		(4,415)		732		3,405		(278)

Mineral stream interests 4		(668)		(418)		-		(1,086)

Foreign withholding tax		(232)		(18)		-		(250)

Total	$	(232)	$	(2,784)	$	2,766	$	(250)

1)	As at June 30, 2024, the Company had no non-capital losses available to recognize against deferred tax liabilities.

2)	Other includes capital assets, PSU and pension liabilities.

3)	Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a

unit-of-production

basis as described in Note 12.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)


	Year Ended December 31, 2023

Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance

Deferred tax assets

Non-capital loss carryforward	$	-	$	810	$	-	$	810

Capital loss carryforward		792		40		124		956

Other		4,256		(121)		-		4,135

Deferred tax liabilities

Debt and share financing fees		(774)		(44)		-		(818)

Unrealized gains on long-term investments		(8,006)		(4)		3,595		(4,415)

Mineral stream interests		3,732		(4,400)		-		(668)

Foreign withholding tax		(165)		(67)		-		(232)

Total	$	(165)	$	(3,786)	$	3,719	$	(232)

Deferred income tax assets in Canada not recognized are shown below:



(in thousands)	June 30 2024		December 31 2023

Mineral stream interests	$	7,314	$	8,804

Other		2,727		2,376

Unrealized losses on long-term investments		12,575		12,912

Total	$	22,616	$	24,092

1)	As at June 30, 2024, the Company had fully recognized the tax effect of non-capital losses.

23.	Other Current Assets

The composition of other current assets is shown below:



(in thousands)	Note	June 30 2024		December 31 2023

Prepaid expenses		$	3,892	$	2,628

Other			506		871

Total other current assets		$	4,398	$	3,499

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

24.	Other Long-Term Assets

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



(in thousands)	Note		June 30 2024		December 31 2023

Intangible assets			$	1,695	$	1,886

Debt issue costs - Revolving Facility		16.1		5,781		5,496

Refundable deposit - 777 PMPA				9,063		8,717

Subscription Rights				-		4,510

Other				5,734		5,861

Total other long-term assets			$	22,273	$	26,470

Subscription Rights

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

25.	Commitments and Contingencies

Mineral Stream Interests

The following tables summarize the Company’s commitments to make

per-ounce

or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold



Mineral Stream Interests	Attributable Payable Production to be Purchased			Per Ounce Cash Payment 1		Term of Agreement			Date of Original Contract
Constancia		50%			$ 420 ²		Life of Mine			8-Aug-12
Salobo		75%			$ 425		Life of Mine			28-Feb-13
Sudbury		70%			$ 400		20 years			28-Feb-13
San Dimas		variable	³		$637		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
Minto		100%	6		50% 6		Life of Mine			20-Nov-08
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		6%	5		18% 4		Life of Mine			15-Nov-21
Blackwater		8%	5		35%		Life of Mine			13-Dec-21
Curipamba		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
Early Deposit
Toroparu		10%			$400		Life of Mine			11-Nov-13
Cotabambas		25%	5		$450		Life of Mine			21-Mar-16
Kutcho		100%			20%		Life of Mine			14-Dec-17

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

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. Currently, the fixed gold to silver exchange ratio is 70:1.

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: