WPM 0001193125-25-116134 6-K as filed: May 9, 2025

Exhibit 99.1

LOGO

May 8, 2025

Vancouver, British Columbia

FIRST QUARTER FINANCIAL RESULTS

Wheaton Precious Metals Announces Record Revenue, Adjusted Net Earnings

and Operating Cash Flow for the First Quarter of 2025

“Wheaton delivered a strong start to 2025, with our core assets exceeding production expectations and driving record quarterly revenue, adjusted net earnings, and operating cash flow. In times of economic uncertainty, gold is viewed as a reliable store of value, and these results demonstrate why we believe Wheaton offers one of the best low-risk opportunities for investors seeking exposure to precious metals,” said Randy Smallwood, President and CEO of Wheaton Precious Metals. “Looking ahead, 2025 is shaping up to be a catalyst-rich year, with four development projects scheduled to come online over the course of the year. Notably, Artemis Gold announced commercial production at the Blackwater Mine on May 2, an exciting milestone at an asset which is expected to contribute meaningfully to Wheaton’s portfolio going forward. With the solid foundation of our currently producing asset base, coupled with our industry leading growth profile, we believe we are uniquely positioned to continue pursuing accretive growth and delivering long-term value creation to all of our stakeholders.”

Record Financial Performance and Strong Balance Sheet

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First quarter of 2025: A record $470 million in revenue, $254 million in net earnings, and $361 million in operating cash flow.

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Declared a quarterly dividend¹ of $0.165 per common share.

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Balance Sheet: Cash balance of $1.1 billion, no debt, and an undrawn $2 billion revolving credit facility as at March 31, 2025.

High Quality Asset Base

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Streaming and royalty agreements on 18 operating mines and 28 development projects and other⁵.

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83% of attributable production from assets in the lowest half of their respective cost curves^2,4.

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Attributable gold equivalent production³ (“GEOs”) of 151,000 ounces in the first quarter of 2025. While quarterly production decreased 4% relative to the comparable period of the prior year as a result of planned lower production from Constancia and Peñasquito, it still surpassed expectations, driven primarily by strong quarterly production achieved at Salobo.

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Further de-risked forecast growth profile as construction activities advanced at a number of development projects including Goose, Platreef, and Mineral Park, all of which are currently expected to be producing by the end of 2025.

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On March 7, 2025, the Company amended the Blackwater Silver PMPA with Artemis Gold Inc. (“Artemis”) by simplifying the payable silver calculation, which is expected to accelerate the receipt of payable silver ounces by Wheaton.

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Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved commercial production at the Blackwater mine, with mining delivering in excess of 90% of its planned tonnage, and mined tonnes and grades reconciling favourably to the resource model.

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Leadership in Sustainability

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Top Rankings: One of the top-rated companies by Sustainalytics, AAA rated by MSCI (upgraded in 2024 from AA to AAA, the highest possible rating), and Prime rated by ISS.

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Awarded US$1 million to the winning venture of the inaugural Future of Mining Challenge, ReThink Milling Inc., to advance their Conjugate Anvil Hammer Mill (“CAHM”) and MonoRoll technologies, for their potential ability to lower energy use in the milling process.

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Recognized by Corporate Knights as one of the 2025 Global 100 Most Sustainable Corporations, based on a rigorous assessment of over more than 8,300 public companies with revenue over US$1 billion.

Operational Overview



(all figures in US dollars unless otherwise noted)		Q1 2025		Q1 2024	Change

Units produced

Gold ounces		92,681		91,939	0.8%

Silver ounces		4,733		5,482	(13.7)%

Palladium ounces		2,661		4,463	(40.4)%

Cobalt pounds		540		240	125.1%

Gold equivalent ounces ³		151,065		158,072	(4.4)%

Units sold

Gold ounces		111,297		92,019	21.0%

Silver ounces		4,483		4,067	10.2%

Palladium ounces		2,457		4,774	(48.5)%

Cobalt pounds		265		309	(14.2)%

Gold equivalent ounces ³		165,297		142,294	16.2%

Change in PBND and Inventory

Gold equivalent ounces ³		(26,344)		942	27,286

Revenue	$	470,411	$	296,806	58.5%

Net earnings	$	253,984	$	164,041	54.8%

Per share	$	0.560	$	0.362	54.7%

Adjusted net earnings ¹	$	250,825	$	163,589	53.3%

Per share ¹	$	0.553	$	0.361	53.2%

Operating cash flows	$	360,793	$	219,380	64.5%

Per share ¹	$	0.795	$	0.484	64.3%

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

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Financial Review

Revenues

Revenue in the first quarter of 2025 was $470 million (68% gold, 30% silver, 1% palladium and 1% cobalt), with the $174 million increase relative to the prior period quarter being primarily due to a 36% increase in the average realized gold equivalent³ price; and a 16% increase in the number of GEOs³ sold.

Cash Costs and Margin

Average cash costs¹ in the first quarter of 2025 were $446 per GEO³ as compared to $433 in the first quarter of 2024. This resulted in a cash operating margin¹ of $2,400 per GEO³ sold, an increase of 45% as compared with the first quarter of 2024, a result of the higher realized price per ounce. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins.

Cash Flow from Operations

Operating cash flow in the first quarter of 2025 amounted to $361 million, with the $141 million increase from the comparable period of the prior year, due primarily to the higher gross margin.

Produced But Not Yet Delivered

As at March 31, 2025, approximately 136,100 GEOs were produced but not yet delivered (“PBND”) representing approximately three months of payable production. Total PBND ounces decreased quarter over quarter as strong production levels in the fourth quarter of 2024, resulted in an increase to sales realized in the first quarter of 2025, due to the inherent timing delay between production and sales. The Company expects PBND levels to stay at the higher end of our forecasted range of two to three months until the end of 2025, in part due to the ramp up of new mines, forecast to commence operations in the second half of the year.

Balance Sheet (at March 31, 2025)

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Approximately $1,086 million of cash on hand

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During the first quarter of 2025, the Company made total upfront cash payments of $95 million relative to the mineral stream interests consisting of:

$40 million relative to the Mineral Park PMPA;

$30 million relative to the Blackwater PMPA; and

$25 million relative to the Fenix PMPA.

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Subsequent to the quarter, the Company made additional upfront cash payments of $303 million relative to the mineral stream interests consisting of:

$144 million relative to the Salobo III expansion;

$156 million relative to the Koné PMPA; and

$3 million relative to the Cangrejos PMPA.

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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. Given the strength of Wheaton’s balance sheet and forecasted cash flows, the Company has elected to not renew its at-the-market equity program.

Global Minimum Tax

For the three months ended March 31, 2025, an amount of $45 million current tax expense associated with Global Minimum Tax (“GMT”) was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024).

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As the Global Minimum Tax Act (“GMTA”) was not enacted into law until Q2-2024, no GMT expense was reflected in Q1-2024 results.

Chief Financial Officer Transition

On January 9, 2025, Wheaton announced that Gary Brown will be stepping down from his role as Chief Financial Officer (“CFO”). As part of the previously announced planned leadership succession, Vincent Lau was appointed CFO effective March 31, 2025.

First Quarter Operating Asset Highlights

Salobo: In the first quarter of 2025, Salobo produced 71,400 ounces of attributable gold, an increase of approximately 16% relative to the first quarter of 2024, primarily due to higher throughput and grades, partially offset by lower recoveries.

On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. The Company advanced the remaining balance of the expansion payment to Vale in the amount of $144 million on April 4, 2025.

Antamina: In the first quarter of 2025, Antamina produced 1.1 million ounces of attributable silver, an increase of approximately 35% relative to the first quarter of 2024 primarily due to higher grades and throughput, partially offset by lower recoveries. On April 22, 2025, it was reported that operations were temporarily halted after an incident which triggered a full safety shutdown. Operations have since re-commenced.

Peñasquito: In the first quarter of 2025, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of approximately 34% relative to the first quarter of 2024, primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit.

Constancia: In the first quarter of 2025, Constancia produced 0.6 million ounces of attributable silver and 4,900 ounces of attributable gold, a decrease of approximately 13% and 65%, respectively, relative to the first quarter of 2024. The decrease was primarily the result of lower grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year. On February 19, 2025, Hudbay Minerals Inc. (“Hudbay”) announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.

During Q1 2025 relative to Q4 2024, a greater percentage of gold production came from the lower grade Constancia pit as opposed to the higher grade Pampacancha pit, resulting in significantly lower production levels in Q1 2025 as compared to Q4 2024.

Sudbury: In the first quarter of 2025, Vale’s Sudbury mines produced 4,900 ounces of attributable gold, a decrease of approximately 13% relative to the first quarter of 2024, due to lower grades.

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San Dimas: In the first quarter of 2025, San Dimas produced 8,400 ounces of attributable gold, an increase of approximately 12% relative to the first quarter of 2024, primarily due to higher throughput, partially offset by lower grades.

In accordance with the San Dimas PMPA, effective April 30, 2025, the fixed gold to silver exchange ratio has been revised from 70:1 to 90:1. (see footnote 4 on page 14 of this press release for more information).

Stillwater: In the first quarter of 2025, the Stillwater mines produced 1,300 ounces of attributable gold and 2,700 ounces of attributable palladium, a decrease of approximately 49% for gold and 40% for palladium relative to the first quarter of 2024, primarily due to lower throughput as Stillwater West operations were put into care and maintenance in September 2024.

Voisey’s Bay: In the first quarter of 2025, the Voisey’s Bay mine produced 540,000 pounds of attributable cobalt, an increase of approximately 125% relative to the first quarter of 2024, as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground continues. On April 15, 2025, Vale reported the consistent ramp-up of Voisey’s Bay’s underground operations. The full ramp-up is expected by the second half of 2026.

Other Gold: In the first quarter of 2025, total Other Gold attributable production was 1,800 ounces, an increase of approximately 185% relative to the first quarter of 2024 due to the initial reported production from Blackwater.

Other Silver: In the first quarter of 2025, total Other Silver attributable production was 1.3 million ounces, a decrease of approximately 4% relative to the first quarter of 2024, as the initial reported production from Blackwater was offset by lower production at Neves-Corvo.

Zinkgruvan and Neves-Corvo: On April 16, 2025, Lundin Mining Corporation (“Lundin Mining”) announced that it has completed the sale of its Neves-Corvo and Zinkgruvan mines to Boliden AB.

Blackwater: On January 22, 2025, Artemis announced that commissioning of the grinding circuit at the Blackwater mine has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved commercial production at the Blackwater mine. Artemis reports that mining has delivered in excess of 90% of its planned tonnage, and that mined tonnes and grades are reconciling favourably to the resource model. Artemis notes that the proposed phase 2 expansion is anticipated to increase Blackwater’s average annual production to over 500,000 GEOs per year, positioning the mine as a key long-term asset in a favourable jurisdiction for Wheaton.

Los Filos: On April 1, 2025, Equinox reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

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.

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Recent Development Asset Updates

Goose Project: On February 19, 2025, B2Gold Corp. (“B2Gold”) announced that all planned construction activities for 2024 were completed, and project construction and development continue to progress on track to achieve first gold pour at the Goose Project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. On March 27, 2025, B2Gold announced an updated mineral reserve life for the Goose project, which uses a revised methodology for mineral resource estimation, resulting in a reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred Mineral Resources. B2Gold also states that they remain highly confident that with additional in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will be converted to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves.

Mineral Park Project: During the quarter, Waterton’s Origin Mining continued to advance the Mineral Park project, with the installation of all major equipment now complete. Waterton indicates that the second quarter will be focused on tie-ins, pre-commissioning activities, and introduction of ore, and that project construction continues to progress on track with a ramp-up to commercial production expected during the second half of 2025. At project completion, the fully refurbished mill capacity will be 16.5 Mtpa.

Platreef Project: On February 18, 2025, Ivanhoe Mines (“Ivanhoe”) reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production commencing from Q4 2025, followed by the Phase 2 expansion two years later in Q4 2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary PGM producers on a platinum equivalent basis.

Fenix Project: On January 13, 2025, Rio2 Limited (“Rio2”) reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. The leach pad has been designed to be built in four phases. On April 29, 2025, Rio2 reported that construction was 19% complete and remains on track and on budget for first gold production in January 2026. The Company advanced the second deposit payment of $25 million on March 24, 2025.

Kurmuk Project: On May 7, 2025, Allied Gold Corporation (“Allied”) reported that earthworks at the plant terrace advanced during the first quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Engineering and procurement activities reached 80% completion, with the project remaining on track and on budget. Allied reports that Kurmuk is expected to start production by mid-2026.

Marmato Mine: On January 15, 2025, Aris Mining Corporation (“Aris”) announced that the construction of the Marmato Lower Mine continues to progress. On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tpd to 5,000 tpd. On May 7, 2025, Aris reported that the processing plant capacity was increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

El Domo Project: On January 7, 2025, Silvercorp Metals Inc. (“Silvercorp”) reported it has recently awarded the earthworks contract to a large international mining contractor with over

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ten years of experience working in Ecuador. On April 23, 2025, Silvercorp reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. Silvercorp expects to complete construction and equipment installation by November 2026, with commissioning of the process plant occurring in December 2026.

Koné Project: On March 24, 2025, Montage Gold Corp. (“Montage”) announced that rapid construction progress is being achieved at the Koné project, where process plant concrete works, including the ahead-of-schedule pouring of Carbon-in-Leach tank foundations, have commenced. Montage reports that construction activities have significantly ramped-up, with the on-site workforce increasing from approximately 350 to 1,700 employees and contractors. On April 8, 2025, Montage published its maiden resource and results from its exploration program, with over 81,000 meters drilled in 2024, focused on identifying higher grade satellite targets, with the goal of supplementing production from the commencement of operations. Montage has reported that the project remains on track to pour gold in the second quarter of 2027.

Copper World Project: On January 2, 2025, Hudbay that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. Hudbay noted that the issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of the Copper World project. Hudbay also noted that the receipt of the three key state permits is one of the three key prerequisites for Hudbay as they work toward a sanctioning decision on the Copper World project in 2026. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.

Santo Domingo Project: On January 20, 2025, Capstone Copper Corp. (“Capstone”) announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.

Cangrejos Project: On January 28, 2025, Lumina Gold Corp., (“Lumina”), announced significant progress regarding power infrastructure required for the Cangrejos project as it received approval of the definitive feasibility level designs for connection to the national grid for the future energy demands of the project from Corporación Eléctrica del Ecuador. Lumina noted that the lead engineering contractor for the feasibility study has completed 92% of the estimated work and the feasibility study remains on schedule for completion during Q2 2025. Lumina notes that the Environmental Impact Study is progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.

On April 21, 2025, Lumina announced that it had entered into an arrangement agreement with CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively “CMOC”), pursuant to which CMOC will acquire all of the issued and outstanding common shares of Lumina. Subject to satisfying all necessary conditions, Lumina expects the transaction to be completed in the third quarter of 2025.

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Corporate Development

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

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

Sustainability

Future of Mining Challenge

On March 4, 2025, Wheaton announced the winner of its inaugural Future of Mining Challenge. ReThink Milling Inc. was awarded $1 million for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs. The theme of Wheaton’s 2025/26 Future of Mining Challenge will be water, and the Company expects to begin receiving expressions of interest in June 2025. Learn more at www.futureofmining.ca.

Community Investment Program:

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To strengthen community investment efforts in development-stage projects, Wheaton has expanded its Partner Community Investment program to include the Platreef project. During the quarter, significant progress was made on three Wheaton-supported community initiatives, and the company plans to further expand its community investment scope at Platreef in 2025.

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Wheaton’s Partner Community Investment Program continues to support initiatives with the Vale Foundation, Vale Canada, Glencore via Antamina, Hudbay, First Majestic, Newmont, Artemis, Aris Mining and Ivanhoe 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.

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Subsequent to the quarter, the Daffodil Ball, the largest cancer research gala in Canada and presented by Wheaton Precious Metals, raised a record-breaking CA$10.85 million in support of world-leading cancer research and the newly established Lundin Cancer Fund–Canadian Cancer Society Glioblastoma Research Program

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2025 and Long-Term Production Outlook

Wheaton’s estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs³ of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs³, unchanged from previous guidance^2,3.

Annual production is forecast to increase by approximately 40% to 870,000 GEOs³ by 2029, with average annual production forecast to grow to over 950,000 GEOs³ in years 2030 to 2034, also unchanged from previous guidance^6,7.

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

Wheaton will release its 2025 first quarter results on Thursday, May 8, 2025, after market close. A conference call will be held on Friday, May 9, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:


Dial toll free from Canada or the US:		1-888-510-2154
Dial from outside Canada or the US:		1-437-900-0527
Pass code:		90722#
Live audio webcast:		Webcast Link

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

The conference call will be recorded and available until May 16, 2025 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:		1-888-660-6345
Dial from outside Canada or the US:		1-646-517-4150
Pass code:		90722#
Archived audio webcast:		Webcast Link

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.

For further information:

Investor Contact

Emma Murray

Vice President, Investor Relations

Tel: 1-844-288-9878

Email: info@wheatonpm.com

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Condensed Interim Consolidated Statements of Earnings


	Three Months Ended March 31
(US dollars and shares in thousands, except per share amounts - unaudited)	2025		2024

Sales	$	470,411	$	296,806

Cost of sales

Cost of sales, excluding depletion	$	74,635	$	61,555

Depletion		76,693		63,676

Total cost of sales	$	151,328	$	125,231

Gross margin	$	319,083	$	171,575

General and administrative		13,525		10,464

Share based compensation		12,181		1,281

Donations and community investments		2,693		1,570

Earnings from operations	$	290,684	$	158,260

Other income (expense)		7,520		7,196

Earnings before finance costs and income taxes	$	298,204	$	165,456

Finance costs		1,441		1,442

Earnings before income taxes	$	296,763	$	164,014

Income tax expense (recovery)		42,779		(27)

Net earnings	$	253,984	$	164,041

Basic earnings per share	$	0.560	$	0.362
Diluted earnings per share	$	0.559	$	0.362

Weighted average number of shares outstanding

Basic		453,692		453,094

Diluted		454,428		453,666

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Condensed Interim Consolidated Balance Sheets



(US dollars in thousands - unaudited)		As at March 31 2025		As at December 31 2024

Assets
Current assets
Cash and cash equivalents	$	1,085,581	$	818,166
Accounts receivable		7,994		6,217
Income taxes receivable		159		-
Other		3,433		3,697

Total current assets	$	1,097,167	$	828,080

Non-current assets
Mineral stream interests	$	6,397,782	$	6,379,580
Early deposit mineral stream interests		47,094		47,094
Mineral royalty interests		40,421		40,421
Long-term equity investments		128,877		98,975
Property, plant and equipment		11,687		8,691
Other		16,269		21,616

Total non-current assets	$	6,642,130	$	6,596,377

Total assets	$	7,739,297	$	7,424,457

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	7,684	$	13,553
Dividends payable		74,880		-
Income taxes payable		106		2,127
Current portion of performance share units		13,291		13,562
Current portion of lease liabilities		488		262

Total current liabilities	$	96,449	$	29,504

Non-current liabilities
Performance share units	$	5,427	$	11,522
Lease liabilities		7,599		4,909
Global minimum tax payable		158,571		113,505
Deferred income taxes		369		349
Pension liability		4,740		5,289

Total non-current liabilities	$	176,706	$	135,574

Total liabilities	$	273,155	$	165,078

Shareholders’ equity
Issued capital	$	3,804,168	$	3,798,108
Reserves		(41,904)		(63,503)
Retained earnings		3,703,878		3,524,774

Total shareholders’ equity	$	7,466,142	$	7,259,379

Total liabilities and shareholders’ equity	$	7,739,297	$	7,424,457

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Condensed Interim Consolidated Statements of Cash Flows


	Three Months Ended March 31

(US dollars in thousands - unaudited)	2025		2024

Operating activities

Net earnings	$	253,984	$	164,041

Adjustments for

Depreciation and depletion		76,994		64,013

Equity settled share based compensation		1,425		1,598

Performance share units - expense		10,756		(317)
Performance share units - paid		(17,209)		(11,129)

Income tax expense		42,779		(27)

Investment income recognized in net earnings		(9,046)		(6,438)

Other		3,007		(60)

Change in non-cash working capital		(7,742)		2,155

Cash generated from operations before income taxes and interest	$	354,948	$	213,836

Income taxes refunded (paid)		(2,234)		(116)

Interest paid		(91)		(75)

Interest received		8,170		5,735

Cash generated from operating activities	$	360,793	$	219,380

Financing activities

Share purchase options exercised		2,506		3,816

Lease payments		(122)		(148)

Cash generated from financing activities	$	2,384	$	3,668

Investing activities

Mineral stream interests	$	(95,740)	$	(450,902)

Mineral royalty interest		-		(11,947)

Acquisition of long-term investments		(3)		(751)

Dividends received		239		700

Other		(260)		(596)

Cash used for investing activities	$	(95,764)	$	(463,496)

Effect of exchange rate changes on cash and cash equivalents	$	2	$	30

Increase (decrease) in cash and cash equivalents	$	267,415	$	(240,418)

Cash and cash equivalents, beginning of period		818,166		546,527

Cash and cash equivalents, end of period	$	1,085,581	$	306,109

- 14 -

Summary of Units Produced



	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023

Gold ounces produced ²

Salobo		71,384		84,291		62,689		63,225		61,622		71,778		69,045		54,804

Sudbury ³		4,891		5,259		3,593		4,477		5,618		5,823		3,857		5,818

Constancia		4,877		18,180		10,446		6,086		13,897		22,292		19,003		7,444

San Dimas ⁴		8,416		7,263		6,882		7,089		7,542		10,024		9,995		11,166

Stillwater ⁵		1,339		2,166		2,247		2,099		2,637		2,341		2,454		2,017

Other

Marmato		757		622		648		584		623		668		673		639

Blackwater		1,017		-		-		-		-		-		-		-

Minto ⁶		-		-		-		-		-		-		-		1,292

Total Other		1,774		622		648		584		623		668		673		1,931

Total gold ounces produced		92,681		117,781		86,505		83,560		91,939		112,926		105,027		83,180

Silver ounces produced ²

Peñasquito ⁷		1,754		2,465		1,785		2,263		2,643		1,036		-		1,744

Antamina		1,087		947		925		992		806		1,030		894		984

Constancia		555		969		648		451		640		836		697		420

Other

Los Filos		37		29		26		27		48		26		32		41

Zinkgruvan		638		637		537		699		641		510		785		374

Neves-Corvo		445		494		425		432		524		573		486		407

Aljustrel⁸		-		-		-		-		-		-		327		279

Cozamin		174		192		185		177		173		185		165		184

Marmato		8		7		7		6		7		10		11		7

Minto ⁶		-		-		-		-		-		-		-		14

Blackwater		35		-		-		-		-		-		-		-

Total Other		1,337		1,359		1,180		1,341		1,393		1,304		1,806		1,306

Total silver ounces produced		4,733		5,740		4,538		5,047		5,482		4,206		3,397		4,454

Palladium ounces produced ²

Stillwater ⁵		2,661		2,797		4,034		4,338		4,463		4,209		4,006		3,880

Cobalt pounds produced ²

Voisey’s Bay		540		393		397		259		240		215		183		152

GEOs produced ⁹		151,065		187,078		142,402		144,720		158,072		164,111		146,631		136,773

Average payable rate ²
Gold		95.0%		95.3%		95.0%		95.0%		94.7%		95.1%		95.4%		95.1%
Silver		86.1%		84.2%		83.9%		84.3%		84.5%		83.0%		78.4%		83.7%
Palladium		96.4%		97.5%		98.4%		97.3%		97.8%		98.0%		94.1%		94.1%
Cobalt		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%		93.3%
GEO⁹		91.8%		91.3%		90.9%		90.7%		90.6%		91.6%		90.8%		90.8%

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: Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces; 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.

Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater (“Sibanye”) announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit.

6)	On 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 third quarter of 2025.

9)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

- 15 -

Summary of Units Sold



	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023

Gold ounces sold
Salobo	83,809	55,170	58,101	54,962	56,841	76,656	44,444	46,030
Sudbury ²	5,632	4,048	2,495	5,679	4,129	5,011	4,836	4,775
Constancia	9,788	17,873	5,186	6,640	20,123	19,925	12,399	9,619
San Dimas	8,962	6,990	7,022	6,801	7,933	10,472	9,695	11,354
Stillwater ³	1,947	2,410	1,635	2,628	2,355	2,314	1,985	2,195
Other
Marmato	737	650	550	616	638	633	792	467
777	-	-	-	-	-	-	275	153
Minto	-	-	-	-	-	-	-	701
Blackwater	110	-	-	-	-	-	-	-
Santo Domingo⁴	312	312	447	-	-	-	-	-
El Domo⁴	-	209	258	-	-	-	-	-

Total Other	1,159	1,171	1,255	616	638	633	1,067	1,321

Total gold ounces sold	111,297	87,662	75,694	77,326	92,019	115,011	74,426	75,294

Silver ounces sold
Peñasquito	1,976	1,852	1,667	1,482	1,839	442	453	1,913
Antamina	884	858	989	917	762	1,091	794	963
Constancia	730	797	366	422	726	665	435	674
Other
Los Filos	57	29	26	24	44	24	30	37
Zinkgruvan	446	452	488	597	297	449	714	370
Neves-Corvo	218	154	185	216	243	268	245	132
Aljustrel	-	-	-	-	1	86	142	182
Cozamin	164	158	148	158	147	141	139	150
Marmato	8	7	6	7	8	9	11	7
Minto	-	-	-	-	-	-	-	7
777	-	-	-	-	-	-	2	2

Total Other	893	800	853	1,002	740	977	1,283	887

Total silver ounces sold	4,483	4,307	3,875	3,823	4,067	3,175	2,965	4,437

Palladium ounces sold

Stillwater ³	2,457	4,434	3,761	4,301	4,774	3,339	4,242	3,392

Cobalt pounds sold
Voisey’s Bay	265	485	88	88	309	288	198	265

GEOs sold ⁵	165,297	141,495	122,242	123,462	142,294	154,355	111,218	129,102
Cumulative payable units PBND ⁶
Gold ounces	96,702	119,644	94,578	87,350	85,259	90,237	97,860	72,061
Silver ounces	2,853	3,260	2,733	2,801	2,368	1,802	1,486	1,790
Palladium ounces	4,596	4,439	6,186	6,018	6,198	6,666	5,607	6,122
Cobalt pounds	917	678	796	513	360	356	377	251
GEO ⁵	136,058	162,402	132,500	124,532	116,716	115,316	119,013	96,249

Inventory on hand
Cobalt pounds	-	-	-	-	-	88	155	310

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)	The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company’s MD&A for more information.

5)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

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

- 16 -

Results of Operations

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


Three Months Ended March 31, 2025

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

Gold

Salobo		71,384		83,809	$	2,873	$	429	$	378	$	240,804	$	173,171	$	204,863	$	2,563,794

Sudbury ⁵		4,891		5,632		2,862		400		1,326		16,118		6,398		13,850		234,084

Constancia		4,877		9,788		2,873		425		323		28,123		20,808		23,967		61,167

San Dimas		8,416		8,962		2,873		637		290		25,751		17,445		20,043		133,883

Stillwater		1,339		1,947		2,873		497		421		5,594		3,807		4,626		206,641

Other ⁶		1,774		1,159		2,853		419		1,139		3,306		1,501		2,821		1,005,729
		92,681		111,297	$	2,872	$	445	$	423	$	319,696	$	223,130	$	270,170	$	4,205,298

Silver

Peñasquito		1,754		1,976	$	32.03	$	4.56	$	4.86	$	63,271	$	44,666	$	54,262	$	234,868

Antamina		1,087		884		32.03		6.41		8.46		28,311		15,169		22,647		483,292

Constancia		555		730		32.03		6.26		6.10		23,375		14,351		18,806		160,923

Other ⁷		1,337		893		33.55		4.42		6.14		29,980		20,545		23,069		727,167
		4,733		4,483	$	32.33	$	5.17	$	6.03	$	144,937	$	94,731	$	118,784	$	1,606,250

Palladium

Stillwater		2,661		2,457	$	965	$	172	$	429	$	2,372	$	895	$	1,949	$	212,125

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,814

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

Platinum

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

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

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,035

Cobalt
Voisey’s Bay		540		265	$	12.88	$	2.46	$	9.18	$	3,406	$	327	$	3,962	$	228,260

Operating results											$	470,411	$	319,083	$	394,865	$	6,397,782

Other

General and administrative													$	(13,525)	$	(19,379)

Share based compensation														(12,181)		(17,209)

Donations and community investments														(2,693)		(2,879)

Finance costs														(1,441)		(1,161)

Other														7,520		8,790

Income tax														(42,779)		(2,234)
Total other													$	(65,099)	$	(34,072)	$	1,341,515

													$	253,984	$	360,793	$	7,739,297

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

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

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

4)	Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company’s MD&A for more information.

5)	Please see page 3 of this press release for more information.

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

Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provisions of the Santo Domingo PMPA. Please see the Company’s MD&A for more information.

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

- 17 -


Three Months Ended March 31, 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		61,622		56,841	$	2,073	$	425	$	393	$	117,851	$	71,396		$	94,050	$	2,659,099

Sudbury ⁴		5,618		4,129		2,049		400		1,145		8,461		2,081			6,814		257,757

Constancia		13,897		20,123		2,073		420		316		41,723		26,910			33,263		73,912

San Dimas		7,542		7,933		2,073		631		279		16,448		9,237			11,445		142,512

Stillwater		2,637		2,355		2,073		372		510		4,883		2,806			4,008		210,267

Other ⁵		623		638		2,073		374		527		1,323		748			1,084		892,983
		91,939		92,019	$	2,072	$	439	$	404	$	190,689	$	113,178		$	150,664	$	4,236,530

Silver

Peñasquito		2,643		1,839	$	23.74	$	4.50	$	4.06	$	43,650	$	27,901		$	35,375	$	268,758

Antamina		806		762		23.74		4.68		7.06		18,088		9,147			14,523		514,154

Constancia		640		726		23.74		6.20		6.24		17,236		8,200			12,734		175,049

Other ⁶		1,393		740		23.89		4.15		4.16		17,684		11,539			15,819		603,933
		5,482		4,067	$	23.77	$	4.77	$	5.03	$	96,658	$	56,787		$	78,451	$	1,561,894

Palladium

Stillwater		4,463		4,774	$	980	$	182	$	445	$	4,677	$	1,683		$	3,808	$	218,542

Platreef		-		-		n.a.		n.a.		n.a.		-		-			-		78,786

		4,463		4,774	$	980	$	182	$	445	$	4,677	$	1,683		$	3,808	$	297,328

Platinum

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

Platreef		-		-		n.a.		n.a.		n.a.		-		-			-		57,564

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-		$	-	$	67,015

Cobalt
Voisey’s Bay		240		309	$	15.49	$	2.96	$	12.77	$	4,782	$	(73	)	$	7,006	$	348,000

Operating results											$	296,806	$	171,575		$	239,929	$	6,510,767

Other

General and administrative													$	(10,464)		$	(15,958)

Share based compensation														(1,281)			(11,129)

Donations and community investments														(1,570)			(1,373)

Finance costs														(1,442)			(1,125)

Other														7,196			9,152

Income tax														27			(116)
Total other													$	(7,534)		$	(20,549)	$	669,688

													$	164,041		$	219,380	$	7,180,455

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

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

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

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

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, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

- 18 -

Comparative Results of Operations on a GEO Basis



	Q1 2025		Q1 2024		Change		Change

GEO Production ^{1, 2}		151,065		158,072		(7,007)		(4.4)%

GEO Sales ²		165,297		142,294		23,003		16.2%

Average price per GEO sold ²	$	2,846	$	2,086	$	760		36.4%

Revenue	$	470,411	$	296,806	$	173,605		58.5%

Cost of sales, excluding depletion	$	74,635	$	61,555	$	(13,080)		(21.2)%

Depletion		76,693		63,676		(13,017)		(20.4)%

Cost of Sales	$	151,328	$	125,231	$	(26,097)		(20.8)%

Gross Margin	$	319,083	$	171,575	$	147,508		86.0%

General and administrative		13,525		10,464		(3,061)		(29.3)%

Share based compensation		12,181		1,281		(10,900)		(850.9)%

Donations and community investments		2,693		1,570		(1,123)		(71.5)%

Earnings from Operations	$	290,684	$	158,260	$	132,424		83.7%

Other income (expense)		7,520		7,196		324		4.5%

Earnings before finance costs and income taxes	$	298,204	$	165,456	$	132,748		80.2%

Finance costs		1,441		1,442		1		0.1%

Earnings before income taxes	$	296,763	$	164,014	$	132,749		80.9%

Income tax expense (recovery)		42,779		(27)		(42,806)		n.a.

Net earnings	$	253,984	$	164,041	$	89,943		54.8%

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

- 19 -

Non-GAAP Measures

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

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

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


	Three Months Ended March 31

(in thousands, except for per share amounts)	2025		2024

Net earnings	$	253,984	$	164,041

Add back (deduct):
(Gain) loss on fair value adjustment of share purchase warrants held		(623)		(183)
Deferred income tax (expense) recovery recognized in the Statement of OCI		(2,351)		(96)
Other		(185)		(173)

Adjusted net earnings	$	250,825	$	163,589

Divided by:
Basic weighted average number of shares outstanding		453,692		453,094
Diluted weighted average number of shares outstanding		454,428		453,666

Equals:
Adjusted earnings per share - basic	$	0.553	$	0.361
Adjusted earnings per share - diluted	$	0.552	$	0.361

- 20 -

ii.

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

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


	Three Months Ended March 31

(in thousands, except for per share amounts)	2025		2024

Cash generated by operating activities	$	360,793	$	219,380

Divided by:

Basic weighted average number of shares outstanding		453,692		453,094

Diluted weighted average number of shares outstanding		454,428		453,666

Equals:

Operating cash flow per share - basic	$	0.795	$	0.484

Operating cash flow per share - diluted	$	0.794	$	0.484

iii.

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

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


	Three Months Ended March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2025		2024

Cost of sales	$	151,328	$	125,231

Less: depletion		(76,693)		(63,676)

Less: cost of sales related to delay ounces¹		(864)		-

Cash cost of sales	$	73,771	$	61,555

Cash cost of sales is comprised of:

Total cash cost of gold sold	$	49,512	$	40,362

Total cash cost of silver sold		23,186		19,411

Total cash cost of palladium sold		423		869

Total cash cost of cobalt sold ²		650		913

Total cash cost of sales	$	73,771	$	61,555

Divided by:

Total gold ounces sold		111,297		92,019

Total silver ounces sold		4,483		4,067

Total palladium ounces sold		2,457		4,774

Total cobalt pounds sold		265		309

Equals:

Average cash cost of gold (per ounce)	$	445	$	439

Average cash cost of silver (per ounce)	$	5.17	$	4.77

Average cash cost of palladium (per ounce)	$	172	$	182

Average cash cost of cobalt (per pound)	$	2.46	$	2.96
1) The cost of sales related to delay ounces is a non-cash expense. Please see the Company’s MD&A for more information.

- 21 -

iv.

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

The following table provides a reconciliation of cash operating margin.


	Three Months Ended March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2025		2024

Gross margin	$	319,083	$	171,575

Add back: depletion		76,693		63,676

Add back: cost of sales related to delay ounces ¹		864		-

Cash operating margin	$	396,640	$	235,251

Cash operating margin is comprised of:

Total cash operating margin of gold sold	$	270,184	$	150,327

Total cash operating margin of silver sold		121,751		77,247

Total cash operating margin of palladium sold		1,949		3,808

Total cash operating margin of cobalt sold		2,756		3,869

Total cash operating margin	$	396,640	$	235,251

Divided by:

Total gold ounces sold		111,297		92,019

Total silver ounces sold		4,483		4,067

Total palladium ounces sold		2,457		4,774

Total cobalt pounds sold		265		309

Equals:

Cash operating margin per gold ounce sold	$	2,427	$	1,633

Cash operating margin per silver ounce sold	$	27.16	$	19.00

Cash operating margin per palladium ounce sold	$	793	$	798

Cash operating margin per cobalt pound sold	$	10.42	$	12.53

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton’s 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:

●

payment by the Company of $625 million to Montage and the satisfaction of each party’s obligations in accordance with the Koné Gold PMPA;

●

the receipt by the Company of gold production in respect of the Koné Gold Project;

●

the advance by the Company, and the repayment by Montage, of up to $75 million to Montage in connection with the Facility;

- 22 -

●

payment by the Company of $125 million to Rio2 and the satisfaction of each party’s obligations in accordance with the Fenix PMPA (as amended);

●

the receipt by the Company of gold production in respect of the Fenix Gold Project;

●

the advance by the Company, and the repayment by Rio2, of up to $20 million to Rio2 in connection with the Rio2 standby loan facility;

●

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 relating to the satisfaction of each party’s obligations in accordance with the terms of the Koné Gold PMPA;

●

risks relating to the satisfaction of each party’s obligations in accordance with the terms of the Facility;

●

risks relating to the satisfaction of each party’s obligations in accordance with the terms of the Fenix PMPA;

●

risks relating to the satisfaction of each party’s obligations in accordance with the terms of the Rio2 standby loan facility;

●

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

- 23 -

PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

●

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

●

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;

- 24 -

●

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; 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, 2024 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):

●

the payment of $625 million to Montage and the satisfaction of each party’s obligations in accordance with the terms of the Koné Gold PMPA;

●

the advance by the Company of up to $75 million to Montage in connection with the Facility and the receipt by the Company of all amounts owing under the Facility, including, but not limited to, interest;

●

the payment of $125 million to Rio2 and the satisfaction of each party’s obligations in accordance with the terms of the Fenix PMPA;

●

the advance by the Company of up to $20 million to Rio2 in connection with the Rio2 standby loan facility and the receipt by WPMI of all amounts owing under the Rio2 standby loan facility, including, but not limited to, interest;

●

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

- 25 -

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, 2024, which was filed on March 31, 2025 and other continuous disclosure documents filed by Wheaton since January 1, 2025, available on SEDAR+ at www.sedarplus.ca. Wheaton’s Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

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

End Notes

¹Please refer to disclosure on non-IFRS measures in this press release. Details of the dividend can be found in the Wheaton’s news release dated May 8, 2025, titled “Wheaton Precious Metals Announces Increase to Quarterly Dividend.”

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

³Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt.

⁴Source: Company reports S&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, 2024 and 2024 actual mill throughput and is weighted by individual reserve and resource category.

⁵Total 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, 24 which are at various stages of development and 4 of which have been placed in care and maintenance or have been closed.

⁶Further details for long-term guidance can be found in the Wheaton news release dated February 18, 2025, titled “Wheaton Precious Metals Exceeds 2024 Production Guidance and Provides 2025 and Long-Term Outlook, Projecting 40% Growth in the Next Five Years.”

⁷Wheaton’s long-term production outlook is based on information available as of February 18, 2025, the date of publication. The Company will provide updated longer-term guidance in normal course in the first quarter of 2026, which will incorporate the impact of recent developments and corporate development activities announced in 2025.

Exhibit 99.2

LOGO

WHEATON PRECIOUS METALS 1 FIRST QUARTER REPORT 2025 Management’s Discussion & Analysis

Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Three Months Ended March 31, 2025

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with Wheaton Precious Metals Corp.’s (“Wheaton” or the “Company”) unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 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, 2024, the related MD&A and the 2024 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 45 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of May 8, 2025.

Table of Contents


Highlights			5

Outlook			6

Mineral Stream Interests			7

Amendments to Mineral Stream Interests			8

Updates on the Operating Mineral Stream Interests			9

Updates on the Development Stage Mineral Stream Interests			10

Mineral Royalty Interests			12

Long-Term Equity Investments			12

Summary of Units Produced			14

Summary of Units Sold			15

Quarterly Financial Review ¹			16

Results of Operations and Operational Review			17

General and Administrative			21

Share Based Compensation			21

Donations and Community Investments			22

Other Income (Expense)			22

Finance Costs			22

Income Tax Expense (Recovery)			23

Liquidity and Capital Resources			23

Share Capital			31

Financial Instruments			31

Future Changes to Accounting Policies			31

Non-GAAP Measures			32

Subsequent Events			36

Controls and Procedures			36

Attributable Reserves and Resources			37

Cautionary Note Regarding Forward-Looking Statements			45

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

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

As of March 31, 2025, the Company has entered into 40 long-term agreements¹ (32 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 33 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 24 of which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 18 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended March 31, 2025, the per ounce price paid by the Company for the metals acquired under the agreements averaged $445 for gold, $5.17 for silver, $172 for palladium and $2.46 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.

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview


	Q1 2025		Q1 2024		Change

Units produced
Gold ounces		92,681		91,939		0.8 %
Silver ounces		4,733		5,482		(13.7)%
Palladium ounces		2,661		4,463		(40.4)%
Cobalt pounds		540		240		125.1 %
Gold equivalent ounces ²		151,065		158,072		(4.4)%
Units sold
Gold ounces		111,297		92,019		21.0 %
Silver ounces		4,483		4,067		10.2 %
Palladium ounces		2,457		4,774		(48.5)%
Cobalt pounds		265		309		(14.2)%
Gold equivalent ounces ²		165,297		142,294		16.2 %
Change in PBND and Inventory ³
Gold ounces		(22,942)		(4,978)		17,964
Silver ounces		(408)		566		974
Palladium ounces		157		(467)		(624)
Cobalt pounds		240		(85)		(325)
Gold equivalent ounces ²		(26,344)		942		27,286

Per unit metrics
Sales price
Gold per ounce	$	2,872	$	2,072		38.6 %
Silver per ounce	$	32.33	$	23.77		36.0 %
Palladium per ounce	$	965	$	980		(1.5)%
Cobalt per pound	$	12.88	$	15.49		(16.8)%
Gold equivalent per ounce ²	$	2,846	$	2,086		36.4 %
Cash costs ⁴
Gold per ounce ⁴	$	445	$	439		(1.4)%
Silver per ounce ⁴	$	5.17	$	4.77		(8.4)%
Palladium per ounce ⁴	$	172	$	182		5.5 %
Cobalt per pound ⁴	$	2.46	$	2.96		16.9 %
Gold equivalent per ounce ^{2, 4}	$	446	$	433		(3.0)%
Cash operating margin ⁴
Gold per ounce ⁴	$	2,427	$	1,633		48.7 %
Silver per ounce ⁴	$	27.16	$	19.00		42.9 %
Palladium per ounce ⁴	$	793	$	798		(0.6)%
Cobalt per pound ⁴	$	10.42	$	12.53		(16.8)%
Gold equivalent per ounce ^{2, 4}	$	2,400	$	1,653		45.2 %

Total revenue	$	470,411	$	296,806		58.5 %
Gold revenue	$	319,696	$	190,689		67.7 %
Silver revenue	$	144,937	$	96,658		49.9 %
Palladium revenue	$	2,372	$	4,677		(49.3)%
Cobalt revenue	$	3,406	$	4,782		(28.8)%
Net earnings	$	253,984	$	164,041		54.8 %
Per share	$	0.560	$	0.362		54.7 %
Adjusted net earnings⁴	$	250,825	$	163,589		53.3 %
Per share ⁴	$	0.553	$	0.361		53.2 %
Operating cash flows	$	360,793	$	219,380		64.5 %
Per share⁴	$	0.795	$	0.484		64.3 %
Dividends declared ⁵	$	74,880	$	70,261		6.6 %
Per share	$	0.165	$	0.155		6.5 %

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: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

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-GAAP measures beginning on page 32 of this MD&A.

5)	As at March 31, 2025, cumulative dividends of $2,422 million have been declared by the Company.

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Highlights

Operations

●

For the three months ended March 31, 2025, relative to the comparable period of the prior year:

^○

Production amounted to 151,100 gold equivalent ounces (“GEOs”), a decrease of 4%, primarily the result of lower production from Constancia and Peñasquito.

^○

Sales volumes amounted to 165,300 GEO’s, an increase of 16%, with the lower production being offset by a 16% decrease to the number of GEOs produced but not delivered (“PBND”), primarily a result of gold deliveries from Salobo attributable to the record production during Q4-2024.

^○

Revenue increased 58% or $174 million to $470 million (68% gold, 30% silver, 1% palladium and 1% cobalt), representing a record for the Company, with the increase being primarily due to a 36% increase in realized commodity prices coupled with the higher sales volumes.

^○

Gross margin amounted to $319 million (68% of revenue), representing an increase of $148 million (a 10% increase as a percentage of revenue).

^○

Net earnings amounted to $254 million, an increase of $90 million, primarily due to the increased gross margin, partially offset by a $45 million global minimum tax (“GMT”) expense.

^○

Adjusted net earnings increased 53% or $87 million to $251 million, representing a record for the Company.

^○

Record operating cash flow amounting to $361 million, with the $141 million increase being the result of the higher gross margin.

●

On May 8, 2025, the Board of Directors declared a dividend in the amount of $0.165 per common share.

Corporate Development

●

On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 million tonnes per annum (“Mtpa”) over a 90-day period, resulting in the completion of the second phase of the Salobo III expansion project.

●

On March 7, 2025, the Company amended the Blackwater Silver PMPA, modifying the payable silver profile under the stream, which is expected to accelerate the receipt of payable silver ounces by Wheaton.

Other

●

During the first quarter of 2025, the Company received its first deliveries of gold under the Blackwater Gold PMPA.

●

During the first quarter of 2025, the Company made total upfront cash payments of $95 million relative to the Mineral Park PMPA ($40 million), Fenix PMPA ($25 million) and Blackwater Silver PMPA ($30 million).

●

Subsequent to the quarter, the Company made additional upfront cash payments of $303 million relative to the Salobo III expansion ($144 million), the Koné PMPA ($156 million) and the Cangrejos PMPA ($3 million).

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Outlook¹

Wheaton’s estimated attributable production in 2025 is forecast to be 350,000 to 390,000 ounces of gold, 20.5 to 22.5 million ounces of silver, and 12,500 to 13,500 GEOs of other metals, resulting in annual production of approximately 600,000 to 670,000 GEOs², unchanged from previous guidance.

Annual production is forecast to increase by approximately 40% to 870,000 GEOs² by 2029, with average annual production forecast to grow to over 950,000 GEOs² in years 2030 to 2034, also unchanged from previous guidance.

Liquidity

From a liquidity perspective, the $1,086 million of cash and cash equivalents as at March 31, 2025 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.

Ounces produced represent the quantity of silver, gold, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Gold equivalent forecast production for 2025 and the longer-term outlook are based on the following updated commodity price assumptions: $2,600 per ounce gold, $30 per ounce silver, $950 per ounce palladium, $950 per ounce of platinum and $13.50 per pound cobalt.

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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 Mar 31, 2025 ³		To be Paid ^1, 2		Total ³		Cash Flow Generated to Date ³		Units Received & Sold to Date ³		Q1-2025 PBND ^3, 4		Term ¹

Gold

Salobo		Vale		BRA		75%		$429	$	3,429,360	$	144,000	$	3,573,360	$	2,813,243		2,278,159		80,688		LOM

Sudbury ⁵		Vale		CAN		70%		$400		623,572		-		623,572		335,520		300,453		8,183		20 years ⁵

Constancia		Hudbay		PER		50%		$425		135,000		-		135,000		341,996		237,414		420		LOM

San Dimas		FM		MEX		variable ⁶		$637		220,000		-		220,000		326,749		274,970		2,020		LOM

Stillwater ⁷		Sibanye		USA		100%		18%		237,880		-		237,880		104,737		70,732		4,328		LOM

Other

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

Marmato ⁸		Aris		CO		10.5% ⁸		18%		85,416		77,584		163,000		17,659		10,482		157		LOM

Santo Domingo		Capstone		CHL		100% ⁹		18%		27,730		260,000		287,730		2,819		1,071		-		LOM

Fenix		Rio2		CHL		22% ¹⁰		18%		50,000		100,000		150,000		-		-		-		LOM

Blackwater		Artemis		CAN		8% ¹¹		35%		340,000		-		340,000		202		110		906		LOM

El Domo ³		Silvercorp		ECU		50% ¹²		18%		(268)		128,904		128,636		1,203		467		-		LOM

Marathon		Gen Mining		CAN		100% ¹³		18%		21,857		97,385		119,242		-		-		-		LOM

Goose		B2Gold		CAN		2.78% ¹⁴		18%		83,750		-		83,750		-		-		-		LOM

Cangrejos		Lumina		ECU		6.6% ¹⁵		18%		44,900		255,100		300,000		-		-		-		LOM

Platreef		Ivanhoe		SA		62.5% ¹⁶		$100		275,300		-		275,300		-		-		-		LOM ¹⁶

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

Kudz Ze Kayah		BMC		CAN		6.875%¹⁸		20%		13,860		1,800		15,660		-		-		-		LOM

Koné		Montage		CIV		19.5% ¹⁹		20%		-		625,000		625,000		-		-		-		LOM

Kurmuk		Allied		ETH		6.7% ²⁰		15%		43,750		131,250		175,000		-		-		-		LOM

									$	5,652,107	$	1,915,319	$	7,567,426	$	3,944,128		3,173,858		96,702

Silver

Peñasquito		Newmont		MEX		25%		$4.56	$	485,000	$	-	$	485,000	$	1,606,298		88,902		1,326		LOM

Antamina		Glencore		PER		33.75% ²¹		20%		900,000		-		900,000		788,927		48,634		876		LOM

Constancia		Hudbay		PER		100%		$6.26		294,900		-		294,900		295,611		20,250		100		LOM

Other

Los Filos		Equinox		MEX		100%		$4.74		4,463		-		4,463		44,849		2,364		32		25 years ²²

Zinkgruvan		Boliden		SWE		100%		$4.75		77,866		-		77,866		552,277		35,544		304		LOM

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

Neves-Corvo		Boliden		PRT		100%		$4.50		35,350		-		35,350		187,382		10,605		51		50 years ²³

Aljustrel		Almina		PRT		100% ²⁴		50%		2,451		-		2,451		48,811		4,274		-		50 years ²³

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 ⁸		Aris		CO		100% ⁸		18%		7,600		4,400		12,000		3,291		159		4		LOM

Cozamin		Capstone		MEX		50% ²⁵		10%		150,000		-		150,000		60,064		2,638		127		LOM

Blackwater		Artemis		CAN		50% ¹¹		18%		170,800		-		170,800		-		-		33		LOM

El Domo ³		Silvercorp		ECU		75% ¹²		18%		(96)		46,596		46,500		-		-		-		LOM

Mineral Park		Waterton		US		100%		18%		115,000		-		115,000		-		-		-		LOM

Kudz Ze Kayah		BMC		CAN		6.875% ¹⁸		20%		24,640		3,200		27,840		-		-		-		LOM

									$	2,961,262	$	278,451	$	3,239,713	$	4,116,145		243,523		2,853

Palladium

Stillwater ⁷		Sibanye		USA		4.5% ²⁶		18%	$	262,120	$	-	$	262,120	$	164,700		117,515		4,596		LOM

Platreef		Ivanhoe		SA		5.25% ¹⁶		30%		78,700		-		78,700		-		-		-		LOM ¹⁶

									$	340,820	$	-	$	340,820	$	164,700		117,515		4,596

Platinum

Marathon		Gen Mining		CAN		22% ¹³		18%	$	9,367	$	41,736	$	51,103	$	-		-		-		LOM

Platreef		Ivanhoe		SA		5.25% ¹⁶		30%		57,500		-		57,500		-		-		-		LOM ¹⁶

									$	66,867	$	41,736	$	108,603	$	-		-		-

Cobalt

Voisey’s Bay		Vale		CAN		42.4% ²⁷		18%	$	390,000	$	-	$	390,000	$	64,923		4,233		917		LOM

Total PMPAs Currently Owned									$	9,411,056	$	2,235,506	$	11,646,562	$	8,289,896

Terminated / Matured PMPAs										1,358,502		-	$	1,358,502		3,376,971

Total									$	10,769,558	$	2,235,506	$	13,005,064	$	11,666,867

Abbreviations as follows: FM = First Majestic Silver Corp; BMC = BMC Minerals; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CIV = Côte d’Ivoire, CO = Colombia; ECU = Ecuador; ETH = Ethiopia, GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine.

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2)	Please refer to the section entitled “Contractual Obligations and Contingencies – Mineral Stream Interests” on page 26 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 28 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid. Certain contracts, including Santo Domingo and El Domo, contain delay ounce provisions whereby should construction of the mine not be completed by an agreed to date, the mine operator must compensate the Company for the delay until certain conditions are satisfied by delivering additional ounces. The value of these ounces on the date first due, net of amounts owed to the mine operator, is treated as a reduction to the upfront consideration paid. Sale of the resulting ounces received is treated as revenue, with the associated cost of sales being equal to the fair value of the ounces on the date received.

Payable gold, silver, palladium and cobalt PBND are based on management estimates. These figures may be updated in the future as additional information is received. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important 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 March 31, 2025, the Company has received approximately $336 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. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1.

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

8)	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.

9)	Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company’s attributable gold production will be reduced to 67%. The units sold under Santo Domingo relate to ounces received due to the delay ounce provision (see footnote 3, above).

10)

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

11)

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%.

12)

Once the Company has received 145,000 ounces of gold under the El Domo PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%. The units sold under El Domo relate to ounces received due to the delay ounce provision (see footnote 3, above).

13)	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%.

14)	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%.

15)	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%.

16)

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.

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

18)

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%.

19)

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

20)

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

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

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

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

24)

Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the third quarter of 2025.

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

26)

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%.

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

Significant amendments and acquisitions (if any) of mineral stream interests during Q1 2025 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in the Contractual Obligations and Contingencies section of this MD&A starting on page 26 of the MD&A.

Amendments to Mineral Stream Interests

Amendment to Blackwater PMPA

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

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relative to the original profile, on March 10, 2025, the Company paid Artemis $30 million in connection with this amendment.

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 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.

Constancia

On February 19, 2025, Hudbay Minerals Inc. (“Hudbay”) announced that gold production in 2025 is expected to be lower than 2024 levels as additional high grade gold benches were mined in late 2024, ahead of schedule, resulting in gold production exceeding 2024 guidance levels. The Pampacancha deposit is now expected to be depleted in early December 2025 as opposed to October 2025, as the mine plan has smoothed Pampacancha production throughout the year. Total mill ore feed from Pampacancha is expected to be approximately 25% in 2025, lower than the typical one-third in prior years as Pampacancha approaches depletion.

San Dimas

On April 9, 2025, First Majestic Silver Corp., (“First Majestic”) reported that the replacement of the diesel generators used for on-site back-up power at San Dimas with Liquefied Natural Gas (“LNG”) units is near completion, with four 1 megawatt LNG generators on site that will commence operating in Q2 2025. First Majestic states this will generate substantial cost-savings and will result in a reduction in carbon emissions when back-up power is required.

In accordance with the terms of the San Dimas PMPA, effective April 30, 2025 the fixed gold to silver exchange ratio has been revised from 70:1 to 90:1. Please see footnote 6 on page 8 of this MD&A for more information.

Blackwater

On January 22, 2025, Artemis Gold Inc., (“Artemis”) announced that commissioning of the grinding circuit at the Blackwater mine has advanced and milling of first ore commenced, with the first pour of gold and silver being announced on January 29, 2025. Subsequent to the quarter, on May 2, 2025, Artemis announced that it had achieved commercial production at the Blackwater mine. Artemis reports that mining has delivered in excess of 90% of its planned tonnage, and that mined tonnes and grades are reconciling favourably to the resource model. Artemis notes that the proposed phase 2 expansion is anticipated to increase Blackwater’s average annual production to over 500,000 GEOs per year, positioning the mine as a key long-term asset in a favourable jurisdiction for Wheaton.

Los Filos

On February 19, 2025, Equinox Gold Corp., (“Equinox”) reported that Equinox reached consensus on terms for new agreements with the three local communities. Two communities have ratified and signed new long-term agreements and one community remains outstanding. Equinox has stated that if they are unable to satisfactorily complete these agreements with all three communities in the very near term, they will suspend operations at Los Filos indefinitely. On April 1, 2025, Equinox reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

Zinkgruvan and Neves-Corvo

On April 16, 2025, Lundin Mining Corporation (“Lundin Mining”) announced that it has completed the sale of its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden AB (“Boliden”).

Antamina

On April 22, 2025, it was reported that operations were temporarily halted after an incident which triggered a full safety shutdown. Operations have since re-commenced.

Voisey’s Bay – Underground Mine Extension

On April 15, 2025, Vale reported the consistent ramp-up of Voisey’s Bay’s underground operations. The full ramp-up is expected by the second half of 2026.

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Updates on the Development Stage Mineral Stream Interests

Copper World

On January 2, 2025, Hudbay Minerals Inc., (“Hudbay”) announced that it has received an Air Quality Permit for the Copper World project from the Arizona Department of Environmental Quality. Hudbay noted that the issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of the Copper World project. Hudbay also noted that the receipt of the three key state permits is one of the three key prerequisites for Hudbay as they work toward a sanctioning decision on the Copper World project in 2026. Hudbay commenced a minority joint venture partner process early in 2025, and it is anticipated that any minority joint venture partner would participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World. On March 27, 2025, Hudbay reported that feasibility studies are underway at the fully permitted Copper World project.

Marmato Mine

On January 15, 2025, Aris Mining Corporation (“Aris”) announced that the construction of the Marmato Lower Mine continues to progress. On March 13, 2025, Aris announced an enhanced Marmato expansion, whereby the design of the carbon-in-pulp processing facility will be upgraded by 25% from 4,000 tonnes per day (“tpd”) to 5,000 tpd. On May 7, 2025, Aris reported that the processing plant capacity was increased from 4,000 tpd to a planned 5,000 tpd. Aris reports that construction remains on track, and production is expected to start ramping up in the second half of 2026.

Santo Domingo

On January 20, 2025, Capstone Copper Corp. (“Capstone”) announced plans to progress partnership discussions and its financing strategy throughout 2025. A potential project sanctioning decision is not anticipated prior to mid-2026.

Fenix

On January 13, 2025, Rio2 Limited (“Rio2”) reported that construction activities recommenced in October 2024 and construction is expected to be completed in November 2025. Bulk earthworks at the plant side have been completed and concrete bases for the footings of the processing plant have been poured. Earthworks have commenced on the leach pad stability platform, which forms the base of the Phase 1 leach pad. The leach pad has been designed to be built in four phases. On April 29, 2025, Rio2 reported that construction was 19% complete and remains on track and on budget for first gold production in January 2026. The Company advanced the second deposit payment of $25 million on March 24, 2025.

El Domo

On January 7, 2025, Silvercorp Metals Inc. (“Silvercorp”) reported it has recently awarded the earthworks contract to a large international mining contractor with over ten years of experience working in Ecuador. On April 23, 2025, Silvercorp reported that it is targeting to bring the project into production by the end of 2026. The construction of the main plant and auxiliary facilities are expected to commence in September 2025, with major equipment installation expected to commence in May 2026. Silvercorp expects to complete construction and equipment installation by November 2026, with commissioning of the process plant occurring in December 2026.

Goose

On February 19, 2025, B2Gold Corp. (“B2Gold”) announced that all planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose Project in the second quarter of 2025, followed by a ramp up to commercial production in the third quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer Winter Ice Road was completed in February 2025. On May 7, 2025, B2Gold reported the Winter Ice Road was operational by mid-February 2025 with the transportation of all materials from the Marine Laydown Area to the Goose Project site completed one month ahead of schedule in mid-April 2025.

On March 27, 2025, B2Gold announced an updated mineral reserve life of mine plan for the Goose project, which uses a revised methodology for mineral resource estimation resulting in a reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred Mineral Resources, through the application of more stringent specifications for drill hole spacing that B2Gold felt was more appropriate for the deposit. B2Gold also states that they remain highly confident that with additional in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will be converted to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves.

Cangrejos

On January 28, 2025, Lumina Gold Corp., (“Lumina”), announced significant progress regarding power infrastructure required for the Cangrejos project as it received approval of the definitive feasibility level designs for connection to the national grid for the future energy demands of the project from Corporación Eléctrica del Ecuador. Lumina noted that the lead engineering contractor for the feasibility study has completed 92% of the estimated work and the feasibility study remains on schedule for completion during Q2 2025. Lumina notes that the Environmental Impact Study is

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [10]

progressing on schedule which will allow for its submission to the Government of Ecuador in mid-2025. Lumina is targeting receiving its environmental license by early 2026.

Platreef

On February 18, 2025, Ivanhoe Mines (“Ivanhoe”) reported positive results from the two independent technical studies completed on the Phase 2 and Phase 3 expansions. The study outlines Phase 1 production commencing from Q4 2025, followed by the Phase 2 expansion two years later in Q4 2027. Ivanhoe noted that the Phase 3 expansion is expected to rank Platreef as one of the largest primary platinum-group metals (“PGM”) producers on a platinum equivalent basis.

Koné

On March 24, 2025, Montage Gold Corp. (“Montage”) announced that rapid construction progress is being achieved at the Koné project, where process plant concrete works, including the ahead-of-schedule pouring of Carbon-in-Leach tank foundations, have commenced. Montage reports that construction activities have significantly ramped-up, with the on-site workforce increasing from approximately 350 to 1,700 employees and contractors. On April 8, 2025, Montage published its maiden resource and results from its exploration program, with over 81,000 meters drilled in 2024, focused on identifying higher grade satellite targets, with the goal of supplementing production from the commencement of operations. Montage has reported that the project remains on track to pour gold in the second quarter of 2027.

Kurmuk

On May 7, 2025, Allied Gold Corporation (“Allied”) reported that earthworks at the plant terrace advanced during the first quarter to near completion, while civil works and structural, mechanical, plate, and piping contractor mobilizations are in progress. Engineering and procurement activities reached 80% completion during the quarter, with the project remaining on track and on budget. Allied reported Kurmuk is expected to start production by mid-2026.

Mineral Park

During the quarter, Waterton’s Origin Mining continued to advance the Mineral Park project, with the installation of all major equipment now complete. Waterton indicates that the second quarter will be focused on tie-ins, pre-commissioning activities, and introduction of ore, and that project construction continues to progress on track with a ramp-up to commercial production expected during the second half of 2025. At project completion, the fully refurbished mill capacity will be 16.5 Mtpa.

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 28 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.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [11]

Mineral Royalty Interests

The following table summarizes the mineral royalty interests owned by the Company as at March 31, 2025:

Royalty Interests

Mine

Owner

Location of

Mine

Royalty¹

Total

Upfront

Consideration²

Term of

Agreement

Date of

Original

Contract

Metates

Chesapeake

Mexico

0.5% NSR

3,000

Life of Mine

07-Aug-2014

Brewery Creek³

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine⁴

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd⁵

Vista

Australia

1.0% GR

20,000

Life of Mine

13-Dec-2023

DeLamar ⁶

Integra

USA

1.5% NSR

9,750

Life of Mine

20-Feb-2024

39,879

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

2)	Expressed in thousands; excludes closing costs.

The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn$2 million to the Company. On August 14, 2024, the Ontario Superior Court of Justice placed Victoria Gold Corp into receivership following the failure of the heap leach pad at its Eagle Mine in June, 2024.

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

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

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

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

DeLamar

On January 30, 2025, Integra Resources Corp., (“Integra”) highlighted Idaho’s Strategic Permitting, Efficiency, and Economic Development Act (the “SPEED” Act). The SPEED Act is an important step toward advancing important Idaho based mining projects, such as DeLamar. On April 2, 2025, Integra announced the formal submission of the updated mine plan of operations to the U.S. Bureau of Land Management and this marks the initiation of the federal permitting process under the National Environmental Policy Act.

Long-Term Equity Investments

The Company will, from time to time, invest in securities of companies for strategic purposes including, but not limited to, exploration and mining companies. The Company held the following investments as at March 31, 2025 and December 31, 2024:



	March 31		December 31

(in thousands)	2025		2024

Common shares held	$	127,468	$	98,190

Warrants held		1,409		785

Total long-term equity investments	$ 128,877		$ 98,975

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.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [12]

A summary of the fair value of these equity investments and the fair value changes recognized as a component of the Company’s OCI during the three months ended March 31, 2025 and 2024 is presented below:

Common Shares Held


	Three Months Ended March 31, 2025

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2024		Cost of Additions		Proceeds of Disposition		Fair Value Adjustment Gains (Losses)¹		Fair Value at Mar 31, 2025		Realized Loss on Disposal

Kutcho		18,640		11.11%	$	1,231	$	-	$	-	$	520	$	1,751	$	-

B2Gold		12,025		0.91%		29,416		-		-		4,794		34,210		-

Silvercorp		3,759		1.73%		11,285		-		-		3,226		14,511		-

Aris		4,715		2.76%		16,515		-		-		5,295		21,810		-

Other						39,743		3,117		-		12,326		55,186		-

Total					$	98,190	$	3,117	$	-	$	26,161	$	127,468	$	-

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


	Three Months Ended March 31, 2024

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

Kutcho		18,640		12.03%	$	1,551	$	-	$	-	$	100	$	1,651	$	-

Hecla		34,980		5.60%		168,255		-		-		-		168,255		-

B2Gold		12,025		0.92%		38,094		-		-		(6,590)		31,504		-

Aris		4,715		3.33%		15,579		-		-		1,332		16,911		-

Other						22,547		5,122		-		(312)		27,357		-

Total					$	246,026	$	5,122	$	-	$	(5,470)	$	245,678	$	-

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [13]

Summary of Units Produced


	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023

Gold ounces produced ²

Salobo		71,384		84,291		62,689		63,225		61,622		71,778		69,045		54,804

Sudbury ³		4,891		5,259		3,593		4,477		5,618		5,823		3,857		5,818

Constancia		4,877		18,180		10,446		6,086		13,897		22,292		19,003		7,444

San Dimas ⁴		8,416		7,263		6,882		7,089		7,542		10,024		9,995		11,166

Stillwater ⁵		1,339		2,166		2,247		2,099		2,637		2,341		2,454		2,017

Other

Marmato		757		622		648		584		623		668		673		639

Blackwater		1,017		-		-		-		-		-		-		-

Minto ⁶		-		-		-		-		-		-		-		1,292

Total Other		1,774		622		648		584		623		668		673		1,931

Total gold ounces produced		92,681		117,781		86,505		83,560		91,939		112,926		105,027		83,180

Silver ounces produced ²

Peñasquito ⁷		1,754		2,465		1,785		2,263		2,643		1,036		-		1,744

Antamina		1,087		947		925		992		806		1,030		894		984

Constancia		555		969		648		451		640		836		697		420

Other

Los Filos		37		29		26		27		48		26		32		41

Zinkgruvan		638		637		537		699		641		510		785		374

Neves-Corvo		445		494		425		432		524		573		486		407

Aljustrel⁸		-		-		-		-		-		-		327		279

Cozamin		174		192		185		177		173		185		165		184

Marmato		8		7		7		6		7		10		11		7

Minto ⁶		-		-		-		-		-		-		-		14

Blackwater		35		-		-		-		-		-		-		-

Total Other		1,337		1,359		1,180		1,341		1,393		1,304		1,806		1,306

Total silver ounces produced		4,733		5,740		4,538		5,047		5,482		4,206		3,397		4,454

Palladium ounces produced ²

Stillwater ⁵		2,661		2,797		4,034		4,338		4,463		4,209		4,006		3,880

Cobalt pounds produced ²

Voisey’s Bay		540		393		397		259		240		215		183		152

GEOs produced ⁹		151,065		187,078		142,402		144,720		158,072		164,111		146,631		136,773

Average payable rate ²

Gold		95.0%		95.3%		95.0%		95.0%		94.7%		95.1%		95.4%		95.1%

Silver		86.1%		84.2%		83.9%		84.3%		84.5%		83.0%		78.4%		83.7%

Palladium		96.4%		97.5%		98.4%		97.3%		97.8%		98.0%		94.1%		94.1%

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

GEO⁹		91.8%		91.3%		90.9%		90.7%		90.6%		91.6%		90.8%		90.8%

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

3)	Comprised of the Coleman, Copper Cliff, Garson, Creighton and Totten gold 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 third quarter of 2025.

9)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [14]

Summary of Units Sold


	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023

Gold ounces sold

Salobo		83,809		55,170		58,101		54,962		56,841		76,656		44,444		46,030

Sudbury ²		5,632		4,048		2,495		5,679		4,129		5,011		4,836		4,775

Constancia		9,788		17,873		5,186		6,640		20,123		19,925		12,399		9,619

San Dimas		8,962		6,990		7,022		6,801		7,933		10,472		9,695		11,354

Stillwater ³		1,947		2,410		1,635		2,628		2,355		2,314		1,985		2,195

Other

Marmato		737		650		550		616		638		633		792		467

777		-		-		-		-		-		-		275		153

Minto		-		-		-		-		-		-		-		701

Blackwater		110		-		-		-		-		-		-		-

Santo Domingo⁴		312		312		447		-		-		-		-		-

ElDomo ⁴		-		209		258		-		-		-		-		-

Total Other		1,159		1,171		1,255		616		638		633		1,067		1,321

Total gold ounces sold		111,297		87,662		75,694		77,326		92,019		115,011		74,426		75,294

Silver ounces sold

Peñasquito		1,976		1,852		1,667		1,482		1,839		442		453		1,913

Antamina		884		858		989		917		762		1,091		794		963

Constancia		730		797		366		422		726		665		435		674

Other

Los Filos		57		29		26		24		44		24		30		37

Zinkgruvan		446		452		488		597		297		449		714		370

Neves-Corvo		218		154		185		216		243		268		245		132

Aljustrel		-		-		-		-		1		86		142		182

Cozamin		164		158		148		158		147		141		139		150

Marmato		8		7		6		7		8		9		11		7

Minto		-		-		-		-		-		-		-		7

777		-		-		-		-		-		-		2		2

Total Other		893		800		853		1,002		740		977		1,283		887

Total silver ounces sold		4,483		4,307		3,875		3,823		4,067		3,175		2,965		4,437

Palladium ounces sold

Stillwater ³		2,457		4,434		3,761		4,301		4,774		3,339		4,242		3,392

Cobalt pounds sold

Voisey’s Bay		265		485		88		88		309		288		198		265

GEOs sold ⁵		165,297		141,495		122,242		123,462		142,294		154,355		111,218		129,102

Cumulative payable units PBND ⁶

Gold ounces		96,702		119,644		94,578		87,350		85,259		90,237		97,860		72,061

Silver ounces		2,853		3,260		2,733		2,801		2,368		1,802		1,486		1,790

Palladium ounces		4,596		4,439		6,186		6,018		6,198		6,666		5,607		6,122

Cobalt pounds		917		678		796		513		360		356		377		251

GEO ⁵		136,058		162,402		132,500		124,532		116,716		115,316		119,013		96,249

Inventory on hand Cobalt pounds		-		-		-		-		-		88		155		310

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

5)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [15]

Quarterly Financial Review ¹


	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023

Gold ounces sold		111,297		87,662		75,694		77,326		92,019		115,011		74,426		75,294

Realized price ²	$	2,872	$	2,677	$	2,491	$	2,356	$	2,072	$	2,006	$	1,944	$	1,986

Gold sales	$	319,696	$	234,690	$	188,521	$	182,150	$	190,689	$	230,716	$	144,707	$	149,511

Silver ounces sold		4,483		4,307		3,875		3,823		4,067		3,175		2,965		4,437

Realized price ²	$	32.33	$	31.28	$	29.71	$	29.11	$	23.77	$	23.77	$	23.73	$	24.13

Silver sales	$	144,937	$	134,733	$	115,149	$	111,291	$	96,658	$	75,465	$	70,372	$	107,081

Palladium ounces sold		2,457		4,434		3,761		4,301		4,774		3,339		4,242		3,392

Realized price ²	$	965	$	1,008	$	969	$	979	$	980	$	1,070	$	1,251	$	1,438

Palladium sales	$	2,372	$	4,468	$	3,644	$	4,210	$	4,677	$	3,574	$	5,307	$	4,879

Cobalt pounds sold		265		485		88		88		309		288		198		265

Realized price ²	$	12.88	$	13.66	$	10.65	$	16.02	$	15.49	$	12.92	$	13.87	$	13.23

Cobalt sales	$	3,406	$	6,625	$	939	$	1,413	$	4,782	$	3,716	$	2,751	$	3,501

Total sales	$	470,411	$	380,516	$	308,253	$	299,064	$	296,806	$	313,471	$	223,137	$	264,972

Cash cost ^{2, 3}

Gold / oz	$	445	$	440	$	440	$	441	$	439	$	437	$	444	$	461

Silver / oz	$	5.17	$	5.16	$	5.03	$	4.95	$	4.77	$	5.02	$	5.10	$	5.01

Palladium / oz	$	172	$	184	$	173	$	175	$	182	$	198	$	223	$	261

Cobalt / lb ⁵	$	2.46	$	2.59	$	2.15	$	3.11	$	2.96	$	3.14	$	3.66	$	3.20

Depletion ²

Gold / oz ⁴	$	423	$	420	$	418	$	438	$	404	$	405	$	381	$	365

Silver / oz	$	6.03	$	5.90	$	5.89	$	5.76	$	5.03	$	5.29	$	4.57	$	4.92

Palladium / oz	$	429	$	429	$	429	$	429	$	445	$	445	$	459	$	445

Cobalt / lb	$	9.18	$	12.78	$	12.78	$	12.78	$	12.77	$	12.80	$	12.98	$	13.85

Gain on disposal of PMPA	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,027

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

Net earnings	$	253,984	$	88,148	$	154,635	$	122,317	$	164,041	$	168,435	$	116,371	$	141,448

Per share

Basic	$	0.560	$	0.194	$	0.341	$	0.270	$	0.362	$	0.372	$	0.257	$	0.312

Diluted	$	0.559	$	0.194	$	0.340	$	0.269	$	0.362	$	0.371	$	0.257	$	0.312

Adjusted net earnings ³	$	250,825	$	198,969	$	152,803	$	124,810	$	163,589	$	164,569	$	121,467	$	142,584

Per share

Basic	$	0.553	$	0.439	$	0.337	$	0.275	$	0.361	$	0.363	$	0.268	$	0.315

Diluted	$	0.552	$	0.438	$	0.336	$	0.275	$	0.361	$	0.363	$	0.268	$	0.314

Cash flow from operations	$	360,793	$	319,471	$	254,337	$	234,393	$	219,380	$	242,226	$	171,103	$	202,376

Per share ³

Basic	$	0.795	$	0.704	$	0.561	$	0.517	$	0.484	$	0.535	$	0.378	$	0.447

Diluted	$	0.794	$	0.703	$	0.560	$	0.516	$	0.484	$	0.534	$	0.377	$	0.446

Dividends declared	$	74,880	$	70,318	$	70,314	$	70,273	$	70,261	$	67,950	$	67,946	$	67,938

Per share	$	0.165	$	0.155	$	0.155	$	0.155	$	0.155	$	0.150	$	0.150	$	0.150

Total assets	$	7,739,297	$	7,424,457	$	7,386,179	$	7,247,082	$	7,180,455	$	7,031,185	$	6,881,515	$	6,879,905

Total liabilities	$	273,155	$	165,078	$	126,165	$	87,410	$	101,260	$	45,669	$	38,254	$	33,492

Total shareholders’ equity	$	7,466,142	$	7,259,379	$	7,260,014	$	7,159,672	$	7,079,195	$	6,985,516	$	6,843,261	$	6,846,413

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-GAAP beginning on page 32 of this MD&A.

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

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

WHEATON PRECIOUS METALS 2025 1ST 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 March 31, 2025 and 2024

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


Three Months Ended March 31, 2025

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

Gold

Salobo		71,384		83,809	$	2,873	$	429	$	378	$	240,804	$	173,171	$	204,863	$	2,563,794

Sudbury⁵		4,891		5,632		2,862		400		1,326		16,118		6,398		13,850		234,084

Constancia		4,877		9,788		2,873		425		323		28,123		20,808		23,967		61,167

San Dimas		8,416		8,962		2,873		637		290		25,751		17,445		20,043		133,883

Stillwater		1,339		1,947		2,873		497		421		5,594		3,807		4,626		206,641

Other⁶		1,774		1,159		2,853		419		1,139		3,306		1,501		2,821		1,005,729

		92,681		111,297	$	2,872	$	445	$	423	$	319,696	$	223,130	$	270,170	$	4,205,298

Silver

Peñasquito		1,754		1,976	$	32.03	$	4.56	$	4.86	$	63,271	$	44,666	$	54,262	$	234,868

Antamina		1,087		884		32.03		6.41		8.46		28,311		15,169		22,647		483,292

Constancia		555		730		32.03		6.26		6.10		23,375		14,351		18,806		160,923

Other⁷		1,337		893		33.55		4.42		6.14		29,980		20,545		23,069		727,167

		4,733		4,483	$	32.33	$	5.17	$	6.03	$	144,937	$	94,731	$	118,784	$	1,606,250

Palladium

Stillwater		2,661		2,457	$	965	$	172	$	429	$	2,372	$	895	$	1,949	$	212,125

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,814

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

Platinum

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

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

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,035

Cobalt

Voisey’s Bay		540		265	$	12.88	$	2.46	$	9.18	$	3,406	$	327	$	3,962	$	228,260

Operating results											$	470,411	$	319,083	$	394,865	$	6,397,782

Other

General and administrative													$	(13,525)	$	(19,379)

Share based compensation														(12,181)		(17,209)

Donations and community investments														(2,693)		(2,879)

Finance costs														(1,441)		(1,161)

Other														7,520		8,790

Income tax														(42,779)		(2,234)

Total other													$	(65,099)	$	(34,072)	$	1,341,515

													$	253,984	$	360,793	$	7,739,297

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

3)	Refer to discussion on non-GAAP measure (iii) on page 34 of this MD&A.

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

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

Other gold interests comprised of the operating Marmato and Blackwater gold interests as well as the non-operating Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Platreef, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests. Other includes ounces sold that were received under the delay ounce provisions of the Santo Domingo PMPA (see footnote 3 on page 8 of this MD&A for more information).

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [17]


Three Months Ended March 31, 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		61,622		56,841	$	2,073	$	425	$	393	$	117,851	$	71,396	$	94,050	$	2,659,099

Sudbury⁴		5,618		4,129		2,049		400		1,145		8,461		2,081		6,814		257,757

Constancia		13,897		20,123		2,073		420		316		41,723		26,910		33,263		73,912

San Dimas		7,542		7,933		2,073		631		279		16,448		9,237		11,445		142,512

Stillwater		2,637		2,355		2,073		372		510		4,883		2,806		4,008		210,267

Other⁵		623		638		2,073		374		527		1,323		748		1,084		892,983

		91,939		92,019	$	2,072	$	439	$	404	$	190,689	$	113,178	$	150,664	$	4,236,530

Silver

Peñasquito		2,643		1,839	$	23.74	$	4.50	$	4.06	$	43,650	$	27,901	$	35,375	$	268,758

Antamina		806		762		23.74		4.68		7.06		18,088		9,147		14,523		514,154

Constancia		640		726		23.74		6.20		6.24		17,236		8,200		12,734		175,049

Other⁶		1,393		740		23.89		4.15		4.16		17,684		11,539		15,819		603,933

		5,482		4,067	$	23.77	$	4.77	$	5.03	$	96,658	$	56,787	$	78,451	$	1,561,894

Palladium

Stillwater		4,463		4,774	$	980	$	182	$	445	$	4,677	$	1,683	$	3,808	$	218,542

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		78,786

		4,463		4,774	$	980	$	182	$	445	$	4,677	$	1,683	$	3,808	$	297,328

Platinum

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

Platreef		-		-		n.a.		n.a.		n.a.		-		-		-		57,564

		-		-	$	n.a.	$	n.a.	$	n.a.	$	-	$	-	$	-	$	67,015

Cobalt

Voisey’s Bay		240		309	$	15.49	$	2.96	$	12.77	$	4,782	$	(73)	$	7,006	$	348,000

Operating results											$	296,806	$	171,575	$	239,929	$	6,510,767

Other

General and administrative													$	(10,464)	$	(15,958)

Share based compensation														(1,281)		(11,129)

Donations and community investments														(1,570)		(1,373)

Finance costs														(1,442)		(1,125)

Other														7,196		9,152

Income tax														27		(116)

Total other													$	(7,534)	$	(20,549)	$	669,688

													$	164,041	$	219,380	$	7,180,455

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 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.

3)	Refer to discussion on non-GAAP measure (iii) on page 34 of this MD&A.

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

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

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, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [18]

Comparative Results of Operations on a GEO Basis



		Q1 2025		Q1 2024		Change	Change


GEO Production ^{1, 2}		151,065		158,072		(7,007)	(4.4)%


GEO Sales ²		165,297		142,294		23,003	16.2 %

Average price per GEO sold ²	$	2,846	$	2,086	$	760	36.4 %


Revenue	$	470,411	$	296,806	$	173,605	58.5 %


Cost of sales, excluding depletion	$	74,635	$	61,555	$	(13,080)	(21.2)%

Depletion		76,693		63,676		(13,017)	(20.4)%


Cost of Sales	$	151,328	$	125,231	$	(26,097)	(20.8)%


Gross Margin	$	319,083	$	171,575	$	147,508	86.0 %

General and administrative		13,525		10,464		(3,061)	(29.3)%

Share based compensation		12,181		1,281		(10,900)	(850.9)%

Donations and community investments		2,693		1,570		(1,123)	(71.5)%


Earnings from Operations	$	290,684	$	158,260	$	132,424	83.7 %

Other income (expense)		7,520		7,196		324	4.5 %


Earnings before finance costs and income taxes	$	298,204	$	165,456	$	132,748	80.2 %

Finance costs		1,441		1,442		1	0.1 %


Earnings before income taxes	$	296,763	$	164,014	$	132,749	80.9 %

Income tax expense (recovery)		42,779		(27)		(42,806)	n.a.


Net earnings	$	253,984	$	164,041	$	89,943	54.8 %

2)	GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $2,600 per ounce gold; $30.00 per ounce silver; $950 per ounce palladium; and $13.50 per pound cobalt; consistent with those used in estimating the Company’s production guidance for 2025.

GEO Production

For the three months ended March 31, 2025, attributable GEO production was 151,100 ounces, with the 7,000 ounce decrease from the comparable period in 2024 being primarily attributable to the following factors:

●

10,300 ounce or 34% decrease from Peñasquito (889,000 silver ounces), primarily the result of lower grades as mining activities have transitioned back into the Peñasco pit which contains lower silver grades relative to the Chile Colorado pit;

●

10,000 ounce or 47% decrease from Constancia (comprised of 9,000 gold ounces and 85,000 silver ounces), primarily due to lower grades as more material was mined from Constancia and reclaimed from the stockpile compared with the prior year; and

●

2,000 ounce or 46% decrease from Stillwater (comprised of 1,300 gold ounces and 1,800 palladium ounces), primarily due to lower throughput as Stillwater West operations were placed into care and maintenance in September 2024; partially offset by

●

9,800 ounce or 16% increase from Salobo primarily the result of higher throughput and grades, partially offset by lower recoveries. From a throughput perspective, the three 12 mtpa lines operated at approximately 95% of capacity during Q1-2025, as compared to approximately 82% during Q1-2024;

●

3,200 ounce or 35% increase from Antamina (281,000 silver ounces), primarily due to higher grades and throughput, partially offset by lower recoveries; and

●

1,600 ounce or 125% increase from Voisey’s Bay (300,000 cobalt pounds) as the transitional period between the depletion of the Ovoid open-pit and ramp-up to full production of the Voisey’s Bay underground continues.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [19]

Net Earnings

For the three months ended March 31, 2025, net earnings amounted to $254 million, with the $90 million increase relative to the comparable period of the prior year being attributable to the following factors:


Net earnings for the three months ended March 31, 2024			$	164,041
Variance in gross margin
Variance in revenue due to:
Payable gold production	$	2,077
Payable silver production		(13,250)
Payable palladium production		(1,658)
Payable cobalt production		4,340
Total payable production			$	(8,491)
Changes in inventory and PBND				54,728
Changes in delay ounces received ¹				875
Prices realized per ounce sold				126,493
Total increase to revenue			$	173,605
Variance in cost of sales due to:
GEO payable production volume			$	1,053
GEO payable production mix differences				(2,098)
Changes in inventory and PBND				(18,156)
Changes in delay ounces¹				(864)
Cash cost per ounce				(2,525)
Depletion per ounce				(3,507)
Total increase to cost of sales			$	(26,097)
Total increase to gross margin			$	147,508
Other variances
General and administrative expenses (see page 21)				(3,061)
Share based compensation (see page 21)				(10,900)
Donations and community investments (see page 22)				(1,123)
Other income / expense (see page 22)				324
Finance costs (see page 22)				1
Income taxes (see page 23)				(42,806)
Total increase in net earnings			$	89,943
Net earnings for the three months ended March 31, 2025			$	253,984

1)	The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [20]

General and Administrative

The following tables provide a breakdown of general and administrative expenses incurred for the three months ended March 31 2025 and 2024:


	Three Months Ended March 31

(in thousands)	2025		2024

General and administrative - corporate	$	11,201	$	8,255

General and administrative - subsidiaries		2,324		2,209

Consolidated general and administrative	$	13,525	$	10,464


	Three Months Ended March 31

(in thousands)	2025		2024

Salaries and benefits	$	7,811	$	5,717

Depreciation		301		337

Professional fees, audit and regulatory		1,851		1,586

Business travel		586		355

Business taxes		622		420

Insurance		493		514

Other		1,861		1,535

Total general and administrative	$	13,525	$	10,464

Share Based Compensation


	Three Months Ended March 31

(in thousands)	2025		2024

Equity settled share based compensation ¹

Stock options	$	579	$	674

Restricted share units		846		924

Cash settled share based compensation

PSUs		10,756		(317)

Total share based compensation	$	12,181	$	1,281

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

For the three months ended March 31, 2025, share based compensation increased by $11 million relative to the comparable period in the previous year with the increase being primarily due to differences in accrued costs associated with the Company’s performance share units (“PSUs”), with the Company’s share price appreciating 45% during Q1-2025.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [21]

Donations and Community Investments


	Three Months Ended March 31

(in thousands)	2025		2024

Local donations and community investments ¹	$	832	$	689

Partner donations and community investments ²		757		881

Environmental and innovation investments ³		1,104		-

Total donations and community investments	$	2,693	$	1,570

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

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

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

Other Income (Expense)


	Three Months Ended March 31

(in thousands)	2025		2024

Interest income	$	8,807	$	5,738

Dividend income		239		700

Foreign exchange gain (loss)		(152)		575

Gain (loss) on fair value adjustment of share purchase warrants held		623		183

Other		(1,997)		-

Total other income (expense)	$	7,520	$	7,196

Interest Income

For the three months ended March 31, 2025, interest income increased by $3 million, a result of the average cash balance during the period increasing from approximately $434 million with an average rate of return of 5.2% to approximately $828 million with an average rate of return of 4.2%.

Finance Costs


	Three Months Ended March 31

(in thousands)	2025		2024

Costs related to undrawn credit facilities	$	1,350	$	1,338

Interest expense - lease liabilities		91		74

Letter of guarantee		-		30

Total finance costs	$	1,441	$	1,442

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [22]

Income Tax Expense (Recovery)

Income tax recognized in net earnings is comprised of the following:


	Three Months Ended March 31

(in thousands)	2025		2024

Current income tax expense (recovery)	$	44	$	59

Global minimum income tax expense		45,066		-

Total current income tax expense (recovery)	$	45,110	$	59

Deferred income tax expense (recovery) related to:

Origination and reversal of temporary differences	$	1,420	$	225

Write down (reversal of write down) or recognition of prior period temporary differences		(3,751)		(311)

Total deferred income tax recovery	$	(2,331)	$	(86)

Total income tax expense (recovery) recognized in net earnings	$	42,779	$	(27)

Effective Tax Rate		14%		0%

For the three months ended March 31, 2025, an amount of $45 million current tax expense associated with “Global Minimum Tax (“GMT”) was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024). As the Global Minimum Tax Act (“GMTA”) was not enacted into law until Q2-2024, no GMT expense was reflected in the Q1-2024 results.

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

Liquidity and Capital Resources¹

As at March 31, 2025, the Company had cash and cash equivalents of $1,086 million (December 31, 2024 - $818 million) and no debt outstanding under its Revolving Facility (December 31, 2024 - $NIL).

In the opinion of management, the $1,086 million of cash and cash equivalents as at March 31, 2025, 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 in the Contractual Obligations and Contingencies section on pages 26 through 28 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [23]

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

Three Months Ended March 31, 2025

Cash Flows From Operating Activities

During the three months ended March 31, 2025, the Company generated operating cash flows of $361 million, with the $141 million increase relative to the comparable period of the prior year being attributable to the following factors:


Operating cash inflow for the three months ended March 31, 2024	$	219,380

Variance attributable to revenue (see page 20):	$	173,605

Changes in accounts receivable		(6,115)

Total increase to cash inflows attributable to sales	$	167,490

Variance attributable to cost of sales, excluding depletion:

Sales volume	$	(9,890)

Sales mix differences		(666)

Cost per ounce		(2,526)

Cost related to delay ounces¹		864

Changes in working capital, excluding accounts receivable		(336)

Total increase to cash outflows attributable to cost of sales	$	(12,554)

Total increase to net cash inflows attributable to gross margin	$	154,936

Other variances:

General and administrative		(3,421)

Donations and community investments		(1,506)

Share based compensation - PSUs		(6,080)

Finance costs		(36)

Income taxes		(2,118)

Other		(362)

Total increase to net cash inflows	$	141,413

Operating cash inflow for the three months ended March 31, 2025	$	360,793

1) The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

Share based compensation - PSUs Variance

The increase to cash outflows relative to PSUs during the period was due to a higher payout in the current year resulting from share price at maturity being 65% higher in 2025 relative to 2024.

Cash Flows From Financing Activities

During the three months ended March 31, 2025, the Company had net cash inflows from financing activities of $2 million, as compared to $4 million for the comparable period of the previous year, with the major sources (uses) of cash flows being as follows:


	Three Months Ended March 31

(in thousands)	2025		2024

Share purchase options exercised		2,506		3,816

Lease payments		(122)		(148)

Cash generated from financing activities	$	2,384	$	3,668

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [24]

Cash Flows From Investing Activities

During the three months ended March 31, 2025, the Company had net cash outflows from investing activities of $96 million, as compared to $463 million during the comparable period of the previous year, with the major sources (uses) of cash flow being as follows:


	Three Months Ended March 31
(in thousands)	2025		2024

(Payments) repayments for the acquisition of PMPAs ¹:

Mineral Park PMPA	$	(40,000)	$	-

Fenix PMPA		(25,000)		-

Blackwater Silver PMPA		(30,000)		-

Platreef PMPA		-		(411,500)

Kudz Ze Kayah PMPA		-		(38,500)

El Domo PMPA		-		(100)
	$	(95,000)	$	(450,100)
Acquisition of long-term equity investments		-		(751)

Payments for the acquisition of new royalty agreements:

DeLamar Royalty		-		(4,875)

Mt Todd Royalty		-		(7,000)

Other		(764)		(770)

Total cash (used for) generated from investing activities	$	(95,764)	$	(463,496)

1) Excludes closing costs.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [25]

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%

425 ²

Life of Mine

8-Aug-12

Salobo

75%

429

Life of Mine

28-Feb-13

Sudbury

70%

400

20 years

28-Feb-13

San Dimas

variable ³

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

Copper World

100%

450

Life of Mine

10-Feb-10

Marmato

10.5% ⁵

18% ⁴

Life of Mine

5-Nov-20

Santo Domingo

100% ⁵

18% ⁴

Life of Mine

24-Mar-21

Fenix

22% ⁶

20%

Life of Mine

15-Nov-21

Blackwater

8% ⁵

35%

Life of Mine

13-Dec-21

El Domo

50% ⁵

18% ⁴

Life of Mine

17-Jan-22

Goose

2.78% ⁵

18% ⁴

Life of Mine

8-Feb-22

Cangrejos

6.6% ⁵

18% ⁴

Life of Mine

16-May-23

Platreef

62.5% ⁵

100 ⁵

Life of Mine

⁵

7-Dec-21

⁸

Curraghinalt

3.05% ⁵

18% ⁴

Life of Mine

15-Nov-23

Kudz Ze Kayah

6.875% ⁷

20%

Life of Mine

22-Dec-21

⁸

Koné

19.5% ⁵

20% ⁹

Life of Mine

23-Oct-24

Kurmuk

6.7% ⁵

15%

Life of Mine

5-Dec-24

Early Deposit

Toroparu

10%

400

Life of Mine

11-Nov-13

Cotabambas

25% ⁵

450

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1.

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

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

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.

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

El Domo – 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.

Koné - reduced to 10.8% once the Company has received 400,000 ounces of gold, subject to adjustment if there are delays in deliveries relative to an agreed schedule, with a further reduction to 5.4% once the Company has received an additional 130,000 ounces of gold.

Kurmuk – reduced to 4.8% once the Company has received 220,000 ounces of gold. During any period in which debt exceeding $150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop down threshold is reached.

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

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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [26]

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%. BMC Minerals has a one-time buy-back option exercisable during a 30-day period following June 22, 2026, to reduce the designated gold and silver percentage by 50% through payment of $36 million to Wheaton.

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

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

if the spot price of gold is less than $2,100 per ounce, the Company will pay 20% of $2,100 less 25% of the difference between $2,100 and $1,800, less 30% of the difference between $1,800 and the spot price of gold; and

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

Per Ounce Cash Payment for Silver

Mineral Stream Interests

Attributable

Payable

Production to be

Purchased

Per Ounce Cash

Payment ¹

Term of

Agreement

Date of

Original

Contract

Peñasquito

25%

4.56

Life of Mine

24-Jul-07

Constancia

100%

6.26

Life of Mine

8-Aug-12

Antamina

33.75%

20%

Life of Mine

3-Nov-15

Other

Los Filos

100%

4.74

25 years

15-Oct-04

Zinkgruvan

100%

4.75

Life of Mine

8-Dec-04

Stratoni

100%

11.54

Life of Mine

23-Apr-07

Neves-Corvo

100%

4.50

50 years

5-Jun-07

Aljustrel

100% ³

50%

50 years

5-Jun-07

Pascua-Lama

25%

3.90

Life of Mine

8-Sep-09

Copper World

100%

3.90

Life of Mine

10-Feb-10

Loma de La Plata

12.5%

4.00

Life of Mine

n/a

⁴

Marmato

100% ⁵

18%

⁶

Life of Mine

5-Nov-20

Cozamin

50% ⁵

10%

Life of Mine

11-Dec-20

Blackwater

50% ⁵

18%

⁶

Life of Mine

13-Dec-21

El Domo

75%

18%

⁶

Life of Mine

17-Jan-22

Mineral Park

100%

18%

⁶

Life of Mine

24-Oct-23

Kudz Ze Kayah

6.875% ⁷

20%

Life of Mine

22-Dec-21

⁸

Early Deposit

Toroparu

50%

3.90

Life of Mine

11-Nov-13

Cotabambas

100% ⁵

5.90

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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)	Terms of the agreement not yet finalized.

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

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.

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

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [27]

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)		2025			2026 - 2027			2028 - 2029			After 2029			Total

Payments for mineral stream interests & royalty
Salobo	$		144,000	$		-	$		16,000	$		64,000	$		224,000
Copper World ²			-			131,429			99,721			-			231,150
Marmato			81,984			-			-			-			81,984
Santo Domingo			-			162,500			97,500			-			260,000
Fenix Gold			100,000			-			-			-			100,000
El Domo			43,875			131,625			-			-			175,500
Marathon			-			-			139,121			-			139,121
Cangrejos			3,100			-			252,000			-			255,100
Curraghinalt			-			-			-			55,000			55,000
Loma de La Plata			-			-			-			32,400			32,400
Kudz Ze Kayah			-			5,000			-			-			5,000
Koné			312,500			312,500			-			-			625,000
Kurmuk			131,250			-			-			-			131,250

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

Leases liabilities			652			1,948			2,036			5,931			10,567

Total contractual obligations	$		817,361	$		745,002	$		606,378	$		479,331	$		2,648,072

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [28]

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 first half of 2025. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale ranging from $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $144 million if throughput is expanded beyond 35 Mtpa by January 1, 2026. On March 4, 2025, Vale informed the Company that it had achieved a sustained throughput capacity of over 35 Mtpa over a 90-day period, indicating completion of the second phase of the Salobo III expansion project. The Company advanced the remaining balance of the expansion payment to Vale in the amount of $144 million on April 4, 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 $82 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone 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 $100 million, payable subject to certain customary conditions. Wheaton has also provided a $20 million secured standby loan facility.

El Domo

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

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $139 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos

Under the terms of the Cangrejos PMPA, the Company is committed to pay additional upfront consideration of $255 million. Of this amount, $3 million was paid on April 17, 2025 and the remainder is to be paid in three staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

Curraghinalt

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

Loma de La Plata

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [29]

Mineral Park

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

Kudz Ze Kayah

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

Koné

Under the terms of the Koné PMPA, the Company is committed to pay upfront consideration of $625 million in four equal installment payments during construction, subject to certain customary conditions. The first installment of $156 million was paid on April 17, 2025. The Company has also provided Montage Gold Corp., with a secured debt facility of up to $75 million to be allocated to project costs, including cost overruns, prior to completion of construction and once the full upfront consideration under the Koné PMPA has been paid.

Kurmuk

Under the terms of the Kumuk PMPA, the Company is committed to pay additional upfront consideration of $131 million in three equal installment payments during construction, subject to customary conditions.

Cotabambas

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

Toroparu

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

Kutcho

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

Tax Contingencies

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

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

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [30]

General

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

Share Capital

During the three months ended March 31, 2025, a total of 62,041 share purchase options were exercised at a weighted average exercise price of Cdn$55.90 per option, resulting in total cash proceeds to the Company in the amount of $2 million. During the three months ended March 31, 2024, the Company received proceeds of $4 million from the exercise of 158,148 share purchase options at a weighted average exercise price of Cdn$33.20 per option.

During the three months ended March 31, 2025, the Company released 69,129 RSUs, as compared to 68,277 RSUs during the comparable period of the previous year.

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

As of May 8, 2025, there were 453,835,604 outstanding common shares, 1,150,363 share purchase options and 315,376 restricted share units.

At the Market Equity Program

The Company established an at-the-market equity program (the “ATM Program”) to allow 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.

Wheaton intended that the net proceeds from the ATM Program, if any, would be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. Given the strength of Wheaton’s balance sheet and forecasted cash flows, the Company has elected to not renew the ATM Program, under which no shares have been issued as of March 31, 2025.

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 2025

Amendment to IAS 21 - Lack of Exchangeability

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [31]

Non-GAAP Measures

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


	Three Months Ended March 31

(in thousands, except for per share amounts)	2025		2024

Net earnings	$	253,984	$	164,041

Add back (deduct):

(Gain) loss on fair value adjustment of share purchase warrants held		(623)		(183)

Deferred income tax (expense) recovery recognized in the Statement of OCI		(2,351)		(96)

Other		(185)		(173)

Adjusted net earnings	$	250,825	$	163,589

Divided by:

Basic weighted average number of shares outstanding		453,692		453,094

Diluted weighted average number of shares outstanding		454,428		453,666

Equals:

Adjusted earnings per share - basic	$	0.553	$	0.361

Adjusted earnings per share - diluted	$	0.552	$	0.361

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [32]

ii.

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


	Three Months Ended March 31

(in thousands, except for per share amounts)	2025		2024

Cash generated by operating activities	$	360,793	$	219,380

Divided by:

Basic weighted average number of shares outstanding		453,692		453,094

Diluted weighted average number of shares outstanding		454,428		453,666

Equals:

Operating cash flow per share - basic	$	0.795	$	0.484

Operating cash flow per share - diluted	$	0.794	$	0.484

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [33]

iii.

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


	Three Months Ended March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2025		2024

Cost of sales	$	151,328	$	125,231

Less: depletion		(76,693)		(63,676)

Less: cost of sales related to delay ounces ¹		(864)		-

Cash cost of sales	$	73,771	$	61,555

Cash cost of sales is comprised of:

Total cash cost of gold sold	$	49,512	$	40,362

Total cash cost of silver sold		23,186		19,411

Total cash cost of palladium sold		423		869

Total cash cost of cobalt sold		650		913

Total cash cost of sales	$	73,771	$	61,555

Divided by:

Total gold ounces sold		111,297		92,019

Total silver ounces sold		4,483		4,067

Total palladium ounces sold		2,457		4,774

Total cobalt pounds sold		265		309

Equals:

Average cash cost of gold (per ounce)	$	445	$	439

Average cash cost of silver (per ounce)	$	5.17	$	4.77

Average cash cost of palladium (per ounce)	$	172	$	182

Average cash cost of cobalt (per pound)	$	2.46	$	2.96

The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [34]

iv.

The following table provides a reconciliation of cash operating margin.


	Three Months Ended March 31

(in thousands, except for gold and palladium ounces sold and per unit amounts)	2025		2024

Gross margin	$	319,083	$	171,575

Add back: depletion		76,693		63,676

Add back: cost of sales related to delay ounces ¹		864		-

Cash operating margin	$	396,640	$	235,251

Cash operating margin is comprised of:

Total cash operating margin of gold sold	$	270,184	$	150,327

Total cash operating margin of silver sold		121,751		77,247

Total cash operating margin of palladium sold		1,949		3,808

Total cash operating margin of cobalt sold		2,756		3,869

Total cash operating margin	$	396,640	$	235,251

Divided by:

Total gold ounces sold		111,297		92,019

Total silver ounces sold		4,483		4,067

Total palladium ounces sold		2,457		4,774

Total cobalt pounds sold		265		309
Equals:

Cash operating margin per gold ounce sold	$	2,427	$	1,633

Cash operating margin per silver ounce sold	$	27.16	$	19.00

Cash operating margin per palladium ounce sold	$	793	$	798

Cash operating margin per cobalt pound sold	$	10.42	$	12.53

The cost of sales related to delay ounces is a non-cash expense (see footnote 3 on page 8 of this MD&A for more information).

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [35]

Subsequent Events

Declaration of Dividend

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

On May 8, 2025, the Board of Directors declared a dividend in the amount of $0.165 per common share, with this dividend being payable to shareholders of record on May 28, 2025 and is expected to be distributed on or about June 10, 2025. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Controls and Procedures

Disclosure Controls and Procedures

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

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

There were no changes in the Company’s internal controls over financial reporting during the three months ended March 31, 2025 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [36]

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, 2024, unless otherwise noted.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [37]

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


			December 31, 2024 ⁽⁶⁾																				December 31, 2023

			Proven						Probable						Proven & Probable								Proven & Probable
Asset	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Process Recovery %⁽⁷⁾		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Gold
Black Pine Royalty ⁽³²⁾		0.5%		-		-		-		1.5		0.32		0.02		1.5		0.32		0.02		70%		-		-		-
Blackwater ^(11,27)		8%		23.4		0.74		0.56		0.7		0.80		0.02		24.1		0.74		0.57		91%		24.1		0.74		0.57
Cangrejos ^(11,31)		6.6%		-		-		-		43.5		0.55		0.76		43.5		0.55		0.76		85%		43.5		0.55		0.76
Constancia		50%		226.0		0.04		0.30		32.5		0.04		0.04		258.5		0.04		0.34		61%		273.9		0.05		0.43
Copper World Complex⁽²¹⁾		100%		319.4		0.03		0.27		65.7		0.02		0.04		385.1		0.02		0.31		60%		385.1		0.02		0.31
Curraghinalt ^(11,33)		3.05%		0.002		9.14		0.001		0.4		6.43		0.08		0.4		6.45		0.08		94%		0.4		6.45		0.08
DeLamar Royalty⁽³⁷⁾		1.5%		0.2		0.46		0.00		1.2		0.39		0.02		1.4		0.40		0.02		72%		1.4		0.40		0.02
El Domo ^(11,29)		50%		1.6		2.83		0.14		1.7		2.23		0.12		3.2		2.52		0.26		53%		-		-		-
Fenix ^(11,26)		22%		8.3		0.50		0.13		6.8		0.45		0.10		15.1		0.48		0.23		75%		15.1		0.48		0.23
Goose^(11,30)		2.78%		-		-		-		0.3		6.82		0.07		0.3		6.82		0.07		93%		0.5		5.97		0.10
Koné ^(11,38)		19.5%		-		-		-		26.7		0.72		0.62		26.7		0.72		0.62		89%		26.7		0.72		0.62
Kudz Ze Kayah ^(11,34)		7.27%		-		-		-		1.1		1.32		0.05		1.1		1.32		0.05		64%		1.1		1.32		0.05
Kurmuk ^(11,39)		6.7%		1.5		1.51		0.07		2.6		1.35		0.11		4.1		1.41		0.18		92%		4.1		1.41		0.18
Kutcho⁽¹²⁾		100%		6.8		0.37		0.08		10.6		0.39		0.13		17.4		0.38		0.21		41%		17.4		0.38		0.21
Marathon^(11,28)		100%		111.6		0.07		0.26		12.3		0.06		0.03		123.8		0.07		0.28		71%		124.2		0.07		0.28
Marmato ^(11,15)		10.5%		0.2		4.31		0.03		3.0		3.07		0.30		3.2		3.16		0.33		90%		3.3		3.16		0.33
Mt Todd Royalty ^(11,36)		1%		0.7		0.84		0.02		1.7		0.75		0.04		2.4		0.77		0.06		92%		2.4		0.77		0.06
Platreef^(11,35)		62.5%		-		-		-		72.3		0.29		0.67		72.3		0.29		0.67		79%		69.8		0.30		0.67
Salobo ⁽¹⁰⁾		75%		194.3		0.37		2.31		599.0		0.34		6.54		793.2		0.35		8.85		72%		816.7		0.35		9.24
San Dimas ⁽¹⁴⁾		25%		0.3		3.16		0.03		0.5		2.63		0.04		0.8		2.84		0.07		95%		0.9		3.11		0.09
SantoDomingo ^(11,25)		100%		125.9		0.07		0.28		293.5		0.04		0.33		419.4		0.05		0.61		56%		392.3		0.04		0.51
Stillwater⁽¹³⁾		100%		9.5		0.34		0.10		35.1		0.37		0.41		44.5		0.36		0.52		69%		60.4		0.37		0.72
Sudbury⁽¹¹⁾		70%		7.7		0.34		0.08		20.3		0.23		0.15		28.0		0.26		0.24		75%		28.4		0.27		0.25

Total Gold								4.68						10.68						15.36								15.70
Silver
Aljustrel ⁽¹⁹⁾		100%		6.1		44.5		8.7		18.2		43.0		25.2		24.3		43.4		33.9		26%		35.5		44.5		50.7
Antamina ^(10,11,18)		33.75%
Copper				66.7		8.1		17.4		64.0		9.4		19.3		130.6		8.7		36.7		75%		53.7		7.9		13.7
Copper-Zinc				16.9		18.1		9.8		38.1		19.2		23.5		55.0		18.8		33.3		75%		22.6		17.0		12.4
Blackwater ^(11,27)		50%		165.2		5.8		30.7		4.7		5.8		0.9		169.9		5.8		31.6		61%		166.5		5.8		31.0
Constancia		100%		451.9		2.6		38.4		65.0		1.8		3.7		516.9		2.5		42.1		70%		547.7		2.7		47.3
Copper World Complex⁽²¹⁾		100%		319.4		5.7		58.3		65.7		4.3		9.1		385.1		5.4		67.4		76%		385.1		5.4		67.4
Cozamin ^(11,20)		50%
Copper				-		-		-		3.5		41.8		4.7		3.5		41.8		4.7		86%		3.9		42.9		5.4
Zinc				-		-		-		0.5		50.9		0.9		0.5		50.9		0.9		60%		0.5		50.9		0.9
DeLamar Royalty⁽³⁷⁾		1.5%		0.2		23.3		0.1		1.2		16.5		0.6		1.4		17.3		0.8		37%		1.4		17.3		0.8
El Domo^(11,29)		75%		2.4		41.4		3.1		2.5		49.7		4.0		4.9		45.7		7.1		63%		-		-		-
Kudz Ze Kayah ^(11,34)		7.21%		-		-		-		1.1		137.5		4.8		1.1		137.5		4.8		86%		1.1		137.5		4.8
Kutcho ⁽¹²⁾		100%		6.8		24.5		5.4		10.6		30.1		10.2		17.4		27.9		15.6		46%		17.4		27.9		15.6
Los Filos^(11,40)		100%		13.0		4.2		1.8		57.8		6.0		11.1		70.7		5.6		12.8		10%		118.2		6.7		25.6
Marmato ^(11,15)		100%		2.1		16.4		1.1		27.6		5.3		4.7		29.7		6.1		5.8		34%		30.2		6.1		5.9
Mineral Park		100%		93.2		2.4		7.3		95.0		2.4		7.3		188.3		2.4		14.6		61%		183.7		2.5		14.6
Neves-Corvo		100%
Copper				2.7		31.9		2.7		17.4		31.6		17.7		20.1		31.6		20.5		24%		21.2		33.0		22.5
Zinc				4.1		67.4		8.8		14.6		60.7		28.6		18.7		62.2		37.4		30%		21.6		63.2		43.8
Peñasquito⁽¹⁰⁾		25%		24.6		34.2		27.1		39.5		28.5		36.2		64.2		30.7		63.3		82%		72.8		33.4		78.2
San Dimas⁽¹⁴⁾		25%		0.3		253.2		2.6		0.5		240.5		3.8		0.8		245.5		6.4		94%		0.9		259.7		7.6
Zinkgruvan		100%
Zinc				3.9		65.0		8.2		7.4		83.0		19.6		11.3		76.7		27.8		83%		11.0		73.6		26.1
Copper				1.4		32.7		1.4		0.2		35.2		0.2		1.6		33.1		1.7		70%		1.4		35.0		1.6

Total Silver								232.9						236.3						469.2								475.7
Palladium
Platreef ^(11,35)		5.25%		-		-		-		5.7		1.9		0.35		5.7		1.9		0.35		87%		5.5		2.0		0.35
Stillwater ^(11,13)		4.5%		0.3		10.2		0.10		1.1		10.4		0.38		1.4		10.3		0.48		90%		1.6		10.6		0.55

Total Palladium								0.10						0.73						0.83								0.90
Platinum
Marathon ^(11,28)		22%		25.4		0.2		0.17		2.8		0.2		0.01		28.2		0.2		0.18		76%		28.1		0.2		0.18
Platreef ^(11,35)		5.25%		-		0.0		-		5.7		1.9		0.34		5.7		1.9		0.34		87%		5.5		1.9		0.34

Total Platinum								0.17						0.35						0.52								0.52
Cobalt
Voisey’s Bay ^(11,22)		42.4%		5.9		0.10		13.6		6.5		0.12		17.0		12.4		0.11		30.6		84%		13.2		0.11		32.3

Total Cobalt								13.6						17.0						30.6								32.3

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [38]

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


			December 31, 2024 ⁽⁶⁾

			Measured						Indicated						Measured & Indicated						Inferred
	Interest		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs		Tonnage Mt		Grade g/t / %		Contained Moz / Mlbs
Gold
Black Pine Royalty ⁽³²⁾		0.5%		-		-		-		0.5		0.32		0.01		0.5		0.32		0.01		0.5		0.23		0.004
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
Brewery Creek Royalty⁽²⁴⁾		2%		0.3		1.06		0.01		0.5		1.02		0.02		0.8		1.03		0.03		1.0		0.88		0.03
Cangrejos ^(11,31)		6.6%		-		-		-		20.6		0.38		0.25		20.6		0.38		0.25		13.0		0.39		0.16
Constancia		50%		46.4		0.04		0.06		43.5		0.04		0.05		89.8		0.04		0.11		20.5		0.07		0.05
Copper World Complex ⁽²¹⁾		100%		424.0		0.02		0.30		191.0		0.02		0.10		615.0		0.02		0.40		192.0		0.01		0.08
Cotabambas ^(12,23)		25%		-		-		-		126.8		0.20		0.82		126.8		0.20		0.82		105.9		0.17		0.57
Curraghinalt ^(11,33)		3.05%		-		-		-		-		-		-		-		-		-		0.2		12.24		0.07
DeLamar Royalty ⁽³⁷⁾		1.5%		0.1		0.27		0.001		1.0		0.21		0.01		1.0		0.21		0.01		0.4		0.25		0.00
El Domo^(11,29)		50%		-		-		-		1.2		1.63		0.06		1.2		1.63		0.06		0.4		1.62		0.02
Fenix^(11,26)		22%		2.4		0.34		0.03		8.5		0.34		0.09		10.9		0.34		0.12		3.2		0.33		0.03
Goose ^(11,30)		2.78%		-		-		-		0.1		4.31		0.01		0.1		4.31		0.01		0.2		7.54		0.04
Koné^(11,38)		19.5%		-		-		-		4.7		0.43		0.06		4.7		0.43		0.06		2.4		0.54		0.04
Kudz Ze Kayah ^(11,34)		7.27%		-		-		-		0.2		1.64		0.01		0.2		1.64		0.01		0.0		1.18		0.00
Kurmuk ^(11,39)		6.7%		0.2		1.30		0.01		0.5		1.35		0.02		0.6		1.34		0.03		0.4		1.62		0.02
Kutcho⁽¹²⁾		100%		0.41		0.20		0.003		5.0		0.38		0.06		5.4		0.37		0.06		12.9		0.25		0.10
Marathon^(11,28)		100%		32.4		0.06		0.06		44.9		0.06		0.08		77.3		0.06		0.15		20.0		0.04		0.03
Marmato ^(11,15)		10.5%		0.1		5.04		0.01		1.7		2.28		0.13		1.8		2.40		0.14		1.9		2.43		0.15
Metates Royalty⁽¹⁷⁾		0.5%		0.2		0.86		0.004		4.5		0.56		0.08		4.6		0.57		0.08		0.7		0.47		0.01
Mt Todd Royalty ^(11,36)		1%		0.0		1.15		0.0001		0.1		1.50		0.01		0.1		1.49		0.01		0.4		0.77		0.01
Platreef^(11,35)		62.5%		-		-		-		7.7		0.26		0.07		7.7		0.26		0.07		15.8		0.26		0.13
Salobo⁽¹⁰⁾		75%		16.8		0.17		0.09		396.8		0.24		3.01		413.6		0.23		3.10		204.0		0.29		1.87
San Dimas⁽¹⁴⁾		25%		0.2		4.01		0.03		0.4		1.60		0.02		0.6		2.49		0.05		1.3		2.89		0.124
Santo Domingo ^(11,25)		100%		2.0		0.02		0.001		72.3		0.03		0.07		74.3		0.03		0.07		154.1		0.03		0.13
Stillwater⁽¹³⁾		100%		16.3		0.37		0.20		18.8		0.35		0.21		35.1		0.36		0.40		91.2		0.39		1.14
Sudbury⁽¹¹⁾		70%		4.0		0.70		0.09		4.3		0.23		0.03		8.2		0.45		0.12		1.1		0.40		0.014
Toroparu^(12,16)		10%		4.2		1.45		0.20		7.3		1.46		0.34		11.5		1.45		0.54		2.1		1.71		0.117

Total Gold								1.13						5.72						6.86						4.97
Silver
Aljustrel ⁽¹⁹⁾		100%		16.6		46.4		24.7		18.5		41.8		24.9		35.1		44.0		49.6		26.8		42.4		36.4
Antamina ^(10,11,18)		33.75%
Copper				29.0		6.5		6.1		50.6		8.6		14.0		79.7		7.8		20.1		206.8		9.1		60.7
Copper-Zinc				6.1		25.9		5.1		19.9		17.5		11.2		26.0		19.5		16.3		82.8		15.6		41.4
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
Constancia		100%		92.7		2.2		6.7		86.9		2.2		6.3		179.6		2.2		12.9		40.9		3.7		4.8
Copper World Complex ⁽²¹⁾		100%		424.0		4.1		55.9		191.0		3.5		21.5		615.0		3.9		77.4		192.0		3.1		19.1
Cotabambas ^(12,23)		100%		-		-		-		507.3		2.4		39.5		507.3		2.4		39.5		423.6		2.5		34.5
Cozamin ^(11,20)		50%
Copper				0.2		53.8		0.3		4.1		40.0		5.2		4.2		40.6		5.5		2.8		41.9		3.8
Zinc				-		-		-		1.3		36.4		1.5		1.3		36.4		1.5		1.7		33.8		1.8
DeLamar Royalty ⁽³⁷⁾		1.5%		0.1		12.9		0.0		1.0		10.0		0.3		1.0		10.2		0.3		0.4		8.4		0.1
El Domo^(11,29)		75%		-		-		-		1.8		38.4		2.2		1.8		38.4		2.2		0.7		31.6		0.7
Kudz Ze Kayah ^(11,34)		7.21%		-		-		-		0.2		186.4		1.4		0.2		186.4		1.4		0.0		143.4		0.2
Kutcho ⁽¹²⁾		100%		0.4		28.0		0.4		5.0		25.7		4.1		5.4		25.9		4.5		12.9		20.0		8.3
Loma de La Plata		12.5%		-		-		-		3.6		169.0		19.8		3.6		169.0		19.8		0.2		76.0		0.4
Marmato ^(11,15)		100%		0.7		25.3		0.6		16.3		6.0		3.1		17.0		6.8		3.7		17.8		3.2		1.8
Metates Royalty ⁽¹⁷⁾		0.5%		0.2		18.2		0.1		4.5		14.2		2.0		4.6		14.3		2.1		0.7		13.2		0.3
Mineral Park		100%		45.0		2.0		2.8		377.3		2.1		25.0		422.3		2.0		27.8		382.7		1.2		14.8
Neves-Corvo		100%
Copper				5.1		48.6		7.9		30.1		48.9		47.3		35.2		48.8		55.3		21.1		25.3		17.2
Zinc				9.6		61.7		19.1		35.0		57.6		64.9		44.7		58.5		84.0		4.0		56.8		7.3
Peñasquito ⁽¹⁰⁾		25%		12.1		27.2		10.5		40.8		24.8		32.6		52.8		25.4		43.1		5.3		25.4		4.3
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
San Dimas⁽¹⁴⁾		25%		0.2		291.8		2.2		0.4		161.2		2.0		0.6		209.5		4.2		1.3		249.9		10.7
Stratoni		100%		-		-		-		1.4		151.7		6.8		1.4		151.7		6.8		1.8		166.5		9.7
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
Zinkgruvan		100%
Zinc				3.6		88.1		10.3		3.8		68.9		8.4		7.4		78.3		18.7		14.5		100.0		46.8
Copper				0.9		33.7		1.0		0.3		37.5		0.3		1.2		34.6		1.3		0.2		30.0		0.2

Total Silver								179.6						525.0						704.6						330.1
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%		0.2		11.0		0.06		0.2		9.6		0.06		0.4		10.3		0.12		0.9		10.9		0.32

Total Palladium								0.06						0.07						0.13						0.34
Platinum
Marathon^(11,28)		22.0%		7.6		0.1		0.04		10.5		0.1		0.04		18.1		0.1		0.08		4.5		0.1		0.01
Platreef^(11,35)		5.25%		-		0.0		-		0.3		1.5		0.01		0.3		1.5		0.01		0.5		1.4		0.02

Total Platinum								0.04						0.06						0.09						0.04
Cobalt
Voisey’s Bay ^(11,22)		42.4%		0.5		0.06		0.6		0.4		0.07		0.6		0.9		0.06		1.2		2.8		0.12		7.4

Total Cobalt								0.6						0.6						1.2						7.4

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [39]

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, El Domo 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, 2024 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, Moinho and São João mines are reported as of December 31, 2023, and the Estação project as of September 2022. Mineral Reserves for Feitais, Moinho and Estação are reported as of December 31, 2023.

Mineral Resources and Mineral Reserves for the Black Pine project are reported as of June 1, 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 El Domo project are reported as of October 26, 2021 and Mineral Reserves as of October 22, 2021.

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

Mineral Resources 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 Koné project are reported as of January 31, 2025 for the satellite and Gbongogo deposits and as of February 20, 2025 for the Koné deposit. Mineral Reserves are reported as of January 15, 2024.

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 November 1, 2024.

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

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

Mineral Resources for the Mineral Park project are reported as of January 31, 2025 and Mineral Reserves as of February 10, 2025.

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

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

Mineral Resources for the Stratoni mine are reported as of September 30, 2024.

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

Antamina mine - $6,000 per hour of mill operation cut-off assuming $3.54 per pound copper, $1.15 per pound zinc, $11.10 per pound molybdenum and $21.46 per ounce silver.

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

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 Pampacancha and $7.30 per tonne for Constancia assuming $1,900 per ounce gold, $23.00 per ounce silver, $4.15 per pound copper and $15.00 per pound molybdenum.

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

Cozamin mine - NSR cut-off of $60.54 per tonne for long-hole and $65.55 per tonne for cut and fill for MNV and MNFWZ, and $82.78 per tonne for both mining methods at MNV West, assuming $3.55 per pound copper for MNV and MNFWZ and $3.75 per pound for MNV West, $20.00 per ounce silver, $0.90 per pound lead and $1.15 per pound zinc.

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

DeLamar project – 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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [40]

tonne for Florida Mountain and DeLamar mixed leach, all assuming $1,650 per ounce gold and $21.00 per ounce silver.

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

Fenix project – 0.235 grams per tonne gold cut-off assuming $1.650 per ounce gold.

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

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

Kudz Ze Kayah project - NSR cut-off of Cdn$29.30 per tonne for open pit and Cdn$173.23 per tonne for underground assuming $1,310 per ounce gold, $18.42 per ounce silver, $3.08 per pound copper, $0.94 per pound lead and $1.10 per pound zinc.

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

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

Los Filos mine – Variable 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 $1,525 per ounce palladium, $950 per ounce platinum, $4.00 per pound copper, $2,000 per ounce gold and $24.00 per ounce silver.

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

Mineral Park project - NSR cut-off of $10.47 per tonne assuming $3.75 per pound copper, $19.00 per pound molybdenum and $21.50 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 60 to 80 per tonne depending on area and mining method for both the copper and zinc Mineral Reserves assuming $3.85 per pound copper, $0.90 per pound lead and $1.15 per pound zinc.

Peñasquito mine - $1,700 per ounce gold, $20.00 per ounce silver, $0.90 per pound lead and $1.20 per pound zinc.

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

Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce gold and $3.52 per pound copper.

aa.

San Dimas mine – $2,200 per ounce gold and $26.00 per ounce silver.

bb.

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

cc.

Stillwater mines - combined platinum and palladium cut-off of 11.1 grams per tonne for Stillwater and 8.8 grams per tonne for East Boulder assuming $1,172 per ounce 2E PGM prices.

dd.

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.

ee.

Voisey’s Bay mines – NSR cut-offs of Cdn $28.35 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.

ff.

Zinkgruvan mine – NSR cut-offs ranging from SEK 1,100 to 1,350 per tonne depending on area and mining method for both the zinc and lead Mineral Reserves and SEK 1,120 per tonne for the copper Mineral Reserves assuming $3.85 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 – 2.5% zinc cut-off for Feitais, Moinho and St João mines and the Estação project.

Antamina mine - $6,000 per hour of mill operation cut-off for the open pit and $53.80 per tonne NSR cut-off for the undergound, both assuming $3.50 per pound copper, $1.25 per pound zinc, $13.30 per pound molybdenum and $24.63 per ounce silver.

Black Pine – 0.1 grams per tonne gold cut-off assuming $2,000 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 $1,900 per ounce gold, $23.00 per ounce silver, $4.15 per pound copper and $15.00 per pound molybdenum.

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

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

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

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

DeLamar project – 0.17 grams per tonne gold equivalent cut-off for oxide leach and mixed leach and 0.1 grams per tonne gold equivalent cut-off for stockpile, all assuming $1,800 per ounce gold and $21.00 per ounce silver.

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [41]

Goose project – 0.9 grams per tonne gold cut-off for open pit and 2.2 grams per tonne for underground, assuming $2,100 per ounce gold.

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

Kudz Ze Kayah project – NSR cut-off of 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.

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

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

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

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

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

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

Mineral Park project – NSR cut-off of $8.82 per tonne assuming $4.25 per pound copper, $21.00 per pound molybdenum and $27.00 per ounce silver.

Mt Todd project – 0.4 grams per tonne gold cut-off for the Batman and Quigleys deposits and zero cut-off for Heap Leach, assuming $1,300 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.

aa.

Pascua-Lama project – $1,700 per ounce gold, $21.00 per ounce silver and $3.75 per pound copper.

bb.

Peñasquito mine - $2,000 per ounce gold, $23.00 per ounce silver, $1.00 per pound lead and $1.30 per pound zinc.

cc.

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

dd.

Salobo mine – 0.25% copper equivalent cut-off assuming $1,525 per ounce gold and $4.09 per pound copper.

ee.

San Dimas mine – NSR cut-off of $174 per tonne assuming $2,400 per ounce gold and $28.00 per ounce silver.

ff.

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

gg.

Stillwater mines – combined platinum and palladium cut-off of 9.7 grams per tonne for Stillwater and 7.2 grams per tonne for East Boulder assuming $1,350 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 - $1,000 to $1,950 per ounce gold, $6.07 to $8.53 per pound nickel, $2.77 to $4.31 per pound copper, $1,124 to $1,350 per ounce platinum, $925 to $1,450 per ounce palladium and $20.41 to $25.54 per pound cobalt.

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 $28.35 per tonne for Discovery Hill Open Pit and Cdn$230 to $250 per tonne for Reid Brook and Cdn$210 to $250 per tonne for Discovery Hill Underground, all assuming $3.40 per pound copper, $8.16 per pound nickel and $22.68 per pound cobalt.

ll.

Zinkgruvan mine – NSR cut-offs ranging from SEK 900 to 1,150 per tonne depending on area and mining method for the zinc Mineral Resources and NSR cut-off of SEK 900 per tonne for the copper Mineral Resources assuming $4.43 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 19, 2025.

Peñasquito – Newmont’s December 31, 2024 Resources and Reserves press release dated February 20, 2025 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, Los Filos 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, El Domo 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, Koné gold interest, Kurmuk gold interest 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [42]

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 22% of the gold production until 130,625 ounces are delivered, then 6% of the gold production until 185,000 ounces are delivered, then 4% of the gold production until 235,000 ounces are delivered and 3.5% thereafter for the life of the mine. Attributable reserves and resources have been calculated on this 22% / 6% / 4% / 3.5% basis.

27.

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

30.

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

31.	The Cangrejos PMPA provides that Lumina will deliver gold equal to 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [43]

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

38.

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

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

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

41.

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, DeLamar project, Koné project and Kurmuk 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [44]

Cautionary Note Regarding Forward-Looking Statements

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

●

the future price of commodities;

●

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

●

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

●

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

●

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

●

the costs of future production;

●

the estimation of produced but not yet delivered ounces;

●

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

●

any statements as to future dividends;

●

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

●

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

●

projected changes to Wheaton’s production mix;

●

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

●

the ability to sell precious metals and cobalt production;

●

confidence in the Company’s business structure;

●

the Company’s assessment of taxes payable, 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 2017 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [45]

obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;

●

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

●

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

●

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

●

risks 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;

●

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

●

risks relating to activist shareholders;

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [46]

●

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

●

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

●

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

●

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [47]

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, 2024 and other continuous disclosure documents filed by Wheaton since January 1, 2025, 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 2025 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [48]

LOGO

Exhibit 99.3

LOGO

WHEATON PRECIOUS METALS 1 FIRST QUARTER REPORT 2025 Interim Financial Statements

Condensed Interim Consolidated Statements of Earnings


			Three Months Ended March 31

(US dollars and shares in thousands, except per share amounts - unaudited)	Note		2025		2024

Sales		6	$	470,411	$	296,806

Cost of sales

Cost of sales, excluding depletion			$	74,635	$	61,555

Depletion				76,693		63,676

Total cost of sales			$	151,328	$	125,231

Gross margin			$	319,083	$	171,575

General and administrative		7		13,525		10,464

Share based compensation		8		12,181		1,281

Donations and community investments		9		2,693		1,570

Earnings from operations			$	290,684	$	158,260

Other income (expense)		10		7,520		7,196

Earnings before finance costs and income taxes			$	298,204	$	165,456

Finance costs		16.3		1,441		1,442

Earnings before income taxes			$	296,763	$	164,014

Income tax expense (recovery)		22		42,779		(27)

Net earnings			$	253,984	$	164,041

Basic earnings per share			$	0.560	$	0.362

Diluted earnings per share			$	0.559	$	0.362

Weighted average number of shares outstanding

Basic		20		453,692		453,094

Diluted		20		454,428		453,666

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income


			Three Months Ended March 31

(US dollars in thousands - unaudited)	Note		2025		2024

Net earnings			$	253,984	$	164,041

Other comprehensive income
Items that will not be reclassified to net earnings

Gain (loss) on LTIs¹		15	$	26,161	$	(5,470)

Income tax expense related to LTIs		22		(2,351)		(96)

Total other comprehensive income (loss)			$	23,810	$	(5,566)

Total comprehensive income			$	277,794	$	158,475

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 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets



(US dollars in thousands - unaudited)	Note		As at March 31 2025		As at December 31 2024

Assets

Current assets

Cash and cash equivalents		21	$	1,085,581	$	818,166

Accounts receivable		11		7,994		6,217

Income taxes receivable		22		159		-

Other		23		3,433		3,697

Total current assets			$	1,097,167	$	828,080

Non-current assets

Mineral stream interests		12	$	6,397,782	$	6,379,580

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

Mineral royalty interests		14		40,421		40,421

Long-term equity investments		15		128,877		98,975

Property, plant and equipment				11,687		8,691

Other		24		16,269		21,616

Total non-current assets			$	6,642,130	$	6,596,377

Total assets			$	7,739,297	$	7,424,457

Liabilities

Current liabilities

Accounts payable and accrued liabilities			$	7,684	$	13,553

Dividends payable		17.2		74,880		-

Income taxes payable		22		106		2,127

Current portion of performance share units		19.1		13,291		13,562

Current portion of lease liabilities		16.2		488		262

Total current liabilities			$	96,449	$	29,504

Non-current liabilities

Performance share units		19.1	$	5,427	$	11,522

Lease liabilities		16.2		7,599		4,909

Global minimum tax payable		22		158,571		113,505

Deferred income taxes		22		369		349

Pension liability				4,740		5,289

Total non-current liabilities			$	176,706	$	135,574

Total liabilities			$	273,155	$	165,078

Shareholders’ equity

Issued capital		17	$	3,804,168	$	3,798,108

Reserves		18		(41,904)		(63,503)

Retained earnings				3,703,878		3,524,774

Total shareholders’ equity			$	7,466,142	$	7,259,379

Total liabilities and shareholders’ equity			$	7,739,297	$	7,424,457

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows


			Three Months Ended March 31

(US dollars in thousands - unaudited)	Note		2025		2024

Operating activities

Net earnings			$	253,984	$	164,041

Adjustments for

Depreciation and depletion				76,994		64,013

Equity settled share based compensation		8		1,425		1,598

Performance share units - expense		19.1		10,756		(317)

Performance share units - paid		19.1		(17,209)		(11,129)

Income tax expense		22		42,779		(27)

Investment income recognized in net earnings				(9,046)		(6,438)

Other				3,007		(60)

Change in non-cash working capital		21		(7,742)		2,155

Cash generated from operations before income taxes and interest			$	354,948	$	213,836

Income taxes refunded (paid)				(2,234)		(116)

Interest paid				(91)		(75)

Interest received				8,170		5,735

Cash generated from operating activities			$	360,793	$	219,380

Financing activities

Share purchase options exercised		18.1		2,506		3,816

Lease payments				(122)		(148)

Cash generated from financing activities			$	2,384	$	3,668

Investing activities

Mineral stream interests		12	$	(95,740)	$	(450,902)

Mineral royalty interest		14		-		(11,947)

Acquisition of long-term investments		15		(3)		(751)

Dividends received				239		700

Other				(260)		(596)

Cash used for investing activities			$	(95,764)	$	(463,496)

Effect of exchange rate changes on cash and cash equivalents			$	2	$	30

Increase (decrease) in cash and cash equivalents			$	267,415	$	(240,418)

Cash and cash equivalents, beginning of period				818,166		546,527

Cash and cash equivalents, end of period		21	$	1,085,581	$	306,109

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity



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

At January 1, 2024		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			$	-	$	-	$	-	$	-	$	-	$	365,099	$	365,099

OCI ¹				-		-		-		9,363		9,363		-		9,363

Total comprehensive income			$	-	$	-	$	-	$	9,363	$	9,363	$	365,099	$	374,462

SBC ¹ expense			$	-	$	2,163	$	2,942	$	-	$	5,105	$	-	$	5,105

Options ¹ exercised		342		11,091		(1,685)		-		-		(1,685)		-		9,406

RSUs ¹ released		1		53		-		(53)		-		(53)		-		-

Dividends		39		2,116		-		-		-		-		(210,905)		(208,789)

Realized gain on disposal of LTIs ¹				-		-		-		(28,516)		(28,516)		28,516		-

At December 31, 2024		453,677	$	3,798,108	$	23,361	$	8,859	$	(95,723)	$	(63,503)	$	3,524,774	$	7,259,379

Total comprehensive income

Net earnings			$	-	$	-	$	-	$	-	$	-	$	253,984	$	253,984

OCI ¹				-		-		-		23,810		23,810		-		23,810

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

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

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

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

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

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

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 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

1.	Description of Business and Nature of Operations

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

The condensed interim consolidated financial statements of the Company for the three months ended March 31, 2025 were authorized for issue as of May 8, 2025 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 (“IASB”). The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on IFRS Accounting Standards (“IFRS”) as issued by the 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, 2024 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, 2024.

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

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at March 31, 2025 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3.	Material Accounting Policy Information

3.1. New Accounting Standards Effective in 2025

Amendment to IAS 21 - Lack of Exchangeability

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

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, 2024.

5.	Financial Instruments

5.1.

Capital Risk Management

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

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

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant and the interest rate coverage ratio under its sustainability-linked revolving credit facility (Note 16).

The Company is in compliance with the debt covenants at March 31, 2025, as described in Note 16.1.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (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	March 31 2025		December 31 2024

Financial assets

Financial assets mandatorily measured at FVTNE ¹

Cash and cash equivalents	21	$	1,085,581	$	818,166

Trade receivables from provisional concentrate sales, net of fair value adjustment	6, 11		6,309		3,518

Long-term investments - warrants held			1,409		785

Investments in equity instruments designated at FVTOCI ¹

Long-term investments - common shares held	15		127,468		98,190

Financial assets measured at amortized cost

Trade receivables from sales of cobalt	11		-		1,199

Refundable deposit - 777 PMPA	24		9,598		9,413

Other accounts receivable			1,685		1,500

Total financial assets		$	1,232,050	$	932,771

Financial liabilities

Financial liabilities at amortized cost

Accounts payable and accrued liabilities		$	7,684	$	13,553

Dividends payable	17.2		74,880		-

Total financial liabilities		$	82,564	$	13,553

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

5.3.

Credit Risk

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

The Company 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 March 31, 2025 is considered to be negligible.

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

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



(in thousands)	Note		March 31 2025		December 31 2024

Cash and cash equivalents		21	$	1,085,581	$	818,166

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		6,309		3,518

Trade receivables from sales of cobalt		11		-		1,199

Refundable Deposit - 777 PMPA		24		9,598		9,413

Other accounts receivables		11		1,685		1,500

Maximum exposure to credit risk related to financial assets			$	1,103,173	$	833,796

5.4.

Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at March 31, 2025, the Company had cash and cash equivalents of $1,086 million (December 31, 2024 - $818 million) and working capital of $1,001 million (December 31, 2024 - $799 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at March 31, 2025 of $129 million (December 31, 2024 - $99 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

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


As at March 31, 2025

(in thousands)	2025		2026 - 2027		2028 - 2029		After 2029		Total

Accounts payable and accrued liabilities	$	7,684	$	-	$	-	$	-	$	7,684

Performance share units¹		-		18,649		69		-		18,718

Dividends payable		74,880		-		-		-		74,880

Total	$	82,564	$	18,649	$	69	$	-	$	101,282

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (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)	March 31 2025		December 31 2024

Monetary assets

Cash and cash equivalents	$	2,127	$	7,833

Accounts receivable		146		160

Long-term investments - common shares held		127,468		98,190

Long-term investments - warrants held		1,409		785

Other long-term assets		-		3,114

Total Canadian dollar denominated monetary assets	$	131,150	$	110,082

Monetary liabilities

Accounts payable and accrued liabilities	$	4,810	$	9,291

Performance share units		15,588		20,989

Lease liability		5,111		5,170

Pension liability		4,740		5,289

Total Canadian dollar denominated monetary liabilities	$	30,249	$	40,739

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



	As at March 31, 2025

	Change in Canadian Dollar

(in thousands)	10% Increase		10% Decrease

Increase (decrease) in net earnings	$	(2,657)	$	2,657

Increase (decrease) in other comprehensive income		12,747		(12,747	)

Increase (decrease) in total comprehensive income	$	10,090	$	(10,090	)


	As at December 31, 2024

	Change in Canadian Dollar

(in thousands)	10% Increase			10% Decrease

Increase (decrease) in net earnings	$	(2,885	)	$	2,885

Increase (decrease) in other comprehensive income		9,819			(9,819)

Increase (decrease) in total comprehensive income	$	6,934		$	(6,934	)

5.6.

Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

risk. During the three months ended March 31, 2025 the weighted average interest rate earned on its cash deposits in interest bearing accounts was 4.2%, as compared to 5.2% in the comparable period of the prior year.

During the three months ended March 31, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three months ended March 31, 2025 and 2024, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest earned by approximately $2 million and $1 million, respectively.

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 months ended March 31, 2025 and 2024 would have increased/decreased by approximately $13 million and $25 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.



			March 31, 2025

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

Cash and cash equivalents		21	$	1,085,581	$	1,085,581	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		6,309		-		6,309		-

Long-term investments - common shares held		15		127,468		127,468		-		-

Long-term investments - warrants held		15		1,409		-		1,409		-

			$	1,220,767	$	1,213,049	$	7,718	$	-



			December 31, 2024

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

Cash and cash equivalents		21	$	818,166	$	818,166	$	-	$	-

Trade receivables from provisional concentrate sales, net of fair value adjustment		11		3,518		-		3,518		-

Long-term investments - common shares held		15		98,190		98,190		-		-

Long-term investments - warrants held		15		785		-		785		-

			$	920,659	$	916,356	$	4,303	$	-

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

6.	Revenue


	Three Months Ended March 31

(in thousands)	2025				2024

Sales

Gold credit sales	$	319,696	68	%	$	190,689	64	%
Silver

Silver credit sales	$	122,299	26	%	$	83,710	28	%

Concentrate sales		22,638	4	%		12,948	4	%

Total silver sales	$	144,937	30	%	$	96,658	32	%

Palladium credit sales	$	2,372	1	%	$	4,677	2	%

Cobalt sales	$	3,406	1	%	$	4,782	2	%

Total sales revenue	$	470,411	100	%	$	296,806	100	%

Gold, Silver and Palladium Credit Sales

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

Concentrate Sales

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

Cobalt Sales

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

7.	General and Administrative


	Three Months Ended March 31

(in thousands)	2025		2024

Salaries and benefits	$	7,811	$	5,717

Depreciation		301		337

Professional fees, audit and regulatory		1,851		1,586

Business travel		586		355

Business taxes		622		420

Insurance		493		514

Other		1,861		1,535

Total general and administrative	$	13,525	$	10,464

8.	Share Based Compensation


			Three Months Ended March 31

(in thousands)	Note		2025		2024

Equity settled share based compensation ¹

Stock options		18.1	$	579	$	674

RSUs		18.2		846		924

Cash settled share based compensation

PSUs		19.1	$	10,756	$	(317	)

Total share based compensation			$	12,181	$	1,281

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

9.	Donations and Community Investments


	Three Months Ended March 31

(in thousands)	2025		2024

Local donations and community investments ¹	$	832	$	689

Partner donations and community investments ²		757		881

Environmental and innovation investments ³		1,104		-

Total donations and community investments	$	2,693	$	1,570

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

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

10.

Other Income (Expense)


		Three Months Ended March 31

(in thousands)	Note	2025		2024

Interest income		$	8,807	$	5,738

Dividend income			239		700

Foreign exchange gain (loss)			(152)		575

Gain (loss) on fair value adjustment of share purchase warrants held			623		183

Other			(1,997)		-

Total other income (expense)		$	7,520	$	7,196

11.

Accounts Receivable



(in thousands)	Note		March 31 2025		December 31 2024

Trade receivables from provisional concentrate sales, net of fair value adjustment		6	$	6,309	$	3,518

Trade receivables from sales of cobalt		6		-		1,199

Other accounts receivable				1,685		1,500

Total accounts receivable			$	7,994	$	6,217

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

12.

Mineral Stream Interests


	Three Months Ended March 31, 2025

	Cost						Accumulated Depletion & Impairment ¹

(in thousands)	Balance Jan 1, 2025		Additions		Balance Mar 31, 2025		Balance Jan 1, 2025		Depletion		Balance Mar 31, 2025		Carrying Amount Mar 31, 2025

Gold interests

Salobo	$	3,429,911	$	-	$	3,429,911	$	(834,426)	$	(31,691)	$	(866,117)	$	2,563,794

Sudbury ²		623,864		-		623,864		(382,313)		(7,467)		(389,780)		234,084

Constancia		140,058		-		140,058		(75,732)		(3,159)		(78,891)		61,167

San Dimas		220,429		-		220,429		(83,948)		(2,598)		(86,546)		133,883

Stillwater ³		239,352		-		239,352		(31,892)		(819)		(32,711)		206,641

Other ⁴		1,035,107		24,869		1,059,976		(53,791)		(456)		(54,247)		1,005,729

	$	5,688,721	$	24,869	$	5,713,590	$	(1,462,102)	$	(46,190)	$	(1,508,292)	$	4,205,298

Silver interests

Peñasquito	$	524,626	$	-		524,626	$	(280,161)	$	(9,597)	$	(289,758)	$	234,868

Antamina		900,343		-		900,343		(409,572)		(7,479)		(417,051)		483,292

Constancia		302,948		-		302,948		(137,570)		(4,455)		(142,025)		160,923

Other ⁵		1,256,062		70,026		1,326,088		(593,432)		(5,489)		(598,921)		727,167

	$	2,983,979	$	70,026	$	3,054,005	$	(1,420,735)	$	(27,020)	$	(1,447,755)	$	1,606,250

Palladium interests

Stillwater ³	$	263,721	$	-	$	263,721	$	(50,542)	$	(1,054)	$	(51,596)	$	212,125

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

	$	342,535	$	-	$	342,535	$	(50,542)	$	(1,054)	$	(51,596)	$	290,939

Platinum interests

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

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

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

Cobalt interests

Voisey’s Bay ⁶	$	393,422	$	-	$	393,422	$	(162,733)	$	(2,429)	$	(165,162)	$	228,260

	$	9,475,692	$	94,895	$	9,570,587	$	(3,096,112)	$	(76,693)	$	(3,172,805)	$	6,397,782

1)	Includes cumulative impairment charges to March 31, 2025 as follows: Pascua-Lama silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey’s Bay cobalt interest - $109 million.

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

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

4)	Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests. The additions to other gold interests includes Fenix - $25 million.

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)


	Year Ended December 31, 2024

	Cost								Accumulated Depletion & Impairment ¹
(in thousands)	Balance Jan 1, 2024		Additions		Balance Dec 31, 2024		Balance Jan 1, 2024		Depletion		Impairment Charge		Balance Dec 31, 2024		Carrying Amount Dec 31, 2024

Gold interests

Salobo	$	3,429,911	$	-	$	3,429,911	$	(748,492)	$	(85,934)	$	-	$	(834,426)	$	2,595,485

Sudbury ²		623,864		-		623,864		(361,379)		(20,934)		-		(382,313)		241,551

Constancia		140,058		-		140,058		(59,793)		(15,939)		-		(75,732)		64,326

San Dimas		220,429		-		220,429		(75,707)		(8,241)		-		(83,948)		136,481

Stillwater ³		239,352		-		239,352		(27,883)		(4,009)		-		(31,892)		207,460

Other ⁴		656,187		378,920		1,035,107		(52,498)		(1,293)		-		(53,791)		981,316

	$	5,309,801	$	378,920	$	5,688,721	$	(1,325,752)	$	(136,350)	$	-	$	(1,462,102)	$	4,226,619

Silver interests

Peñasquito	$	524,626	$	-	$	524,626	$	(248,394)	$	(31,767)	$	-	$	(280,161)	$	244,465

Antamina		900,343		-		900,343		(380,813)		(28,759)		-		(409,572)		490,771

Constancia		302,948		-		302,948		(123,365)		(14,205)		-		(137,570)		165,378

Other ⁵		1,159,563		96,499		1,256,062		(577,450)		(15,982)		-		(593,432)		662,630

	$	2,887,480	$	96,499	$	2,983,979	$	(1,330,022)	$	(90,713)	$	-	$	(1,420,735)	$	1,563,244

Palladium interests

Stillwater ³	$	263,721	$	-	$	263,721	$	(43,054)	$	(7,488)	$	-	$	(50,542)	$	213,179

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

	$	263,721	$	78,814	$	342,535	$	(43,054)	$	(7,488)	$	-	$	(50,542)	$	291,993

Platinum interests

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

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

	$	9,451	$	57,584	$	67,035	$	-	$	-	$	-	$	-	$	67,035

Cobalt interests

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

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

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

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Platreef, Kudz Ze Kayah, Koné and Kurmuk gold interests. The additions to other gold interests includes: Platreef - $275 million; Kudz Ze Kayah -$14 million; Cangrejos - $16 million; Marmato - $40 million; and Kurmuk - $44 million; less a repayment relative to El Domo - $10 million to be re-advanced at a later date.

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

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


	March 31, 2025						December 31, 2024

(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total

Gold interests

Salobo	$	2,237,619	$	326,175	$	2,563,794	$	2,269,310	$	326,175	$	2,595,485

Sudbury ¹		192,373		41,711		234,084		199,840		41,711		241,551

Constancia		57,562		3,605		61,167		60,721		3,605		64,326

San Dimas		44,591		89,292		133,883		47,187		89,294		136,481

Stillwater ²		187,007		19,634		206,641		187,826		19,634		207,460

Other ³		341,136		664,593		1,005,729		16,706		964,610		981,316

	$	3,060,288	$	1,145,010	$	4,205,298	$	2,781,590	$	1,445,029	$	4,226,619

Silver interests

Peñasquito	$	234,868	$	-	$	234,868	$	244,465	$	-	$	244,465

Antamina		136,274		347,018		483,292		143,753		347,018		490,771

Constancia		154,441		6,482		160,923		158,896		6,482		165,378

Other ⁴		247,864		479,303		727,167		122,498		540,132		662,630

	$	773,447	$	832,803	$	1,606,250	$	669,612	$	893,632	$	1,563,244

Palladium interests

Stillwater ²	$	204,637	$	7,488	$	212,125	$	205,691	$	7,488	$	213,179

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

	$	204,637	$	86,302	$	290,939	$	205,691	$	86,302	$	291,993

Platinum interests

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

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

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

Cobalt interests

Voisey’s Bay	$	214,871	$	13,389	$	228,260	$	217,300	$	13,389	$	230,689

	$	4,253,243	$	2,144,539	$	6,397,782	$	3,874,193	$	2,505,387	$	6,379,580

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

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

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

Significant acquisitions, amendments and disposals of mineral stream interests (if any) in the three months ended March 31, 2025 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in Note 25.

Amendment to the Blackwater PMPA

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

13.

Early Deposit Mineral Stream Interests

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

The following table summarizes the early deposit mineral stream interests owned by the Company as of March 31, 2025


											Attributable Production to be Purchased

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

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

Cotabambas		Panoro		Peru		14,000		126,000		140,000		25% ³		100% ³		Life of Mine

Kutcho		Kutcho		Canada		16,852		58,000		74,852		100%		100%		Life of Mine

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

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

2)	Please refer to Note 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 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

14.

Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of March 31, 2025. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Royalty Interests

Mine
Owner

Location

of
Mine

Royalty¹

Total
Upfront
Consideration ²

Term of
Agreement

Date of
Original
Contract

Metates

Chesapeake

Mexico

0.5% NSR

3,000

Life of Mine

07-Aug-2014

Brewery Creek³

Victoria Gold

Canada

2.0% NSR

3,529

Life of Mine

04-Jan-2021

Black Pine⁴

Liberty Gold

USA

0.5% NSR

3,600

Life of Mine

10-Sep-2023

Mt Todd⁵

Vista

Australia

1.0% GR

20,000

Life of Mine

13-Dec-2023

DeLamar ⁶

Integra

USA

1.5% NSR

9,750

Life of Mine

20-Feb-2024

39,879

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

2)	Expressed in thousands; excludes closing costs.

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)	March 31 2025		December 31 2024

Common shares held	$	127,468	$	98,190

Warrants held		1,409		785

Total long-term equity investments	$	128,877	$	98,975

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

Common Shares Held


	Three Months Ended March 31, 2025

(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned			Fair Value at Dec 31, 2024		Cost of Additions		Proceeds of Disposition		Fair Value Adjustment Gains (Losses)¹		Fair Value at Mar 31, 2025		Realized Gain (Loss) on Disposal

Kutcho		18,640		11.11	%	$	1,231	$	-	$	-	$	520	$	1,751	$	-

B2Gold		12,025		0.91	%		29,416		-		-		4,794		34,210		-

Silvercorp		3,759		1.73	%		11,285		-		-		3,226		14,511		-

Aris		4,715		2.76	%		16,515		-		-		5,295		21,810		-

Other							39,743		3,117		-		12,326		55,186		-

Total						$	98,190	$	3,117	$	-	$	26,161	$	127,468	$	-

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


	Three Months Ended March 31, 2024

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

Kutcho		18,640		12.03	%	$	1,551	$	-	$	-	$	100		$	1,651	$	-

Hecla		34,980		5.60	%		168,255		-		-		-			168,255		-

B2Gold		12,025		0.92	%		38,094		-		-		(6,590	)		31,504		-

Aris		4,715		3.33	%		15,579		-		-		1,332			16,911		-

Other							22,547		5,122		-		(312	)		27,357		-

Total						$	246,026	$	5,122	$	-	$	(5,470)		$	245,678	$	-

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

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

16.

Credit Facilities

16.1.

Sustainability-Linked Revolving Credit Facility

The Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) matures 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 March 31, 2025 and 2024.

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

performance in sustainability. During the three months ended March 31, 2025, the stand-by fee rate was 0.1966% as compared to 0.20% during the previous year.

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

16.2.

Lease Liabilities

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



(in thousands)	March 31 2025		December 31 2024

Current portion	$	488	$	262

Long-term portion		7,599		4,909

Total lease liabilities	$	8,087	$	5,171

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


(in thousands)	March 31 2025

Not later than 1 year	$	905

Later than 1 year and not later than 5 years		3,731

Later than 5 years		5,931

Total lease liabilities	$	10,567

16.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:


			Three Months Ended March 31

(in thousands)	Note		2025		2024

Costs related to undrawn credit facilities		16.1	$	1,350	$	1,338

Interest expense - lease liabilities		16.2		91		74

Letters of guarantee				-		30

Total finance costs			$	1,441	$	1,442

17.

Issued Capital



(in thousands)	Note		March 31 2025		December 31 2024

Issued capital

Share capital issued and outstanding: 453,808,469 common shares (December 31, 2024: 453,677,299 common shares)		17.1	$	3,804,168	$	3,798,108

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

17.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at March 31, 2025 and 2024, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2024 to March 31, 2025 is presented below:


	Number of Shares		Weighted Average Price

At January 1, 2024		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		341,869		Cdn$37.56

Restricted share units released ¹		1,217		Cdn$0.00

Dividend reinvestment plan ²		38,534		US$54.92

At December 31, 2024		453,677,299

Share purchase options exercised ¹		62,041		Cdn$55.90

Restricted share units released ¹		69,129		Cdn$0.00

At March 31, 2025		453,808,469

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.

At the Market Equity Program

Wheaton intended that the net proceeds from the ATM Program, if any, would be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. However, as at March 31, 2025 the Company has not issued any shares under the ATM program and the Company has elected not to renew the ATM Program.

17.2.

Dividends Declared


	Three Months Ended March 31

(in thousands, except per share amounts)	2025		2024

Dividends declared per share	$	0.165	$	0.155

Average number of shares eligible for dividend		453,821		453,293

Total dividends declared	$	74,880	$	70,261

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

18.

Reserves



(in thousands)	Note		March 31 2025			December 31 2024

Reserves
Share purchase options		18.1	$	23,399		$	23,361
Restricted share units		18.2		6,610			8,859
Long-term investment revaluation reserve, net of tax		18.3		(71,913	)		(95,723)

Total reserves			$	(41,904	)	$	(63,503	)

18.1.

Share Purchase Options

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

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

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


	Three Months Ended March 31

	2025		2024

Black-Scholes weighted average assumptions

Grant date share price and exercise price		Cdn$108.56		Cdn$59.79

Expected dividend yield		0.92%		1.45%

Expected volatility		30%		30%

Risk-free interest rate		2.89%		4.10%

Expected option life, in years		3.0		3.0

Weighted average fair value per option granted		Cdn$23.90		Cdn$13.39

Number of options issued during the period		178,020		305,710

Total fair value of options issued (000’s)	$	2,974	$	3,022

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

The following table summarizes information about the options outstanding and exercisable at March 31, 2025:


Exercise Price (Cdn$)	Exercisable Options		Non-Exercisable Options		Total Options Outstanding		Weighted Average Remaining Contractual Life

$49.86		199,300		-		199,300		3.0 years

$57.43¹		17,230		-		17,230		3.0 years

$62.20¹		18,930		14,945		33,875		5.0 years

$67.51¹		27,296		-		27,296		4.0 years

$59.79		75,021		142,602		217,623		6.0 years

$59.41		155,319		74,668		229,987		5.0 years

$63.47¹		17,632		45,026		62,658		6.0 years

$60.00		196,554		-		196,554		4.0 years

$108.56		-		138,530		138,530		7.0 years

$109.10¹		-		39,490		39,490		7.0 years

		707,282		455,261		1,162,543		4.8 years

1)	US$ share purchase options converted to Cdn$ using the exchange rate of 1.4376, being the Cdn$/US$ exchange rate at March 31, 2025.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2024 to March 31, 2025 is presented below:


	Number of Options Outstanding			Weighted Average Exercise Price

At January 1, 2024		1,270,021			Cdn$48.47

Granted (fair value - $3 million or Cdn$13.39 per option)		305,710			59.79

Exercised		(158,148	)		33.20

At March 31, 2024		1,417,583			Cdn$52.75

Exercised		(341,869	)		37.56

Forfeited		(4,740	)		59.59

At December 31, 2024		1,070,974			Cdn$58.14

Granted (fair value - $3 million or Cdn$23.90 per option)		178,020			108.56

Exercised		(62,041	)		55.90

Forfeited		(24,410	)		59.76

At March 31, 2025		1,162,543			Cdn$65.95

As it relates to share purchase options, during the three months ended March 31, 2025, the weighted average share price at the time of exercise was Cdn$109.30 per share, as compared to Cdn$61.21 per share during the comparable period in 2024.

18.2.

Restricted Share Units (“RSUs”)

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2024 to March 31, 2025 is presented below:


	Number of RSUs Outstanding			Weighted Average Intrinsic Value at Date Granted

At January 1, 2024		316,336			$33.81

Granted (fair value - $4 million)		90,120			44.16

Released		(68,277	)		43.35

At March 31, 2024		338,179			$34.64

Granted		1,010			54.55

Released		(1,217	)		43.73

Forfeited		(1,043	)		44.40

At December 31, 2024		336,929			$34.64

Granted (fair value - $4 million)		52,960			75.92

Released		(69,129	)		44.78

Forfeited		(5,384	)		43.86

At March 31, 2025		315,376			$39.19

18.3.

Long-Term Investment Revaluation Reserve

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

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

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2024 to March 31, 2025 is presented below:


(in thousands)	Change in Fair Value			Deferred Tax Recovery (Expense)		Total

At January 1, 2024	$	(68,099)		$	(2,905)	$	(71,004)

Unrealized gain (loss) on LTIs ¹		(5,470	)		(96)		(5,566)

At March 31, 2024	$	(73,569)		$	(3,001)	$	(76,570)

Unrealized gain (loss) on LTIs ¹		10,119			(756)		9,363

Reallocate reserve to retained earnings upon disposal of LTIs ¹		(32,225	)		3,709		(28,516)

At December 31, 2024	$	(95,675)		$	(48)	$	(95,723)

Unrealized gain (loss) on LTIs ¹		26,161			(2,351)		23,810

At March 31, 2025	$	(69,514)		$	(2,399)	$	(71,913)

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

19.

Share Based Compensation

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

19.1.

Performance Share Units (“PSUs”)

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

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

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2024 to March 31, 2025 is presented below:


(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding		PSU accrual liability

At January 1, 2024		372,460	$	21,126

Granted		135,220		-

Accrual related to the fair value of the PSUs outstanding		-		(317)

Foreign exchange adjustment		-		(428)

Paid		(126,590)		(11,129)

At March 31, 2024		381,090	$	9,252

Accrual related to the fair value of the PSUs outstanding		-		16,931

Foreign exchange adjustment		-		(1,050)

Forfeited		(2,120)		(49)

At December 31, 2024		378,970	$	25,084

Granted		78,390		-

Accrual related to the fair value of the PSUs outstanding		-		10,796

Foreign exchange adjustment		-		87

Paid		(118,240)		(17,209)

Forfeited		(890)		(40)

At March 31, 2025		338,230	$	18,718

A summary of the PSUs outstanding at March 31, 2025 is as follows:


Year of Grant		Year of Maturity		Number outstanding		Estimated Value Per PSU at Maturity		Anticipated Performance Factor at Maturity		Percent of Service Period Complete at Mar 31, 2025		PSU Liability at Mar 31, 2025
	2023		2026		125,070		$75.69		198%		71%	$	13,291
	2024		2027		134,770		$74.77		135%		39%		5,358
	2025		2028		78,390		$73.88		101%		1%		69

					338,230							$	18,718

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (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 March 31

(in thousands)	2025		2024

Basic weighted average number of shares outstanding		453,692		453,094

Effect of dilutive securities

Share purchase options		407		253

Restricted share units		329		319

Diluted weighted average number of shares outstanding		454,428		453,666

The following table lists the number of share purchase options excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$95.38, compared to Cdn$60.97 for the comparable period in 2024.


	Three Months Ended March 31

(in thousands)	2025		2024

Share purchase options		178		37

21.

Supplemental Cash Flow Information

Change in Non-Cash Working Capital


	Three Months Ended March 31

(in thousands)	2025			2024

Change in non-cash working capital

Accounts receivable	$	(1,407	)	$	4,445

Accounts payable and accrued liabilities		(6,599	)		(2,661	)

Other		264			371

Total change in non-cash working capital	$	(7,742	)	$	2,155

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

Cash and Cash Equivalents


(in thousands)	March 31 2025		December 31 2024
Cash and cash equivalents comprised of:

Cash	$	910,674	$	768,682

Cash equivalents		174,907		49,484

Total cash and cash equivalents	$	1,085,581	$	818,166

Cash equivalents include short-term deposits, treasury bills, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

22.

Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings


	Three Months Ended March 31

(in thousands)	2025			2024
Current income tax expense (recovery)	$	44		$	59
Global minimum income tax expense		45,066			-
Total current income tax expense (recovery)	$	45,110		$	59
Deferred income tax expense (recovery) related to:

Origination and reversal of temporary differences	$	1,420		$	225

Write down (reversal of write down) or recognition of prior period temporary differences		(3,751)			(311)

Total deferred income tax recovery	$	(2,331	)	$	(86	)

Total income tax expense (recovery) recognized in net earnings	$	42,779		$	(27	)

Effective Tax Rate		14	%		0	%

Pillar II Tax Expense - Global Minimum Tax

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 are 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. For the three months ended March 31, 2025, an amount of $45 million current tax expense associated with GMT was recorded, with GMT being payable 15 months after year-end (18 months after year-end for the year-ended December 31, 2024).

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

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

Income Tax Expense (Recovery) in Other Comprehensive Income


	Three Months Ended March 31

(in thousands)	2025		2024

Deferred income tax expense (recovery) related to LTIs - common shares held		2,351		96

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

23.

Other Current Assets

The composition of other current assets is shown below:



(in thousands)	Note	March 31 2025		December 31 2024

Prepaid expenses		$	3,049	$	3,230

Other			384		467

Total other current assets		$	3,433	$	3,697

24.

Other Long-Term Assets

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



(in thousands)	Note		March 31 2025		December 31 2024

Intangible assets			$	1,407	$	1,503

Debt issue costs - Revolving Facility		16.1		4,764		5,101

Refundable deposit - 777 PMPA				9,598		9,413

Subscription Rights				-		3,114

Other				500		2,485

Total other long-term assets			$	16,269	$	21,616

Subscription Rights

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

Refundable Deposit – 777 PMPA

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

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

WHEATON PRECIOUS METALS 2025 1ST QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three Months Ended March 31, 2025 (US Dollars)

25.

Commitments and Contingencies

Mineral Stream Interests

Per Ounce Cash Payment for Gold

Mineral Stream Interests

Attributable
Payable Production
to be Purchased

Per Ounce Cash
Payment ¹

Term of
Agreement

Date of
Original
Contract

Constancia

50%

425 ²

Life of Mine

8-Aug-12

Salobo

75%

429

Life of Mine

28-Feb-13

Sudbury

70%

400

20 years

28-Feb-13

San Dimas

variable

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

Copper World

100%

450

Life of Mine

10-Feb-10

Marmato

10.5%

⁵

18% ⁴

Life of Mine

5-Nov-20

Santo Domingo

100%

⁵

18% ⁴

Life of Mine

24-Mar-21

Fenix

22%

⁶

20%

Life of Mine

15-Nov-21

Blackwater

⁵

35%

Life of Mine

13-Dec-21

El Domo

50%

⁵

18% ⁴

Life of Mine

17-Jan-22

Goose

2.78%

⁵

18% ⁴

Life of Mine

8-Feb-22

Cangrejos

6.6%

⁵

18% ⁴

Life of Mine

16-May-23

Platreef

62.5%

⁵

100 ⁵

Life of Mine

⁵

7-Dec-21

⁸

Curraghinalt

3.05%

⁵

18% ⁴

Life of Mine

15-Nov-23

Kudz Ze Kayah

6.875%

⁷

20%

Life of Mine

22-Dec-21

⁸

Koné

19.5%

⁵

20% ⁹

Life of Mine

23-Oct-24

Kurmuk

6.7%

⁵

15%

Life of Mine

5-Dec-24

Early Deposit

Toroparu

10%

400

Life of Mine

11-Nov-13

Cotabambas

25%

⁵

450

Life of Mine

21-Mar-16

Kutcho

100%

20%

Life of Mine

14-Dec-17

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. Effective April 30, 2025, the fixed gold to silver exchange ratio was revised from 70:1 to 90:1.

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

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