Track market-moving stories before they get noisy

Gold near record highs rewards mine operators handsomely, but a quieter group of companies collects checks without touching a shovel, and their cash margins make conventional producers look inefficient by comparison. Five royalty and streaming names dominate the sector, and…

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Gold has ripped to fresh records, with spot bullion trading around $4,439 per ounce on last look. Yet the purest way to play the move is owning a slice of a mine rather than operating one. Royalty and streaming companies pay cash upfront to fund a project. In return, they collect either a percentage of the mine’s revenue (a royalty) or the right to buy a fixed share of production at a deeply discounted per-ounce price (a stream). The mine operator absorbs the diesel bills, labor strikes, and capex overruns. The royalty holder just cashes checks that get fatter as gold rises.

That structural leverage is why the average cash margin at these businesses runs above 80%, versus roughly 30% to 40% at conventional producers. With gold averaging $4,873 per ounce in Q1 2026 (+70% year over year), the model is compounding at a pace operators cannot match. Here are the five U.S.-listed pure-plays, ranked worst to first.

5. OR Royalties OR Royalties (NYSE:OR) is the smallest of the group at a $6.9 billion market cap. Q2 2026 revenue rose 62.0% year over year to $97.8 million, beating the $96.85 million consensus, and cash margin hit a sector-leading 96.8%. Management called Canadian Malartic “the crown jewel in our portfolio.” That is also the risk: two interests generate 54% to 58% of revenues, and a July 1 rock mass movement at the Barnat Open Pit will trim GEOs through 2028. Shares are up 5.4% over one year.

4. Triple Flag Precious Metals Triple Flag Precious Metals (NYSE:TFPM) posted Q2 revenue of $129.2 million (+37.3% year over year) and beat adjusted EPS by 19.71%, its 4th consecutive quarterly beat. Asset margin expanded to 94%. The $440 million Ravenswood gold stream in Queensland is the cornerstone addition, though production is not expected to scale toward 200,000 ounces annually until after 2028. The bull case is 242 streams and royalties and a raised 2030 outlook of 150,000 to 160,000 GEOs. The key risk is Ravenswood ramp execution and a step-down at Cerro Lindo from 65% to 25%.

3. Royal Gold Royal Gold (NASDAQ:RGLD | RGLD Price Prediction) is being reshaped by the October 2025 acquisition of Sandstorm and Horizon Copper. Q2 revenue reached $451 million with operating cash flow of $335 million. Gold contributed 76% of revenue, and adjusted EBITDA margin hit 83%. Royal Gold reduced its Hod Maden equity from 30% to 15% in exchange for additional royalty interest. The 2026 dividend of $1.90 marks the 25th consecutive annual increase. However, Q1 revenue and EPS narrowly missed consensus, and integration risk from Sandstorm remains.

2. Franco-Nevada Franco-Nevada (NYSE:FNV) invented the model. Q1 2026 revenue climbed 76.6% year over year to $650.7 million, beating consensus by 2.43%, while adjusted EPS of $2.38 topped estimates by 14.20%. The company remains debt-free with $4.3 billion of available capital as of June 30. CFO Sandip Rana noted, “no one asset generated more than 10% of revenue as we have one of the most diverse portfolios in the industry.” The dividend was raised 16% to $0.44 per quarter, the 19th straight annual bump. Shares are up 33.9% over one year. The risk here is that the Cobre Panamá restart still depends on Panamanian government approval.

1. Wheaton Precious Metals Wheaton Precious Metals (NYSE:WPM) sits atop the sector at a $70.4 billion market cap. Q1 revenue surged 91.6% year on year to $901.5 million, beating consensus by 4.25%. Gross margin expanded to 78% from 68%, and cash operating margin per GEO reached $4,279, up 103% year over year. In April, Wheaton closed what management called “the largest precious metals streaming transaction ever completed.” A $4.3 billion upfront payment to BHP for an incremental 33.75% of Antamina silver doubled its entitlement to 67.5%. Q2 revenue then hit $929 million (+85% year on year) with operating cash flow of $650 million. The dividend was hiked 18% to $0.195 per quarter. Shares have advanced 42.3% over one year and 467.9% over the past decade. The 2030 target of roughly 1.2 million GEOs anchors an organic 50% growth profile. However, the Antamina economics were struck at higher silver prices, and mine sequencing dictates near-term deliveries.

Why the Model Wins This Cycle The premise held. Skipping the mine means skipping the cost inflation, and every one of these five converted rising bullion into outsized margin expansion this year. Wheaton takes the crown on scale, deal size, and cash generation, but the sector-wide takeaway is simpler: at above-80% cash margins with dividend streaks stretching back decades, royalty and streaming names are structurally built to translate $4,439 gold into shareholder cash. Investors should still respect the trade-off. These businesses depend entirely on operators actually digging; they carry premium multiples, and a sharp reversal in gold would flow through just as quickly on the way down.

Contact [email protected] for any questions or corrections.

Investors interested in stocks from the Mining - Miscellaneous sector have probably already heard of Teck Resources Ltd (TECK) and Wheaton Precious Metals Corp. (WPM). But which of these two stocks is more attractive to value investors?

Shares in gold and silver mining "streamer" Wheaton Precious Metals (WPM -3.91%) rallied 37% in August, according to data from S&P Global Market Intelligence.

Not only did the price of both gold and silver rebound during August, but Wheaton Precious Metals also delivered a strong second-quarter earnings report. The impressive results showed that Wheaton continues to be an asset-light way to play the gold and silver mining industry.

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Wheaton shines in August Wheaton is a "streamer," which means it finances parts of mining projects worldwide in exchange for an equivalent portion of the mine's output. Streamers offer a win-win scenario for miners, as miners don't have to raise as much capital or take on as much debt to fund their capital-intensive mining projects. Meanwhile, streamers can develop a diversified portfolio of projects, limiting their own risk. However, if the price of the underlying mined commodity spikes over time, streamers can earn exceptional returns.

During August, the prices of gold and silver surged roughly 10% and 17%, respectively. Wheaton Precious Metals' portfolio consists basically one-half gold and one-half silver, with the second quarter's revenue at 46% from gold, 52% from silver, 0.3% from palladium, and 2% from cobalt, so it's no surprise that the stock did well last month.

There weren't any large, obvious catalysts for the moves higher in both commodities. Each commodity's price had sold off in the preceding months after going on strong multi-year runs. Gold is generally seen as a "haven" amid geopolitical tensions and inflation, while silver also has applications in solar panels and electronics.

But it also appears Wheaton is executing exceptionally well, as its reported second-quarter numbers came in ahead of expectations, even though investors already knew what silver and gold prices did in Q2. Wheaton reported earnings on Aug. 6, just shortly after the start of the month. Q2 revenue surged 84.7% relative to the year-ago quarter to $929.2 million, while net earnings per share rallied an even higher 89.7% to $1.195 per share. Both figures exceeded analysts' expectations.

Management also forecast an increase in production in the back half of the year to about 900,000 gold-equivalent ounces (GEOs) at the midpoint, which would mark an acceleration from the 414,000 GEOs produced across Wheaton's portfolio during the first half of the year. Rising production against rising prices is a good backdrop.

Image source: Getty Images.

The longer-term plan could be a gusher Furthermore, Wheaton reiterated its longer-term guidance of 50% GEO growth by 2031 to 1.2 million annual GEOs, with a plan to keep produced ounces flat between 2031 and 2035. Wheaton currently has streaming agreements for 22 operating mines, 20 development projects, and 15 exploration-stage projects. So, Wheaton expects its investment cycle in the non-operating projects to peak in 2030, which is why it projects a flattening out thereafter.

Around 2031, investors should probably expect the company to harvest much more of its operating cash flow rather than reinvest it for growth. At that point, Wheaton's cash returns via share repurchases and dividend payments should increase. Today, its dividend yield is roughly 0.5%, and the stock trades at about 30 times this year's earnings estimates.

While that doesn't seem particularly cheap, production is expected to grow by 50% between now and 2030. If underlying commodity prices also increase between now and then, the stock will likely look much cheaper in a few years, with a much higher cash payout.

Bank of New York Mellon Corp purchased a new position in Wheaton Precious Metals Corp. (NYSE:WPM – Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 475,727 shares of the company’s stock, valued at approximately $53,434,000. Bank of New York Mellon Corp owned 0.10% of Wheaton Precious Metals at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WPM. Cornerstone Planning Group LLC increased its stake in shares of Wheaton Precious Metals by 245.5% in the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Harvest Fund Management Co. Ltd lifted its position in Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management lifted its position in Wheaton Precious Metals by 73.5% during the first quarter. Hollencrest Capital Management now owns 236 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $28,000. Finally, Navalign LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $30,000. 70.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets A number of equities analysts have weighed in on WPM shares. Bank of America reduced their price objective on Wheaton Precious Metals from $163.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Weiss Ratings downgraded Wheaton Precious Metals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Berenberg Bank set a $157.00 target price on Wheaton Precious Metals in a report on Tuesday, July 28th. Wall Street Zen cut Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group decreased their price target on Wheaton Precious Metals from $182.00 to $177.00 and set a “buy” rating for the company in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and an average target price of $165.55.

Check Out Our Latest Report on WPM Wheaton Precious Metals Price Performance Shares of Wheaton Precious Metals stock opened at $158.26 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.20. Wheaton Precious Metals Corp. has a twelve month low of $92.57 and a twelve month high of $165.76. The business has a 50-day moving average price of $121.93 and a 200 day moving average price of $131.13. The firm has a market cap of $71.88 billion, a PE ratio of 35.09, a P/E/G ratio of 2.76 and a beta of 0.55.

Wheaton Precious Metals (NYSE:WPM – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $878.00 million for the quarter, compared to the consensus estimate of $879.29 million. Wheaton Precious Metals had a return on equity of 21.97% and a net margin of 64.66%.Wheaton Precious Metals’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 earnings per share. Sell-side analysts predict that Wheaton Precious Metals Corp. will post 4.79 earnings per share for the current fiscal year.

Wheaton Precious Metals Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a dividend of $0.195 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.5%. Wheaton Precious Metals’s dividend payout ratio (DPR) is 17.29%.

(Free Report)

Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.

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Key Takeaways WPM reaffirmed its 2026 production guidance of 860,000-940,000 GEOs, suggesting 30% y/y growth at midpoint.Antamina added silver exposure, with attributable silver production rising 56% y/y in Q2.WPM expects 1.2 million GEOs by 2030, supported by development assets and strong operating performance. Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year, backed by strong production growth and supportive metal prices. Driven by the acquisition of the precious metals purchase agreement with BHP Group Limited (BHP), WPM’s attributable gold-equivalent production increased 6.3% year over year to 202,229 ounces.

The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from 2025’s production of 692,000 ounces. The upside will be driven by Salobo and Peñasquito sequencing, a full Antamina contribution, and newer-asset ramp-ups.

The BHP Group Antamina precious metals purchase agreement became effective on April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. Antamina produced 2.3 million attributable silver ounces in the second quarter, up 56% year over year despite lower grades and maintenance timing. The deal with BHP Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.

Wheaton Precious Metals expects production of 1.2 million GEOs by 2030 and averaging around that level through 2035. Growth will also be driven by development assets, including Koné, Kurmuk, Goose, El Domo, Spring Valley, Copper World and Santo Domingo projects. Development projects that are in construction and/or permitted will also boost growth. Solid performances at operating assets, including Antamina, Aljustrel, Marmato, Blackwater, Hemlo, Goose, Platreef, Fenix and Mineral Park, will also aid the upside.

Wheaton Precious Metals Peers’ 2026 GuidanceSSR Mining Inc. (SSRM - Free Report) produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.

AngloGold Ashanti PLC (AU - Free Report) maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026. The production is expected to be heavily weighted toward the second half of 2026. AngloGold Ashanti’s gold production was 744,000 ounces in the second quarter of 2026.

WPM’s Price Performance, Valuation & EstimatesWheaton Precious Metals shares have surged 60.2% in a year, outpacing the industry's 53.5% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 23.8% and 36.4%, respectively.

Image Source: Zacks Investment Research

WPM is currently trading at a forward 12-month price-to-earnings multiple of 31.10X, a premium to the industry average of 16.69X.
 

Image Source: Zacks Investment Research

Meanwhile, SSR Mining and AngloGold Ashanti are trading lower at 9.44X and 14.74X, respectively.

The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.65 billion, indicating a 58% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.80 per share, suggesting a year-over-year rally of 58.4%.

The Zacks Consensus Estimate for 2027 sales implies a 0.4% year-over-year rise. The same for earnings suggests a rise of 1.3%.

EPS estimates for 2026 and 2027 have moved south over the past 60 days.

Image Source: Zacks Investment Research

The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Precious metals staged quite an impressive price rebound on Wednesday. As often happens in such situations, the prices of stocks tied to the commodities rallied in sympathy. That was excellent news for Wheaton Precious Metals (WPM +11.10%) investors, as their stock rose by more than 11% across that trading session.

Treasury doubles down This was the dictionary definition of a top-down rally. That's because it was prompted by the Federal government (specifically the Treasury Department) announcing that it would at least double its long-term bond repurchases to $4 billion or more per operation from the current $2 billion.

Image source: Getty Images.

This, understandably, drove bond prices higher; as prices of such assets rise, yields decline. And since U.S. bonds are a global financial benchmark due to the reliability of our government in paying them back, those yields are indicative worldwide.

When they drop, all things being equal, demand for riskier assets (such as cryptocurrencies) or non-yielding investments (precious metals) tends to rise. This drives up prices for these instruments, and plays -- like the royalty "streaming" company Wheaton Precious Metals -- that are associated with them.

Another factor in the sudden, sharp rally in gold, silver, and related assets was that their prices had generally been slumping since they notched all-time highs earlier this year.

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Caution warranted? Given how sharp and news-dependent that rally was, I wouldn't count on it to last very long.

Inflation remains a concern for many monetary policymakers, despite encouraging price news lately, and there's a decent chance the Federal Reserve will raise interest rates in the near future. Given that, I'd be cautious with gold and silver assets, and I'd be cautious with Wheaton Precious Metals stock.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Fielder Capital Group LLC acquired a new stake in shares of Wheaton Precious Metals Corp. (NYSE: WPM) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 21,488 shares of the company's stock, valued at approximately $2,414,000. Several other large

SIL delivered 68% returns over one year but faced steeper drawdowns, while IAU's lower volatility and 0.25% expense ratio appeal to conservative investors seeking precious metals exposure.

Wheaton Precious Metals (NYSE:WPM) reported record results for the first half of 2026, supported by higher commodity prices, increased sales volumes and contributions from recently added streams and ramping operations.

President and Chief Executive Officer Haytham Hodaly said the company recorded first-half highs in production, sales volumes, revenue, earnings and operating cash flow. Wheaton produced 415,000 gold equivalent ounces, or GEOs, during the first six months of the year and sold 390,000 GEOs, positioning it to meet its full-year production guidance of 860,000 to 940,000 GEOs.

Second-Quarter Revenue and Cash Flow Rise Second-quarter production totaled 202,000 GEOs, up 6% from a year earlier, while sales volumes increased 14% to 209,000 GEOs. Chief Financial Officer Vincent Lau said sales exceeded production because the company delivered ounces that had been produced but not yet delivered in prior periods.

Record quarterly revenue reached $929 million, an 85% increase from the prior-year period. Lau attributed the gain primarily to a 61% increase in the average realized gold equivalent price and higher sales volumes. Gold accounted for 46% of quarterly revenue, silver represented 52%, and cobalt and palladium made up the remainder.

Net earnings rose 86% year over year to $543 million, while operating cash flow increased 57% to $650 million. At the end of the quarter, Wheaton had a produced-but-not-yet-delivered balance of about 158,000 GEOs, equal to 2.6 months of payable production and within its stated 2.5- to 3.5-month range.

Lau said the company expects production and sales to be relatively close in the second half, although the produced-but-not-yet-delivered balance could be flat or rise modestly by year-end.

Antamina Stream Drives Portfolio Expansion The quarter included the closing of Wheaton’s $4.3 billion silver stream transaction with BHP at the Antamina mine. Hodaly described the deal as the largest precious-metals streaming transaction completed to date. The agreement increased Wheaton’s share of silver production at Antamina from 33.75% to 67.5%, effective April 1.

Antamina produced 2.3 million attributable silver ounces during the quarter, up about 56% from the year-earlier period. Vice President of Mining Operations Wes Carson said the increased ownership share was partly offset by lower silver grades and the timing of maintenance. A scheduled July shutdown was moved into June, while mine sequencing resulted in more copper-only ore being processed than copper-zinc ore, which contains more silver.

Carson said Antamina is expected to process more copper-zinc ore in the third quarter, supporting higher silver grades. He added that higher-grade material associated with the area around the mine’s former primary crusher is expected to contribute over the next 12 to 18 months.

Wheaton also made several other investments during the quarter, including $156 million for the Koné project, $23 million for a Spanish Mountain royalty, $16 million for the Jervois gold and silver stream in Australia, and $4.5 million for the Cipango royalty in Japan. The Jervois transaction marked Wheaton’s first stream in Australia.

Hodaly said the Spanish Mountain and Cipango royalties include rights of first refusal on future financings. He said the company views those rights as a way to secure a future opportunity to finance projects rather than as royalty investments alone.

Operations and Development Pipeline At Salobo, attributable gold production declined about 11% from the prior year to 62,100 ounces, primarily due to lower grades. Carson said Vale Base Metals identified coarse particle flotation as a key near-term growth driver, supporting the Salobo III expansion and a targeted throughput rate of 42 million tonnes annually by 2029.

Blackwater produced 100,000 attributable silver ounces and 5,900 attributable gold ounces, increases of 7% and 46%, respectively. Artemis Gold reported that Blackwater’s Phase 1A expansion was 57% complete at the end of the second quarter and remained on schedule for commissioning in the fourth quarter. The expansion is expected to begin contributing to production in 2027.

Several assets continued to ramp up during the quarter, including Mineral Park, Fenix, Platreef and Goose. Construction also progressed at Kurmuk and Koné. Allied Gold expects operations at Kurmuk to begin in August, with first gold ore following a few weeks later, while Montage Gold expects first gold ore at Koné through its oxide circuit in the fourth quarter.

Carson said the company’s expected second-half production increase will be driven primarily by mine sequencing at Salobo and Peñasquito, the full contribution from the BHP Antamina stream and the ramp-up of newer operating assets. Ramp-up assets are expected to account for about 3% of full-year production, he said.

Balance Sheet and Deal Pipeline Wheaton ended the quarter with approximately $100 million in cash and net debt of about $1.9 billion, down from roughly $2.1 billion immediately after the Antamina funding in April. The company expanded its revolving credit facility by $500 million to $2.5 billion and extended its maturity to June 30, 2031. Including a $500 million accordion feature and cash on hand, Lau said available liquidity totaled about $2.6 billion.

Hodaly said Wheaton is generating more than $200 million of free cash flow per month and remains able to pursue accretive deals while repaying debt. Corporate Development Vice President Neil Burns said opportunities from smaller companies had increased somewhat after lower metal prices contributed to softer equity markets.

Management said most near-term opportunities remain in the $200 million to $500 million range and are weighted toward gold, though certain potential transactions could exceed $1 billion. Hodaly said large copper financing opportunities are more likely to emerge over a three- to eight-year period, rather than within the next one or two years.

Looking further ahead, Wheaton maintained its forecast for annual production to reach approximately 1.2 million GEOs by 2030, representing growth of about 50% from current levels. Management said the forecast is based on projects that are permitted and financed, with all but three already under construction.

About Wheaton Precious Metals (NYSE:WPM) Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.

Key Takeaways WPM keeps 2026 production guidance at 860,000-940,000 GEOs, with output weighted to the second half.Mine sequencing at Salobo and Peasquito plus a fuller Antamina contribution are set to drive the increase.WPM has about $2.6 billion of unused capacity, while its deal pipeline is weighted toward gold opportunities. Wheaton Precious Metals Corp. (WPM - Free Report) used its Q2 2026 earnings call to reinforce that production remains weighted to the second half, with mine sequencing and a fuller Antamina contribution expected to matter more than new ramp-ups.

Management also stressed financial flexibility after funding Antamina, while analyst questions centered on sales timing, silver grades, deal capacity and long-term growth.

WPM Keeps 2026 Production Outlook IntactHaytham Hodaly, president and chief executive officer, said the first half delivered records across production, sales volumes, revenue, earnings and cash flow.

Wesley Carson, vice president of operations, maintained 2026 production guidance of 860,000 to 940,000 gold equivalent ounces, or GEOs. Q2 production was 202,000 GEOs, up 6% year over year.

A UBS analyst asked what would drive the second-half increase. Carson, operations vice president, said ramping assets represent only about 3% of annual production, with mine sequencing at Salobo and Peñasquito and the full Antamina stream contribution doing most of the work.

Wheaton Sees Sales Tracking Production More CloselyVincent Lau, senior vice president and chief financial officer, said Q2 sales reached 209,000 GEOs, above production as Wheaton drew down ounces produced but not yet delivered, or PBND.

A Scotiabank analyst pressed on second-half sales. Lau, CFO, said PBND at roughly 158,000 GEOs, or 2.6 months of payable production, was more likely to stay flat or rise modestly toward year-end.
Reported revenue of $929.2 million exceeded the Zacks Consensus Estimate of $876.78 million, while reported EPS of $1.19 topped the $1.15 consensus.

WPM Expects Better Antamina Silver GradesCarson, operations vice president, said Antamina produced 2.3 million attributable silver ounces in Q2, up 56% year over year, helped by the BHP stream that increased Wheaton's silver share to 67.5%.

A CIBC analyst asked whether lower silver grades reflected commodity-price-driven feed choices. Carson, operations vice president, said pit sequencing, not selective processing, drove the result and pointed to more silver-rich ore ahead.
Carson, operations vice president, expects higher silver grades later in 2026 and over the following 12 to 18 months. Lau, CFO, said there were no impairment indicators for the BHP stream and the asset was performing as expected.

Wheaton Keeps Deal Pipeline ActiveHodaly, CEO, said Wheaton had about $2.6 billion of unused capacity and was generating more than $200 million of free cash flow per month, leaving room for accretive transactions.

Neil Burns, vice president of corporate development, said softer equity markets had increased opportunities among smaller companies. He described the pipeline as weighted toward gold, with many transactions in the $200 million to $500 million range.

A Scotiabank analyst asked about larger opportunities. Hodaly, CEO, said most remain below $500 million, but occasional $1 billion to $2 billion deals could emerge sooner, while large copper financing needs are further out.

WPM Leans on Organic Projects Beyond DealsCarson, operations vice president, highlighted progress at Blackwater, Kurmuk and Koné. Blackwater's Phase 1A expansion remained on schedule for Q4 2026 commissioning, while Kurmuk was expected to start operations in August and Koné targeted first gold in Q4.

Hodaly, CEO, emphasized that Wheaton's growth does not depend on additional transactions. Management continues to project approximately 50% growth to 1.2 million GEOs by 2030.

A Bloomberg Intelligence analyst asked whether the 2030 outlook now carried upside. Hodaly, CEO, kept the forecast unchanged, saying Wheaton would stick with 1.2 million GEOs until additional transactions are completed.

Wheaton Stays Disciplined on GrowthHodaly, CEO, closed with an emphasis on disciplined capital deployment, long-life precious-metal streams and portfolio diversification while balancing debt repayment with existing commitments and new opportunities.
The call framed the second-half production step-up around established mines and Antamina rather than a large contribution from newer projects, keeping execution at core assets central to the 2026 outlook.

WPM's Zacks Signals Favor Growth Over ValueWPM carries a Zacks Rank #3 (Hold), indicating a more neutral earnings estimate-revision outlook. Under the Zacks framework, stocks with a Zacks Rank #3 can still be held, while Style Scores help distinguish their value, growth and momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Growth Score of A, Value Score of D, Momentum Score of C and VGM Score of C. The mix points to stronger growth characteristics than value or momentum, while the VGM Score remains outside the A-or-B range. The Zacks Rank can change as analysts revise estimates following the latest results.

For the quarter ended June 2026, Wheaton Precious Metals Corp. (WPM - Free Report) reported revenue of $929.2 million, up 84.7% over the same period last year. EPS came in at $1.19, compared to $0.63 in the year-ago quarter.

The reported revenue represents a surprise of +5.98% over the Zacks Consensus Estimate of $876.78 million. With the consensus EPS estimate being $1.15, the EPS surprise was +3.48%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Wheaton Precious Metals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Units Produced - GEOs produced: 202.23 Oz versus 218.06 Oz estimated by two analysts on average.Average Realized Price Per Unit - Silver: $73.4 per ounce compared to the $80.5 per ounce average estimate based on two analysts.Average Realized Price Per Unit - Gold: $4452 per ounce compared to the $4717.1 per ounce average estimate based on two analysts.Sales- Gold: $427.79 million versus $451.58 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +30.3% change.Sales- Silver: $478.76 million versus the two-analyst average estimate of $383.04 million. The reported number represents a year-over-year change of +188.9%.Sales- Palladium: $2.96 million versus $3.56 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +15.3% change.Sales- Cobalt: $19.7 million compared to the $14.51 million average estimate based on two analysts. The reported number represents a change of +200.3% year over year.Sales- Gold- Sudbury: $19.89 million compared to the $27.61 million average estimate based on two analysts. The reported number represents a change of +107.3% year over year.Sales- Silver- Constancia: $33.06 million versus $25.47 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +56.4% change.Sales- Gold- Constancia: $13.31 million versus the two-analyst average estimate of $6.49 million. The reported number represents a year-over-year change of -41.2%.Sales- Gold- Stillwater: $5.68 million versus $6.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +23.6% change.Sales- Silver- Pe?asquito: $198.79 million versus $136.64 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +178.2% change.View all Key Company Metrics for Wheaton Precious Metals here>>>

Shares of Wheaton Precious Metals have returned +14.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

SECOND QUARTER FINANCIAL RESULTS

, /PRNewswire/ -- "Wheaton delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model. Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders."

Record Financial Performance and Strong Balance Sheet

Q2 2026: A record $929 million in revenue, $543 million in net earnings and $650 million in operating cash flow. First half of 2026: A record $1.8 billion in revenue, record $1.1 billion in net earnings and record $1.4 billion in operating cash flow. Declared a quarterly dividend1 of $0.195 per common share and made two quarterly dividend payments totaling $177 million. Balance Sheet: Cash balance of $100 million and debt outstanding totaling $2.0 billion, resulting in total net debt of $1.9 billion. Enhanced financial flexibility by upsizing the Revolving Credit Facility by $500 million to $2.5 billion, extending the maturity date by one year to June 30, 2031, and broadening the lending syndicate.  Together with the $500 million accordion feature under the Revolving Credit Facility, the Company has $2.6 billion of available liquidity. High Quality Asset Base

Streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration & other stage projects, totaling 57 assets5. Delivered attributable gold equivalent production3 ("GEOs") of 202,200 ounces in the second quarter of 2026, a 6% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement ("PMPA") with BHP Group Limited ("BHP") for its 33.75% portion of the silver produced at Antamina (the "BHP Antamina PMPA"), in addition to the continued realization of the Company's growth strategy with production from Hemlo, Fenix, Platreef and Goose. Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné. On April 1, 2026, the Company entered into a PMPA with KGL Resources Limited ("KGL") for a portion of the gold and silver produced at the Jervois project located in Australia. On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold Limited ("Spanish Mountain Gold") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold project. On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan. Leadership in Sustainability

Top Rankings: Wheaton ranked as one of the top-rated companies by Sustainalytics, AAA rated by MSCI and Prime rated by ISS. Recognized by Corporate Knights' annual Best 50 Corporate Citizens in Canada. Published annual Sustainability Report highlighting our commitment to responsible business practices and sustainability. Operational Overview 

(all figures in US dollars unless otherwise noted)

Q2 2026

Q2 2025

Change

YTD 2026

YTD 2025

Change

Units produced

Gold ounces

90,434

92,883

(2.6) %

187,542

185,552

1.1 %

Silver ounces

6,400

5,590

14.5 %

13,070

10,275

27.2 %

Palladium ounces

2,788

2,435

14.5 %

5,379

5,096

5.6 %

Platinum ounces

281

-

n.a.

321

0

n.a.

Cobalt pounds

796

647

23.1 %

1,453

1,187

22.4 %

Gold equivalent ounces 3

202,229

190,179

6.3 %

414,755

364,570

13.8 %

Units sold

Gold ounces

96,099

98,973

(2.9) %

191,171

210,270

(9.1) %

Silver ounces

6,522

4,868

34.0 %

11,571

9,351

23.7 %

Palladium ounces

2,069

2,575

(19.7) %

4,975

5,032

(1.1) %

Cobalt pounds

705

353

99.7 %

1,014

618

64.1 %

Gold equivalent ounces 3

209,115

182,750

14.4 %

390,859

370,911

5.4 %

Change in PBND

Gold equivalent ounces 3

(27,056)

(8,423)

18,633

(14,391)

(37,431)

(23,040)

Revenue

$

929,201

$

503,218

84.7 %

$

1,830,670

$

973,629

88.0 %

Net earnings

$

543,236

$

292,270

85.9 %

$

1,125,280

$

546,254

106.0 %

Per share

$

1.196

$

0.644

85.7 %

$

2.478

$

1.204

105.8 %

Adjusted net earnings 1

$

542,542

$

286,004

89.7 %

$

1,125,315

$

536,830

109.6 %

Per share 1

$

1.195

$

0.630

89.7 %

$

2.478

$

1.183

109.5 %

Operating cash flows

$

649,518

$

414,959

56.5 %

$

1,415,340

$

775,752

82.4 %

Per share 1

$

1.430

$

0.914

56.5 %

$

3.117

$

1.709

82.4 %

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

Financial Review

Revenues
Revenue in Q2 2026 was $929 million (46% gold, 52% silver, 0.3% palladium and 2% cobalt), with the $426 million increase relative to the prior period quarter being primarily due to a 61% increase in the average realized gold equivalent³ price; and a 14% increase in the number of GEOs³ sold.

Revenue was $1.8 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the six months ended June 30, 2026, with the $857 million increase from the comparable period of the previous year due primarily to a 78% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold.

Cash Costs and Margin
Average cash costs¹ in Q2 2026 were $568 per GEO³ as compared to $406 in Q2 2025. This resulted in a cash operating margin¹ of $3,875 per GEO³ sold, an increase of 65% as compared with the second quarter of 2025, 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 Wheaton's business model in generating higher levered cash flow and margins in a rising precious metals price environment.

Average cash costs¹ for the six months ended June 30, 2026, were $621 per GEO³ as compared to $399 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $4,063 per GEO³ sold, an 83% increase from comparable period of the previous year, a result of the higher realized price per ounce.

Cash Flow from Operations
Operating cash flow in Q2 2026 amounted to $650 million, with the $235 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows for the six months ended June 30, 2026, amounted to $1.4 billion, with the $640 million increase from the comparable period of the previous year being due primarily to higher gross margin.

Produced But Not Yet Delivered
As at June 30, 2026, approximately 157,600 GEOs3 were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and within our guided range of two and a half to three and a half months.

Balance Sheet (at June 30, 2026)

On April 1, 2026, the Company drew down on its new $1.5 billion non-revolving credit facility (the "Term Loan") with a two-year term. Proceeds from the Term Loan, together with a draw on the Company's Revolving Credit Facility and cash on hand, were used to fund the BHP Antamina PMPA. During Q2 2026, the Company increased its existing Revolving Credit Facility by $500 million to $2.5 billion and extended its maturity by one year to June 30, 2031. As at June 30, 2026, the Company had approximately $100 million of cash on hand and $2.0 billion outstanding under the Company's Term Loan and its Revolving Credit Facility. During Q2 2026, the Company made net upfront cash payments of $4.5 billion relative to the mineral stream interests consisting of: BHP Antamina: $4.3 billion; Koné: $156 million; Spanish Mountain: $23 million; Jervois: $16 million; and Cipango: $4.5 million. Subsequent to the quarter, the Company made an additional upfront cash payment of $43.875 million relative to the El Domo mineral stream interest. Second Quarter Operating Asset Highlights

Salobo: In Q2 2026, Salobo produced 62,100 ounces of attributable gold, a decrease of 11% relative to Q2 2025, primarily the result of lower grades. 

Antamina: In Q2 2026, Antamina produced 2.3 million ounces of attributable silver, an increase of 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the Company's share of silver production at Antamina from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance, as a scheduled July maintenance shutdown was advanced into June. Lower grades were attributable to pit sequencing, with a greater proportion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver.

Peñasquito: In Q2 2026, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of 14% relative to Q2 2025, primarily the result of lower grades and recoveries resulting from planned mine sequencing, partially offset by higher throughput.

Constancia: In Q2 2026, Constancia produced 0.6 million ounces of attributable silver and 3,000 ounces of attributable gold, an increase of 2% for silver production and a decrease of 35% for gold production relative to Q2 2025. The lower gold production was the result of lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully processed during January 2026.

On July 2, 2026, Hudbay announced that it had received approval from the National Environmental Certification Service for Sustainable Investments in Perú ("SENACE") to amend its environmental permit and further increase annual mill processing capacity at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from 31 million tonnes per annum. Hudbay states that the environmental permit amendment also approves further optimization of the mine plan, extends the operational life of Constancia, and incorporates the implementation of additional infrastructure to improve tailings transport infrastructure and water management systems.

Stillwater: In Q2 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of 14% for gold and an increase of 3% for palladium relative to Q2 2025. The decrease in gold production was primarily a result of lower recoveries, partially offset by higher throughput, while the increase in palladium production was primarily a result of higher throughput.

Blackwater: In Q2 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold Inc. ("Artemis Gold") provided an update on the Phase 1A expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 to 8 million tonnes per annum. Artemis Gold reported that Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Further, Artemis Gold reported that the early works program for EP2 is nearing completion, with the first concrete pour for the ball mill foundations completed ahead of schedule. EP2 represents a significant addition to processing plant capacity above Phase 1A, and once complete, Phase 1A and EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21 Mtpa by Q4 2028.

Voisey's Bay: In Q2 2026, the Voisey's Bay mine produced 796,000 pounds of attributable cobalt, an increase of 23% relative to Q2 2025 as the underground mine at Voisey's Bay continues ramp-up to full production, with full ramp-up expected by the second half of 2026. 

Other Gold: In Q2 2026, total Other Gold attributable production was 5,900 ounces, an increase of 667% relative to Q2 2025 due to the addition of attributable production from the Fenix, Hemlo and Goose mines. Notable operational updates for assets included within 'Other Gold' include:

Marmato: On July 29, 2026, Aris Mining ("Aris") reported that underground access connecting the Bulk Mining Zone to the new plant area is complete, with SAG and ball mills on site, and mechanical installation underway. Construction of the 5,000 tpd CIP plant continues to advance toward first gold and is on schedule for Q4 2026. Aris plans to exit 2026 operating the new CIP plant at approximately 3,000 tpd, before ramping up through 2027 to approximately 4,000 tpd by mid-2027 and the full 5,000 tpd design capacity by the end of 2027, following commissioning of the paste backfill plant. Hemlo: On July 20, 2026, Hemlo Mining Corp. ("Hemlo Mining") announced that gold production in Q2 2026 was lower than Q1 2026, reflecting a strategic refinement to the mining sequence. During the quarter, portions of the operation transitioned from a top-down to a bottom-up mining approach to reduce waste handling and improve long-term mining efficiency, resulting in delayed access to certain higher-grade stopes. Hemlo Mining expects higher production in future quarters as newly developed mining areas progress into the production sequence. Other Silver: In Q2 2026, total Other Silver attributable production was 1.6 million ounces, an increase of 19% relative to Q2 2025, primarily the result of the resumption of mining at Aljustrel and the commencement of production at Mineral Park, partially offset by lower production at Zinkgruvan. Notable operational updates for assets included within 'Other Silver' include:

Aljustrel: In the third quarter of 2025, Almina resumed production of the zinc and lead concentrates at the Aljustrel mine, resulting in the resumption of attributable silver production to the Company. Los Filos: On June 25, 2026, Equinox Gold Corp. ("Equinox"), announced that it has signed 20-year land access agreements with all three communities, Carrizalillo, Mezcala and Xochipala, that host its Los Filos mine. With these agreements in place, Equinox has initiated activities to support the gradual restart of heap leach operations and to advance technical studies to evaluate potential expansion opportunities. Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Recent Development Asset Updates

Mineral Park: During Q2 2026, Waterton Copper LP substantially completed the commissioning stage of the mill restart. Production is expected to increase throughout the second half of the year as operations ramp up toward the mill's 16.5 Mtpa nameplate capacity. Copper concentrate sales continued in the second quarter and molybdenum concentrate sales were initiated during this quarter. Monthly delivery of silver to Wheaton under the PMPA has occurred throughout 2026.

Platreef: On July 8, 2026, Ivanhoe announced that commercial production at the Platreef mine is now expected in Q4 2026. Ivanhoe states that construction of Shaft #3 was completed on schedule in late March and commissioning was finalized in June. Shaft #3 increases Platreef's hoisting capacity fivefold and enables concurrent hoisting of stoping ore and development waste. Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027. In addition, stoping of higher-grade ore within the Flatreef orebody commenced at the end of the second quarter, with mining rates expected to ramp up throughout H2 2026.

Fenix: On May 15, 2026, Rio2 reported that planned tonnes and grade at its Fenix mine were not achieved during Q1 2026, though the key drivers were identified early and corrective actions have been implemented or are underway. Rio2 further states that based on current ramp-up progress, they anticipate achieving commercial production in Q4 2026.

Kurmuk: On July 29, 2026, Allied Gold Corporation ("Allied") announced that the previously announced agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold was to acquire all of the issued and outstanding shares of Allied, has been terminated. Allied states further that Zijin Gold has agreed to make a strategic investment in Allied of approximately $295 million, at a subscription price representing a premium to the current market price of Allied's common shares on the Toronto Stock Exchange.

Allied also reported that development of the Kurmuk project continued to advance during the second quarter, with the start of operations expected in August and first gold pour following a few weeks thereafter. Allied states that key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities.

Koné: On June 15, 2026, Montage Gold ("Montage") reported that construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Montage also reported that it has significantly exceeded its target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit and is continuing to aggressively advance exploration through the ongoing 90,000 meter drill program, with further resource updates expected throughout the year.

El Domo: On July 15, 2026, Silvercorp Metals Inc. ("Silvercorp") reported that construction advanced steadily despite rainfall challenges in the period. Advancements were achieved on infrastructure, including the non-contact water channel, processing plant foundations, and the initial tailings storage facility dam. In addition, open-pit pre-stripping activities commenced and major equipment for the processing plant and water treatment facility have been procured and shipped. Silvercorp noted that it remains focused on achieving first commissioning of the operation by July 2027, in line with the project schedule.

Copper World: On July 29, 2026, Hudbay reported that the Copper World definitive feasibility study ("DFS") is progressing well, with 95% of the engineering work completed, and a sanctioning decision remains on track for later in 2026. Hudbay reports the DFS is expected to include scope for future mill expansion optionality. 

Santo Domingo: On July 30, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the second quarter, alongside continued evaluation of opportunities to optimize district infrastructure. Capstone expects to make a final investment decision on the Santo Domingo Project in Q4 2026.

Kudz Ze Kayah: On July 29, 2026, BMC Minerals Ltd. ("BMC") announced that during the quarter it received receipt of a positive decision document issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada, after the Yukon Environmental and Socio-economic Assessment Board had recommended approval of the project in 2020. BMC reports it will now progress mining permit and license applications with the aim to make a final investment decision in late 2027, subject to receipt of permits.

Toroparu: On July 29, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on schedule for completion in H2 2026, supporting a construction decision targeted for early 2027. Project optimization work in support of the PFS includes updated mine scheduling, engineering studies and other activities to advance to construction readiness.

Corporate Development

Jervois: On April 1, 2026, the Company entered into a PMPA with KGL (the "Jervois PMPA") for a portion of the gold and silver produced at the Jervois Project located in Australia. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Jervois Project. Under the terms of the Jervois PMPA, the Company will pay KGL total upfront cash consideration of $275 million, subject to certain customary conditions. The upfront cash consideration will be paid in a total of six installments, with the first installment of $16 million made as an early deposit payment on June 16, 2026. The second installment of $16 million is also expected to be made as an early deposit payment, once certain conditions are satisfied, and is expected to be paid in Q3 2026. The remaining balance of $243 million will be paid in four equal installments over the construction period as various conditions are satisfied. Additionally, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price of gold and silver.

Spanish Mountain: On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold (the "Spanish Mountain Royalty") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold Project. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Spanish Mountain Gold Project. Under the terms of the Spanish Mountain Royalty, the Company will pay Spanish Mountain Gold total upfront cash consideration of $55 million, subject to certain customary conditions. The upfront cash consideration will be paid in three installments consisting of a $22.5 million payment made on May 1, 2026, a $12.5 million payment due after 60,000 meters of drilling, and a $20 million payment due upon receiving approval under the Environmental Assessment Act (British Columbia) for the construction and operation of the project.

Cipango: On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango Royalty") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan for total upfront cash consideration of $7.5 million, subject to certain customary conditions. The Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to such properties and an additional nine properties located in Japan.

Sustainability

Annual Sustainability Report
Wheaton published its annual Sustainability report on May 20, 2026, providing a comprehensive overview of the company's sustainability performance including progress against its strategy, targets and commitments. This report is a voluntary disclosure demonstrating the Company's commitment to responsible business practices and sustainability. 

ESG Ratings & Awards
On June 23, 2026, Wheaton was named as one of Corporate Knights' 2026 Best 50 Corporate Citizens in Canada ranking 13th overall.  With a significant portion of the score linked to sustainable revenue, this ranking reflects Wheaton's commitment to responsible business practices and underscores the quality and sustainability performance of the Company's mining partners. 

Future of Mining Challenge
On June 4, 2026, Wheaton launched the third edition of the Future of Mining Challenge focused on technologies that optimize mining operations and/or minimize land impacts. Wheaton invites cleantech innovators worldwide to participate and will accept expressions of interest until 11:59 p.m. (Pacific Time) on Friday, August 21, 2026.

Community Investment Program

Wheaton's Partner Community Investment Program supports initiatives with the Vale Foundation, Vale Base Metals, Hudbay, Glencore via Compañía Minera Antamina S.A., First Majestic, B2Gold, Ivanhoe Mines, Aris Mining, Rio2, Allied Gold, and BMC Minerals to deliver vital services and programs to communities located near our partner mining operations. These initiatives provide access to educational resources, health and dental care, poverty reduction efforts, entrepreneurial opportunities, and a range of social and environmental programs. During the quarter, Wheaton celebrated 10 years of partnership with Enseña Perú and Compañía Minera Antamina S.A., reflecting a shared commitment to improving the quality of education in rural communities near the Antamina mine and along the pipeline and transportation route. Through this long-standing collaboration, students have developed stronger literacy, mathematics and social-emotional skills, supporting improved educational outcomes in the region. Global Minimum Tax

The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules, under which large multinational entities are subject to a 15% GMT. The Company made a payment of $109 million (Cdn$155 million) on June 24, 2026, in respect of the 2024 fiscal year. The payment for the 2025 fiscal year, in the amount of Cdn$346 million, is expected to be paid on or around March 31, 2027.

2026 and Long-Term Production Outlook 
Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals, resulting in annual production of approximately 860,000 to 940,000 GEOs3, unchanged from previous guidance. Approximately 3% of the Company's forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.

Annual production is forecast to increase by approximately 50% to 1,200,000 GEOs3 by 2030, with average annual production forecast to remain at 1,200,000 GEOs3 in years 2031 to 2035, also unchanged from previous guidance.

About Wheaton Precious Metals Corp.

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

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

Webcast and Conference Call Details

Wheaton will release its 2026 second quarter results on Thursday, August 6, 2026, after market close. A conference call will be held on Friday, August 7, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

RapidConnect URL:

Click here 

Live webcast:

Click here 

Dial toll free:

1-800-715-9871 or 1-647-932-3411

Conference Call ID:

9311928#

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

The conference call will be recorded and available until August 14, 2026, at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US:

1-800-770-2030

Dial from outside Canada or the US: 

1-647-362-9199

Pass code:

9311928#

Archived webcast:

Click here

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

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

Condensed Interim Consolidated Statements of Earnings

Three Months Ended
June 30

Six Months Ended
June 30

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

2026

2025

2026

2025

Sales

$

929,201

$

503,218

$

1,830,670

$

973,629

Cost of sales

Cost of sales, excluding depletion

$

118,843

$

75,169

$

244,086

$

149,805

Depletion

122,502

75,002

199,354

151,695

Total cost of sales

$

241,345

$

150,171

$

443,440

$

301,500

Gross margin

$

687,856

$

353,047

$

1,387,230

$

672,129

General and administrative

11,327

11,022

24,299

24,547

Share based compensation

4,806

9,962

14,918

22,143

Donations and community investments

4,665

2,368

6,162

5,060

Earnings from operations

$

667,058

$

329,695

$

1,341,851

$

620,379

Other income (expense)

9,071

9,736

26,807

17,256

Earnings before finance costs and income taxes

$

676,129

$

339,431

$

1,368,658

$

637,635

Finance costs

31,097

1,427

32,502

2,868

Earnings before income taxes

$

645,032

$

338,004

$

1,336,156

$

634,767

Income tax expense

101,796

45,734

210,876

88,513

Net earnings

$

543,236

$

292,270

$

1,125,280

$

546,254

Basic earnings per share

$

1.196

$

0.644

$

2.478

$

1.204

Diluted earnings per share

$

1.194

$

0.643

$

2.473

$

1.202

Weighted average number of shares outstanding

Basic

454,133

453,889

454,089

453,791

Diluted

454,991

454,663

454,973

454,550

Condensed Interim Consolidated Balance Sheets

As at
June 30

As at
December 31

(US dollars in thousands - unaudited)

2026

2025

Assets

Current assets

Cash and cash equivalents

$

100,192

$

1,153,593

Accounts receivable

26,056

46,723

Other

3,916

3,853

Total current assets

$

130,164

$

1,204,169

Non-current assets

Mineral stream interests

$

11,731,206

$

7,397,149

Early deposit mineral stream interests

47,097

47,094

Mineral royalty interests

67,495

40,421

Long-term equity investments

147,619

410,495

Property, plant and equipment

9,552

9,926

Other

28,053

16,527

Total non-current assets

$

12,031,022

$

7,921,612

Total assets

$

12,161,186

$

9,125,781

Liabilities

Current liabilities

Accounts payable and accrued liabilities

$

15,753

$

22,557

Income taxes payable

247,780

109,951

Current portion of performance share units

15,186

21,604

Current portion of lease liabilities

586

575

Total current liabilities

$

279,305

$

154,687

Non-current liabilities

Bank debt

$

1,969,282

$

-

Performance share units

1,387

13,215

Lease liabilities

6,882

7,330

Income taxes payable - non-current

186,599

252,271

Deferred income taxes

23,187

1,794

Pension liability

4,099

5,976

Total non-current liabilities

$

2,191,436

$

280,586

Total liabilities

$

2,470,741

$

435,273

Shareholders' equity

Issued capital

$

3,825,005

$

3,814,910

Reserves

86,534

176,911

Retained earnings

5,778,906

4,698,687

Total shareholders' equity

$

9,690,445

$

8,690,508

Total liabilities and shareholders' equity

$

12,161,186

$

9,125,781

Condensed Interim Consolidated Statements of Cash Flows

Three Months Ended
June 30

Six Months Ended
June 30

(US dollars in thousands - unaudited)

2026

2025

2026

2025

Operating activities

Net earnings

$

543,236

$

292,270

$

1,125,280

$

546,254

Adjustments for

Depreciation and depletion

122,808

75,322

200,091

152,316

Equity settled share based compensation

1,743

1,809

3,390

3,234

Performance share units - expense

3,063

8,153

11,528

18,909

Performance share units - paid

-

-

(29,257)

(17,209)

Income tax expense

101,796

45,734

210,876

88,513

Investment income recognized in net earnings

(2,655)

(8,742)

(15,671)

(17,789)

Other

24,560

164

22,167

3,171

Change in non-cash working capital

(8,868)

(6,709)

9,908

(14,450)

Cash generated from operations before income taxes and interest

$

785,683

$

408,001

$

1,538,312

$

762,949

Income taxes paid

(109,262)

(948)

(109,444)

(3,182)

Interest paid

(29,783)

(87)

(29,886)

(178)

Interest received

2,880

7,993

16,358

16,163

Cash generated from operating activities

$

649,518

$

414,959

$

1,415,340

$

775,752

Financing activities

Bank debt repaid

$

(728,000)

$

-

$

(728,000)

$

-

Bank debt drawn

2,700,000

-

2,700,000

-

Debt issue costs

(2,073)

(862)

(5,118)

(862)

Share purchase options exercised

807

1,967

1,546

4,473

Lease payments

(124)

(89)

(283)

(211)

Dividends paid

(171,292)

(147,939)

(171,292)

(147,939)

Cash (used for) generated from financing activities

$

1,799,318

$

(146,923)

$

1,796,853

$

(144,539)

Investing activities

Mineral stream interests

$

(4,474,029)

$

(347,951)

$

(4,535,183)

$

(443,691)

Early deposit mineral stream interests

-

-

(3)

-

Mineral royalty interests

(27,074)

-

(27,074)

-

Acquisition of long-term investments

-

-

(14,608)

(3)

Proceeds on disposal of long-term investments

-

-

323,421

-

Dividends received

-

287

-

526

Other

(10,272)

(231)

(6,832)

(491)

Cash used for investing activities

$

(4,511,375)

$

(347,895)

$

(4,260,279)

$

(443,659)

Effect of exchange rate changes on cash and cash equivalents

$

(1,774)

$

163

$

(5,315)

$

165

(Decrease) increase in cash and cash equivalents

$

(2,064,313)

$

(79,696)

$

(1,053,401)

$

187,719

Cash and cash equivalents, beginning of period

2,164,505

1,085,581

1,153,593

818,166

Cash and cash equivalents, end of period

$

100,192

$

1,005,885

$

100,192

$

1,005,885

Summary of Units Produced

Q2 2026 

Q1 2026 

Q4 2025 

Q3 2025 

Q2 2025 

Q1 2025 

Q4 2024 

Q3 2024 

Gold ounces produced ²

Salobo

62,116

69,201

88,907

66,997

69,418

71,384

84,291

62,689

Sudbury 3

4,726

4,115

7,412

4,852

5,403

4,880

5,259

3,593

Constancia

2,978

4,571

15,396

12,797

4,604

4,876

18,727

10,760

San Dimas 4

6,890

7,341

8,206

7,507

6,987

8,416

7,263

6,882

Stillwater 5

1,423

1,424

1,518

1,717

1,654

1,339

2,166

2,247

Blackwater

5,925

4,954

5,479

4,879

4,050

1,017

-

-

Platreef

491

76

-

-

-

-

-

-

Other

Marmato

979

816

705

807

748

757

622

648

Goose

362

1,096

1,027

387

19

-

-

-

Hemlo

2,561

3,007

1,630

-

-

-

-

-

Fenix

1,983

507

-

-

-

-

-

-

Total Other

5,885

5,426

3,362

1,194

767

757

622

648

Total gold ounces produced

90,434

97,108

130,280

99,943

92,883

92,669

118,328

86,819

Silver ounces produced 2

Peñasquito

1,807

2,559

1,821

2,087

2,103

1,754

2,465

1,785

Antamina

2,319

1,553

1,600

1,672

1,482

1,047

1,071

931

Constancia

565

531

731

577

552

555

970

648

Blackwater

147

129

148

136

138

35

-

-

Other

Los Filos 6

-

-

-

-

-

68

29

26

Zinkgruvan

438

532

513

688

684

585

637

537

Neves-Corvo

461

483

549

431

449

459

494

425

Aljustrel 7

461

691

548

195

-

-

-

-

Cozamin

161

165

170

169

174

174

192

185

Marmato

10

8

8

10

8

8

7

7

Mineral Park

31

19

8

-

-

-

-

-

Total Other

1,562

1,898

1,796

1,493

1,315

1,294

1,359

1,180

Total silver ounces produced

6,400

6,670

6,096

5,965

5,590

4,685

5,865

4,544

Palladium ounces produced ²

Stillwater 5

2,513

2,561

2,519

2,650

2,435

2,661

2,797

4,034

Platreef

275

30

-

-

-

-

-

-

Total palladium ounces produced

2,788

2,591

2,519

2,650

2,435

2,661

2,797

4,034

Platinum ounces produced ²

Platreef

281

40

-

-

-

-

-

-

Cobalt pounds produced ²

Voisey's Bay

796

657

670

604

647

540

393

397

GEOs produced 8

202,229

212,526

236,157

203,331

190,179

174,391

218,993

165,883

Average payable rate 2

Gold

93.5 %

95.3 %

95.0 %

94.6 %

95.2 %

94.9 %

95.3 %

95.0 %

Silver

86.9 %

87.7 %

87.4 %

87.7 %

87.7 %

86.3 %

84.6 %

83.9 %

Palladium

97.7 %

98.2 %

96.9 %

96.7 %

97.4 %

96.4 %

97.5 %

98.4 %

Platinum

80.0 %

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Cobalt

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

93.3 %

GEOs 8

90.0 %

91.3 %

91.7 %

91.2 %

91.5 %

91.1 %

90.5 %

90.0 %

1)

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

2)

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

3)

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

4)

Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. From April 30, 2025 to October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1. Effective October 29, 2025, the fixed gold to silver exchange ratio was returned to 70:1. For reference, attributable silver production from prior periods is as follows: Q2 2026 - 266,000 ounces; Q1 2026 - 294,000 ounces; Q4 2025 - 329,000 ounces; Q3 2025 - 364,000 ounces; Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces.

5)

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

6)

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

7)

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

8)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

 Summary of Units Sold

Q2 2026 

Q1 2026 

Q4 2025 

Q3 2025 

Q2 2025 

Q1 2025 

Q4 2024 

Q3 2024 

Gold ounces sold

Salobo

70,106

58,675

83,697

55,768

76,331

83,809

55,170

58,101

Sudbury 2

4,471

4,412

3,715

4,729

2,849

5,632

4,048

2,495

Constancia

2,990

10,886

17,029

2,708

6,827

9,788

17,873

5,186

San Dimas

5,984

7,670

8,686

6,655

7,235

8,962

6,990

7,022

Stillwater 3

1,275

1,394

1,790

1,465

1,386

1,947

2,410

1,635

Blackwater

6,246

4,914

5,225

6,463

3,291

110

-

-

Other

Marmato

864

718

809

749

742

737

650

550

Goose

859

1,339

528

95

-

-

-

-

Hemlo

2,283

4,478

-

-

-

-

-

-

Fenix

1,021

274

-

-

-

-

-

-

Santo Domingo 4

-

312

312

312

312

312

312

447

El Domo 4

-

-

-

-

-

-

209

258

Total Other

5,027

7,121

1,649

1,156

1,054

1,049

1,171

1,255

Total gold ounces sold

96,099

95,072

121,791

78,944

98,973

111,297

87,662

75,694

Silver ounces sold

Peñasquito

2,723

1,444

1,878

1,609

2,112

1,976

1,852

1,667

Antamina

2,063

1,504

1,893

1,552

1,073

884

858

989

Constancia

453

674

613

275

625

730

797

366

Blackwater

136

127

137

137

143

-

-

-

Other

Los Filos

2

7

-

3

8

57

29

26

Zinkgruvan

451

347

358

708

520

446

452

488

Neves-Corvo

203

271

245

212

224

218

154

185

Aljustrel

312

505

382

122

-

-

-

-

Cozamin

147

149

169

133

154

164

158

148

Marmato

9

8

10

9

9

8

7

6

Mineral Park

23

13

-

-

-

-

-

-

Total Other

1,147

1,300

1,164

1,187

915

893

800

853

Total silver ounces sold

6,522

5,049

5,685

4,760

4,868

4,483

4,307

3,875

Palladium ounces sold

Stillwater 3

2,069

2,906

1,730

2,594

2,575

2,457

4,434

3,761

Cobalt pounds sold

Voisey's Bay

705

309

485

529

353

265

485

88

GEOs sold 5

209,115

181,743

219,605

161,845

182,750

188,162

163,355

141,918

Cumulative payable units PBND 6

Gold ounces

94,788

106,328

108,525

106,222

90,284

100,512

123,511

97,929

Silver ounces

3,136

4,096

3,293

3,648

3,178

3,145

3,583

2,931

Palladium ounces

5,423

4,803

5,169

4,424

4,414

4,596

4,439

6,186

Platinum ounces

257

32

-

-

-

-

-

-

Cobalt pounds

1,683

1,646

1,341

1,202

1,168

917

678

796

GEOs 5

157,617

184,673

172,008

174,661

150,713

159,136

188,144

152,858

1)

All figures in thousands except gold and palladium ounces sold.

2)

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

3)

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

4)

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

5)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

6)

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

Results of Operations 

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

Three Months Ended June 30, 2026

Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit) 4

Sales

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold

Salobo

62,116

70,106

$

4,452

$

433

$

404

$

312,112

$

253,413

$

278,505

$

2,568,665

Sudbury 5

4,726

4,471

4,449

400

1,399

19,891

11,848

18,041

206,067

Constancia

2,978

2,990

4,452

429

338

13,313

11,018

12,030

47,588

San Dimas

6,890

5,984

4,452

648

428

26,642

20,202

22,764

119,371

Stillwater

1,423

1,275

4,452

833

570

5,676

3,887

4,614

202,680

Blackwater

5,925

6,246

4,448

1,489

606

27,785

14,697

20,862

324,284

Platreef

491

-

n.a.

n.a.

n.a.

-

-

-

275,702

Other 6

5,885

5,027

4,450

902

1,133

22,366

12,141

17,835

1,662,005

90,434

96,099

$

4,452

$

543

$

503

$

427,785

$

327,206

$

374,651

$

5,406,362

Silver

Peñasquito

1,807

2,723

$

72.99

$

4.62

$

5.09

$

198,793

$

172,351

$

186,211

$

185,656

Antamina

2,319

2,063

72.99

13.82

21.68

150,549

77,323

122,039

4,708,329

Constancia

565

453

72.99

6.32

6.43

33,055

27,283

30,193

144,161

Blackwater

147

136

67.77

12.46

7.55

9,189

6,476

7,539

165,522

Other 7

1,562

1,147

75.97

14.62

3.70

87,172

66,158

64,443

562,150

6,400

6,522

$

73.41

$

9.57

$

10.24

$

478,758

$

349,591

$

410,425

$

5,765,818

Palladium

Stillwater

2,513

2,069

$

1,429

$

264

$

492

$

2,957

$

1,392

$

2,410

$

206,444

Platreef

275

-

n.a.

n.a.

n.a.

-

-

-

78,814

2,788

2,069

$

1,429

$

264

$

492

$

2,957

$

1,392

$

2,410

$

285,258

Platinum

Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

9,451

Platreef

281

-

n.a.

n.a.

n.a.

-

-

-

57,584

281

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

67,035

Cobalt

Voisey's Bay

796

705

$

27.93

$

5.21

$

9.02

$

19,701

$

9,667

$

12,940

$

206,733

Operating results

$

929,201

$

687,856

$

800,426

$

11,731,206

Other

General and administrative

$

(11,327)

$

(10,489)

Share based compensation

(4,806)

-

Donations and community investments

(4,665)

(3,899)

Finance costs

(31,097)

(30,780)

Other

9,071

3,522

Income tax

(101,796)

(109,262)

Total other

$

(144,620)

$

(150,908)

$

429,980

$

543,236

$

649,518

$

12,161,186

1)

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

2)

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

3)

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

4)

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

5)

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

6)

Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests.

7)

Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

Three Months Ended June 30, 2025

Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit) 4

Sales

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold

Salobo

69,418

76,331

$

3,315

$

429

$

402

$

252,997

$

189,543

$

220,263

$

2,677,073

Sudbury 5

5,403

2,849

3,368

400

1,326

9,597

4,679

8,457

230,307

Constancia

4,604

6,827

3,315

425

323

22,629

17,527

19,730

58,963

San Dimas

6,987

7,235

3,315

640

290

23,982

17,253

19,350

131,787

Stillwater

1,654

1,386

3,315

590

421

4,594

3,193

3,776

206,058

Blackwater

4,050

3,291

3,368

1,172

617

11,084

5,196

7,227

338,133

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

275,702

Other 6

767

1,054

3,293

414

1,329

3,471

1,634

3,034

592,372

92,883

98,973

$

3,318

$

470

$

433

$

328,354

$

239,025

$

281,837

$

4,510,395

Silver

Peñasquito

2,103

2,112

$

33.83

$

4.56

$

4.86

$

71,467

$

51,574

$

61,835

$

224,608

Antamina

1,482

1,073

33.83

6.85

8.46

36,303

19,871

28,948

474,215

Constancia

552

625

33.83

6.26

6.10

21,138

13,413

17,227

157,109

Blackwater

138

143

36.69

6.55

9.67

5,239

2,923

4,519

169,566

Other 7

1,315

915

34.52

4.48

4.72

31,592

23,170

22,961

551,926

5,590

4,868

$

34.05

$

5.33

$

5.93

$

165,739

$

110,951

$

135,490

$

1,577,424

Palladium

Stillwater

2,435

2,575

$

996

$

175

$

429

$

2,564

$

1,009

$

2,114

$

211,019

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

78,814

2,435

2,575

$

996

$

175

$

429

$

2,564

$

1,009

$

2,114

$

289,833

Platinum

Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

9,451

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

57,584

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

67,035

Cobalt

Voisey's Bay

647

353

$

18.60

$

3.57

$

9.18

$

6,561

$

2,062

$

2,907

$

225,020

Operating results

$

503,218

$

353,047

$

422,348

$

6,669,707

Other

General and administrative

$

(11,022)

$

(10,498)

Share based compensation

(9,962)

-

Donations and community investments

(2,368)

(2,096)

Finance costs

(1,427)

(2,025)

Other

9,736

8,179

Income tax

(45,734)

(949)

Total other

$

(60,777)

$

(7,389)

$

1,312,678

$

292,270

$

414,959

$

7,982,385

1)

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

2)

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

3)

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

4)

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

5)

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

6)

Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

7)

Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

Q2 2026 

Q2 2025

Change

Change

GEO Production 1, 2

202,229

190,179

12,050

6.3 %

GEO Sales 2

209,115

182,750

26,366

14.4 %

Average price per GEO sold 2

$

4,443

$

2,754

$

1,689

61.3 %

Revenue

$

929,201

$

503,218

$

425,983

84.7 %

Cost of sales, excluding depletion

$

118,843

$

75,169

$

(43,674)

(58.1) %

Depletion

122,502

75,002

(47,500)

(63.3) %

Cost of sales

$

241,345

$

150,171

$

(91,174)

(60.7) %

Gross margin

$

687,856

$

353,047

$

334,809

94.8 %

General and administrative

11,327

11,022

(305)

(2.8) %

Share based compensation

4,806

9,962

5,156

51.8 %

Donations and community investments

4,665

2,368

(2,297)

(97.0) %

Earnings from operations

$

667,058

$

329,695

$

337,363

102.3 %

Other income (expense)

9,071

9,736

(665)

(6.8) %

Earnings before finance costs and income taxes

$

676,129

$

339,431

$

336,698

99.2 %

Finance costs

31,097

1,427

(29,670)

(2,079.2) %

Earnings before income taxes

$

645,032

$

338,004

$

307,028

90.8 %

Income tax expense

101,796

45,734

(56,062)

(122.6) %

Net earnings

$

543,236

$

292,270

$

250,966

85.9 %

1)

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

2)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Six Months Ended June 30, 2026

Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit) 4

Sales

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold

Salobo

131,317

128,781

$

4,630

$

433

$

404

$

596,292

$

488,467

$

540,512

$

2,568,665

Sudbury 5

8,841

8,883

4,663

400

1,399

41,424

25,444

37,893

206,067

Constancia

7,549

13,876

4,759

429

338

66,038

55,391

60,087

47,588

San Dimas

14,231

13,654

4,672

645

428

63,790

49,131

54,978

119,371

Stillwater

2,847

2,669

4,656

853

570

12,428

8,629

10,151

202,680

Blackwater

10,879

11,160

4,639

1,588

606

51,769

27,279

34,607

324,284

Platreef

567

-

n.a.

n.a.

n.a.

-

-

-

275,702

Other 6

11,311

12,148

4,699

904

1,303

57,082

30,262

46,095

1,662,005

187,542

191,171

$

4,649

$

550

$

519

$

888,823

$

684,603

$

784,323

$

5,406,362

Silver

Peñasquito

4,366

4,167

$

76.96

$

4.62

$

5.09

$

320,748

$

280,284

$

301,494

$

185,656

Antamina

3,872

3,567

77.83

15.52

14.39

277,563

170,901

222,223

4,708,329

Constancia

1,096

1,127

79.85

6.32

6.43

89,999

75,633

82,875

144,161

Blackwater

276

263

74.09

13.16

7.55

19,435

14,003

15,894

165,522

Other 7

3,460

2,447

80.81

18.62

3.43

197,783

143,814

172,291

562,150

13,070

11,571

$

78.26

$

11.30

$

7.79

$

905,528

$

684,635

$

794,777

$

5,765,818

Palladium

Stillwater

5,074

4,975

$

1,581

$

291

$

492

$

7,866

$

3,970

$

6,418

$

206,444

Platreef

305

-

n.a.

n.a.

n.a.

-

-

-

78,814

5,379

4,975

$

1,581

$

291

$

492

$

7,866

$

3,970

$

6,418

$

285,258

Platinum

Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

9,451

Platreef

321

-

n.a.

n.a.

n.a.

-

-

-

57,584

321

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

67,035

Cobalt

Voisey's Bay

1,453

1,014

$

28.06

$

5.21

$

9.02

$

28,453

$

14,022

$

19,437

$

206,733

Operating results

$

1,830,670

$

1,387,230

$

1,604,955

$

11,731,206

Other

General and administrative

$

(24,299)

$

(30,944)

Share based compensation

(14,918)

(29,257)

Donations and community investments

(6,162)

(5,306)

Finance costs

(32,502)

(31,852)

Other

26,807

17,188

Income tax

(210,876)

(109,444)

Total other

$

(261,950)

$

(189,615)

$

429,980

$

1,125,280

$

1,415,340

$

12,161,186

1)

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

2)

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

3)

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

4)

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

5)

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

6)

Other gold interests comprised of the Copper World, Marmato, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests.

7)

Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

Six Months Ended June 30, 2025

Units
Produced²

Units
Sold

Average
Realized
Price
($'s
Per Unit)

Average
Cash Cost
($'s Per
Unit) 3

Average
Depletion
($'s Per
Unit) 4

Sales

Net
Earnings

Cash Flow
From
Operations

Total
Assets

Gold

Salobo

140,802

160,140

$

3,084

$

429

$

390

$

493,802

$

362,714

$

425,126

$

2,677,073

Sudbury 5

10,283

8,481

3,032

400

1,326

25,714

11,077

22,307

230,307

Constancia

9,480

16,615

3,055

425

323

50,752

38,335

43,698

58,963

San Dimas

15,403

16,197

3,070

638

290

49,733

34,698

39,392

131,787

Stillwater

2,993

3,333

3,057

536

421

10,188

7,000

8,402

206,058

Blackwater

5,067

3,401

3,351

1,167

617

11,398

5,331

7,429

338,133

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

275,702

Other 6

1,524

2,103

3,073

385

1,261

6,462

3,001

5,653

592,372

185,552

210,270

$

3,082

$

457

$

427

$

648,049

$

462,156

$

552,007

$

4,510,395

Silver

Peñasquito

3,857

4,088

$

32.96

$

4.56

$

4.86

$

134,738

$

96,240

$

116,097

$

224,608

Antamina

2,529

1,957

33.02

6.65

8.46

64,614

35,040

51,596

474,215

Constancia

1,107

1,355

32.86

6.26

6.10

44,514

27,764

36,034

157,109

Blackwater

173

143

36.69

6.55

9.67

5,239

2,923

4,519

169,566

Other 7

2,609

1,808

34.04

4.45

5.42

61,572

43,714

46,030

551,926

10,275

9,351

$

33.22

$

5.25

$

5.98

$

310,677

$

205,681

$

254,276

$

1,577,424

Palladium

Stillwater

5,096

5,032

$

981

$

174

$

429

$

4,936

$

1,903

$

4,063

$

211,019

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

78,814

5,096

5,032

$

981

$

174

$

429

$

4,936

$

1,903

$

4,063

$

289,833

Platinum

Marathon

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

9,451

Platreef

-

-

n.a.

n.a.

n.a.

-

-

-

57,584

-

-

$

n.a.

$

n.a.

$

n.a.

$

-

$

-

$

-

$

67,035

Cobalt

Voisey's Bay

1,187

618

$

16.15

$

3.09

$

9.18

$

9,967

$

2,389

$

6,869

$

225,020

Operating results

$

973,629

$

672,129

$

817,215

$

6,669,707

Other

General and administrative

$

(24,547)

$

(29,875)

Share based compensation

(22,143)

(17,209)

Donations and community investments

(5,060)

(4,975)

Finance costs

(2,868)

(3,186)

Other

17,256

16,964

Income tax

(88,513)

(3,182)

Total other

$

(125,875)

$

(41,463)

$

1,312,678

$

546,254

$

775,752

$

7,982,385

1)

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

2)

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

3)

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

4)

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

5)

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

6)

Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

7)

Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

YTD 2026

YTD 2025

Change

Change

GEO Production 1, 2

414,755

364,570

50,185

13.8 %

GEO Sales 2

390,859

370,911

19,948

5.4 %

Average price per GEO sold 2

$

4,684

$

2,625

$

2,059

78.4 %

Revenue

$

1,830,670

$

973,629

$

857,041

88.0 %

Cost of sales, excluding depletion

$

244,086

$

149,805

$

(94,281)

(62.9) %

Depletion

199,354

151,695

(47,659)

(31.4) %

Cost of sales

$

443,440

$

301,500

$

(141,940)

(47.1) %

Gross margin

$

1,387,230

$

672,129

$

715,101

106.4 %

General and administrative

24,299

24,547

248

1.0 %

Share based compensation

14,918

22,143

7,225

32.6 %

Donations and community investments

6,162

5,060

(1,102)

(21.8) %

Earnings from operations

$

1,341,851

$

620,379

$

721,472

116.3 %

Other income (expense)

26,807

17,256

9,551

55.3 %

Earnings before finance costs and income taxes

$

1,368,658

$

637,635

$

731,023

114.6 %

Finance costs

32,502

2,868

(29,634)

(1,033.3) %

Earnings before income taxes

$

1,336,156

$

634,767

$

701,389

110.5 %

Income tax expense

210,876

88,513

(122,363)

(138.2) %

Net earnings

$

1,125,280

$

546,254

$

579,026

106.0 %

1)

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

2)

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Non-GAAP Measures

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

i    Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and the non-cash accretion of interest on the 777 PMPA refundable deposit as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance.

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

Three Months Ended
June 30

Six Months Ended
June 30

(in thousands, except for per share amounts)

2026

2025

2026

2025

Net earnings

$

543,236

$

292,270

$

1,125,280

$

546,254

Add back (deduct):

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

(492)

(2,134)

436

(2,757)

Deferred income tax (expense) recovery recognized in the Statement of OCI

-

(3,945)

-

(6,295)

Interest accretion on the 777 refundable deposit

(202)

(187)

(401)

(372)

Adjusted net earnings

$

542,542

$

286,004

$

1,125,315

$

536,830

Divided by:

Basic weighted average number of shares outstanding

454,133

453,889

454,089

453,791

Diluted weighted average number of shares outstanding

454,991

454,663

454,973

454,550

Equals:

Adjusted earnings per share - basic

$

1.195

$

0.630

$

2.478

$

1.183

Adjusted earnings per share - diluted

$

1.192

$

0.629

$

2.473

$

1.181

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

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

Three Months Ended
June 30

Six Months Ended
June 30

(in thousands, except for per share amounts)

2026

2025

2026

2025

Cash generated by operating activities

$

649,518

$

414,959

$

1,415,340

$

775,752

Divided by:

Basic weighted average number of shares outstanding

454,133

453,889

454,089

453,791

Diluted weighted average number of shares outstanding

454,991

454,663

454,973

454,550

Equals:

Operating cash flow per share - basic

$

1.430

$

0.914

$

3.117

$

1.709

Operating cash flow per share - diluted

$

1.428

$

0.913

$

3.111

$

1.707

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

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

Three Months Ended
June 30

Six Months Ended
June 30

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

2026

2025

2026

2025

Cost of sales

$

241,345

$

150,171

$

443,440

$

301,500

Less:  depletion

(122,502)

(75,002)

(199,354)

(151,695)

Less:  cost of sales related to delay ounces 1

-

(1,009)

(1,514)

(1,873)

Cash cost of sales

$

118,843

$

74,160

$

242,572

$

147,932

Cash cost of sales is comprised of:

Total cash cost of gold sold

$

52,210

$

46,517

$

105,086

$

96,028

Total cash cost of silver sold

62,413

25,934

130,751

49,122

Total cash cost of palladium sold

547

450

1,448

873

Total cash cost of cobalt sold

3,673

1,259

5,287

1,909

Total cash cost of sales

$

118,843

$

74,160

$

242,572

$

147,932

Divided by:

Total gold ounces sold

96,099

98,973

191,171

210,270

Total silver ounces sold

6,522

4,868

11,571

9,351

Total palladium ounces sold

2,069

2,575

4,975

5,032

Total cobalt pounds sold

705

353

1,014

618

Equals:

Average cash cost of gold (per ounce)

$

543

$

470

$

550

$

457

Average cash cost of silver (per ounce)

$

9.57

$

5.33

$

11.30

$

5.25

Average cash cost of palladium (per ounce)

$

264

$

175

$

291

$

174

Average cash cost of cobalt (per pound)

$

5.21

$

3.57

$

5.21

$

3.09

1)

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

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

The following table provides a reconciliation of cash operating margin.

Three Months Ended
June 30

Six Months Ended
June 30

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

2026

2025

2026

2025

Gross margin

$

687,856

$

353,047

$

1,387,230

$

672,129

Add back:  depletion

122,502

75,002

199,354

151,695

Add back:  cost of sales related to delay ounces 1

-

1,009

1,514

1,873

Cash operating margin

$

810,358

$

429,058

$

1,588,098

$

825,697

Cash operating margin is comprised of:

Total cash operating margin of gold sold

$

375,575

$

281,837

$

783,737

$

552,021

Total cash operating margin of silver sold

416,345

139,805

774,777

261,555

Total cash operating margin of palladium sold

2,410

2,114

6,418

4,063

Total cash operating margin of cobalt sold

16,028

5,302

23,166

8,058

Total cash operating margin

$

810,358

$

429,058

$

1,588,098

$

825,697

Divided by:

Total gold ounces sold

96,099

98,973

191,171

210,270

Total silver ounces sold

6,522

4,868

11,571

9,351

Total palladium ounces sold

2,069

2,575

4,975

5,032

Total cobalt pounds sold

705

353

1,014

618

Equals:

Cash operating margin per gold ounce sold

$

3,908

$

2,847

$

4,100

$

2,624

Cash operating margin per silver ounce sold

$

63.84

$

28.72

$

66.96

$

27.97

Cash operating margin per palladium ounce sold

$

1,165

$

821

$

1,290

$

807

Cash operating margin per cobalt pound sold

$

22.75

$

15.04

$

22.87

$

13.06

1)

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

v    Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Credit Facility and the Term Loan. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position.

The following table provides a calculation of the Company's net debt.

As at
June 30

As at
December 31

(in thousands)

2026

2025

Bank debt

$

1,969,282

$

-

Less: cash and cash equivalents

(100,192)

(1,153,593)

Net debt (net cash)

$

1,869,090

$

(1,153,593)

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

the future price of commodities; the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential); the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations); the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations; the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs; or other payments under royalty arrangements; the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton; future payments by the Company in accordance with PMPAs, including any acceleration of payments; the costs of future production; the ability of the Company to repay the existing Revolving Credit Facility and new Term Loan; the estimation of produced but not yet delivered ounces; continued listing of the Common Shares on the LSE, NYSE and TSX; any statements as to future dividends; the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs; projected increases to Wheaton's production and cash flow profile; projected changes to Wheaton's production mix; the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company; the ability to sell precious metals and cobalt production; confidence in the Company's business structure; the Company's assessment of taxes payable, and the Company's ability to pay its taxes; possible CRA domestic and international audits; the Company's assessment of the impact of any tax reassessments; the Company's climate change and environmental commitments; and assessments of the impact and resolution of various legal and tax matters, including but not limited to audits. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all); risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined); absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business; risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation; risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential; risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations; risks relating to the generation of sufficient cash flow to repay the existing Revolving Credit Facility and the new Term Loan; Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due; any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings; risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable; counterparty credit and liquidity risks; mine operator and counterparty concentration risks; indebtedness and guarantees risks; hedging risk; competition in the streaming industry risk; risks relating to security over underlying assets; risks relating to third-party PMPAs; risks relating to revenue from royalty interests; risks related to Wheaton's acquisition strategy; risks relating to third-party rights under PMPAs; risks relating to future financings and security issuances; risks relating to unknown defects and impairments; risks related to governmental regulations; risks related to international operations of Wheaton and the Mining Operations; risks relating to exploration, development, operating, expansions and improvements at the Mining Operations; risks related to environmental regulations; the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements; lack of suitable supplies, infrastructure and employees to support the Mining Operations; risks related to underinsured Mining Operations; inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries); uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations; the ability of Wheaton and the Mining Operations to obtain adequate financing; the ability of the Mining Operations to complete permitting, construction, development and expansion; challenges related to global financial conditions; risks associated with sustainability-related matters; risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt; risks related to claims and legal proceedings against Wheaton or the Mining Operations; risks related to the market price of the Common Shares of Wheaton; the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel; risks related to interest rates; risks related to the declaration, timing and payment of dividends; risks related to access to confidential information regarding Mining Operations; risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX; risks associated with a possible suspension of trading of Common Shares; equity price risks related to Wheaton's holding of long-term investments in other companies; risks relating to activist shareholders; risks relating to reputational damage; risks relating to expression of views by industry analysts; risks related to the impacts of climate change and the transition to a low-carbon economy; risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations; risks related to ensuring the security and safety of information systems, including cyber security risks; risks relating to artificial intelligence; risks relating to compliance with anti-corruption and anti-bribery laws; risks relating to corporate governance and public disclosure compliance; risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic; risks related to the adequacy of internal control over financial reporting; and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. and available on EDGAR (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

that there will be no material adverse change in the market price of commodities; that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates; that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate; that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete; that the production estimates from Mining Operations are accurate; that each party will satisfy their obligations in accordance with the PMPAs; that Wheaton will continue to be able to fund or obtain funding for outstanding commitments; that Wheaton will be able to source and obtain accretive PMPAs; that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company; that Wheaton has fully considered the value and impact of any third-party interests in PMPAs; that the Company will be able to repay the existing Revolving Credit Facility and new Term Loan; that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company); that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due; that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws; that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE; that the trading of the Company's Common Shares will not be suspended; the estimate of the recoverable amount for any PMPA with an indicator of impairment; that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and such other assumptions and factors as set out in the Disclosure. Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves and Resources

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

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

End Notes

1Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in the Wheaton's news release dated March 12, 2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."

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

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

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

5Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 22 mining assets which are currently operating, 20 which are at various stages of development, and 15 of which are in various stages of exploration (with exploration assets including three which have been placed in care and maintenance or have been closed).

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

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

SOURCE Wheaton Precious Metals Corp.