Wheaton Precious Metals (WPM) 6-K 2024 Q2 Second Quarter Financial Results

Exhibit 99.3

Condensed Interim Consolidated Statements of Earnings

			Three Months Ended June 30				Six Months Ended June 30
(US dollars and shares in thousands, except per share   amounts - unaudited)	Note		2024		2023		2024		2023
Sales		6	$	299,064	$	264,972	$	595,870	$	479,437
Cost of sales
Cost of sales, excluding depletion			$	54,007	$	58,642	$	115,562	$	110,606
Depletion				58,865		54,474		122,541		99,473
Total cost of sales			$	112,872	$	113,116	$	238,103	$	210,079
Gross margin			$	186,192	$	151,856	$	357,767	$	269,358
General and administrative expenses		7		10,241		10,216		20,705		20,315
Share based compensation		8		6,241		4,484		7,522		11,881
Donations and community investments		9		703		1,940		2,273		3,318
Earnings from operations			$	169,007	$	135,216	$	327,267	$	233,844
Gain on disposal of mineral stream interests		12		-		5,027		-		5,027
Other income (expense)		10		5,122		8,692		12,317		16,254
Earnings before finance costs and income taxes			$	174,129	$	148,935	$	339,584	$	255,125
Finance costs		16.3		1,299		1,352		2,741		2,731
Earnings before income taxes			$	172,830	$	147,583	$	336,843	$	252,394
Income tax expense (recovery)		22		50,513		6,135		50,485		(445 )
Net earnings			$	122,317	$	141,448	$	286,358	$	252,839
Basic earnings per share			$	0.270	$	0.312	$	0.632	$	0.559
Diluted earnings per share			$	0.269	$	0.312	$	0.631	$	0.558
Weighted average number of shares outstanding
Basic		20		453,430		452,892		453,262		452,633
Diluted		20		454,104		453,575		453,888		453,368

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income

			Three Months Ended June 30				Six Months Ended June 30
(US dollars in thousands - unaudited)	Note		2024		2023		2024		2023
Net earnings			$	122,317	$	141,448	$	286,358	$	252,839
Other comprehensive income
Items that will not be reclassified to net earnings
Gain (loss) on LTIs¹		15	$	18,309	$	(53,083)	$	12,840	$	(8,429)
Income tax (recovery) expense related to LTIs		22		1,327		(6,044)		1,424		(2,090)
Total other comprehensive income (loss)			$	16,982	$	(47,039)	$	11,416	$	(6,339)
Total comprehensive income			$	139,299	$	94,409	$	297,774	$	246,500

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

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

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Condensed Interim Consolidated Balance Sheets

(US dollars in thousands - unaudited)	Note		As at  June 30  2024			As at  December 31  2023
Assets
Current assets
Cash and cash equivalents		21	$	540,217		$	546,527
Accounts receivable		11		9,654			10,078
Cobalt inventory				-			1,372
Income taxes receivable		22		4,544			5,935
Other		23		4,398			3,499
Total current assets			$	558,813		$	567,411
Non-current assets
Mineral stream interests		12	$	6,487,552		$	6,122,441
Early deposit mineral stream interests		13		47,094			47,093
Mineral royalty interests		14		35,527			13,454
Long-term equity investments		15		88,071			246,678
Property, plant and equipment				7,752			7,638
Other		24		22,273			26,470
Total non-current assets			$	6,688,269		$	6,463,774
Total assets			$	7,247,082		$	7,031,185
Liabilities
Current liabilities
Accounts payable and accrued liabilities			$	12,272		$	13,458
Current portion of performance share units		19.1		8,099			12,013
Current portion of lease liabilities		16.2		435			604
Total current liabilities			$	20,806		$	26,075
Non-current liabilities
Performance share units		19.1	$	5,660		$	9,113
Lease liabilities		16.2		5,301			5,625
Global minimum tax		22		50,510			-
Deferred income taxes		22		250			232
Pension liability				4,883			4,624
Total non-current liabilities			$	66,604		$	19,594
Total liabilities			$	87,410		$	45,669
Shareholders’ equity
Issued capital		17	$	3,796,172		$	3,777,323
Reserves		18		(62,186)			(40,091)
Retained earnings				3,425,686			3,248,284
Total shareholders’ equity			$	7,159,672		$	6,985,516
Total liabilities and shareholders’ equity			$	7,247,082		$	7,031,185

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

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Condensed Interim Consolidated Statements of Cash Flows

			Three Months Ended June 30						Six Months Ended June 30
(US dollars in thousands - unaudited)	Note		2024			2023			2024			2023
Operating activities
Net earnings			$	122,317		$	141,448		$	286,358		$	252,839
Adjustments for
Depreciation and depletion				59,211			54,857			123,224			100,247
Gain on disposal of mineral stream interest		12		-			(5,027)			-			(5,027)
Interest expense		16.3		72			36			145			53
Equity settled share based compensation		8		1,655			1,859			3,253			3,402
Performance share units - expense		19.1		4,586			2,625			4,269			8,479
Performance share units - paid		19.1		-			-			(11,129)			(16,675)
Pension expense				283			291			458			458
Pension paid				-			(20)			(43)			(116)
Income tax (recovery) expense		22		50,513			6,135			50,485			(445)
(Gain) loss on fair value adjustment of share purchase warrants held		10		(197)			280			(380)			105
Investment income recognized in net earnings				(4,877)			(8,880)			(11,315)			(16,028)
Other				482			418			400			499
Change in non-cash working capital		21		(3,664)			1,685			(1,508)			(387)
Cash generated from operations before income taxes and interest			$	230,381		$	195,707		$	444,217		$	327,404
Income taxes paid				(75)			(988)			(191)			(4,332)
Interest paid				(73)			(15)			(148)			(33)
Interest received				4,160			7,672			9,895			14,443
Cash generated from operating activities			$	234,393		$	202,376		$	453,773		$	337,482
Financing activities
Credit facility extension fees		16.1	$	(925)		$	(846)		$	(925)		$	(846)
Share purchase options exercised		18.1		8,348			1,134			12,164			10,510
Lease payments		16.2		(147)			(177)			(295)			(379)
Dividends paid		17.2		(139,124)			(131,091)			(139,124)			(131,091)
Cash used for financing activities			$	(131,848)		$	(130,980)		$	(128,180)		$	(121,806)
Investing activities
Mineral stream interests		12	$	(35,605)		$	(88,710)		$	(486,507)		$	(120,234)
Early deposit mineral stream interests		13		-			-			-			(750)
Mineral royalty interest		14		(10,078)			-			(22,025)			-
Net proceeds on disposal of mineral stream interests				-			46,400			-			46,400
Acquisition of long-term investments		15, 21		-			(31)			(751)			(8,175)
Proceeds on disposal of long-term investments		15, 21		177,088			202			177,088			202
Dividends received				481			917			1,181			917
Other				(193)			(1,209)			(789)			(1,770)
Cash (used for) generated from investing activities			$	131,693		$	(42,431)		$	(331,803)		$	(83,410)
Effect of exchange rate changes on cash and cash equivalents			$	(130)		$	175		$	(100)		$	482
Increase (decrease) in cash and cash equivalents			$	234,108		$	29,140		$	(6,310)		$	132,748
Cash and cash equivalents, beginning of period				306,109			799,697			546,527			696,089
Cash and cash equivalents, end of period		21	$	540,217		$	828,837		$	540,217		$	828,837

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

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Condensed Interim Consolidated Statements of Shareholders’ Equity

					Reserves
(US dollars in thousands -  unaudited)	Number of Shares (000’s)		Issued Capital		Share Purchase Warrants Reserve		Share Purchase Options Reserve		Restricted Share Units Reserve		LTI 1 Revaluation Reserve (Net of Tax)		Total Reserves		Retained Earnings		Total
At January 1, 2023		452,319	$	3,752,662	$	83,077	$	22,578	$	8,142	$	(47,250)	$	66,547	$	2,898,466	$	6,717,675
Total comprehensive income
Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	111,391	$	111,391
OCI 1				-		-		-		-		40,700		40,700		-		40,700
Total comprehensive income			$	-	$	-	$	-	$	-	$	40,700	$	40,700	$	111,391	$	152,091
SBC 1 expense			$	-	$	-	$	631	$	911	$	-	$	1,542	$	-	$	1,542
Options 1 exercised		398		10,808		-		(1,752)		-		-		(1,752)		-		9,056
RSUs 1 released		59		2,484		-		-		(2,484)		-		(2,484)		-		-
Warrant expiration		-		-		(83,077)		-		-		-		(83,077)		83,077		-
Dividends (Note 17.2)				-		-		-		-		-		-		(67,910)		(67,910)
Realized loss on disposal of LTIs ¹ (Note 18.3)				-		-		-		-		990		990		(990)		-
At March 31, 2023		452,776	$	3,765,954	$	-	$	21,457	$	6,569	$	(5,560)	$	22,466	$	3,024,034	$	6,812,454
Total comprehensive income
Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	141,448	$	141,448
OCI 1				-		-		-		-		(47,039)		(47,039)		-		(47,039)
Total comprehensive income			$	-	$	-	$	-	$	-	$	(47,039)	$	(47,039)	$	141,448	$	94,409
SBC 1 expense			$	-	$	-	$	724	$	1,135	$	-	$	1,859	$	-	$	1,859
Options 1 exercised		33		1,033		-		(162)		-		-		(162)		-		871
RSUs 1 released		60		1,482		-		-		(1,482)		-		(1,482)		-		-
Dividends (Note 17.2)		100		4,758		-		-		-		-		-		(67,938)		(63,180)
Realized gain on disposal of LTIs ¹ (Note 18.3)				-		-		-		-		(1,831)		(1,831)		1,831		-
At June 30, 2023		452,969	$	3,773,227	$	-	$	22,019	$	6,222	$	(54,430)	$	(26,189)	$	3,099,375	$	6,846,413
Total comprehensive income
Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	284,805	$	284,805
OCI 1				-		-		-		-		(16,574)		(16,574)		-		(16,574)
Total comprehensive income			$	-	$	-	$	-	$	-	$	(16,574)	$	(16,574)	$	284,805	$	268,231
SBC 1 expense			$	-	$	-	$	1,252	$	1,784	$	-	$	3,036	$	-	$	3,036
Options 1 exercised		59		2,219		-		(364)		-		-		(364)		-		1,855
Dividends (Note 17.2)		41		1,877		-		-		-		-		-		(135,896)		(134,019)
At December 31, 2023		453,069	$	3,777,323	$	-	$	22,907	$	8,006	$	(71,004)	$	(40,091)	$	3,248,284	$	6,985,516
Total comprehensive income
Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	164,041	$	164,041
OCI 1				-		-		-		-		(5,566)		(5,566)		-		(5,566)
Total comprehensive income			$	-	$	-	$	-	$	-	$	(5,566)	$	(5,566)	$	164,041	$	158,475
SBC 1 expense			$	-	$	-	$	674	$	924	$	-	$	1,598	$	-	$	1,598
Options 1 exercised		158		4,565		-		(698)		-		-		(698)		-		3,867
RSUs 1 released		68		2,960		-		-		(2,960)		-		(2,960)		-		-
Dividends (Note 17.2)				-		-		-		-		-		-		(70,261)		(70,261)
At March 31, 2024		453,295	$	3,784,848	$	-	$	22,883	$	5,970	$	(76,570)	$	(47,717)	$	3,342,064	$	7,079,195
Total comprehensive income
Net earnings			$	-	$	-	$	-	$	-	$	-	$	-	$	122,317	$	122,317
OCI 1				-		-		-		-		16,982		16,982		-		16,982
Total comprehensive income			$	-	$	-	$	-	$	-	$	16,982	$	16,982	$	122,317	$	139,299
SBC 1 expense			$	-	$	-	$	698	$	957	$	-	$	1,655	$	-	$	1,655
Options 1 exercised		311		9,861		-		(1,475)		-		-		(1,475)		-		8,386
RSUs 1 released		1		53		-		-		(53)		-		(53)		-		-
Dividends (Note 17.2)		28		1,410		-		-		-		-		-		(70,273)		(68,863)
Realized gain on disposal of LTIs ¹ (Note 18.3)				-		-		-		-		(31,578)		(31,578)		31,578		-
At June 30, 2024		453,635	$	3,796,172	$	-	$	22,106	$	6,874	$	(91,166)	$	(62,186)	$	3,425,686	$	7,159,672

1) Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

1. Description of Business and Nature of Operations

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

As of June 30, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.

The condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2024 were authorized for issue as of August 7, 2024 in accordance with a resolution of the Board of Directors.

2. Basis of Presentation and Statement of Compliance

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

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2023 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023.

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

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at June 30, 2024 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3. Material Accounting Policy Information

3.1. New Accounting Standards Effective in 2024

Amendment to IAS

1-

Presentation of Financial statements

The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or

non-current

is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as

non-current

even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or

non-current

at the reporting date. The amendments are effective for annual reporting periods

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

beginning on or after January 1,

2024

. The adoption of this amendment did not have a material impact on the Company’s financial statements.

3.2. Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

IFRS 18 - Presentation and Disclosure in Financial Statements.

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.

4. Key Sources of Estimation Uncertainty and Critical Accounting Judgments

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

Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2023.

5. Financial Instruments

5.1. Capital Risk Management

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

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

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under its sustainability-linked revolving credit facility (Note 16).

The Company is in compliance with the debt covenants at June 30, 2024, as described in Note 16.1.

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

5.2. Categories of Financial Assets and Liabilities

Trade receivables from sales of cobalt and other receivables are

non-interest

bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI.

Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity.

The following table summarizes the classification of the Company’s financial assets and liabilities:

(in thousands)	Note	June 30  2024		December 31  2023
Financial assets
Financial assets mandatorily measured at FVTNE 1
Cash and cash equivalents	21	$	540,217	$	546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment	6,11		8,703		5,360
Long-term investments - warrants held			1,172		652
Investments in equity instruments designated at FVTOCI 1
Long-term investments - common shares held	15		86,899		246,026
Financial assets measured at amortized cost
Trade receivables from sales of cobalt	11		-		3,975
Refundable deposit - 777 PMPA	24		9,063		8,717
Other accounts receivable			951		743
Total financial assets		$	647,005	$	812,000
Financial liabilities
Financial liabilities at amortized cost
Accounts payable and accrued liabilities		$	12,272	$	13,458
Lease liabilities	16.2		5,736		6,229
Total financial liabilities		$	18,008	$	19,687

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

5.3. Credit Risk

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

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at June 30, 2024 is considered to be negligible.

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Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

(in thousands)	Note		June 30  2024		December 31  2023
Cash and cash equivalents		21	$	540,217	$	546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment		11		8,703		5,360
Trade receivables from sales of cobalt		11		-		3,975
Refundable Deposit - 777 PMPA		24		9,063		8,717
Other accounts receivables		11		951		743
Maximum exposure to credit risk related to financial assets			$	558,934	$	565,322

5.4. Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at June 30, 2024, the Company had cash and cash equivalents of $540 million (December 31, 2023 - $547 million) and working capital of $538 million (December 31, 2023 - $541 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at June 30, 2024 of $88 million (December 31, 2023 - $247 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

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

As at June 30, 2024
(in thousands)	2024		2025 - 2026		2027 - 2028		After 2028		Total
Accounts payable and accrued liabilities	$	12,272		$     -	$	-	$	-	$	12,272
Performance share units 1		-		13,036		723		-		13,759
Total	$	12,272		$  13,036	$	723	$	-	$	26,031

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

5.5. Currency Risk

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

(in thousands)	June 30 2024		December 31 2023
Monetary assets
Cash and cash equivalents	$	10,518	$	1,729
Accounts receivable		125		112
Long-term investments - common shares held		86,898		77,770
Long-term investments - warrants held		1,172		652
Other long-term assets		3,273		7,898
Total Canadian dollar denominated monetary assets	$	101,986	$	88,161
Monetary liabilities
Accounts payable and accrued liabilities	$	8,162	$	9,080
Performance share units		11,572		17,303
Lease liability		5,565		5,892
Pension liability		4,882		4,624
Total Canadian dollar denominated monetary liabilities	$	30,181	$	36,899

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

	As at June 30, 2024
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(1,509)	$	1,509
Increase (decrease) in other comprehensive income		8,690		(8,690)
Increase (decrease) in total comprehensive income	$	7,181	$	(7,181)

	As at December 31, 2023
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(2,651)	$	2,651
Increase (decrease) in other comprehensive income		7,777		(7,777)
Increase (decrease) in total comprehensive income	$	5,126	$	(5,126)

5.6. Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and six months ended June 30, 2024 and 2023, the weighted average effective interest rate

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

paid by the Company on its outstanding borrowings was Nil

. During the three and six months ended June 30, 2024 the weighted average interest rate earned on its cash deposits in interest bearing accounts was

 5.13% and 5.21%,

respectively, as compared to 4.57% and 4.03% in the comparable periods of the prior year.

During the three and six months ended June 30, 2024 and 2023, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three and six months ended June 30, 2024, a fluctuation in interest rates of 100 basis points

 (1 percent)

would have impacted the amount of interest earned by approximately

$1 million and $2 million,

respectively, as compared to $2 million and $3 million during the comparable periods of the prior year.

5.7. Other Price Risk

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

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and six months ended June 30, 2024 and 2023 would have increased/decreased by approximately $9 million and $26 million respectively, as a result of changes in the fair value of common shares held.

5.8. Fair Value Estimation

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

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

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

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

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

			June 30, 2024
(in thousands)	Note		Total		Level 1		Level 2		Level 3
Cash and cash equivalents		21	$	540,217	$	540,217	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment		11		8,703		-		8,703		-
Long-term investments - common shares held		15		86,899		86,899		-		-
Long-term investments - warrants held		15		1,172		-		1,172		-
			$	636,991	$	627,116	$	9,875	$	-
			December 31, 2023
(in thousands)	Note		Total		Level 1		Level 2		Level 3
Cash and cash equivalents		21	$	546,527	$	546,527	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment		11		5,360		-		5,360		-
Long-term investments - common shares held		15		246,026		246,026		-		-
Long-term investments - warrants held		15		652		-		652		-
			$	798,565	$	792,553	$	6,012	$	-

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

5.8.1. Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

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

Long-Term Investments in Warrants Held

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

6. Revenue

	Three Months Ended June 30								Six Months Ended June 30
(in thousands)	2024				2023				2024				2023
Sales
Gold credit sales	$	182,150	61	%	$	149,511	56	%	$	372,839	63	%	$	268,708	56	%
Silver
Silver credit sales	$	86,542	29	%	$	90,826	35	%	$	170,251	29	%	$	156,005	32	%
Concentrate sales		24,749	8	%		16,255	6	%		37,698	6	%		36,753	8	%
Total silver sales	$	111,291	37	%	$	107,081	41	%	$	207,949	35	%	$	192,758	40	%
Palladium credit sales	$	4,210	1	%	$	4,879	2	%	$	8,887	1	%	$	9,614	2	%
Cobalt sales	$	1,413	1	%	$	3,501	1	%	$	6,195	1	%	$	8,357	2	%
Total sales revenue	$	299,064	100	%	$	264,972	100	%	$	595,870	100	%	$	479,437	100	%

Gold, Silver and Palladium Credit Sales

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

The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal.

Concentrate Sales

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Cobalt Sales

Effective January 1, 2024, the Company entered into an offtake agreement under which all cobalt is sold to a third party offtaker. Revenue from the cobalt sale is recognized at the time of the delivery, which is also the date that control of the cobalt is transferred to the offtaker.

Prior to January 1, 2024, cobalt was sold to a third-party sales agent who generally sold the cobalt to third party customers approved by Wheaton. Revenue from the sale of cobalt was recognized once the third-party customer and sales terms had been agreed to between Wheaton and the third-party sales agent, which was also the date that control of the cobalt was transferred to the third-party sales agent. Should the sales agent retain the cobalt for their own use, revenue was recognized once the sales terms have been agreed to between Wheaton and the third-party sales agent and the product has been delivered, which is also the date that control of the cobalt is transferred to the third-party sales agent.

7. General and Administrative

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Corporate
Salaries and benefits	$	3,734	$	3,593	$	7,698	$	7,454
Depreciation		228		268		446		556
Professional fees		540		909		1,034		1,423
Business travel		584		311		868		652
Director fees		252		248		541		581
Business taxes		254		139		601		713
Audit and regulatory		871		1,337		1,749		2,169
Insurance		354		519		851		1,057
Other		924		952		2,207		2,016
General and administrative - corporate	$	7,741	$	8,276	$	15,995	$	16,621
Subsidiaries
Salaries and benefits	$	1,349	$	1,156	$	2,750	$	2,317
Depreciation		119		115		238		218
Professional fees		474		189		665		260
Business travel		152		94		223		147
Director fees		52		52		115		103
Business taxes		55		65		127		139
Insurance		14		11		31		27
Other		285		258		561		483
General and administrative - subsidiaries	$	2,500	$	1,940	$	4,710	$	3,694
Consolidated general and administrative	$	10,241	$	10,216	$	20,705	$	20,315

WHEATON PRECIOUS METALS 2024

SECOND

QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

8. Share Based Compensation

			Three Months Ended June 30					Six Months Ended June 30
(in thousands)	Note		2024			2023		2024		2023
Equity settled share based compensation 1
Stock options		18.1	$	698		$	724	$	1,372	$	1,355
RSUs		18.2		957			1,135		1,881		2,047
Cash settled share based compensation
PSUs		19.1	$	4,586		$	2,625	$	4,269	$	8,479
Total share based compensation			$	6,241		$	4,484	$	7,522	$	11,881

1)  Equity settled share based compensation is a

non-cash

expense.

9. Donations and Community Investments

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Local donations and community investments 1	$	407	$	407	$	1,096	$	942
Partner donations and community investments 2		296		1,533		1,177		2,376
Total donations and community investments	$	703	$	1,940	$	2,273	$	3,318

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

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

10. Other Income (Expense)

		Three Months Ended June 30				Six Months Ended June 30
(in thousands)	Note	2024		2023		2024		2023
Interest income		$	4,396	$	8,181	$	10,134	$	15,111
Dividend income			481		700		1,181		917
Foreign exchange gain (loss)			48		(202)		622		71
Gain (loss) on fair value adjustment of share purchase warrants held mandatorily measured at FVTNE 1			197		(280)		380		(105)
Other			-		293		-		260
Total other income (expense)		$	5,122	$	8,692	$	12,317	$	16,254

1)  FVTNE refers to Fair Value Through Net Earnings

11. Accounts Receivable

(in thousands)	Note		June 30  2024		December 31  2023
Trade receivables from provisional concentrate sales, net of fair value adjustment		6	$	8,703	$	5,360
Trade receivables from sales of cobalt		6		-		3,975
Other accounts receivable				951		743
Total accounts receivable			$	9,654	$	10,078

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

12. Mineral Stream Interests

	Six Months Ended June 30, 2024
	Cost						Accumulated Depletion & Impairment 1
(in thousands)	Balance Jan 1, 2024		Additions		Balance Jun 30, 2024		Balance Jan 1, 2024		Depletion		Balance Jun 30, 2024		Carrying Amount Jun 30, 2024
Gold interests
Salobo	$	3,429,911	$	-	$	3,429,911	$	(748,492)	$	(43,103)	$	(791,595)	$	2,638,316
Sudbury 2		623,864		-		623,864		(361,379)		(12,258)		(373,637)		250,227
Constancia		140,058		-		140,058		(59,793)		(8,496)		(68,289)		71,769
San Dimas		220,429		-		220,429		(75,707)		(4,180)		(79,887)		140,542
Stillwater 3		239,352		-		239,352		(27,883)		(2,307)		(30,190)		209,162
Other 4		656,187		300,039		956,226		(52,498)		(661)		(53,159)		903,067
	$	5,309,801	$	300,039	$	5,609,840	$	(1,325,752)	$	(71,005)	$	(1,396,757)	$	4,213,083
Silver interests
Peñasquito	$	524,626	$	-		524,626	$	(248,394)	$	(14,671)	$	(263,065)	$	261,561
Antamina		900,343		-		900,343		(380,813)		(13,134)		(393,947)		506,396
Constancia		302,948		-		302,948		(123,365)		(7,108)		(130,473)		172,475
Other 5		1,159,563		50,086		1,209,649		(577,450)		(7,583)		(585,033)		624,616
	$	2,887,480	$	50,086	$	2,937,566	$	(1,330,022)	$	(42,496)	$	(1,372,518)	$	1,565,048
Palladium interests
Stillwater 3	$	263,721	$	-	$	263,721	$	(43,054)	$	(3,971)	$	(47,025)	$	216,696
Platreef		-		78,815		78,815		-		-		-		78,815
	$	263,721	$	78,815	$	342,536	$	(43,054)	$	(3,971)	$	(47,025)	$	295,511
Platinum interests
Marathon	$	9,451	$	-	$	9,451	$	-	$	-	$	-	$	9,451
Platreef		-		57,585		57,585		-		-		-		57,585
	$	9,451	$	57,585	$	67,036	$	-	$	-	$	-	$	67,036
Cobalt interests
Voisey’s Bay 6	$	393,422	$	-	$	393,422	$	(42,606)	$	(3,942)	$	(46,548)	$	346,874
	$	8,863,875	$	486,525	$	9,350,400	$	(2,741,434)	$	(121,414)	$	(2,862,848)	$	6,487,552

1) Includes cumulative impairment charges to June 30, 2024 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests. The additions to other gold interests includes: Platreef - $275 million; Kudz Ze Kayah - $14 million; and Cangrejos - $10 million.

5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - $25 million and Mineral Park - $25 million.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

	Year Ended December 31, 2023
	Cost								Accumulated Depletion & Impairment  1
(in thousands)	Balance Jan 1, 2023		Additions		Disposal		Balance Dec 31, 2023		Balance Jan 1, 2023		Depletion		Balance Dec 31, 2023		Carrying Amount Dec 31, 2023
Gold interests
Salobo	$	3,059,876	$	370,035	$	-	$	3,429,911	$	(676,614)	$	(71,878)	$	(748,492)	$	2,681,419
Sudbury 2		623,864		-		-		623,864		(340,448)		(20,931)		(361,379)		262,485
Constancia		140,058		-		-		140,058		(44,475)		(15,318)		(59,793)		80,265
San Dimas		220,429		-		-		220,429		(64,564)		(11,143)		(75,707)		144,722
Stillwater 3		239,352		-		-		239,352		(23,500)		(4,383)		(27,883)		211,469
Other 4		545,391		152,169		(41,373)		656,187		(51,248)		(1,250)		(52,498)		603,689
	$	4,828,970	$	522,204	$	(41,373)	$	5,309,801	$	(1,200,849)	$	(124,903)	$	(1,325,752)	$	3,984,049
Silver interests
Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(230,952)	$	(17,442)	$	(248,394)	$	276,232
Antamina		900,343		-		-		900,343		(354,975)		(25,838)		(380,813)		519,530
Constancia		302,948		-		-		302,948		(110,001)		(13,364)		(123,365)		179,583
Other 5		1,018,199		141,364		-		1,159,563		(565,103)		(12,347)		(577,450)		582,113
	$	2,746,116	$	141,364	$	-	$	2,887,480	$	(1,261,031)	$	(68,991)	$	(1,330,022)	$	1,557,458
Palladium interests
Stillwater 3	$	263,721	$	-	$	-	$	263,721	$	(36,909)	$	(6,145)	$	(43,054)	$	220,667
Platinum interests
Marathon	$	9,428	$	23	$	-	$	9,451	$	-	$	-	$	-	$	9,451
Cobalt interests
Voisey’s Bay 6	$	393,422	$	-	$	-	$	393,422	$	(35,849)	$	(6,757)	$	(42,606)	$	350,816
	$	8,241,657	$	663,591	$	(41,373)	$	8,863,875	$	(2,534,638)	$	(206,796)	$	(2,741,434)	$	6,122,441

1) Includes cumulative impairment charges to December 31, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

4) Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $40 million; Goose - $63 million; Cangrejos - $29 million; and Curraghinalt - $20 million.

5) Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $141 million.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving first production and is depleted on a

unit-of-production

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

	June 30, 2024						December 31, 2023
(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total
Gold interests
Salobo	$	2,312,141	$	326,175	$	2,638,316	$	2,303,719	$	377,700	$	2,681,419
Sudbury 1		208,516		41,711		250,227		218,467		44,018		262,485
Constancia		68,164		3,605		71,769		74,758		5,507		80,265
San Dimas		51,247		89,295		140,542		55,428		89,294		144,722
Stillwater 2		189,528		19,634		209,162		186,668		24,801		211,469
Other 3		17,338		885,729		903,067		17,999		585,690		603,689
	$	2,846,934	$	1,366,149	$	4,213,083	$	2,857,039	$	1,127,010	$	3,984,049
Silver interests
Peñasquito	$	261,561	$	-	$	261,561	$	202,528	$	73,704	$	276,232
Antamina		159,378		347,018		506,396		172,512		347,018		519,530
Constancia		165,993		6,482		172,475		169,527		10,056		179,583
Other 4		130,897		493,719		624,616		130,462		451,651		582,113
	$	717,829	$	847,219	$	1,565,048	$	675,029	$	882,429	$	1,557,458
Palladium interests
Stillwater 2	$	209,208	$	7,488	$	216,696	$	211,959	$	8,708	$	220,667
Platreef		-		78,815		78,815		-		-		-
	$	209,208	$	86,303	$	295,511	$	211,959	$	8,708	$	220,667
Platinum interests
Marathon	$	-	$	9,451	$	9,451	$	-	$	9,451	$	9,451
Platreef		-		57,585		57,585		-		-		-
	$	-	$	67,036	$	67,036	$	-	$	9,451	$	9,451
Cobalt interests
Voisey’s Bay	$	321,600	$	25,274	$	346,874	$	321,454	$	29,362	$	350,816
	$	4,095,571	$	2,391,981	$	6,487,552	$	4,065,481	$	2,056,960	$	6,122,441

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

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Partial Disposition of Goose PMPA

On April 12, 2023, Sabina Gold & Silver Corp. (“Sabina”) announced that shareholders approved the proposed acquisition by B2Gold Corp. (“B2Gold”) of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million, calculated as follows:

(in thousands)
Proceeds received on 33% buyback of Goose	$	46,400
Less: 33% carrying value		(41,373)
Gain on partial disposal of the Goose PMPA	$	5,027

Acquisition of Cangrejos PMPA

On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. (“Lumina”) in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available

pre-construction,

with the remainder to be paid in staged equal installments during construction of the mine, subject to various customary conditions being satisfied. As it relates to the $48 million, payments will be made in installments, including (i) $12 million which was paid on closing; (ii) $10 million that was paid on November 22, 2023 (six months after closing); (iii) $

9

 million that was paid on May 31, 2024 (12 months after closing); (iv) $

6

million payable on December 2, 2024 (modified from the original date of May 31, 2024) and (v) $11 million can be drawn upon for committed acquisition of surface rights, of which $

8

million has been paid to date.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Blackwater Gold PMPA

On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the

Company

paid total upfront cash consideration of $40 million.

Acquisition of Existing Platreef & Kudz Ze Kayah PMPAs

On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing streams in respect of Ivanhoe Mines’ Platreef Project (the “Platreef Streams”) and BMC Minerals’ Kudz Ze Kayah (“KZK”) Project (the “Kudz Ze Kayah Streams”). On February 27, 2024, the Company paid $450 million to Orion, with an additional $5 million contingency payment due to Orion if the KZK project achieves certain milestones.

The Platreef Project is located in Johannesburg, South Africa. Under the Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold until a total of 218,750 ounces of gold has been delivered to the Company, at which point the Company will be entitled to purchase 50% of the payable gold production until a total of 428,300 ounces of gold has been delivered. Once the threshold has been achieved, the Company will be entitled to purchase 3.125% of the payable gold production if certain conditions are met. Under the Platreef Gold PMPA, the Company will make ongoing payments for the gold ounces delivered equal to $100 per ounce until a total of 428,300 ounces of gold have been delivered, increasing to 80% of the spot price of gold thereafter.

Under the Platreef palladium and platinum PMPA (the “Platreef PGM PMPA”), the Company is entitled to purchase 5.25% of the payable palladium and platinum production until a total of 350,000 ounces of combined palladium and platinum have been received. Once the threshold has been achieved, the stream will be reduced to 3.0% of the payable palladium and platinum production until 485,115 ounces have been delivered, at which point the stream will be reduced to 0.1% of the payable palladium and platinum production if certain conditions are met. Under the Platreef PGM PMPA, the Company will make ongoing payments for the palladium and platinum ounces delivered equal to

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

30% of the respective spot prices until 485,115 combined ounces have been received, increasing to 80% of the spot price of palladium and platinum thereafter.

The Kudz Ze Kayah stream is located in Yukon, Canada. Under the Kudz Ze Kayah PMPA (the “KZK PMPA”), the Company is entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of such deliveries, until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5.000% to 5.500% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered (for a total of 660,000 ounces of gold and 86.60 million ounces of silver), and thereafter ranging between 6.25% and 6.75%. Under the KZK PMPA, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot gold and silver price. Under the KZK PMPA, BMC Minerals has a buyback option to repurchase 50% of the stream for a period of 30 days after June 22, 2026, for $36 million.

13. Early Deposit Mineral Stream Interests

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

The following table summarizes the early deposit mineral stream interests owned by the Company as of June 30, 2024:

											Attributable Production to be Purchased
Early Deposit Mineral   Stream Interests	Mine Owner		Location of Mine		Upfront Consideration Paid to Date 1		Upfront Consideration to be Paid 1, 2		Total Upfront Consideration¹		Gold		Silver		Term of Agreement
Toroparu		Aris Mining		Guyana	$	15,500	$	138,000	$	153,500		10 %		50%		Life of Mine
Cotabambas		Panoro		Peru		14,000		126,000		140,000		25% ³		100% ³		Life of Mine
Kutcho		Kutcho		Canada		16,852		58,000		74,852		100%		100%		Life of Mine
					$	46,352	$	322,000	$	368,352

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

2) Please refer to Note 25 for details of when the remaining upfront consideration to be paid becomes due.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

14. Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of June 30, 2024. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Royalty Interests

Mine Owner

Location of Mine

Royalty 1

Upfront Consideration Paid to Date 2

Upfront Consideration to be Paid 2

Total Upfront Consideration  2

Term of Agreement

Date of Original Contract

Metates

Chesapeake

Mexico

0.5% NSR

$

3,000

$

-

$

3,000

Life of Mine

07-Aug-2014

Brewery Creek 3

Victoria Gold

Canada

2.0% NSR

3,529

-

3,529

Life of Mine

04-Jan-2021

Black Pine 4

Liberty Gold

USA

0.5% NSR

3,600

-

3,600

Life of Mine

10-Sep-2023

Mt Todd 5

Vista

Australia

1.0% GR

20,000

-

20,000

Life of Mine

13-Dec-2023

DeLamar 6

Integra

USA

1.5% NSR

4,875

4,875

9,750

Life of Mine

20-Feb-2024

$

35,004

$

4,875

$

39,879

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

2) Expressed in thousands; excludes closing costs.

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

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

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

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

15. Long-Term Equity Investments

(in thousands)	June 30 2024		December 31  2023
Common shares held	$	86,899	$	246,026
Warrants held		1,172		652
Total long-term equity investments	$	88,071	$	246,678

Common Shares Held

	Three Months Ended June 30, 2024
(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2024		Cost of Additions		Proceeds of Disposition 1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2024		Realized Gain on Disposal
Bear Creek		15,707		6.90%	$	2,608	$	-	$	-	$	1,179	$	3,787	$	-
Kutcho		18,640		12.03%		1,651		-		-		596		2,248		-
Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768
B2Gold		12,025		0.92%		31,504		-		-		739		32,243		-
Other						41,660		-		-		6,962		48,621		-
Total					$	245,678	$	-	$	(177,088)	$	18,309	$	86,899	$	35,768

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

	Three Months Ended June 30, 2023
(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Mar 31, 2023		Cost of Additions		Proceeds of Disposition  1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2023		Realized Loss on Disposal
Bear Creek		13,264		8.58%		$ 6,763	$	-	$	-	$	(1,253)	$	5,510	$	-
Sabina		-		-		47,104		-		(48,832)		1,728		-		872
Kutcho		18,640		13.27%		3,994		-		-		(1,390)		2,604		-
Hecla		34,980		5.71%		221,628		-		(202)		(41,277)		180,149		73
B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-
Other						28,841		31		-		(4,926)		23,946		-
Total					$	308,330	$	48,863		$  (49,034)	$	(53,083)	$	255,076	$	945

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

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

	Six Months Ended June 30, 2024
(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2023		Cost of Additions		Proceeds of Disposition  1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2024		Realized Gain (Loss) on Disposal
Bear Creek		15,707		6.90%	$	2,138	$	-	$	-	$	1,649	$	3,787	$	-
Kutcho		18,640		12.03%		1,551		-		-		697		2,248		-
Hecla		-		-		168,255		-		(177,088)		8,833		-		35,768
B2Gold		12,025		0.92%		38,094		-		-		(5,851)		32,243		-
Other						35,988		5,121		-		7,512		48,621		-
Total					$	246,026	$	5,121	$	(177,088)	$	12,840	$	86,899	$	35,768

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

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

	Six Months Ended June 30, 2023
(in thousands)	Shares Owned (000’s)		% of Outstanding Shares Owned		Fair Value at Dec 31, 2022		Cost of Additions		Proceeds of Disposition  1		Fair Value Adjustment Gains (Losses) 2		Fair Value at Jun 30, 2023		Realized Loss on Disposal
Bear Creek		13,264		8.58%	$	7,443	$	-	$	-	$	(1,933)	$	5,510	$	-
Sabina		-		-		30,535		-		(48,832)		18,297		-		872
Kutcho		18,640		13.27%		3,097		-		-		(493)		2,604		-
Hecla		34,980		5.71%		194,668		-		(202)		(14,317)		180,149		73
B2Gold		12,025		0.93%		-		48,832		-		(5,965)		42,867		-
Other						19,792		8,199		(27)		(4,018)		23,946		(990)
Total					$	255,535	$	57,031	$	(49,061)	$	(8,429)	$	255,076	$	(45)

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

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

16. Credit Facilities

16.1. Sustainability-Linked Revolving Credit Facility

On June 25, 2024, the term of the Company’s undrawn $2 

billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 25, 2029.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at June 30, 2024 and 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and six months ended June 30, 2024 and 2023, the

stand-by

fee rate was 0.20%.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $6 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).

16.2. Lease Liabilities

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

(in thousands)	June 30 2024		December 31  2023
Current portion	$	435	$	604
Long-term portion		5,301		5,625
Total lease liabilities	$	5,736	$	6,229

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

(in thousands)	June 30  2024
Not later than 1 year	$	708
Later than 1 year and not later than 5 years		2,554
Later than 5 years		4,249
Total lease liabilities	$	7,511

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

16.3. Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

			Three Months Ended June 30				Six Months Ended June 30
(in thousands)	Note		2024		2023		2024		2023
Costs related to undrawn credit facilities		16.1	$	1,340	$	1,272	$	2,677	$	2,589
Interest expense - lease liabilities		16.2		72		36		145		53
Letters of guarantee				(113)		44		(81)		89
Total finance costs			$	1,299	$	1,352	$	2,741	$	2,731

17. Issued Capital

(in thousands)	Note		June 30 2024		December 31 2023
Issued capital
Share capital issued and outstanding: 453,635,246 common shares (December 31, 2023: 453,069,254 common shares)		17.1	$	3,796,172	$	3,777,323

17.1. Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at June 30, 2024 and 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2023 to June 30, 2024 is presented below:

	Number of Shares		Weighted Average Price
At January 1, 2023		452,318,526
Share purchase options exercised 1		397,636		Cdn$31.17
Restricted share units released 1		59,672		Cdn$0.00
At March 31, 2023		452,775,834
Share purchase options exercised 1		32,611		Cdn$35.78
Restricted share units released 1		60,155		Cdn$0.00
Dividend reinvestment plan 2		100,732		US$47.23
At June 30, 2023		452,969,332
Share purchase options exercised 1		58,675		Cdn$42.36
Dividend reinvestment plan 2		41,247		US$45.50
At December 31, 2023		453,069,254
Share purchase options exercised 1		158,148		Cdn$33.20
Restricted share units released 1		68,277		Cdn$0.00
At March 31, 2024		453,295,679
Share purchase options exercised 1		311,211		Cdn$36.79
Restricted share units released 1		1,217		Cdn$0.00
Dividend reinvestment plan 2		27,139		US$51.95
At June 30, 2024		453,635,246

1) The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

2) The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

At the Market Equity Program

The Company has established an

at-the-market

equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at June 30, 2024 and 2023, the Company has not issued any shares under the ATM program.

17.2. Dividends Declared

	Three Months Ended June 30								Six Months Ended June 30
(in thousands, except per share   amounts)	2024				2023				2024				2023
Dividends declared per share	$	0.155			$	0.150			$	0.310			$	0.300
Average number of shares eligible for dividend		453,376				452,919				453,334				452,827
Total dividends declared	$	70,273			$	67,938			$	140,534			$	135,848
Paid as follows:
Cash	$	69,913	99	%	$	65,857	97	%	$	139,124	99	%	$	131,091	96	%
DRIP 1		360	1	%		2,081	3	%		1,410	1	%		4,757	4	%
Total dividends declared	$	70,273	100	%	$	67,938	100	%	$	140,534	100	%	$	135,848	100	%

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

18. Reserves

(in thousands)	Note		June 30 2024			December 31 2023
Reserves
Share purchase options		18.1	$	22,106		$	22,907
Restricted share units		18.2		6,874			8,006
Long-term investment revaluation reserve, net of tax		18.3		(91,166	)		(71,004)
Total reserves			$	(62,186	)	$	(40,091)

18.1. Share Purchase Options

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

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

black-out

periods.

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

36-month

historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Six Months Ended June 30
	2024		2023
Black-Scholes weighted average assumptions
Grant date share price and exercise price		Cdn$59.79		Cdn$59.41
Expected dividend yield		1.45%		1.39%
Expected volatility		30%		30%
Risk-free interest rate		4.10%		3.40%
Expected option life, in years		3.0		3.0
Weighted average fair value per option granted		Cdn$13.39		Cdn$12.89
Number of options issued during the period		305,710		316,580
Total fair value of options issued (000’s)		$   3,022		$   2,972

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

The following table summarizes information about the options outstanding and exercisable at June 30, 2024:

Exercise Price (Cdn$)	Exercisable Options		Non-Exercisable Options		Total Options Outstanding		Weighted Average Remaining Contractual Life
$32.96¹		11,285		-		11,285		0.7 years
$33.47		6,100		-		6,100		0.7 years
$49.86		227,106		-		227,106		3.7 years
$54.68¹		21,250		-		21,250		3.7 years
$59.22¹		11,538		30,550		42,088		5.7 years
$59.41		79,973		165,136		245,109		5.7 years
$59.79		-		237,180		237,180		6.7 years
$60.00		138,705		72,473		211,178		4.7 years
$60.43¹		-		68,530		68,530		6.7 years
$64.27¹		19,093		12,713		31,806		4.7 years
		515,050		586,582		1,101,632		5.2 years

1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3687, being the Cdn$/US$ exchange rate at June 30, 2024.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2023 to June 30, 2024 is presented below:

	Number of Options Outstanding		Weighted Average Exercise Price
At January 1, 2023		1,478,300		Cdn$41.37
Granted (fair value - $3 million or Cdn$12.89 per option)		316,580		59.41
Exercised		(397,636)		31.17
Forfeited		(1,300)		55.01
At March 31, 2023		1,395,944		Cdn$48.32
Exercised		(32,611)		35.77
Forfeited		(1,450)		59.69
At June 30, 2023		1,361,883		Cdn$48.43
Exercised		(58,675)		42.36
Forfeited		(33,187)		59.60
At December 31, 2023		1,270,021		Cdn$48.47
Granted (fair value - $3 million or Cdn$13.39 per option)		305,710		59.79
Exercised		(158,148)		33.20
At March 31, 2024		1,417,583		Cdn$52.75
Exercised		(311,211)		36.79
Forfeited		(4,740)		59.59
At June 30, 2024		1,101,632		Cdn$57.33

As it relates to share purchase options, during the three months ended June 30, 2024, the weighted average share price at the time of exercise was Cdn$75.68 per share (six months - Cdn$70.80 per share), as compared to Cdn$68.37 per share (six months - Cdn$63.57 per share) during the comparable period in 2023.

18.2. Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years.

Compensation expense related to RSUs is recognized over the vesting period based

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest.

The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

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

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2023 to June 30, 2024 is presented below:

	Number of RSUs Outstanding		Weighted Average  Intrinsic Value at Date Granted
At January 1, 2023		350,206		$31.25
Granted (fair value - $4 million)		92,880		43.27
Released		(59,672)		41.64
Forfeited		(290)		43.58
At March 31, 2023		383,124		$32.54
Granted		1,110		50.26
Released		(60,155)		24.64
Forfeited		(320)		45.11
At June 30, 2023		323,759		$34.05
Forfeited		(7,423)		44.39
At December 31, 2023		316,336		$33.81
Granted (fair value - $4 million)		90,120		44.16
Released		(68,277)		43.35
At March 31, 2024		338,179		$34.64
Granted		1,010		54.55
Released		(1,217)		43.73
Forfeited		(1,043)		44.40
At June 30, 2024		336,929		$34.64

18.3. Long-Term Investment Revaluation Reserve

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2023 to June 30, 2024 is presented below:

(in thousands)		Change in Fair Value		Deferred Tax Recovery   (Expense)		Total
At January 1, 2023		$	(40,626)	$	(6,624)	$	(47,250)
Unrealized gain (loss) on LTIs 1			44,654		(3,954)		40,700
Reallocate reserve to retained earnings upon disposal of LTIs 1	15		990		-		990
At March 31, 2023		$	5,018	$	(10,578)	$	(5,560)
Unrealized gain (loss) on LTIs 1			(53,083)		6,044		(47,039)
Reallocate reserve to retained earnings upon disposal of LTIs 1			(1,831)		-		(1,831)
At June 30, 2023		$	(49,896)	$	(4,534)	$	(54,430)
Unrealized gain (loss) on LTIs 1			(18,203)		1,629		(16,574)
At December 31, 2023		$	(68,099)	$	(2,905)	$	(71,004)
Unrealized gain (loss) on LTIs 1			(5,470)		(96)		(5,566)
At March 31, 2024		$	(73,569)	$	(3,001)	$	(76,570)
Unrealized gain (loss) on LTIs 1			18,309		(1,327)		16,982
Reallocate reserve to retained earnings upon disposal of LTIs 1	15		(35,768)		4,190		(31,578)
At June 30, 2024		$	(91,028)	$	(138)	$	(91,166)

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

19. Share Based Compensation

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

19.1. Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200%

and is determined by comparing the Company’s total shareholder return (“TSR”) to those achieved by various peer companies and the price of gold and silver.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2023 to June 30, 2024 is presented below:

(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding		PSU accrual liability
At January 1, 2023		444,620	$	21,239
Granted		135,690		-
Accrual related to the fair value of the PSUs outstanding		-		5,855
Foreign exchange adjustment		-		13
Paid		(191,980)		(16,675)
At March 31, 2023		388,330	$	10,432
Accrual related to the fair value of the PSUs outstanding		-		2,645
Foreign exchange adjustment		-		185
Forfeited		(1,280)		(21)
At June 30, 2023		387,050	$	13,241
Accrual related to the fair value of the PSUs outstanding		-		8,170
Foreign exchange adjustment		-		59
Forfeited		(14,590)		(344)
At December 31, 2023		372,460	$	21,126
Granted		135,220		-
Accrual related to the fair value of the PSUs outstanding		-		(317)
Foreign exchange adjustment		-		(428)
Paid		(126,590)		(11,129)
At March 31, 2024		381,090	$	9,252
Accrual related to the fair value of the PSUs outstanding		-		4,635
Foreign exchange adjustment		-		(79)
Forfeited		(2,120)		(49)
At June 30, 2024		378,970	$	13,759

A summary of the PSUs outstanding at June 30, 2024 is as follows:

Year   of Grant		Year of Maturity		Number outstanding		Estimated Value Per PSU at Maturity		Anticipated Performance Factor at Maturity		Percent of Vesting Period Complete at Jun 30, 2024		PSU Liability at   Jun 30, 2024
	2022		2025		118,240		$55.30		162%		76%	$	8,099
	2023		2026		125,510		$54.50		168%		43%		4,937
	2024		2027		135,220		$54.27		108%		9%		723
					378,970							$	13,759

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

20. Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

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

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

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Basic weighted average number of shares outstanding		453,430		452,892		453,262		452,633
Effect of dilutive securities
Share purchase options		337		332		298		381
Restricted share units		337		351		328		354
Diluted weighted average number of shares outstanding		454,104		453,575		453,888		453,368

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$73.11 (six months - Cdn$67.14), compared to Cdn$63.69 (six months - Cdn$61.40) for the comparable period in 2023.

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Share purchase options		-		-		-		53

21. Supplemental Cash Flow Information

Change in

Non-Cash

Working Capital

	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2024			2023			2024			2023
Change in non-cash working capital
Accounts receivable	$	(4,039	)	$	2,132		$	406		$	2,981
Accounts payable and accrued liabilities		1,399			452			(1,262	)		(3,004	)
Other		(1,024	)		(899	)		(652	)		(364	)
Total change in non-cash working capital	$	(3,664	)	$	1,685		$	(1,508	)	$	(387	)

Non-Cash

Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

During the six months ended June 30, 2023, the Company received common shares valued at $48 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Cash and Cash Equivalents

(in thousands)	June 30 2024		December 31  2023
Cash and cash equivalents comprised of:
Cash	$	490,885	$	211,430
Cash equivalents		49,332		335,097
Total cash and cash equivalents	$	540,217	$	546,527

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

22. Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Current income tax expense (recovery)	$	(2,868)	$	80	$	(2,809)	$	(2,560)
Global minimum income tax expense		50,510		-		50,510		-
Total current income tax expense (recovery)	$	47,642	$	80	$	47,701	$	(2,560)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	4,271	$	1,701	$	4,495	$	3,061
Write down (reversal of write down) or recognition of prior period temporary differences		(1,400)		4,354		(1,711)		(946)
Total deferred income tax expense	$	2,871	$	6,055	$	2,784	$	2,115
Total income tax expense (recovery) recognized in net earnings	$	50,513	$	6,135	$	50,485	$	(445)

Income Tax Expense (Recovery) in Other Comprehensive Income

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Current income tax expense (recovery) related to LTIs - common shares held	$	4,190	$	-	$	4,190	$	-
Deferred income tax expense (recovery) related to LTIs - common shares held		(2,863)		(6,044)		(2,766)		(2,090)
Income tax expense (recovery) recognized in OCI	$	1,327	$	(6,044)	$	1,424	$	(2,090)

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

	Three Months Ended June 30				Six Months Ended June 30
(in thousands)	2024		2023		2024		2023
Earnings before income taxes	$	172,830	$	147,583	$	336,843	$	252,394
Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%
Income tax expense (recovery) based on above rates	$	46,664	$	39,847	$	90,948	$	68,146
Non-deductible stock based compensation and other		421		547		770		886
Differences in tax rates in foreign jurisdictions 1		(46,211)		(39,044)		(90,576)		(68,938)
Global minimum tax expense		50,510		-		50,510		-
Current period unrecognized temporary differences		529		431		544		407
Write down (reversal of write down) or recognition of prior period temporary differences		(1,400)		4,354		(1,711)		(946)
Total income tax expense (recovery) recognized in net earnings	$	50,513	$	6,135	$	50,485	$	(445)
Effective Tax Rate		29%		4%		15%		0%

1) During the six months ended June 30, 2024, the Company’s subsidiaries generated net earnings of $337 million, as compared to $257 million during the comparable period of the prior year.

Pillar II Tax Expense - Global Minimum Tax

On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The GMTA enacts the OECD Pillar Two model rules (“Pillar Two”) where in scope companies will be subject to a 15% global minimum tax (GMT) for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024

, the income of the Company’s Cayman Island subsidiaries, who have a statutory tax rate of

 0%, is subject to the GMTA and an amount of $51 million current tax expense associated with GMT was recorded for the period from January 1, 2024 to June 30,

2024. GMT accrued to December 31, 2024 is payable on or before June 30, 2026 (18 months following year-end) and accordingly is classified as non-current.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Current Income Taxes (Payable) Receivable

The movement in current income taxes (payable) receivable for the six months ended June 30, 2024 is as follows:

(in thousands)	Current Taxes  (Payable)  Receivable
Current taxes receivable - December 31, 2023	$	5,935
Current income tax recovery - income statement		2,809
Global minimum income tax expense		(50,510)
Current income tax expense - statement of OCI		(4,190)
Income taxes paid		191
Foreign exchange adjustments		(201)
Current taxes payable - June 30, 2024	$	(45,966)
Comprised of:
Current income taxes receivable	$	4,544
Non-current global minimum income tax payable		(50,510)
Current taxes payable - June 30, 2024	$	(45,966)

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the six months ended June 30, 2024 and the year ended December 31, 2023 is shown below:

	Six Months Ended June 30, 2024
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing  Balance
Deferred tax assets
Non-capital loss carryforward 1	$	810	$	(810)	$	-	$	-
Capital loss carryforward		956		(317)		(639)		-
Other 2		4,135		(1,957)		-		2,178
Deferred tax liabilities
Debt financing fees 3		(818)		4		-		(814)
Unrealized gains on long-term investments		(4,415)		732		3,405		(278)
Mineral stream interests 4		(668)		(418)		-		(1,086)
Foreign withholding tax		(232)		(18)		-		(250)
Total	$	(232)	$	(2,784)	$	2,766	$	(250)

1) As at June 30, 2024, the Company had no non-capital losses available to recognize against deferred tax liabilities.

2) Other includes capital assets, PSU and pension liabilities.

3) Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

4) The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 12.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

	Year Ended December 31, 2023
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing  Balance
Deferred tax assets
Non-capital loss carryforward	$	-	$	810	$	-	$	810
Capital loss carryforward		792		40		124		956
Other		4,256		(121)		-		4,135
Deferred tax liabilities
Debt and share financing fees		(774)		(44)		-		(818)
Unrealized gains on long-term investments		(8,006)		(4)		3,595		(4,415)
Mineral stream interests		3,732		(4,400)		-		(668)
Foreign withholding tax		(165)		(67)		-		(232)
Total	$	(165)	$	(3,786)	$	3,719	$	(232)

Deferred income tax assets in Canada not recognized are shown below:

(in thousands)		June 30 2024		December 31  2023
Mineral stream interests		$	7,314	$	8,804
Other			2,727		2,376
Unrealized losses on long-term investments			12,575		12,912
Total		$	22,616	$	24,092

1) As at June 30, 2024, the Company had fully recognized the tax effect of non-capital losses.

23. Other Current Assets

The composition of other current assets is shown below:

(in thousands)	Note	June 30 2024		December 31  2023
Prepaid expenses		$	3,892	$	2,628
Other			506		871
Total other current assets		$	4,398	$	3,499

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

24. Other Long-Term Assets

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

(in thousands)	Note		June 30 2024		December 31 2023
Intangible assets			$	1,695	$	1,886
Debt issue costs - Revolving Facility		16.1		5,781		5,496
Refundable deposit - 777 PMPA				9,063		8,717
Subscription Rights				-		4,510
Other				5,734		5,861
Total other long-term assets			$	22,273	$	26,470

Subscription Rights

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

25. Commitments and Contingencies

Mineral Stream Interests

The following tables summarize the Company’s commitments to make

per-ounce

or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold

Mineral Stream Interests	Attributable  Payable Production  to be Purchased			Per Ounce Cash Payment 1		Term of Agreement			Date of Original Contract
Constancia		50%			$      420 ²		Life of Mine			8-Aug-12
Salobo		75%			$ 425		Life of Mine			28-Feb-13
Sudbury		70%			$ 400		20 years			28-Feb-13
San Dimas		variable	³		$637		Life of Mine			10-May-18
Stillwater		100%			18%  4		Life of Mine			16-Jul-18
Marathon		100%	5		18%  4		Life of Mine			26-Jan-22
Other
Minto		100%	6		50%  6		Life of Mine			20-Nov-08
Copper World		100%			$450		Life of Mine			10-Feb-10
Marmato		10.5%	5		18%  4		Life of Mine			5-Nov-20
Santo Domingo		100%	5		18%  4		Life of Mine			24-Mar-21
Fenix		6%	5		18%  4		Life of Mine			15-Nov-21
Blackwater		8%	5		35%		Life of Mine			13-Dec-21
Curipamba		50%	5		18%  4		Life of Mine			17-Jan-22
Goose		2.78%	5		18%  4		Life of Mine			8-Feb-22
Cangrejos		6.6%	5		18%  4		Life of Mine			16-May-23
Platreef		62.5%	5		$      100  5		Life of Mine	5		7-Dec-21	8
Curraghinalt		3.05%	5		18%  4		Life of Mine			15-Nov-23
Kudz Ze Kayah		6.875%	7		20%		Life of Mine			22-Dec-21	8
Early Deposit
Toroparu		10%			$400		Life of Mine			11-Nov-13
Cotabambas		25%	5		$450		Life of Mine			21-Mar-16
Kutcho		100%			20%		Life of Mine			14-Dec-17

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

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

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

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

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

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

b. Marmato – reduced to 5.25% once Wheaton has received 310,000 ounces of gold.

c. Santo Domingo – reduced to 67% once the Company has received 285,000 ounces of gold.

d. Fenix – reduced to 4% once the Company has received 90,000 ounces of gold, with a further reduction to 3.5% once the Company has received 140,000 ounces.

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

f. Curipamba – reduced to 33% once the Company has received 145,000 ounces of gold.

g. Goose – reduced to 1.44% once the Company has received 87,100 ounces of gold, with a further reduction to 1% once the Company has received 134,000 ounces.

h. Cangrejos – reduced to 4.4% once the Company has received 700,000 ounces of gold.

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

j. Curraghinalt – reduced to 1.5% once the Company has received 125,000 ounces of gold.

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

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Per Ounce Cash Payment for Silver

Mineral Stream Interests	Attributable Payable Production to be Purchased		Per Ounce Cash Payment 1		Term of   Agreement		Date of Original Contract
Peñasquito		25%	$	4.50		Life of Mine		24-Jul-07
Constancia		100%	$	6.20 ²		Life of Mine		8-Aug-12
Antamina		33.75%		20%		Life of Mine		3-Nov-15
Other
Los Filos		100%	$	4.68		25 years		15-Oct-04
Zinkgruvan		100%	$	4.68		Life of Mine		8-Dec-04
Stratoni		100%	$	11.54		Life of Mine		23-Apr-07
Neves-Corvo		100%	$	4.50		50 years		5-Jun-07
Aljustrel		100% ³		50%		50 years		5-Jun-07
Minto		100%  4	$	4.39		Life of Mine		20-Nov-08
Pascua-Lama		25%	$	3.90		Life of Mine		8-Sep-09
Copper World		100%	$	3.90		Life of Mine		10-Feb-10
Loma de La Plata		12.5%	$	4.00		Life of Mine		n/a	5
Marmato		100%  6		18%  7		Life of Mine		5-Nov-20
Cozamin		50%  6		10%		Life of Mine		11-Dec-20
Blackwater		50%  6		18%  7		Life of Mine		13-Dec-21
Curipamba		75%		18%  7		Life of Mine		17-Jan-22
Mineral Park		100%		18%  7		Life of Mine		24-Oct-23
Kudz Ze Kayah		6.875  8		20%		Life of Mine		22-Dec-21	9
Early Deposit
Toroparu		50%	$	3.90		Life of Mine		11-Nov-13
Cotabambas		100%  6	$	5.90		Life of Mine		21-Mar-16
Kutcho		100%		20%		Life of Mine		14-Dec-17

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

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

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

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

5) Terms of the agreement not yet finalized.

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

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

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

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

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

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

Mineral Stream Interests	Attributable Payable Production to be Purchased		Per Unit of Measurement Cash Payment 1		Term of Agreement			Date of Original Contract
Palladium
Stillwater		4.5% ²		18% ³		Life of Mine			16-Jul-18
Platreef		5.25% ²		30% ²		Life of Mine	²		7-Dec-21	4
Platinum
Marathon		22% ²		18% ³		Life of Mine			26-Jan-22
Platreef		5.25% ²		30% ²		Life of Mine	²		7-Dec-21	4
Cobalt
Voisey’s Bay		42.4% ²		18% ³		Life of Mine			11-Jun-18

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

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

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

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

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

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

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

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

Other Contractual Obligations and Contingencies

	Projected Payment Dates 1
(in thousands)	2024		2025 - 2026		2027 - 2028		After 2028		Total
Payments for mineral stream interests & royalty
Salobo 2	$	163,000	$	-	$	16,000	$	64,000	$	243,000
Copper World 3		-		131,429		99,721		-		231,150
Marmato		40,016		81,984		-		-		122,000
Santo Domingo		-		162,500		97,500		-		260,000
Fenix Gold		25,000		-		-		-		25,000
Curipamba		250		162,000		-		-		162,250
Marathon		-		146,124		-		-		146,124
Cangrejos		9,100		126,000		126,000		-		261,100
Curraghinalt		-		55,000		-		-		55,000
Loma de La Plata		-		-		-		32,400		32,400
Mineral Park		90,000		-		-		-		90,000
Kudz Ze Kayah		5,000		-		-		-		5,000
DeLamar Royalty		4,875		-		-		-		4,875
Payments for early deposit mineral stream interest
Cotabambas		-		-		-		126,000		126,000
Toroparu		-		-		-		138,000		138,000
Kutcho		-		-		-		58,000		58,000
Leases liabilities		440		1,170		1,293		4,608		7,511
Total contractual obligations	$	337,681	$	866,207	$	340,514	$	423,008	$	1,967,410

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

2) As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Salobo

The Salobo mine historically had a mill throughput capacity of 24 Mtpa and is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, with the Salobo complex exceeding an average throughput of 32 Mtpa over a

90-day

period. As a result, Wheaton paid Vale $370 million on December 1, 2023, representing the amount due for completion of the first phase of the Salobo III expansion project.

The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $163 million if throughput is expanded beyond 35 Mtpa by January 1, 2025.

In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a

10-year

period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan, with payments to be made for each year the high-grade plan is achieved.

Copper World Complex

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

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

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

Fenix

Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited (“Rio2”) additional upfront cash payments of $25 million, payable subject to certain customary conditions.

Curipamba

Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.2 million, which includes $250,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four staged installments during construction, subject to various customary conditions being satisfied.

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $146 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos

Under the terms of the Cangrejos PMPA, which had a closing date of May 16, 2023 and amended on May 31, 2024, the Company is committed to pay additional upfront consideration of $261 million. Of this amount, $6 million is payable on December 2, 2024, $3 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Curraghinalt

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

Loma de La Plata

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

Mineral Park

Under the terms of the Mineral Park PMPA, the Company is committed to pay

additional

upfront cash payments of $90 million in three payments during construction through two installments of $25 million and a final installment of $40 million.

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

Kudz Ze Kayah

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

DeLamar Royalty

Under the terms of the royalty agreement with Integra, the Company is committed to pay additional upfront cash payment of $5 

million to advance DeLamar project. The payment was made on July 8, 2024.

Cotabambas

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

Toroparu

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

Kutcho

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

Taxes – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments

The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a

units-of-production

basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

Tax Contingencies

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

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

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

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

General

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

26. Segmented Information

Operating Segments

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

Three Months Ended June 30, 2024
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	129,466	$	23,337	$	20,783	$	85,346	$	105,795	$	2,638,316
Sudbury 1		13,383		2,272		7,530		3,581		11,106		250,227
Constancia		15,640		2,791		2,143		10,706		12,849		71,769
San Dimas		16,021		4,320		1,971		9,730		11,701		140,542
Stillwater		6,190		1,090		1,106		3,994		5,100		209,162
Other 2		1,450		256		324		870		1,195		903,067
Total gold interests	$	182,150	$	34,066	$	33,857	$	114,227	$	147,746	$	4,213,083
Silver
Peñasquito	$	42,599	$	6,667	$	7,197	$	28,735	$	35,932	$	261,561
Antamina		26,365		5,270		7,758		13,337		21,095		506,396
Constancia		12,122		2,614		2,574		6,934		9,508		172,475
Other 3		30,205		4,363		4,506		21,336		21,614		624,616
Total silver interests	$	111,291	$	18,914	$	22,035	$	70,342	$	88,149	$	1,565,048
Palladium
Stillwater	$	4,210	$	753	$	1,846	$	1,611	$	3,457	$	216,696
Platreef		-		-		-		-		-		78,815
Total palladium interests	$	4,210	$	753	$	1,846	$	1,611	$	3,457	$	295,511
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,451
Platreef		-		-		-		-		-		57,585
Total platinum interests	$	-	$	-	$	-	$	-	$	-	$	67,036
Cobalt
Voisey’s Bay	$	1,413	$	274	$	1,127	$	12	$	2,081	$	346,874
Total mineral stream interests	$	299,064	$	54,007	$	58,865	$	186,192	$	241,433	$	6,487,552
Other
General and administrative							$	(10,241 )	$	(8,962)
Share based compensation								(6,241 )		-
Donations and community investments								(703 )		(614)
Finance costs								(1,299)		(1,057)
Other								5,122		3,668
Income tax								(50,513)		(75)
Total other							$	(63,875)	$	(7,040)	$	759,530
Consolidated							$	122,317	$	234,393	$	7,247,082

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [43]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Three Months Ended June 30, 2023
(in thousands)	Sales		Cost of Sales		Depletion		Gain on Disposal  1		Net Earnings		Cash Flow From Operations		Total  Assets
Gold
Salobo	$	91,350	$	19,351	$	15,209	$	-	$	56,790	$	71,999	$	2,356,169
Sudbury 2		9,549		1,910		4,892		-		2,747		7,579		274,048
Constancia		19,090		4,004		3,037		-		12,049		15,085		90,469
San Dimas		22,532		7,131		2,947		-		12,454		15,401		150,154
Stillwater		4,356		785		1,120		-		2,451		3,571		213,663
Other 3		2,634		1,494		246		-		894		1,252		537,197
Total gold interests	$	149,511	$	34,675	$	27,451	$	-	$	87,385	$	114,887	$	3,621,700
Silver
Peñasquito	$	46,291	$	8,475	$	7,775	$	-	$	30,041	$	37,816	$	279,872
Antamina		23,302		4,523		6,794		-		11,985		18,780		532,828
Constancia		16,322		4,142		4,212		-		7,968		12,180		186,452
Other 4		21,166		5,094		3,068		5,027		18,031		15,878		482,572
Total silver interests	$	107,081	$	22,234	$	21,849	$	5,027	$	68,025	$	84,654	$	1,481,724
Palladium
Stillwater	$	4,879	$	887	$	1,510	$	-	$	2,482	$	3,993	$	224,099
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,448
Cobalt
Voisey’s Bay	$	3,501	$	846	$	3,664	$	-	$	(1,009)	$	4,335	$	354,195
Total mineral stream interests	$	264,972	$	58,642	$	54,474	$	5,027	$	156,883	$	207,869	$	5,691,166
Other
General and administrative									$	(10,216)	$	(9,544)
Share based compensation										(4,484)		-
Donations and community investments										(1,940)		(1,738)
Finance costs										(1,352)		(999)
Other										8,692		7,776
Income tax										(6,135)		(988)
Total other									$	(15,435)	$	(5,493)	$	1,188,739
Consolidated									$	141,448	$	202,376	$	6,879,905

1) See Note 12 for more information.

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

3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating  Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [44]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

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

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

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

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [45]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Six Months Ended June 30, 2023
(in thousands)	Sales		Cost of Sales		Depletion		Gain on Disposal  1		Net Earnings (Loss)		Cash Flow From Operations		Total  Assets
Gold
Salobo	$	159,825	$	34,471	$	27,093	$	-	$	98,261	$	125,353	$	2,356,169
Sudbury 2		17,866		3,657		9,368		-		4,841		13,925		274,048
Constancia		31,615		6,742		5,114		-		19,759		24,873		90,469
San Dimas		42,812		13,782		5,711		-		23,319		29,030		150,154
Stillwater		8,343		1,483		2,189		-		4,671		6,860		213,663
Other 3		8,247		5,576		498		-		2,173		2,407		537,197
Total gold interests	$	268,708	$	65,711	$	49,973	$	-	$	153,024	$	202,448	$	3,621,700
Silver
Peñasquito	$	80,162	$	15,043	$	13,802	$	-	$	51,317	$	65,119	$	279,872
Antamina		41,897		8,229		12,540		-		21,128		33,668		532,828
Constancia		24,674		6,387		6,495		-		11,792		18,288		186,452
Other 4		46,025		11,572		5,812		5,027		33,668		35,925		482,572
Total silver interests	$	192,758	$	41,231	$	38,649	$	5,027	$	117,905	$	153,000	$	1,481,724
Palladium
Stillwater	$	9,614	$	1,752	$	2,713	$	-	$	5,149	$	7,862	$	224,099
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,448
Cobalt
Voisey’s Bay	$	8,357	$	1,912	$	8,138	$	-	$	(1,693)	$	8,820	$	354,195
Total mineral stream interests	$	479,437	$	110,606	$	99,473	$	5,027	$	274,385	$	372,130	$	5,691,166
Other
General and administrative									$	(20,315)	$	(23,384)
Share based compensation										(11,881)		(16,675)
Donations and community investments										(3,318)		(3,146)
Finance costs										(2,731)		(2,066)
Other										16,254		14,955
Income tax										445		(4,332)
Total other									$	(21,546)	$	(34,648)	$	1,188,739
Consolidated									$	252,839	$	337,482	$	6,879,905

1) See Notes 12 for more information.

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

3) Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

4) Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating  Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [46]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

Geographical Areas

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

	Sales								Carrying Amount at June 30, 2024
(in thousands)	Three Month Ended Jun 30, 2024			Six Months Ended Jun 30, 2024			Gold Interests		Silver Interests		Palladium Interests		Platinum  Interests		Cobalt Interests		Total
North America
Canada	$	14,796	5%	$	28,039	5%	$	710,047	$	165,985	$	-	$	9,452	$	346,874	$	1,232,358
United States		10,400	3%		19,960	3%		209,163		26,299		216,696		-		-		452,158
Mexico		63,876	21%		128,506	22%		140,539		375,761		-		-		-		516,300
Europe
Portugal		6,649	2%		12,469	2%		-		16,989		-		-		-		16,989
Sweden		18,100	6%		25,229	4%		-		26,115		-		-		-		26,115
UK		-	0%		-	0%		20,342		-		-		-		-		20,342
South America
Argentina/Chile 1		-	0%		-	0%		-		253,512		-		-		-		253,512
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,281		-		-		-		-		56,281
Brazil		129,466	43%		247,317	42%		2,638,316		-		-		-		-		2,638,316
Peru		54,127	19%		131,174	21%		71,769		678,867		-		-		-		750,636
Ecuador		-	0%		-	0%		49,998		3,850		-		-		-		53,848
Colombia		1,650	1%		3,176	1%		40,922		6,781		-		-		-		47,703
Africa		-	-
South Africa		-	0%		-	0%		275,706		-		78,815		57,584		-		412,105
Consolidated	$	299,064	100%	$	595,870	100%	$	4,213,083	$	1,565,048	$	295,511	$	67,036	$	346,874	$	6,487,552

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

	Sales								Carrying Amount at December 31, 2023
(in thousands)	Three Month Ended Jun 30, 2023			Six Months Ended Jun 30, 2023			Gold Interests		Silver Interests		Palladium Interests		Platinum  Interests		Cobalt Interests		Total
North America
Canada	$	14,982	6%	$	33,555	7%	$	708,402	$	141,292	$	-	$	9,451	$	350,816	$	1,209,961
United States		9,235	3%		17,958	4%		211,470		971		220,667		-		-		433,108
Mexico		73,342	28%		130,980	28%		144,719		396,490		-		-		-		541,209
Europe
Portugal		7,499	3%		16,044	3%		-		17,516		-		-		-		17,516
Sweden		8,755	3%		20,709	4%		-		27,017		-		-		-		27,017
UK		-	0%		-	0%		20,198		-		-		-		-		20,198
South America
Argentina/Chile 1		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,538		-		-		-		-		56,538
Brazil		91,351	35%		159,824	34%		2,681,419		-		-		-		-		2,681,419
Peru		58,713	22%		98,187	20%		80,265		699,107		-		-		-		779,372
Ecuador		-	0%		-	0%		39,455		3,779		-		-		-		43,234
Colombia		1,095	0%		2,180	0%		41,583		6,883		-		-		-		48,466
Consolidated	$	264,972	100%	$	479,437	100%	$	3,984,049	$	1,557,458	$	220,667	$	9,451	$	350,816	$	6,122,441

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

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [47]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2024 (US Dollars)

27. Subsequent Events

Declaration of Dividend

Under the Company’s dividend policy, the quarterly dividend is fixed at $0.155 per common share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On August 7, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on August 21, 2024 and is expected to be distributed on or about September 4, 2024. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

WHEATON PRECIOUS METALS 2024 SECOND QUARTER REPORT - FINANCIAL STATEMENTS [48]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

SRINIVASAN VENKATAKRISHNAN

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Strategic Development

GARY BROWN

Senior Vice President

& Chief Financial Officer

HAYTHAM HODALY

Senior Vice President,

Corporate Development

TRANSFER AGENT

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS

Deloitte LLP

Vancouver, Canada

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

T: 1 604 684 9648  TF: 1 844 288 9878

E: info@wheatonpm.com

Wheaton Precious Metals is a trademark of Wheaton Precious Metals Corp. in Canada, the United States and certain other jurisdictions.