Wheaton Precious Metals : 1st Quarter Results - MD&A

Management's Discussion and Analysis of Results of Operations and Financial Condition for the Three Months Ended March 31, 2024

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with Wheaton Precious Metals Corp.'s ("Wheaton" or the "Company") unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, the related MD&A and the 2023 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at www.sedarplus.ca. Reference to Wheaton or the Company includes the Company's wholly-owned subsidiaries. This MD&A contains "forward- looking" statements that are subject to risk factors set out in the cautionary note contained on page 44 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of May 9, 2024.

Table of Contents
Highlights	5
Outlook	6
Mineral Stream Interests	7
Updates on the Operating Mineral Stream Interests	8
Updates on the Development Stage Mineral Stream Interests	9
Mineral Royalty Interests	10
Long-Term Equity Investments	11
Summary of Units Produced	12
Summary of Units Sold	13
Quarterly Financial Review	14
Results of Operations and Operational Review	15
General and Administrative	19
Share Based Compensation	20
Donations and Community Investments	20
Other Income (Expense)	20
Finance Costs	21
Income Tax Expense (Recovery)	21
Liquidity and Capital Resources	22
Share Capital	30
Financial Instruments	30
New Accounting Standards Effective in 2024	31
Future Changes to Accounting Policies	31
Non-IFRS Measures	32
Subsequent Events	36
Controls and Procedures	36
Attributable Reserves and Resources	37
Cautionary Note Regarding Forward-Looking Statements	44

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [2]

Overview

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

As of March 31, 2024, the Company has entered into 38 long-term agreements (30 of which are precious metal purchase agreements, or "PMPAs", three of which are early deposit PMPAs, and five of which are royalty agreements), with 32 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 16 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is fixed by contract, generally at or below the prevailing market price. Attributable metal production as referred to in this MD&A is the metal production to which Wheaton is entitled pursuant to the various PMPAs. During the three months ended March 31, 2024, the per ounce price paid by the Company for the metals acquired under the agreements averaged $439 for gold, $4.77 for silver, $182 for palladium and $2.98 per pound for cobalt. The primary drivers of the Company's financial results are the volume of metal production at the various mining assets to which the PMPAs relate and the price realized by Wheaton upon the sale of the metals received. Throughout this MD&A, the production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [3]

Operational Overview

		Q1 2024			Q1 2023	Change
Units produced
Gold ounces		93,370			73,019	27.9 %
Silver ounces		5,476			5,134	6.7 %
Palladium ounces		4,463			3,705	20.5 %
Cobalt pounds		240			124	93.1 %
Gold equivalent ounces 2		160,133			134,730	18.9 %
Units sold
Gold ounces		92,019			62,605	47.0 %
Silver ounces		4,067			3,749	8.5 %
Palladium ounces		4,774			2,946	62.1 %
Cobalt pounds		309			323	(4.3)%
Gold equivalent ounces 2		143,184			109,293	31.0 %
Change in PBND and Inventory 3
Gold ounces		(3,550)			6,815	10,365
Silver ounces		560			518	(42)
Palladium ounces		(467)			653	1,120
Cobalt pounds		(85)			(207)	(122)
Gold equivalent ounces 2		2,102			11,756	9,654
Per unit metrics
Sales price
Gold per ounce	$	2,072		$	1,904	8.8 %
Silver per ounce	$	23.77		$	22.85	4.0 %
Palladium per ounce	$	980		$	1,607	(39.0)%
Cobalt per pound	$	15.49		$	15.04	3.0 %
Gold equivalent per ounce 2	$	2,073		$	1,962	5.7 %
Cash costs 4
Gold per ounce 4	$	439		$	496	11.5 %
Silver per ounce 4	$	4.77		$	5.07	5.9 %
Palladium per ounce 4	$	182		$	294	38.1 %
Cobalt per pound 4, 5	$	2.96		$	3.30	10.3 %
Gold equivalent per ounce 2, 4	$	430		$	475	9.5 %
Cash operating margin 4
Gold per ounce 4	$	1,633		$	1,408	16.0 %
Silver per ounce 4	$	19.00		$	17.78	6.9 %
Palladium per ounce 4	$	798		$	1,313	(39.2)%
Cobalt per pound 4	$	12.53		$	11.74	6.7 %
Gold equivalent per ounce 2, 4	$	1,643		$	1,487	10.5 %
Total revenue	$	296,806		$	214,465	38.4 %
Gold revenue	$	190,689		$	119,196	60.0 %
Silver revenue	$	96,658		$	85,678	12.8 %
Palladium revenue	$	4,677		$	4,735	(1.2)%
Cobalt revenue	$	4,782		$	4,856	(1.5)%
Net earnings	$	164,041		$	111,391	47.3 %
Per share	$	0.362		$	0.246	47.2 %
Adjusted net earnings 4	$	163,589		$	104,431	56.6 %
Per share 4	$	0.361		$	0.231	56.3 %
Operating cash flows	$	219,380		$	135,104	62.4 %
Per share 4	$	0.484		$	0.299	61.9 %
Dividends declared ⁶	$	70,261		$	67,910	3.5 %
Per share	$	0.155		$	0.150	3.3 %

1. All amounts in thousands except gold and palladium ounces produced and sold, per ounce amounts and per share amounts.
2. Gold-equivalentounces ("GEOs"), which are provided to assist the reader, are based on the following commodity price assumptions: $2,000 per ounce gold; $23.00 per ounce silver; $1,000 per ounce palladium; and $13.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2024.
3. Represents the increase (decrease) in payable ounces produced but not delivered ("PBND") relative to the various mines that the Company derives precious metal from and, for cobalt, the increase (decrease) of payable pounds PBND and inventory on hand. Payable units PBND will be recognized in future sales as they are delivered to the Company under the terms of their contracts. Payable ounces PBND to Wheaton is expected to average approximately two to three months of annualized production for both gold and palladium and two months for silver but may vary from quarter to quarter due to a number of factors, including mine ramp-up and the timing of shipments. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.
4. Refer to discussion on non-IFRS measures beginning on page 32 of this MD&A.
5. Cash cost per pound of cobalt sold during the first quarter of 2023 was net of a previously recorded inventory write-down of $1 million, resulting in a decrease of $3.18 per pound of cobalt sold.
6. As at March 31, 2024, cumulative dividends of $2,137 million have been declared by the Company.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [4]

Highlights

Operations

• For the three months ended March 31, 2024, relative to the comparable period of the prior year:
  o Production amounted to 160,100 gold equivalent ounces ("GEOs"), an increase of 19% relative to the
  comparable period of the prior year, with gold production increasing 28% primarily due to the mill throughput expansion at Salobo and higher production at Constancia due to the mining of the high- grade zones of the Pampacancha deposit.
  o Sales volumes amounted to 143,200 GEO's, an increase of 31% relative to the comparable period of the prior year due to the higher production levels coupled with relative changes in PBND.
  o Revenue increased 38% or $82 million to $297 million (64% gold, 32% silver, 2% palladium and 2% cobalt), with the increase being primarily due to the higher sales volumes coupled with a 6% increase in realized commodity prices.
  o Gross margin amounted to $172 million, representing an increase of $54 million.
  o Net earnings amounted to $164 million, an increase of $53 million, primarily due to the higher gross margin and lower share based compensation costs, partially offset by a lower income tax recovery.
  o Operating cashflow amounted to $219 million, representing an $84 million increase.
• On May 9, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share.

Corporate Development

• On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners ("Orion") to acquire existing PMPAs in respect of Ivanhoe Mines' Platreef Project (the "Platreef PMPA") and BMC Minerals' Kudz Ze Kayah Project (the "Kudz Ze Kayah PMPA") (the "Orion Purchase Agreement").
• On February 20, 2024, the Company acquired a 1.5% Net Smelter Royalty ("NSR") from Integra Resources
  Corporation ("Integra") on the DeLamar and Florida Mountain project located in Idaho, United States (the
  "DeLamar project").

Other

• The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules
  ("Pillar Two"), under which large multinational entities will be subject to a 15% GMT. On May 2, 2024, the Canadian Federal Government introduced the Federal budget bill, C-69, into parliament which contains the
  Global Minimum Tax Act ("GMTA") reflecting application of GMT to in-scope companies for fiscal years commencing on or after December 31, 2023. However, as of the date of this MD&A, the legislation related to the GMTA has not been enacted. As the legislation was not enacted as of the Balance Sheet date, for the three months ended March 31, 2024, the Company has recorded no current tax expense associated with GMT, although the Cayman Islands subsidiaries had net earnings of $165 million with 15% of such amounting to $25 million. The Company will recognize the tax expense associated with the GMT in its consolidated financial statements in the appropriate period relative to when the legislation is enacted. If enacted as drafted, the proposed Canadian rules in the GMTA would apply to the income of the Company's
  Cayman Island subsidiaries from January 1, 2024.
• During the first quarter of 2024, the Company made total upfront cash payments of $462 million relative to the Platreef and Kudz Ze Kayah PMPAs ($450 million), the DeLamar royalty ($5 million) and the Mt Todd royalty ($7 million).
• During April 2024, the Company disposed of its investment in Hecla Mining Company for gross proceeds of $177 million.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [5]

Outlook1

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

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

Liquidity

From a liquidity perspective, the $306 million of cash and cash equivalents as at March 31, 2024 combined with the liquidity provided by the available credit under the $2 billion revolving term loan ("Revolving Facility") and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive mineral stream interests.

1. Statements made in this section contain forward-looking information with respect to forecast production, funding outstanding commitments and continuing to acquire accretive mineral stream interests and readers are cautioned that actual outcomes may vary. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.
2. Gold equivalent forecast production for 2024 and the longer-term outlook are based on the following commodity price assumptions: $2,000 per ounce gold, $23 per ounce silver, $1,000 per ounce palladium, $950 per ounce of platinum and $13.00 per pound cobalt. Other metal includes palladium, platinum and cobalt. Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama, Navidad, Toroparu, Cotabambas, Metates, DeLamar and additional expansions at Salobo outside of the Salobo III mine expansion project. Ounces produced represent the quantity of silver, gold, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions.

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [6]

Mineral Stream Interests

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

							Total Upfront Consideration
					Production
					Payment							Cash Flow	Units
Mineral Stream	Mine		Attributable	Per		Paid to					Generated to	Received &	Q1-2024
Interests	Owner ¹	Location¹ Production	Unit 2,3	Mar 31 2024 3	To be Paid 1, 2		Total ³		Date ³	Sold to Date ³	PBND 3, 4	Term ¹
Gold
Salobo	Vale	BRA	75%		$425	$	3,429,360	$	163,000	$	3,592,360	$	2,258,415	2,026,116	64,560	LOM
Sudbury ⁵	Vale	CAN	70%		$400		623,572		-		623,572		295,913	282,599	12,390	20 years ⁵
Constancia	Hudbay	PER	50%		$420		135,000		-		135,000		254,227	197,927	2,914	LOM
San Dimas	FM	MEX	variable ⁶	$631		220,000		-		220,000		267,744	245,194	2,204	LOM
Stillwater ⁷	Sibanye	USA	100%		18%		237,880		-		237,880		86,366	62,112	5,372	LOM
Other
Minto	MNTO	CAN	100% ⁸	50%		47,283		-		47,283		230,824	231,091	-	LOM
Copper World	Hudbay	USA	100%		$450		-		39,296		39,296		-	-	-	LOM
Marmato ⁹	Aris	CO	10.5% ⁹	18%		45,400		117,600		163,000		12,164	7,931	102	LOM
Santo Domingo	Capstone	CHL	100%	¹⁰	18%		30,000		260,000		290,000		-	-	-	LOM
Fenix	Rio2	CHL	6%	¹¹	18%		25,000		25,000		50,000		-	-	-	LOM
Blackwater	Artemis	CAN	8%	¹²	35%		340,000		-		340,000		-	-	-	LOM
Curipamba	Adventus	ECU	50%	¹³	18%		10,190		119,165		129,355		-	-	-	LOM
Marathon	Gen Mining	CAN	100%	¹⁴	18%		21,857		103,321		125,178		-	-	-	LOM
Goose	B2Gold	CAN	2.78%	¹⁵	18%		83,750		-		83,750		-	-	-	LOM
Cangrejos	Lumina	ECU	6.6%	¹⁶	18%		28,700		271,300		300,000		-	-	-	LOM
Platreef	Ivanhoe	SA	62.5%	¹⁷	$100		275,300		-		275,300		-	-	-	LOM ¹⁷
Curraghinalt	Dalradian	UK	3.05%	¹⁸	18%		20,000		55,000		75,000		-	-	-	LOM
Kudz Ze Kayah	BMC	CAN	6.875%	¹⁹	20%		13,860		1,800		15,660		-	-	-	LOM
						$	5,587,152	$	1,155,482	$	6,742,634	$	3,405,653	3,052,970	87,542
Silver
Peñasquito	Newmont	MEX	25%		$4.50	$	485,000	$	-	$	485,000	$	1,424,319	81,926	1,005	LOM
Antamina	Glencore	PER	33.75%	²⁰	20%		900,000		-		900,000		700,306	44,986	574	LOM
Constancia	Hudbay	PER	100%		$6.20		294,900		-		294,900		238,658	17,936	144	LOM
Other
Los Filos	Equinox	MEX	100%		$4.68		4,463		-		4,463		41,305	2,228	28	25 years ²¹
Zinkgruvan	Lundin	SWE	100%		$4.68		77,866		-		77,866		501,640	33,561	357	LOM
Stratoni	Eldorado	GRC	100%		$11.54		57,500		-		57,500		155,868	10,378	-	LOM
Neves-Corvo	Lundin	PRT	100%		$4.46		35,350		-		35,350		167,095	9,832	135	50 years ²²
Aljustrel	Almina	PRT	100%	²³	$0.50		2,451		-		2,451		48,811	4,274	-	50 years ²²
Minto	MNTO	CAN	100% ⁸	$4.39		7,522		-		7,522		28,995	1,646	-	LOM
Pascua-Lama	Barrick CHL/ARG	25%		$3.90		625,000		-		625,000		372,767	19,775	-	LOM
Copper World	Hudbay	USA	100%		$3.90		-		191,855		191,855		-	-	-	LOM
Navidad	PAAS	ARG	12.5%		$4.00		10,788		32,400		43,188		-	-	-	LOM
Marmato ⁹	Aris	CO	100% ⁹	18%		7,600		4,400		12,000		2,568	130	3	LOM
Cozamin	Capstone	MEX	50%	²⁴	10%		150,000		-		150,000		42,775	2,009	101	LOM
Blackwater	Artemis	CAN	50%	¹²	18%		140,800		-		140,800		-	-	-	LOM
Curipamba	Adventus	ECU	75%	¹³	18%		3,675		43,084		46,759		-	-	-	LOM
Mineral Park	Waterton	US	100%		18%		-		115,000		115,000		-	2,149	-	LOM
Kudz Ze Kayah	BMC	CAN	6.875%	¹⁹	20%		24,640		3,200		27,840		-	-	-	LOM
						$	2,827,555	$	389,939	$	3,217,494	$	3,725,107	230,830	2,347
Palladium
Stillwater ⁷	Sibanye	USA	4.5%	²⁵	18%	$	262,120	$	-	$	262,120	$	152,647	102,562	6,198	LOM
Platreef	Ivanhoe	SA	5.25%	¹⁷	30%		78,700		-		78,700		-	-	-	LOM ¹⁷
						$	340,820	$	-	$	340,820	$	152,647	102,562	6,198
Platinum
Marathon	Gen Mining	CAN	22%	¹⁴	18%	$	9,367	$	44,280	$	53,647	$	-	-	-	LOM
Platreef	Ivanhoe	SA	5.25%	¹⁷	30%		57,500		-		57,500		-	-	-	LOM ¹⁷
						$	66,867	$	44,280	$	111,147	$	-	-	-
Cobalt
Voisey's Bay	Vale	CAN	42.4%	²⁶	18%	$	390,000	$	-	$	390,000	$	53,942	3,307	360	LOM
Total PMPAs Currently Owned				$	9,076,194	$	1,589,701	$	10,665,895	$	7,337,349
Terminated / Matured PMPAs					1,303,697		-	$	1,303,697		3,117,152
Total						$	10,379,891	$	1,589,701	$	11,969,592	$	10,454,501

WHEATON PRECIOUS METALS 2024 1ST QUARTER REPORT - MANAGEMENT DISCUSSION & ANALYSIS [7]

1. Abbreviations as follows: FM = First Majestic Silver Corp; MNTO = Minto Metals Corp.; PAAS = Pan American Silver Corp; ARG = Argentina; BRA = Brazil; CAN = Canada; CHL = Chile; CO = Colombia; ECU = Ecuador; GRC = Greece; MEX = Mexico; PER = Peru; PRT = Portugal; SA = South Africa; SWE = Sweden; USA = United States; UK = United Kingdom; and LOM = Life of Mine.
2. Please refer to the section entitled "Contractual Obligations and Contingencies - Mineral Stream Interests" on page 25 of this MD&A for more information.
3. All figures in thousands except gold and palladium ounces and per ounce amounts. The total upfront consideration paid to date excludes closing costs and capitalized interest, where applicable. Please refer to the section entitled "Other Contractual Obligations and Contingencies" on page 27 of this MD&A for details of when the remaining upfront consideration is forecasted to be paid.
4. Payable gold, silver, palladium and cobalt PBND are based on management estimates. These figures may be updated in the future as additional information is received. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information.
5. Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests. As of March 31, 2024, the Company has received approximately $296 million of operating cash flows from the Sudbury stream. Should the market value of gold delivered to Wheaton through the 20-year term of the contract, net of the per ounce cash payment, be lower than the initial $670 million refundable deposit, the Company will be entitled to a refund of the difference at the conclusion of the term. The term of the Sudbury PMPA ends on May 11, 2033.
6. The original San Dimas SPA, entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA. Under the terms of the San Dimas PMPA, the Company is entitled to an amount equal to 25% of the payable gold production plus an additional amount of gold equal to 25% of the payable silver production converted to gold at a fixed gold to silver exchange ratio of 70:1 from the San Dimas mine. If the average gold to silver price ratio decreases to less than 50:1 or increases to more than 90:1 for a period of 6 months or more, then the "70" shall be revised to "50" or "90", as the case may be, until such time as the average gold to silver price ratio is between 50:1 to 90:1 for a period of 6 months or more in which event the "70" shall be reinstated. The current ratio is 70:1.
7. Comprised of the Stillwater and East Boulder gold and palladium interests.
8. The Company is entitled to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.
9. Once the Company has received 310,000 ounces of gold and 2.15 million ounces of silver under the Marmato PMPA, the attributable gold and silver production will be reduced to 5.25% and 50%, respectively.
10. Once the Company has received 285,000 ounces of gold under the Santo Domingo PMPA, the Company's attributable gold production will be reduced to 67%.
11. Once the Company has received 90,000 ounces of gold under the Fenix PMPA, the attributable gold production will reduce to 4% until 140,000 ounces have been delivered, after which the stream drops to 3.5%.
12. Once the Company has received 464,000 ounces of gold under the amended Blackwater Gold PMPA, the attributable gold production will be reduced to 4%. Once the Company has received 17.8 million ounces of silver under the Blackwater Silver PMPA, the attributable silver production will be reduced to 33%.
13. Once the Company has received 145,000 ounces of gold under the Curipamba PMPA, the attributable gold production will be reduced to 33%, and once the Company has received 4.6 million ounces of silver, the attributable silver production will be reduced to 50%.
14. Once the Company has received 150,000 ounces of gold and 120,000 ounces of platinum under the Marathon PMPA, the attributable gold and platinum production will be reduced to 67% and 15%.
15. Once the Company has received 87,100 ounces of gold under the Goose PMPA, the Company's attributable gold production will be 1.44%, and once the Company has received 134,000 ounces of gold under the agreement, the Company's attributable gold production will be reduced to 1.0%.
16. Once Wheaton has received 700,000 ounces of gold under the Cangrejos PMPA, the Company's attributable gold production will be reduced to 4.4%.
17. Once the Company has received 218,750 ounces of gold under the Platreef Gold PMPA, the attributable gold production will reduce to 50% until 428,300 ounces have been delivered, after which the stream drops to 3.125%. Under the Platreef Palladium and Platinum PMPA, once the Company has received 350,000 ounces of combined palladium and platinum, the attributable palladium and platinum production will reduce to 3% until 485,115 ounces have been delivered, after which the stream drops to 0.1% of the payable palladium and platinum production. If certain thresholds are met, including if production through the Platreef project concentrator achieves 5.5 million tonnes per annum ("Mtpa"), the 3.125% residual gold stream and the 0.1% residual palladium and platinum stream will terminate. Under the Platreef Gold PMPA,
    Sandstorm Gold Ltd. (which acquired Nomad Royalty Ltd. on August 15, 2022) ("Sandstorm") is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable metal that Wheaton will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton and
    Sandstorm combined). The values set out herein pertain only to Wheaton's share of the payable gold.
18. Once the Company has received 125,000 ounces of gold under the Curraghinalt PMPA, the Company's attributable gold production will be reduced to 1.5%.
19. Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered for a total of 660,000 ounces of gold and 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.
20. Once Wheaton has received 140 million ounces of silver under the Antamina PMPA, the Company's attributable silver production will be reduced to 22.5%.
21. The term of the Los Filos PMPA ends on October 15, 2029.
22. The term of the Neves-Corvo and Aljustrel PMPAs ends on June 5, 2057.
23. Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.
24. Once Wheaton has received 10 million ounces of silver under the Cozamin PMPA, the Company's attributable silver production will be reduced to 33%.
25. Once the Company has received 375,000 ounces of palladium under the Stillwater PMPA, the Company's attributable palladium production will be reduced to 2.25%, and once the Company has received 550,000 ounces of palladium under the agreement, the Company's attributable palladium production will be reduced to 1%.
26. Once the Company has received 31 million pounds of cobalt under the Voisey's Bay PMPA, the Company's attributable cobalt production will be reduced to 21.2%.

Updates on the Operating Mineral Stream Interests

Salobo - Mill Throughput Expansion

On November 21, 2023, Vale S.A. ("Vale") reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum ("Mtpa") over a 90-day period. Under the terms of the agreement, the Company paid Vale $370 million for the completion of the first phase of the Salobo III expansion project on December 1, 2023. Salobo III is expected to achieve a sustained throughput capacity of 36 Mtpa in the fourth quarter of 2024. On April 24, 2024, Vale reported the continued ramp-up at Salobo III, which reached 90% average throughput in the first quarter.

Constancia - Expected Mine Life Extension

On March 28, 2024, Hudbay Minerals Inc., ("Hudbay") reported that Constancia's expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves.

Antamina - Approval of the Modification of the Environmental Impact Study

On February 15, 2024, Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, the Modification of the Environmental Impact Study, which will allow for the extension of Antamina's mine life from 2028 to 2036.

Voisey's Bay - Underground Mine Extension

Vale reports that physical completion of the Voisey's Bay underground mine extension was 94% at the end of the first quarter, and that the main surface assets are completed and already operating. In the underground portion, the scope in Reid Brook is completed and the mine development at Eastern Deeps is concluded. Construction of the Bulk

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Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.

Updates on the Development Stage Mineral Stream Interests

Marmato Mine

On April 15, 2024, Aris Mining Corporation ("Aris") provided an update that at the Marmato Lower Mine expansion project, the access road to the new processing facility area is now complete and earthworks in the plant area will commence soon. The contractor for the new portal and decline is fully mobilized and cutting of the portal face has commenced.

Fenix

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

Blackwater

On February 21, 2024, Artemis Gold Inc., ("Artemis") announced the results of an expansion study to optimize the timing of mine expansion through the advancing of Phase 2. A decision on the acceleration of the Phase 2 expansion is expected to be considered in the second half of 2024. On April 24, 2024, Artemis announced that overall construction was approximately 73% complete and that construction of major site water management facilities, including the water management pond, the central diversion system, and the Davidson Creek diversion, have been completed along with work on the tailings storage facility which is progressing well. Artemis also states that the project remains on schedule for first gold pour in the second half of 2024.

Curipamba

On January 22, 2024, Adventus Mining Corporation ("Adventus") announced that the Ministry of Environment, Water and Energy Transition of the Government of Ecuador has granted the environmental license for the construction and operation of the El Domo - Curipamba project. On January 30, 2024, Adventus announced that the Ministry of Energy and Mines of Ecuador has issued a permit which grants approval for the design, construction, operation, and maintenance of the tailings storage facility ("TSF") for the Curipamba project. The start of TSF construction is a key condition precedent for the Company to make additional upfront cash payments under the Curipamba PMPA.

On April 26, 2024, Adventus announced that Silvercorp Metals Inc. ("Silvercorp") has entered into a definitive arrangement agreement with Adventus pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus. Under the terms of the Curipamba PMPA, within 30 days of a change of control, Adventus has a one-time option to repurchase 33% of the gold and silver stream for an amount ensuring a fixed internal rate of return to the Company. As reported by Silvercorp, the existing stream with Wheaton, combined with Silvercorp's existing cash and cash equivalents of approximately $200 million, is more than sufficient to fully fund the Curipamba project through construction.

Goose

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

Cangrejos

On January 18, 2024, Lumina Gold Corp., ("Lumina") announced results from the phase 1 mining resource conversion drilling campaign in support of the ongoing feasibility study at Cangrejos. Lumina noted that the assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos. Lumina also noted that it is operating normally at the Cangrejos project and to date their activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador.

Platreef

On April 30, 2024, Ivanhoe Mines Ltd., ("Ivanhoe") reported that construction activities for the Platreef Phase 1 concentrator are on schedule at almost 90% complete and on track for cold commissioning in the third quarter of 2024. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. As a result of the planned acceleration of Phase 2, first feed and ramp-up of production will be deferred until mid-2025. In addition, a preliminary economic

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assessment on a Phase 3 expansion is expected to be completed at the same time, increasing Platreef's processing capacity up to approximately 10 Mtpa. A Phase 3 expansion to 10 Mtpa processing capacity is expected to rank Platreef as one of the world's largest platinum-group metal, nickel, copper and gold producers.

Curraghinalt

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

Cotabambas

On January 15, 2024, Panoro Minerals Ltd., ("Panoro") announced that it has received the mineral resource estimate for the Cotabambas project, and now plan to complete the prefeasibility study.

Early Deposit Mineral Stream Interests

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

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

								Attributable
								Production to be
								Purchased
			Upfront		Upfront		Total				Date of
Early Deposit Mineral	Mine Location of	Consideration Consideration		Upfront			Term of	Original
Stream Interests	Owner	Mine	Paid to Date 1	to be Paid 1, 2	Consideration¹	Gold	Silver Agreement	Contract
Toroparu	Aris Mining	Guyana $	15,500	$	138,000	$	153,500	10%	50% Life of Mine	11-Nov-13
Cotabambas	Panoro	Peru	14,000		126,000		140,000	25% ³	100% ³ Life of Mine	21-Mar-16
Kutcho	Kutcho	Canada	16,852		58,000		74,852	100%	100% Life of Mine	14-Dec-17
		$	46,352	$	322,000	$	368,352

1. Expressed in thousands; excludes closing costs and capitalized interest, where applicable.
2. Please refer to the section entitled "Other Contractual Obligations and Contingencies" on page 27 of this MD&A for details of when the remaining upfront consideration is forecast to be paid.
3. Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

Mineral Royalty Interests

The following table summarizes the mineral royalty interests owned by the Company as at March 31, 2024:

		Location			Upfront		Upfront		Total		Date of
	Mine	of			Consideration		Consideration		Upfront	Term of	Original
Royalty Interests	Owner	Mine	Royalty 1		Paid to Date 2		to be Paid 2	Consideration 2	Agreement	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	10,000		10,000		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
			$	25,004	$	14,875	$	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.

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

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