Wheaton Precious Metals : Doc re. (Annual Information Form)

WHEATON PRECIOUS METALS CORP.

ANNUAL INFORMATION FORM

FOR THE YEAR ENDED DECEMBER 31, 2023

TABLE OF CONTENTS

DESCRIPTION

PAGE NO.

CORPORATE STRUCTURE .................................................................................................................................... 3

GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................... 4

Three Year History ....................................................................................................................................... 4

DESCRIPTION OF THE BUSINESS ....................................................................................................................... 5

Acquisition & Production History ............................................................................................................... 5

Principal Product .......................................................................................................................................... 6

Competitive Conditions .............................................................................................................................. 35

Operations ................................................................................................................................................... 35

Long-Term Investments ............................................................................................................................. 40

Risk Factors ................................................................................................................................................. 44

TECHNICAL INFORMATION .............................................................................................................................. 72

FURTHER DISCLOSURE REGARDING MINERAL PROJECTS ON MATERIAL PROPERTIES ........... 81

PEÑASQUITO MINE, MEXICO .............................................................................................................. 81

SALOBO MINE, BRAZIL ......................................................................................................................... 91

ANTAMINA MINE, PERU ...................................................................................................................... 103

DIVIDENDS ............................................................................................................................................................ 108

DESCRIPTION OF CAPITAL STRUCTURE .................................................................................................... 108

TRADING PRICE AND VOLUME ...................................................................................................................... 110

DIRECTORS AND OFFICERS ............................................................................................................................ 110

LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................................. 115

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ................................. 116

TRANSFER AGENT AND REGISTRAR ............................................................................................................ 116

MATERIAL CONTRACTS ................................................................................................................................... 116

INTERESTS OF EXPERTS ................................................................................................................................... 116

AUDIT COMMITTEE ........................................................................................................................................... 117

ADDITIONAL INFORMATION .......................................................................................................................... 118

IMPORTANT NOTES ............................................................................................................................................ 119

Information in this annual information form is as of March 27, 2024 unless otherwise indicated.

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

This annual information form contains forward-looking statements and information. Please see "Cautionary Note Regarding Forward-Looking Statements" on page 119 for material risks, assumptions and important disclosure associated with this information.

This annual information form contains references to United States dollars and Canadian dollars. All dollar amounts referenced, unless otherwise indicated, are expressed in United States dollars. Canadian dollars are referred to herein as "Canadian dollars" or "C$". See page 123 for details on currency presentation and exchange rate information.

Wheaton Precious Metals Corp. provides certain links to websites in this annual information form. No such websites are incorporated by reference herein. Wheaton Precious Metals Corp. also produces other materials that may be of assistance when reviewing (but which do not form part of, nor are incorporated by reference into) this annual information form, including Company's financial statements and management's discussions and analysis ("MD&A"), as well as the most recent Guidebook, Sustainability Report and Climate Change Report.

CORPORATE STRUCTURE

Wheaton Precious Metals Corp. ("Wheaton" or the "Company") is a corporation that, pursuant to Articles of Continuance dated December 17, 2004, is governed by the Business Corporations Act (Ontario) (the "Act").

Wheaton's head office is located at 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 and its registered office is located at Suite 2100, 40 King Street West, Toronto, Ontario, M5H 3C2.

The Company's active subsidiaries are Wheaton Precious Metals International Ltd. ("Wheaton International") (formerly Silver Wheaton (Caymans) Ltd.) and Wheaton Precious Metals (Cayman) Co. ("Wheaton Cayman"), each of which is wholly owned by the Company and is governed by the laws of the Cayman Islands, and Silver Wheaton Luxembourg S.a.r.l. ("Silver Wheaton Luxembourg") which is wholly owned by Wheaton International and is governed by the laws of Luxembourg. As used in this annual information form, except as otherwise required by the context, reference to "Wheaton" or the "Company" means Wheaton Precious Metals Corp., Wheaton International, Silver Wheaton Luxembourg and Wheaton Cayman.

On May 21, 2009, the Company completed the acquisition of all of the outstanding common shares of Silverstone Resources Corp. ("Silverstone") by way of a statutory plan of arrangement (the "Silverstone Acquisition").

On May 10, 2017, the Company changed its name from "Silver Wheaton Corp." to "Wheaton Precious Metals Corp." and changed its Toronto Stock Exchange ("TSX") and New York Stock Exchange ("NYSE") ticker symbol from "SLW" to "WPM." Concurrent with the name change, the Company's web domain changed towww.wheatonpm.com.Information contained on Wheaton's website should not be deemed to be a part of this annual information form or incorporated by reference herein. On October 28, 2020, the common shares of the Company ("Common Shares") commenced trading on the London Stock Exchange ("LSE"). The Common Shares are currently listed and posted for trading on the LSE (symbol: WPM), the NYSE (symbol: WPM) and the TSX (symbol: WPM).

WHEATON AND ITS PRINCIPAL SUBSIDIARIES

Wheaton Precious Metals Corp.

(Parent Company)

Wheaton Precious Metals	Wheaton Precious Metals
International Ltd.	(Cayman) Co.
(100%)	(100%)
Silver Wheaton Luxembourg
S.a.r.l.
(100%)
WHEATON 2023 ANNUAL INFORMATION FORM [3]

GENERAL DEVELOPMENT OF THE BUSINESS

Three Year History

The following is a summary of the three-year history of the Company. Further details concerning these and other transactions can be found under "Description of the Business".

2021 January Acquired royalty on Brewery Creek mine with Golden Predator Exploration Ltd. ("Golden Predator"), a subsidiary of Victoria Gold Corp. ("Victoria Gold") March Increased quarterly dividend by 30% Entered into new mineral stream on Santo Domingo mine with Capstone Copper Corp. (formerly Capstone Mining Corp.) ("Capstone") May Increased quarterly dividend by 40% June Extension of maturity date of revolving credit facility ("Revolving Facility") by one year November Increased quarterly dividend by 25% Entered into new mineral stream on Fenix project with Rio2 Limited ("Rio2") December Entered into new silver mineral stream on Blackwater project with Artemis Gold Inc. ("Artemis") and acquired existing gold mineral stream on Blackwater project from New Gold Inc. ("New Gold")

2022 January Entered into new mineral stream on Curipamba project with Adventus Mining Corporation ("Adventus") Entered into new mineral stream on Marathon project with Generation Mining Limited ("Gen Mining") February Entered into new mineral stream on Goose project with Sabina Gold & Silver Corp. ("Sabina") March Set minimum quarterly dividend for 2022 Amended existing mineral stream on Marmato project with Aris Mining Corporation (formerly Aris Gold Corporation) ("Aris Mining") to increase size of gold stream May Ms. Jaimie Donovan joined Board of Directors; Mr. George Brack became Chair of Company July Extension of maturity date of Revolving Facility by one year and addition of sustainability-linked element September Termination of the Keno Hill mineral stream in exchange for $135 million Hecla Mining Company ("Hecla") shares December Termination of the Yauliyacu stream in exchange for $150 million, less deliveries made in 2022

2023 March Amended existing mineral stream on Salobo mine with Vale S.A ("Vale") to adjust expansion payment terms April Exercise of option to buy back 1/3 of existing mineral stream on Goose project May Entered into new mineral stream on Cangrejos project with Lumina Gold Corp. ("Lumina") Ms. Jeane Hull joined Board of Directors; retirement of Mr. Eduardo Luna; passing of Mr. John Brough Renewal of at-the-market equity program ("ATM Program") June First Climate Report Published Extension of maturity date of Revolving Facility by one year Operations at Peñasquito mine suspended due to a labour dispute Amended existing mineral stream on Blackwater project to increase percentage of gold production September Acquired net smelter royalty on Black Pine project with Liberty Gold Corp. ("Liberty Gold") October Entered into new mineral stream on Mineral Park mine with Waterton Copper Corp. ("Waterton Copper") Resumption of operations at Peñasquito mine November Entered into acquisition agreement for existing mineral streams on Platreef and Kudz Ze Kayah projects from entities advised by Orion Resource Partners ("Orion") Entered into new mineral stream on Curraghinalt project with Dalradian Gold ("Dalradian") December Acquired gross revenue royalty on Mt Todd project with Vista Gold Corp. ("Vista") Achievement of completion of first phase of Salobo III expansion at Salobo mine

During the period January 1, 2024 to March 27, 2024, Wheaton, through its wholly owned subsidiary Wheaton Cayman, also acquired a net smelter return royalty on the DeLamar project with a subsidiary of Integra Resource Corporation ("Integra"). In addition, on February 27, 2024, Wheaton International and Wheaton closed the acquisition of the existing mineral streams on the Platreef and Kudz Ze Kayah projects.

DESCRIPTION OF THE BUSINESS

Acquisition & Production History

Wheaton is a streaming company which generates its revenue primarily from the sale of precious metals and cobalt. Wheaton enters into (i) precious metal purchase agreements to purchase all or a portion of the precious metals or cobalt production from mines located around the globe for an upfront payment and an additional payment upon the delivery of the precious metal or cobalt, and (ii) royalty agreements (together, "PMPAs").

Including the agreements closed after December 31, 2023, the Company has entered into 38 PMPAs (30 of which are precious metal purchase agreements, three of which are early deposit agreements, and five of which are royalty agreements), with 32 different mining companies, for the purchase of precious metals and cobalt relating to 18 mining assets which are currently operating, 23 which are at various stages of development and four which have been placed in care and maintenance or have been closed, located in 16 countries. Pursuant to the precious metal purchase agreements, 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 annual information form is the metal production to which Wheaton is entitled pursuant to the various precious metal purchase agreements. The primary drivers of the Company's financial results are the volume of metal production at the various mining assets to which the precious metal purchase agreements relate and the price realized by Wheaton upon sale of the metals received. The production and sales volume of gold, silver and palladium are reported in ounces, while cobalt is reported in pounds.

The Company is actively pursuing future growth opportunities, primarily by way of entering into additional precious metal purchase agreements. There is no assurance, however, that any potential transaction will be successfully completed. The following map illustrates the geographic location of the Company's PMPAs relating to the 18 operating mines, 23 development projects and its five royalties.

Operating Mines (18)

Development Projects (23)

Principal Product

The Company's principal products are precious metals and cobalt that it has agreed to purchase pursuant to PMPAs. The following tables summarize the mineral stream interests and mineral royalty interests owned by the Company (collectively, the "Mining Operations") as of December 31, 2023, including mineral stream interest acquisition transactions that were entered into before December 31, 2023, but that closed subsequent to December 31, 2023. These tables do not include mineral stream interests or mineral royalty interests acquired after December 31, 2023. Note that statements made in this section contain forward-looking information. Please see "Cautionary Note Regarding Forward-Looking Statements" for material risks, assumptions and important disclosure associated with this information. Following these tables, a description of the Company's PMPAs is included in reverse-chronological order of acquisition. The following table summarizes the mineral stream interests currently owned by the Company:

Total Upfront Consideration
Mineral Stream Interests	Mine Owner ¹	Location¹	Attributable Production	Production Payment Per Unit 2,3	Paid to Dec 31 2023 3	To be Paid 1, 2	Total ³	Cash Flow Generated to Date ³	Units Received & Sold to Date ³	Q4-2023 Inventory & PBND 3, 4	Term ¹

Gold

Salobo

Vale

Sudbury ⁵

Vale

Constancia San Dimas

Hudbay

Stillwater ⁷

FM SibanyeBRA CAN PER MEX USA

75% 70% 50%

• $425 $ 3,429,360

$

• - $ 3,429,360 $

2,164,365

1,969,276

63,042 LOM

variable ⁶ 100%

$400 $420 $631 18%

623,572 135,000 220,000 237,880

Other

Minto Copper World

MNTO Hudbay

CAN USA

100% ⁸ 100%

50%

$450

47,283 -- - - - -623,572 135,000 220,000 237,880

289,099

• 278,470 10,625 20 years ⁵

220,964

256,299

47,283

39,100

39,100

Marmato ⁹

Santo Domingo Fenix Blackwater Curipamba Marathon Goose Cangrejos Platreef Curraghinalt Kudz Ze Kayah

Aris Capstone

• CO 10.5% ⁹

  18%

  45,400

  117,600

  163,000

• CHL 100% ¹⁰

  18%

  30,000

  260,000

  290,000

  Rio2 Artemis Adventus Gen Mining

• CHL 6% ¹¹

  18%

  25,000

• CAN 8% ¹²

35%

340,000

25,000 -

50,000

340,000

B2Gold Lumina Ivanhoe Dalradian

BMCECU CAN CAN ECU SA UK CAN

50% ¹³

18%

10,117

118,787

128,904

100% ¹⁴

18%

21,857

2.78% ¹⁵

18%

83,750

105,852 -

127,709

83,750

6.6% ¹⁶

18%

62.5% ¹⁷

$100

28,700 -

271,300

300,000

275,300

275,300

3.05% ¹⁸

18%

6.875% ¹⁹

20%

20,000 -

55,000

75,000

13,860

13,860

82,358 230,824 - 11,080 - - - - - - - - - -177,803 237,261 59,757 231,091 - 7,292 - - - - - - - - - -9,947 2,610 5,193 8,231 - 119 - - - - - - -

LOM LOM LOM

LOM LOM LOM LOM LOM LOM LOM LOM LOM LOM

• - LOM ¹⁷

• - LOM

• - LOM

$

5,297,919 $

1,281,799 $

6,579,718

$

3,254,989

2,960,950

99,767

Silver Peñasquito Antamina Constancia Other

Newmont Glencore Hudbay

MEX PER PER

25% 33.75% ²⁰ 100%

• $4.50 $ 20% $6.20

• 485,000 $ 900,000 294,900

• - $

-

-

• 485,000 $ 900,000 294,900

Los Filos Zinkgruvan Stratoni Neves-Corvo Aljustrel Minto Pascua-Lama Copper World Navidad

Equinox Lundin Eldorado

Lundin Almina MNTO

MEX SWE GRC PRT PRT CAN

100%

$4.68

4,463

-

4,463

100%

$4.68

77,866

-

77,866

100%

$11.54

57,500

-

57,500

100%

$4.46

35,350

-

35,350

100% ²³

$0.50

2,451

-

2,451

100%

$4.39

7,522

-

7,522

Barrick CHL/ARG

25%

$3.90

625,000

Hudbay PAAS

Marmato ⁹

Cozamin Blackwater Curipamba Mineral Park Kudz Ze Kayah

Aris Capstone Artemis Adventus Waterton

BMCUSA ARG CO MEX CAN ECU US CAN

100%

$3.90

12.5% 100% ⁹ 50% ²⁴ 50% ¹² 75% ¹³ 100% 6.875% ¹⁹

$4.00

18%

10%

18%

18%

18%

20%

- 10,788 7,600 150,000 140,800 3,648 - -

$ 2,802,888 $

- 190,900 32,400 4,400 - - 42,948 115,000 24,640 410,288 $

625,000

190,900

43,188

12,000

150,000

140,800

46,596

115,000

24,640

1,388,944 685,783 225,924 40,466 495,029 155,868 162,128 48,804 28,995 372,767 - - 2,400 39,548 - - - -

80,087 44,224 17,209

479 526 334

LOM LOM LOM

2,184

31 25 years ²¹

33,264

10,378

163 -

LOM LOM

9,589

150 50 years ²²

4,273

• 1 50 years ²²

1,646

19,775 - -

122

35 - - - 5

1,862 - -

2,149 -

93 - - - -LOM LOM LOM LOM LOM LOM LOM LOM LOM LOM

3,213,176

$

3,646,656

226,762

1,817

Palladium

Stillwater ⁷

PlatreefSibanye Ivanhoe

USA SA

4.5% ²⁵ 5.25% ¹⁷

• 18% $ 30%

262,120 -$

- $ 78,700

262,120 $ 78,700

148,840 -97,788 -6,666

LOM

- LOM ¹⁷

Total Upfront Consideration
Mineral Stream Interests	Mine Owner ¹	Location¹	Attributable Production	Production Payment Per Unit 2,3	Paid to Dec 31 2023 3	To be Paid 1, 2	Total ³	Cash Flow Generated to Date ³	Units Received & Sold to Date ³	Q4-2023 Inventory & PBND 3, 4	Term ¹
$ 262,120	$ 78,700	$ 340,820	$ 148,840	97,788	6,666

Platinum Marathon Platreef

Gen MiningCAN

Ivanhoe

SA

22% ¹⁴ 5.25% ¹⁷

• 18% $ 30%

9,367 $ -45,365 $ 57,500

54,732 $ 57,500

- -- --LOM

- LOM ¹⁷

$

9,367 $

102,865 $

112,232 $

-

-

-Cobalt Voisey's BayValeCAN

42.4% ²⁶

18%

$

390,000

$

- $

390,000

$

46,936

2,998

445

LOM

Total PMPAs Currently Owned Terminated / Matured PMPAs Total

$

8,762,294 $ 1,303,697

1,737,452 $ 10,499,746 $ 7,097,421

-$ 1,303,697 3,117,152

$ 10,065,991 $

1,737,452 $ 11,803,443 $

10,214,573

• 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, PBND = produced but not delivered.

• 2) Please refer to the section entitled "Contractual Obligations and Contingencies - Mineral Stream Interests" on page 38 of the Company's MD&A for the period ended December 31,2023 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 40 of Company's MD&A for the period ended December 31, 2023 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. The figure for cobalt comprises a combination of PBND and Inventory. 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 December 31, 2023, the Company has received approximately $289 million of operating cash flows from the Sudbury PMPA (defined below). 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 mines PMPA ends on May 11, 2033.

• 6) The original San Dimas SPA (defined below), entered into on October 15, 2004, was terminated on May 10, 2018 and concurrently the Company entered into the new San Dimas PMPA (defined below). 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 (defined below), 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 (defined below), 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 (defined below), 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 (defined below), 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 (defined below), the attributable silver production will be reduced to 33%.

• 13) Once the Company has received 145,000 ounces of gold under the Curipamba PMPA (defined below), 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 (defined below), the attributable gold and platinum production will be reduced to 67% and 15%.

• 15) During Q2-2023, B2Gold (defined below) completed its acquisition of all the issued and outstanding common shares of Sabina, and in conjunction with this acquisition B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA (defined below) 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. In connection with the exercise of the option, 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 (defined below), 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 (defined below), 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 (defined below), 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 International will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton International 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 (defined below), the Company's attributable gold production will be reduced to 1.5%.

• 19) Under the KZK PMPA (defined below), 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 (defined below), the Company's attributable silver production will be reduced to 22.5%.

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

• 22) The term of the Neves-Corvo and Aljustrel PMPAs (each defined below) 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 New Cozamin PMPA (defined below), 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 (defined below), 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 (defined below), the Company's attributable cobalt production will be reduced to 21.2%.

• 27) On November 15, 2023, the Company entered into a purchase agreement with certain entities advised by Orion to acquire the existing Platreef and KZK PMPAs. Closing of the Orion Purchase Agreement (defined below) occurred on February 27, 2024.

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

Toroparu Cotabambas Kutcho

Aris Mining

Attributable

Production to be

PurchasedLocation of

MineUpfront Consideration Paid to Date 1

Upfront Consideration to be Paid 1, 2 Consideration¹

Total UpfrontGold

Silver Agreement

Date of Original Contract

Term of

Guyana

$

Panoro Kutcho

Peru

Canada

• 15,500 $ 14,000 16,852

• 138,000 $ 126,000 58,000

• 153,500 10%

• 140,000 25% ³

• 74,852 100%

50% Life of Mine 100% ³ Life of Mine 100% Life of Mine

11-Nov-13 21-Mar-16 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 40 of the Company's MD&A for the period ended December 31, 2023 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.

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

Upfront ConsiderationPaid to Date

2

Upfront Consideration to be Paid 2

Royalty Interests Metates

Mine Owner

Location of

Mine

Brewery Creek 3 Black Pine 4

Chesapeake Victoria Gold Liberty Gold

Mexico Canada

Mt Todd 5

Vista

USA AustraliaRoyalty 1 0.5% NSR 2.0% NSR 0.5% NSR 1.0% GR

$

3,000 $

- $ 3,000

3,529 - 3,529

3,600 - 3,600

3,000

17,000 20,000

$

13,129

$

17,000

$

Total	Date of
Upfront	Term of	Original
Consideration 2	Agreement	Contract
Life of Mine	07-Aug-2014
Life of Mine	04-Jan-2021
Life of Mine	10-Sep-2023
Life of Mine	13-Dec-2023

30,129

• 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 C$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.

Further details regarding the PMPAs entered into by the Company in respect of mineral stream interests can be found below, listed in reverse-chronological order:

Platreef Project (Gold)

On November 15, 2023 Wheaton International entered into a

Mine Name: Operator: Location: Stream:Platreef Ivanhoe Mines South Africa 62.5% until 218,750 ounces, 50% until 428,300 ounces, then 3.15%

Term:

Continues until achievement of certain thresholds, as described

WPM party: Stage:

Wheaton International Development

purchase agreement with certain entities advised by Orion to acquire three existing streams (the "Orion Purchase Agreement"), including the existing gold purchase agreement between Orion and Ivanhoe Mines SA (Pty) Ltd., a subsidiary of Ivanplats (Pty) Ltd. ("Ivanhoe Mines") (the "Platreef Gold PMPA") in respect of gold production from the Platreef project, located in the Limpopo province of South Africa (the "Platreef project"). On closing of the Orion Purchase Agreement on February 27, 2024, Wheaton and Wheaton International paid an aggregate of $450 million to Orion for all three existing streams.

Under the terms of the Platreef Gold PMPA, Wheaton International is entitled to purchase an amount of gold equal to 62.5% of the payable gold production until 218,750 gold ounces have been delivered, after which the stream drops to 50% of the payable gold production until 428,300 gold ounces have been delivered, after which the stream drops to 3.125% of the payable gold production.1 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. In connection with the Platreef Gold PMPA, certain limited corporate guarantees and other subordinated security over the Platreef project are provided, to be released upon certain conditions being met, including when the value of gold delivered, net of the production payment, is equal to $125 million, and with limited claims for damages in certain circumstances.

Under the Platreef Gold PMPA, Wheaton International will make ongoing payments for the gold ounces delivered equal to $100 per ounce of gold until a total of 428,300 ounces of gold have been delivered, increasing to 80% of the spot price of gold thereafter.

The Platreef project is fully permitted and currently under construction. On February 26, 2024, Ivanhoe Mines reported that while construction activities for the Platreef Phase 1 concentrator are on track for completion in the third quarter of 2024, hot commissioning and ramp-up of production are now anticipated for early 2025 in order to prioritize shaft development. An updated independent feasibility study is planned for the second half of 2024 on an optimized development plan for Phase 2. The optimized development plan accelerates the development of Phase 2 at a total processing capacity of 4 Mtpa by equipping Shaft #3 for hoisting. An independent preliminary economic assessment is planned concurrently with the feasibility study on a significantly larger Phase 3 expansion, once the major 8 Mtpa Shaft #2 is available for hoisting. 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.

1 Under the Platreef Gold PMPA, Sandstorm (which acquired Nomad Royalty Ltd. on August 15, 2022) is entitled to purchase 37.5% of payable gold. The decrease in the percentage of payable gold that Wheaton International will be entitled to purchase is conditional on delivery of the total amount of payable gold to all purchasers (Wheaton International and Sandstorm combined). The values set out herein pertain only to Wheaton International's share of the payable gold.

Platreef Project (Palladium & Platinum)

Mine Name: Operator: Location: Stream:

Under the terms of the Platreef Palladium and Platinum PMPA, Wheaton International is entitled to purchase an amount of palladium and platinum equal to 5.25% of payable palladium and platinum production until a total of 350,000 ounces of combined palladium and platinum have been delivered, after which the stream drops to 3.0% of the payable palladium and platinum production 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 Mtpa, the 0.1% residual palladium and platinum stream will terminate. In connection with the Platreef Palladium and Platinum PMPA, certain limited corporate guarantees and other subordinated security over the Platreef project are provided, to be released upon certain conditions being met, including when the value of palladium and platinum delivered, net of the production payment, is equal to $100 million, and with limited claims for damages in certain circumstances.

Term:Platreef Ivanhoe Mines South Africa 5.25% of palladium and platinum until combined 350,000 ounces, 3.0% until 485,115 ounces, then 0.1% Continues until achievement of certain thresholds, as described

WPM party: Stage:

Wheaton International Development

Under the Orion Purchase Agreement, Wheaton International agreed to acquire the existing palladium and platinum purchase agreement between Orion and Ivanhoe Mines (the "Platreef Palladium and Platinum PMPA") in respect of palladium and platinum production from the Platreef project. On closing of the Orion Purchase Agreement on February 27, 2024, Wheaton and Wheaton International paid an aggregate of $450 million to Orion for all three existing streams.

Under the Platreef Palladium and Platinum PMPA, Wheaton International will make ongoing payments for the palladium and platinum ounces delivered equal to 30% of the respective spot prices until 485,115 combined ounces have been delivered, increasing to 80% of the spot price of palladium and platinum thereafter.

Kudz Ze Kayah Project (Gold and Silver)

Mine Name: Operator: Location: Stream:Kudz Ze Kayah BMC Minerals Canada

Term: WPM party: Stage:

Staged percentages of gold and silver depending on timing, as described Life of Mine Wheaton Development

Under the Orion Purchase Agreement, Wheaton agreed to acquire the existing gold and silver purchase agreement between Orion and BMC Minerals Ltd. ("BMC Minerals") (the "KZK PMPA") in respect of gold and silver production from the Kudz Ze Kayah project located in central Yukon, Canada (the "Kudz Ze Kayah project" or the "KZK project"). On closing of the Orion Purchase Agreement on February 27, 2024, Wheaton and Wheaton International paid an aggregate of $450 million to Orion for all three existing streams. In addition, Wheaton may be required to pay an additional $5 million contingency payment to Orion if the KZK project achieves certain milestones before December 31, 2025.

Under the KZK PMPA, Wheaton is entitled to acquire from BMC Minerals staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of deliveries until 330,000 oz of gold and 43,300,000 oz of silver are produced (on 100% basis), reducing to a range of 5.625% to 6.125% until a further 59,800 oz of gold and 7,958,000 oz of silver are produced (on 100% basis), further reducing to a range of 5.000% to 5.500% until a further 270,200 oz of gold and 35,342,000 oz of silver are produced (on 100% basis) (for a total of 660,000 oz of gold and 86,600,000 oz of silver), and thereafter ranging between 6.25% and 6.75%. Under the KZK PMPA, Wheaton will make ongoing payments for the gold and silver delivered equal to 20% of the respective spot prices.

In connection with the KZK PMPA, BMC Minerals and its subsidiaries provide Wheaton with corporate guarantees and certain other security over the KZK project, to be released upon certain conditions being met. In addition, BMC Minerals has a buyback option to repurchase 50% of the gold and silver streams for a period of 30 days after June 22, 2026, for $36 million.

In March 2024, the Yukon government authorities issued a decision document allowing for BMC Minerals to continue the permits process for the KZK Project under revised terms and conditions.