Mineral Stream Interests

6 Months Ended

Jun. 30, 2026

12.	Mineral Stream Interests


	Six Months Ended June 30, 2026

	Cost								Accumulated Depletion & Impairment 1

(in thousands)	Balance Jan 1, 2026		Additions		Disposal 4,5		Balance Jun 30, 2026		Balance Jan 1, 2026		Depletion		Disposal 4,5		Balance Jun 30, 2026		Carrying Amount Jun 30, 2026

Gold interests

Salobo	$	3,573,911	$	-	$	-	$	3,573,911	$	(953,201)	$	(52,045)	$	-	$	(1,005,246)	$	2,568,665

Sudbury 2		623,864		-		-		623,864		(405,370)		(12,427)		-		(417,797)		206,067

Constancia		140,058		-		-		140,058		(87,774)		(4,696)		-		(92,470)		47,588

San Dimas		220,429		-		-		220,429		(95,211)		(5,847)		-		(101,058)		119,371

Stillwater 3		239,352		-		-		239,352		(35,150)		(1,522)		-		(36,672)		202,680

Blackwater		340,231		-		-		340,231		(9,183)		(6,764)		-		(15,947)		324,284

Platreef		275,702		-		-		275,702		-		-		-		-		275,702

Other 4		1,513,278		219,192		(19,360)		1,713,110		(56,146)		(14,319)		19,360		(51,105)		1,662,005

	$	6,926,825	$	219,192	$	(19,360)	$	7,126,657	$	(1,642,035)	$	(97,620)	$	19,360	$	(1,720,295)	$	5,406,362

Silver interests

Peñasquito	$	524,626	$	-	$	-		524,626	$	(317,760)	$	(21,210)	$	-	$	(338,970)	$	185,656

Antamina		900,343		4,300,568		-		5,200,911		(441,260)		(51,322)		-		(492,582)		4,708,329

Constancia		302,948		-		-		302,948		(151,545)		(7,242)		-		(158,787)		144,161

Blackwater		170,947		-		-		170,947		(3,445)		(1,980)		-		(5,425)		165,522

Other 5		1,168,469		13,651		(3,048)		1,179,072		(611,582)		(8,388)		3,048		(616,922)		562,150

	$	3,067,333	$	4,314,219	$	(3,048)	$	7,378,504	$	(1,525,592)	$	(90,142)	$	3,048	$	(1,612,686)	$	5,765,818

Palladium interests

Stillwater 3	$	263,721	$	-	$	-	$	263,721	$	(54,829)	$	(2,448)		-	$	(57,277)	$	206,444

Platreef		78,814		-		-		78,814		-		-		-		-		78,814

	$	342,535	$	-	$	-	$	342,535	$	(54,829)	$	(2,448)	$	-	$	(57,277)	$	285,258

Platinum interests

Marathon	$	9,451	$	-	$	-	$	9,451	$	-	$	-		-	$	-	$	9,451

Platreef		57,584		-		-		57,584		-		-		-		-		57,584

	$	67,035	$	-	$	-	$	67,035	$	-	$	-	$	-	$	-	$	67,035

Cobalt interests

Voisey’s Bay	$	393,422	$	-	$	-	$	393,422	$	(177,545)	$	(9,144)		-	$	(186,689)	$	206,733

	$	10,797,150	$	4,533,411	$	(22,408)	$	15,308,153	$	(3,400,001)	$	(199,354)	$	22,408	$	(3,576,947)	$	11,731,206

1)	Includes cumulative impairment charges to June 30, 2026 as follows: El Alto silver interest - $ 338 million; Sudbury gold interest - $120 million; and Voisey’s Bay cobalt interest - $109 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley, Hemlo and Jervois gold interests. The additions to other gold interests include Koné - $156 million, Spring Valley - $50 million, Marmato - $37 million and Jervois - $6 million; less a repayment relative to Santo Domingo - $

million to be

re-advanced

at a later date. The fully depleted Minto PMPA was removed from the Mineral Stream Interests owned due to Minto Metals Corp. being placed in receivership.

Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests. The additions to other silver interests include Jervois - $10 million and Marmato - $3 million. The fully depleted Minto PMPA was removed from the Mineral Stream Interests owned due to Minto Metals Corp. being placed in receivership.


	Year Ended December 31, 2025

	Cost								Accumulated Depletion & Impairment 1						Carrying Amount Dec 31, 2025
(in thousands)	Balance Jan 1, 2025		Additions		Disposal 6		Balance Dec 31, 2025		Balance Jan 1, 2025		Depletion		Balance Dec 31, 2025		Carrying Amount Dec 31, 2025

Gold interests

Salobo	$	3,429,911	$	144,000	$	-	$	3,573,911	$	(834,426)	$	(118,775)	$	(953,201)	$	2,620,710

Sudbury 2		623,864		-		-		623,864		(382,313)		(23,057)		(405,370)		218,494

Constancia		140,058		-		-		140,058		(75,732)		(12,042)		(87,774)		52,284

San Dimas		220,429		-		-		220,429		(83,948)		(11,263)		(95,211)		125,218

Stillwater 3		239,352		-		-		239,352		(31,892)		(3,258)		(35,150)		204,202

Blackwater		340,231		-		-		340,231		-		(9,183)		(9,183)		331,048

Platreef		275,702		-		-		275,702		-		-		-		275,702

Other 4		419,174		1,110,110		(16,006)		1,513,278		(53,791)		(2,355)		(56,146)		1,457,132

	$	5,688,721	$	1,254,110	$	(16,006)	$	6,926,825	$	(1,462,102)	$	(179,933)	$	(1,642,035)	$	5,284,790

Silver interests

Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(280,161)	$	(37,599)	$	(317,760)	$	206,866

Antamina		900,343		-		-		900,343		(409,572)		(31,688)		(441,260)		459,083

Constancia		302,948		-		-		302,948		(137,570)		(13,975)		(151,545)		151,403

Blackwater		140,908		30,039		-		170,947		-		(3,445)		(3,445)		167,502

Other 5		1,115,154		53,315		-		1,168,469		(593,432)		(18,150)		(611,582)		556,887

	$	2,983,979	$	83,354	$	-	$	3,067,333	$	(1,420,735)	$	(104,857)	$	(1,525,592)	$	1,541,741

Palladium interests

Stillwater 3	$	263,721	$	-	$	-	$	263,721	$	(50,542)	$	(4,287)	$	(54,829)	$	208,892

Platreef		78,814		-		-		78,814		-		-		-		78,814

	$	342,535	$	-	$	-	$	342,535	$	(50,542)	$	(4,287)	$	(54,829)	$	287,706

Platinum interests

Marathon	$	9,451	$	-	$	-	$	9,451	$	-	$	-	$	-	$	9,451

Platreef		57,584		-		-		57,584		-		-		-		57,584

	$	67,035	$	-	$	-	$	67,035	$	-	$	-	$	-	$	67,035

Cobalt interests

Voisey’s Bay	$	393,422	$	-	$	-	$	393,422	$	(162,733)	$	(14,812)	$	(177,545)	$	215,877

	$	9,475,692	$	1,337,464	$	(16,006 )	$	10,797,150	$	(3,096,112)	$	(303,889)	$	(3,400,001 )	$	7,397,149

1)	Includes cumulative impairment charges to December 31, 2025 as follows: El Alto silver interest - $338 million; Sudbury gold interest - $120 million; and Voisey’s Bay cobalt interest - $109 milli on.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Marathon, Goose, El Domo, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné, Kurmuk, Spring Valley and Hemlo gold interests. The additions to other gold interests include

Koné

- $469 million, Hemlo - $300 million, Kurmuk - $131 million, Fenix - $125 million, Spring Valley - $50 million, El Domo - $32 million, Cangrejos - $3 million and Kudz Ze Kayah - $1 million.

Comprised of Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests include Mineral Park - $40 million, El Domo - $12 million and Kudz Ze Kayah - $1 million.

6)	During Q3 2025, in connection with its acquisition of Lumina Gold Corp., CMOC exercised its 33% buy-back option under the Cangrejos PMPA.

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

unit-of-production

basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as

non-depletable

until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.


	June 30, 2026						December 31, 2025

(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total

Gold interests

Salobo	$	2,242,490	$	326,175	$	2,568,665	$	2,294,535	$	326,175	$	2,620,710

Sudbury 1		168,974		37,093		206,067		181,401		37,093		218,494

Constancia		44,064		3,524		47,588		48,761		3,523		52,284

San Dimas		40,594		78,777		119,371		46,440		78,778		125,218

Stillwater 2		183,046		19,634		202,680		184,568		19,634		204,202

Blackwater		311,175		13,109		324,284		317,940		13,108		331,048

Platreef		-		275,702		275,702		-		275,702		275,702

Other 3		435,810		1,226,195		1,662,005		92,269		1,364,863		1,457,132

	$	3,426,153	$	1,980,209	$	5,406,362	$	3,165,914	$	2,118,876	$	5,284,790

Silver interests

Peñasquito	$	185,656	$	-	$	185,656	$	206,866	$	-	$	206,866

Antamina		2,341,942		2,366,387		4,708,329		213,280		245,803		459,083

Constancia		137,788		6,373		144,161		145,029		6,374		151,403

Blackwater		165,522		-		165,522		167,502		-		167,502

Other 4		201,815		360,335		562,150		210,203		346,684		556,887

	$	3,032,723	$	2,733,095	$	5,765,818	$	942,880	$	598,861	$	1,541,741

Palladium interests

Stillwater 2	$	198,956	$	7,488	$	206,444	$	201,404	$	7,488	$	208,892

Platreef		-		78,814		78,814		-		78,814		78,814

	$	198,956	$	86,302	$	285,258	$	201,404	$	86,302	$	287,706

Platinum interests

Marathon	$	-	$	9,451	$	9,451	$	-	$	9,451	$	9,451

Platreef		-		57,584		57,584		-		57,584		57,584

	$	-	$	67,035	$	67,035	$	-	$	67,035	$	67,035

Cobalt interests

Voisey’s Bay	$	194,878	$	11,855	$	206,733	$	204,022	$	11,855	$	215,877

	$	6,852,710	$	4,878,496	$	11,731,206	$	4,514,220	$	2,882,929	$	7,397,149

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

4)	Comprised of the Zinkgruvan, Neves-Corvo, Aljustrel, Loma de La Plata, El Alto, Copper World Complex, Marmato, Cozamin, El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

Significant acquisitions, amendments and disposals of mineral stream interests (if any) in the six months ended June 30, 2026 are outlined below. The percentage of payable production and other key PMPA terms for all mineral stream interests are described in Note 24.

Antamina

On February 16, 2026, the Company entered into a PMPA with BHP Group Limited (“BHP”) (the “BHP Antamina PMPA”) for their 33.75% portion of the silver produced at the Antamina Mine located in Peru. Effective April 1, 2026, Wheaton will receive a combined 67.5% of all the silver produced from Antamina, up from the 33.75%

being

delivered under the

pre-

existing Glencore silver stream.

Under the terms of the BHP Antamina PMPA, the Company paid BHP total upfront cash consideration of $4.3 billion on April 1, 2026, being the date of closing.

Jervois

On April 1, 2026, the Company entered into a PMPA with KGL (the “Jervois PMPA”) for a portion of the gold and silver produced at the Jervois Project located in Australia. In return, the Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Jervois project. Under the terms of the Jervois PMPA, the Company will pay KGL total upfront cash consideration of $275 million, subject to certain customary conditions. The upfront cash consideration will be paid in a total of six installments, with the first installment of $16 million being made as an early deposit payment on June 16, 2026. The second installment of $16 million is also expected to be made as an early deposit payment, once certain conditions are satisfied, and is expected to be paid in

Q3-2026.

The remaining balance of $243 million will be paid in four equal installments over the construction period as various conditions are satisfied.