Reserves

6 Months Ended

Jun. 30, 2026

18.

Reserves



(in thousands)	Note		June 30 2026		December 31 2025

Reserves
Share purchase options		18.1	$	25,453	$	24,381
Restricted share units		18.2		7,511		7,929
Long-term investment revaluation reserve, net of tax		18.3		53,570		144,601

Total reserves			$	86,534	$	176,911

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 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 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 pri

ipal assumptions used in applying the Black-Scholes option pricing model are as follows:


	Six Months Ended June 30

	2026		2025

Black-Scholes weighted average assumptions

Grant date share price and exercise price		Cdn$190.62		Cdn$108.56

Expected dividend yield		0.65%		0.92%

Expected volatility		30%		30%

Risk-free interest rate		3.05%		2.89%

Expected option life, in years		3.0		3.0

Weighted average fair value per option granted		Cdn$43.34		Cdn$23.90

Number of options issued during the period		95,290		178,020

Total fair value of options issued (000’s)	$	3,020	$	2,974

The following table summarizes information about the options outstanding and exercisable at June 30, 2026:


Exercise Price (Cdn$)	Exercisable Options		Non-Exercisable Options		Total Options Outstanding		Weighted Average Remaining Contractual Life

$49.86		157,570		-		157,570		1.7 years

$56.77¹		6,214		-		6,214		1.7 years

$66.73¹		15,650		-		15,650		2.7 years

$60.00		163,703		-		163,703		2.7 years

$61.49¹		27,107		-		27,107		3.7 years

$59.41		204,627		-		204,627		3.7 years

$62.74¹		33,182		21,513		54,695		4.7 years

$59.79		128,091		69,748		197,839		4.7 years

$108.56		45,453		92,010		137,463		5.7 years

$107.84¹		10,536		25,156		35,692		5.7 years

$190.62		-		73,090		73,090		6.7 years

$198.07¹		-		22,200		22,200		6.7 years

		792,133		303,717		1,095,850		4.1 years

1)	US$ share purchase options converted to Cdn$ using the exchange rate of 1.4210, being the Cdn$/US$ exchange rate at June 30, 2026.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2025 to June 30, 2026 is presented below:


	Number of Options Outstanding		Weighted Average Exercise Price

At January 1, 2025		1,070,974		Cdn$58.14

Granted (fair value - $3 million or Cdn$23.90 per option)		178,020		108.56

Exercised		(62,041)		55.90

Forfeited		(24,410)		59.76

At March 31, 2025		1,162,543		Cdn$65.95

Exercised		(50,229)		54.62

At June 30, 2025		1,112,314		Cdn$65.86

Exercised		(66,219)		58.53

Expired		(2,186)		49.86

Forfeited		(8,593)		97.83

At December 31, 2025		1,035,316		Cdn$66.40

Granted (fair value - $3 million or Cdn$43.34 per option)		95,290		190.62

Exercised		(17,064)		59.65

At March 31, 2026		1,113,542		Cdn$77.37

Exercised		(17,046)		65.22

Forfeited		(646)		85.91

At June 30, 2026		1,095,850		Cdn$77.80

As it relates to share purchase options, during the three months ended June 30, 2026, the weighted average share price at the time of exercise was Cdn$189.28 per share (six months—Cdn$182.16 per share), as compared to Cdn$116.13 per share (six months - Cdn$112.17 per share) during the comparable period in 2025.

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 three years. Compensation expense related to RSUs is recognized over the vesting period based 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, 2025 to June 30, 2026 is presented below:


	Number of RSUs Outstanding		Weighted Average Intrinsic Value at Date Granted

At January 1, 2025		336,929		$34.64

Granted (fair value - $4 million)		52,960		75.92

Released		(69,129)		44.78

Forfeited		(5,384)		43.86

At March 31, 2025		315,376		$39.19

Released		(72,396)		22.89

At June 30, 2025		242,980		$44.04

Forfeited		(1,100)		55.85

At December 31, 2025		241,880		$43.99

Granted (fair value - $4 million)		30,480		139.35

Released		(46,442)		50.81

At March 31, 2026		225,918		$55.45

Released		(370)		50.26

Forfeited		(141)		60.81

At June 30, 2026		225,407		$55.46

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.

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2025 to June 30, 2026 is presented below:


(in thousands)	Change in Fair Value		Deferred Tax Recovery (Expense)		Total

At January 1, 2025	$	(95,675)	$	(48)	$	(95,723)

Unrealized gain (loss) on LTIs 1		26,161		(2,351)		23,810

At March 31, 2025	$	(69,514)	$	(2,399)	$	(71,913)

Unrealized gain (loss) on LTIs 1		40,520		(3,945)		36,575

At June 30, 2025	$	(28,994)	$	(6,344)	$	(35,338)

Unrealized gain (loss) on LTIs 1		196,046		(16,107)		179,939

At December 31, 2025	$	167,052	$	(22,451)	$	144,601

Unrealized gain (loss) on LTIs 1		63,463		(8,567)		54,896

Reallocate reserve to retained earnings upon disposal of LTIs 1		(151,519)		20,375		(131,144)

At March 31, 2026	$	78,996	$	(10,643)	$	68,353

Unrealized gain (loss) on LTIs 1		(17,090)		2,307		(14,783)

At June 30, 2026	$	61,906	$	(8,336)	$	53,570

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