Contractual Obligations and Commitments

6 Months Ended

Jun. 30, 2026

24.	Contractual Obligations and Commitments

Mineral Stream Interests

The following tables summarize the Company’s commitments to make per ounce or per pound cash payments for gold, silver, palladium, platinum and cobalt to which it has the contractual right pursuant to the PMPAs:

Per Ounce Cash Payment for Gold



Mineral Stream Interests	Attributable Payable Production to be Purchased			Per Ounce Cash Payment 1			Term of Agreement			Date of Original Contract
Constancia		50%		$	429	2		Life of Mine			8-Aug-12
Salobo		75%		$	433			Life of Mine			28-Feb-13
Sudbury		70%		$	400			20 years			28-Feb-13
San Dimas		variable	³	$	650			Life of Mine			10-May-18
Stillwater		100%			18%	4		Life of Mine			16-Jul-18
Blackwater		8%	5		35%			Life of Mine			13-Dec-21
Platreef		62.5%	5	$	100	5		Life of Mine	5		7-Dec-21	7
Other
Copper World		100%		$	450			Life of Mine			10-Feb-10
Marmato		10.5%	5		18%	4		Life of Mine			5-Nov-20
Santo Domingo		100%	5		18%	4		Life of Mine			24-Mar-21
Fenix		22%	6		20%			Life of Mine			15-Nov-21
El Domo		50%	5		18%	4		Life of Mine			17-Jan-22
Marathon		100%	5		18%	4		Life of Mine			26-Jan-22
Goose		2.78%	5		18%	4		Life of Mine			8-Feb-22
Cangrejos		4.4%	5		18%	4		Life of Mine			16-May-23
Curraghinalt		3.05%	5		18%	4		Life of Mine			15-Nov-23
Kudz Ze Kayah		7.375%	5		20%			Life of Mine			22-Dec-21	7
Koné		19.5%	5		20%	8		Life of Mine			23-Oct-24
Kurmuk		6.7%	5		15%			Life of Mine			5-Dec-24
Spring Valley		8%	5		20%	4		Life of Mine			6-Nov-25
Hemlo		10.13%	5		20%			Life of Mine			26-Nov-25
Jervois		75%	5		20%			Life of Mine			1-Apr-26
Early Deposit
Toroparu		10%		$	400			Life of Mine			11-Nov-13
Cotabambas		25%	5	$	450			Life of Mine			21-Mar-16
Kutcho		100%			20%			Life of Mine			14-Dec-17

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

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

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

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

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

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

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

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

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

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

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

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

Cangrejos – reduced to 2.9% once the Company has received 469,000 ounces of gold.

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

Koné – reduced to 10.8% once the Company has received 400,000 ounces of gold, subject to adjustment if there are delays in deliveries relative to an agreed schedule, with a further reduction to 5.4% once the Company has received an additional 130,000 ounces of gold.

Kurmuk – reduced to 4.8% once the Company has received 220,000 ounces of gold. During any period in which debt exceeding $150 million ranks ahead of the gold stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop down threshold is reached.

Kudz Ze Kayah – reduced to 6.125% once the Company has received 330,000 ounces of gold, with a further reduction to 5.5% until the Company has received an additional 59,800 ounces of gold, with a further reduction to 5.5% until the Company has received an additional 270,200 ounces of gold, thereafter increased to 6.75%.

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

Spring Valley – reduced to 6% once the Company has received 300,000 ounces of gold.

Hemlo – reduced to 6.75% once the Company has received 135,750 ounces of gold (the “First Dropdown Threshold”), with a further reduction to 4.5% once the Company has received an additional 117,998 ounces of gold (the “Second Dropdown Threshold”), at which point this rate will apply for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by

10,000

ounces or more, the stream percentage will be increased by 5% until deliveries catch up with the agreed schedule. The payable gold will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit.

Jervois – reduced to 37.5% once the Company has received 45,000 ounces of gold (the “First Dropdown Threshold”), with a further reduction to 25% once the Company has received an additional 15,000 ounces of gold (the “Second Dropdown Threshold”), at which point this rate will apply for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule.

On October 21, 2024, the Company amended the Fenix PMPA. Under the original agreement, the Company was to acquire an amount of gold equal to 6% of the gold production until 90,000 ounces have been delivered, 4% of the gold production until the delivery of a further 140,000 ounces and 3.5% gold production thereafter for the life of mine. Under the revised agreement, the Company is entitled to purchase an additional 16% of payable gold production (22% in total) (subject to adjustment if there are delays in deliveries relative to an agreed schedule). Once Rio2 delivers the incremental 95,000 ounces (as adjusted), the stream reverts to the percentages and thresholds under the original Fenix PMPA (as described). Rio2 has a

one-time

option to terminate the requirement to deliver the incremental gold production from the end of 2027 until the end of 2029 by delivering 95,000 ounces (as adjusted) less previously delivered gold ounces, excluding those gold ounces which would have been delivered under the original Fenix PMPA.

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

8)	Until October 23, 2029, there is a price adjustment mechanism under the Koné PMPA

if the spot price of gold is less than $2,100 per ounce, the Company will pay 20% of $2,100 less 25% of the difference between $2,100 and $1,800, less 30% of the difference between $1,800 and the spot price of gold; and

if the spot price is greater than $2,700 per ounce, the Company will pay 25% of the difference between $3,000 and $2,700, plus 30% of the difference between the actual spot price of gold and $3,000.

Per Ounce Cash Payment for Silver



Mineral Stream Interests	Attributable Payable Production to be Purchased			Per Ounce Cash Payment 1			Term of Agreement		Date of Original Contract
Peñasquito		25%		$	4.62			Life of Mine		24-Jul-07
Constancia		100%		$	6.32	²		Life of Mine		8-Aug-12
Antamina		67.5%	5		20%			Life of Mine		3-Nov-15
Blackwater		50%	5		18%	7		Life of Mine		13-Dec-21
Other
Los Filos		100%		$	4.81			25 years		15-Oct-04
Zinkgruvan		100%		$	4.81			Life of Mine		8-Dec-04
Stratoni		100%		$	11.54			Life of Mine		23-Apr-07
Neves-Corvo		100%		$	4.60			50 years		5-Jun-07
Aljustrel		100%	3		50%			50 years		5-Jun-07
El Alto		25%		$	3.90			Life of Mine		8-Sep-09
Copper World		100%		$	3.90			Life of Mine		10-Feb-10
Loma de La Plata		12.5%		$	4.00			Life of Mine		n/a	4
Marmato		100%	5		18%	6		Life of Mine		5-Nov-20
Cozamin		50%	5		10%			Life of Mine		11-Dec-20
El Domo		75%			18%	6		Life of Mine		17-Jan-22
Mineral Park		100%			18%	6		Life of Mine		24-Oct-23
Kudz Ze Kayah		7.375%	5		20%			Life of Mine		22-Dec-21	7
Jervois		75%	5		20%			Life of Mine		1-Apr-26
Early Deposit
Toroparu		50%		$	3.90			Life of Mine		11-Nov-13
Cotabambas		100%	5	$	5.90			Life of Mine		21-Mar-16
Kutcho		100%			20%			Life of Mine		14-Dec-17

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

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

3)	Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine.

4)	Terms of the agreement not yet finalized.

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

Antamina – reduced to 45%, comprised of 22.5% once the Company has received 140 million ounces of silver under the Glencore Antamina PMPA and 22.5% once the Company has received 100 million ounces of silver under the BHP Antamina PMPA, respectively.

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

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

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

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

Kudz Ze Kayah – reduced to 6.125% once the Company has received 43.30 million ounces of silver, with a further reduction to 5.5% until the Company has received an additional 7.96 million ounces of silver, with a further reduction to 5.5% until the Company has received an additional 35.34 million ounces of silver, thereafter increased to 6.75%.

Jervois – reduced to 37.5% once the Company has received 4.3 million ounces (“Moz”) of silver (the “First Dropdown Threshold”), with a further reduction to 25% once the Company has received an additional 1.7 Moz of silver (the “Second Dropdown Threshold”), at which point this rate will apply for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule.

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

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

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

Mineral Stream Interests

Attributable
Payable
Production to be
Purchased

Per Unit of
Measurement Cash
Payment

Term of
Agreement

Date of
Original
Contract

Palladium

Stillwater

4.5% ²

18% ³

Life of Mine

16-Jul-18

Platreef

5.25% ²

30% ²

Life of Mine ²

7-Dec-21

Platinum

Marathon

22% ²

18% ³

Life of Mine

26-Jan-22

Platreef

5.25% ²

30% ²

Life of Mine ²

7-Dec-21

Cobalt

Voisey’s Bay

42.4% ²

18% ³

Life of Mine

11-Jun-18

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

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

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

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

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

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

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

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

Other Contractual Obligations and Commitments


	Projected Payment Dates 1

(in thousands)	2026		2027 - 2028		2029 - 2030		After 2030		Total

Bank debt 2	$	-	$	1,500,000	$	-	$	472,000	$	1,972,000

Interest 3		49,411		161,628		34,191		-		245,230

Payments for mineral stream interests, early deposit mineral stream interest & royalties

Salobo		-		8,000		16,000		56,000		80,000

Copper World 4		-		231,151		-		-		231,151

Marmato		41,968		-		-		-		41,968

Santo Domingo		-		290,000		-		-		290,000

El Domo		43,875		87,750		-		-		131,625

Marathon		-		98,522		42,224		-		140,746

Cangrejos		-		-		168,840		-		168,840

Curraghinalt		-		-		-		55,000		55,000

Loma de La Plata		-		-		-		32,400		32,400

Spring Valley		210,000		360,000		-		-		570,000

Kudz Ze Kayah		-		15,000		-		-		15,000

Jervois		16,000		243,000		-		-		259,000

Cotabambas		-		-		-		126,000		126,000

Toroparu		-		-		-		138,000		138,000

Kutcho		-		-		-		58,000		58,000

Spanish Mountain		-		32,500		-		-		32,500

Cipango		-		3,000		-		-		3,000
Equity Investment Commitment(s)		23,115		-		-		-		23,115
Leases liabilities		516		2,010		2,099		4,797		9,422

Total contractual obligations	$	384,885	$	3,032,561	$	263,354	$	942,197	$	4,622,997

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

2)	At June 30, 2026, the Company had $472 million and $1.5 billion drawn and outstanding on the Revolving Credit Facility and the Term Loan, respectively.

As the applicable interest rates are floating in nature, the interest charges are estimated based on market-based forward interest rate curves at the end of the reporting period combined with the assumption that the principal balance outstanding at June 30, 2026 does not change until the debt maturity date.

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

Salobo

The Company will be required to make annual payments of $8 million over a

10-year

period, if the Salobo mine implements a high-grade mine plan. Payments will be made for each year in which the high-grade plan is achieved.

Copper World Complex

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

Marmato

Under the terms of the Marmato PMPA, the Company is committed to pay Aris Mining additional upfront cash payments of $42 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

The Company is committed to pay Capstone Copper Corp. (“Capstone”) total upfront cash payments of $290 million, which is payable during the construction of the Santo Domingo project, subject to customary conditions being satisfied, including Capstone attaining sufficient financing to cover total expected capital expenditures.

El Domo

Under the terms of the El Domo PMPA, the Company is committed to pay additional upfront cash payments of $131.6 million, which includes $0.25 million which will be paid to support certain local community development initiatives around the El Domo project. The payments will be payable in three staged installments during construction, subject to various customary conditions being satisfied.

Marathon

Under the terms of the Marathon PMPA, the Company is committed to pay additional upfront cash payments of $141 million (Cdn$200 million), which is to be paid in four staged installments during construction of the Marathon project, subject to various customary conditions being satisfied.

Cangrejos

Under the terms of the Cangrejos PMPA, the Company is committed to pay additional upfront consideration of $169 million, which is to be paid in two staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

Curraghinalt

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

Loma de La Plata

Under the terms of the Loma de La Plata PMPA, the Company is committed to pay Pan American Silver Corp. (“PAAS”) total upfront cash payments of

million following the satisfaction of certain conditions, including PAAS receiving all necessary permits to proceed with the mine construction and the Company finalizing the definitive terms of the PMPA.

Spring Valley

Under the terms of the Spring Valley PMPA, the Company is committed to pay Waterton Gold Corp. (“Waterton Gold”) additional upfront cash payments of $570 million in installments as various conditions are satisfied. The Company has also provided a cost overrun facility (the “Spring Valley Facility”) of up to $150 million, accessible during an availability period commencing once the full upfront consideration has been paid under the Spring Valley PMPA. The Spring Valley Facility has a maturity date of three years following the first drawdown under the Spring Valley Facility.

Mineral Park

The Company has entered into a loan agreement to provide a secured debt facility of up to $25 million to Origin Mining Company, LLC, the Mineral Park owner and affiliate of Waterton Copper, to help support the mine construction, if necessary, once the full upfront consideration under the stream has been paid. On April 2, 2026, $10 million was advanced under this facility, with a further $15 million being advanced on July

, 2026.

Kudz Ze Kayah

Under the terms of the amended KZK PMPA, an additional $15 million contingency payment is due to BM

if the KZK project achieves certain permitting milestones.

Jervois

Under the terms of the Jervois PMPA, the Company is committed to pay additional upfront cash payments of $259 million. Of this amount, $16 million is to be paid once certain conditions are satisfied, with the payment expected to be made in

Q3-2026,

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

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro Minerals Ltd. additional upfront cash payments of

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

Toroparu

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

Kutcho

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

Spanish Mountain Royalty

Under the terms of the Spanish Mountain Royalty, the Company is committed to pay Spanish Mountain Gold Limited an additional $32.5 million, comprised of

$12.5 million payment due after 60,000 meters of drilling and a $20 million payment due upon receiving approval under the Environmental Assessment Act (British Columbia) for the construction and operation of the project.

Cipango Royalty

Under the terms of the Cipango Royalty, the Company is committed to pay Cipango Limited an additional payment of $3 million due upon completion of a geochemical survey with respect to any project.

Tax Contingencies

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

It is not known or determinable by the Company when any ongoing audits by CRA of international and domestic transactions will be completed, or whether reassessments will be issued, or the basis, quantum or timing of any such potential reassessments, and it is therefore not practicable for the Company to estimate the financial effect, if any, of any ongoing audits. From time to time there may also be proposed legislative changes to law or outstanding legal actions that may have an impact on the current or prior periods, the outcome, applicability and impact of which is also not known or determinable by the Company.

General

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