Wheaton Precious Metals Announces Second Quarter 2026 Results and Record Year-to-Date Production, Revenue, Earnings and Cash Flow

SECOND QUARTER FINANCIAL RESULTS

VANCOUVER, BC, Aug. 6, 2026 /PRNewswire/ -- "Wheaton delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model. Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders."

Record Financial Performance and Strong Balance Sheet

High Quality Asset Base

Leadership in Sustainability

Operational Overview

(all figures in US dollars unless otherwise noted)

Q2 2026

Q2 2025

Change

YTD 2026

YTD 2025

Change

Units produced

Gold ounces

90,434

92,883

(2.6) %

187,542

185,552

1.1 %

Silver ounces

6,400

5,590

14.5 %

13,070

10,275

27.2 %

Palladium ounces

2,788

2,435

14.5 %

5,379

5,096

5.6 %

Platinum ounces

281

n.a.

321

n.a.

Cobalt pounds

796

647

23.1 %

1,453

1,187

22.4 %

Gold equivalent ounces 3

202,229

190,179

6.3 %

414,755

364,570

13.8 %

Units sold

Gold ounces

96,099

98,973

(2.9) %

191,171

210,270

(9.1) %

Silver ounces

6,522

4,868

34.0 %

11,571

9,351

23.7 %

Palladium ounces

2,069

2,575

(19.7) %

4,975

5,032

(1.1) %

Cobalt pounds

705

353

99.7 %

1,014

618

64.1 %

Gold equivalent ounces 3

209,115

182,750

14.4 %

390,859

370,911

5.4 %

Change in PBND

Gold equivalent ounces 3

(27,056)

(8,423)

18,633

(14,391)

(37,431)

(23,040)

Revenue

929,201

503,218

84.7 %

1,830,670

973,629

88.0 %

Net earnings

543,236

292,270

85.9 %

1,125,280

546,254

106.0 %

Per share

1.196

0.644

85.7 %

2.478

1.204

105.8 %

Adjusted net earnings 1

542,542

286,004

89.7 %

1,125,315

536,830

109.6 %

Per share 1

1.195

0.630

89.7 %

2.478

1.183

109.5 %

Operating cash flows

649,518

414,959

56.5 %

1,415,340

775,752

82.4 %

Per share 1

1.430

0.914

56.5 %

3.117

1.709

82.4 %

All amounts in thousands except gold, palladium, platinum & gold equivalent ounces, and per share amounts.

Financial Review

Revenues

Revenue in Q2 2026 was $929 million (46% gold, 52% silver, 0.3% palladium and 2% cobalt), with the $426 million increase relative to the prior period quarter being primarily due to a 61% increase in the average realized gold equivalent³ price; and a 14% increase in the number of GEOs³ sold.

Revenue was $1.8 billion (49% gold, 49% silver, 0.4% palladium and 2% cobalt) during the six months ended June 30, 2026, with the $857 million increase from the comparable period of the previous year due primarily to a 78% increase in the average realized gold equivalent³ price; and a 5% increase in the number of GEOs³ sold.

Cash Costs and Margin

Average cash costs¹ in Q2 2026 were $568 per GEO³ as compared to $406 in Q2 2025. This resulted in a cash operating margin¹ of $3,875 per GEO³ sold, an increase of 65% as compared with the second quarter of 2025, a result of the higher realized price per ounce. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton's business model in generating higher levered cash flow and margins in a rising precious metals price environment.

Average cash costs¹ for the six months ended June 30, 2026, were $621 per GEO³ as compared to $399 in the comparable period of the previous year. This resulted in a cash operating margin¹ of $4,063 per GEO³ sold, an 83% increase from comparable period of the previous year, a result of the higher realized price per ounce.

Cash Flow from Operations

Operating cash flow in Q2 2026 amounted to $650 million, with the $235 million increase from the comparable period of the prior year being due primarily to higher gross margin.

Operating cash flows for the six months ended June 30, 2026, amounted to $1.4 billion, with the $640 million increase from the comparable period of the previous year being due primarily to higher gross margin.

Produced But Not Yet Delivered

As at June 30, 2026, approximately 157,600 GEOs 3 were produced but not yet delivered ("PBND") representing approximately 2.6 months of payable production, consistent with the preceding four quarters and within our guided range of two and a half to three and a half months.

Balance Sheet (at June 30, 2026)

Second Quarter Operating Asset Highlights

Salobo: In Q2 2026, Salobo produced 62,100 ounces of attributable gold, a decrease of 11% relative to Q2 2025, primarily the result of lower grades.

Antamina: In Q2 2026, Antamina produced 2.3 million ounces of attributable silver, an increase of 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the Company's share of silver production at Antamina from 33.75% to 67.5%, effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance, as a scheduled July maintenance shutdown was advanced into June. Lower grades were attributable to pit sequencing, with a greater proportion of copper-only ore processed during the quarter relative to copper-zinc ore, which contains more silver.

Peñasquito: In Q2 2026, Peñasquito produced 1.8 million ounces of attributable silver, a decrease of 14% relative to Q2 2025, primarily the result of lower grades and recoveries resulting from planned mine sequencing, partially offset by higher throughput.

Constancia: In Q2 2026, Constancia produced 0.6 million ounces of attributable silver and 3,000 ounces of attributable gold, an increase of 2% for silver production and a decrease of 35% for gold production relative to Q2 2025. The lower gold production was the result of lower grades and recoveries, as mining activities in the higher-gold grade Pampacancha pit were completed during Q4 2025, and the remaining stockpiled Pampacancha ore was fully processed during January 2026.

On July 2, 2026, Hudbay announced that it had received approval from the National Environmental Certification Service for Sustainable Investments in Perú ("SENACE") to amend its environmental permit and further increase annual mill processing capacity at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from 31 million tonnes per annum. Hudbay states that the environmental permit amendment also approves further optimization of the mine plan, extends the operational life of Constancia, and incorporates the implementation of additional infrastructure to improve tailings transport infrastructure and water management systems.

Stillwater: In Q2 2026, the Stillwater mines produced 1,400 ounces of attributable gold and 2,500 ounces of attributable palladium, a decrease of 14% for gold and an increase of 3% for palladium relative to Q2 2025. The decrease in gold production was primarily a result of lower recoveries, partially offset by higher throughput, while the increase in palladium production was primarily a result of higher throughput.

Blackwater: In Q2 2026, Blackwater produced 0.1 million ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold Inc. ("Artemis Gold") provided an update on the Phase 1A expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 to 8 million tonnes per annum. Artemis Gold reported that Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Further, Artemis Gold reported that the early works program for EP2 is nearing completion, with the first concrete pour for the ball mill foundations completed ahead of schedule. EP2 represents a significant addition to processing plant capacity above Phase 1A, and once complete, Phase 1A and EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21 Mtpa by Q4 2028.

Voisey's Bay: In Q2 2026, the Voisey's Bay mine produced 796,000 pounds of attributable cobalt, an increase of 23% relative to Q2 2025 as the underground mine at Voisey's Bay continues ramp-up to full production, with full ramp-up expected by the second half of 2026.

Other Gold: In Q2 2026, total Other Gold attributable production was 5,900 ounces, an increase of 667% relative to Q2 2025 due to the addition of attributable production from the Fenix, Hemlo and Goose mines. Notable operational updates for assets included within 'Other Gold' include:

Other Silver: In Q2 2026, total Other Silver attributable production was 1.6 million ounces, an increase of 19% relative to Q2 2025, primarily the result of the resumption of mining at Aljustrel and the commencement of production at Mineral Park, partially offset by lower production at Zinkgruvan. Notable operational updates for assets included within 'Other Silver' include:

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Recent Development Asset Updates

Mineral Park: During Q2 2026, Waterton Copper LP substantially completed the commissioning stage of the mill restart. Production is expected to increase throughout the second half of the year as operations ramp up toward the mill's 16.5 Mtpa nameplate capacity. Copper concentrate sales continued in the second quarter and molybdenum concentrate sales were initiated during this quarter. Monthly delivery of silver to Wheaton under the PMPA has occurred throughout 2026.

Platreef: On July 8, 2026, Ivanhoe announced that commercial production at the Platreef mine is now expected in Q4 2026. Ivanhoe states that construction of Shaft #3 was completed on schedule in late March and commissioning was finalized in June. Shaft #3 increases Platreef's hoisting capacity fivefold and enables concurrent hoisting of stoping ore and development waste. Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027. In addition, stoping of higher-grade ore within the Flatreef orebody commenced at the end of the second quarter, with mining rates expected to ramp up throughout H2 2026.

Fenix: On May 15, 2026, Rio2 reported that planned tonnes and grade at its Fenix mine were not achieved during Q1 2026, though the key drivers were identified early and corrective actions have been implemented or are underway. Rio2 further states that based on current ramp-up progress, they anticipate achieving commercial production in Q4 2026.

Kurmuk: On July 29, 2026, Allied Gold Corporation ("Allied") announced that the previously announced agreement with Zijin Gold International Company Limited ("Zijin Gold"), where Zijin Gold was to acquire all of the issued and outstanding shares of Allied, has been terminated. Allied states further that Zijin Gold has agreed to make a strategic investment in Allied of approximately $295 million, at a subscription price representing a premium to the current market price of Allied's common shares on the Toronto Stock Exchange.

Allied also reported that development of the Kurmuk project continued to advance during the second quarter, with the start of operations expected in August and first gold pour following a few weeks thereafter. Allied states that key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities.

Koné: On June 15, 2026, Montage Gold ("Montage") reported that construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Q4 2026 through the oxide circuit, while the hard-rock comminution circuit remains on track for completion in Q2 2027. Montage also reported that it has significantly exceeded its target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit and is continuing to aggressively advance exploration through the ongoing 90,000 meter drill program, with further resource updates expected throughout the year.

El Domo: On July 15, 2026, Silvercorp Metals Inc. ("Silvercorp") reported that construction advanced steadily despite rainfall challenges in the period. Advancements were achieved on infrastructure, including the non-contact water channel, processing plant foundations, and the initial tailings storage facility dam. In addition, open-pit pre-stripping activities commenced and major equipment for the processing plant and water treatment facility have been procured and shipped. Silvercorp noted that it remains focused on achieving first commissioning of the operation by July 2027, in line with the project schedule.

Copper World: On July 29, 2026, Hudbay reported that the Copper World definitive feasibility study ("DFS") is progressing well, with 95% of the engineering work completed, and a sanctioning decision remains on track for later in 2026. Hudbay reports the DFS is expected to include scope for future mill expansion optionality.

Santo Domingo: On July 30, 2026, Capstone Copper Corp. ("Capstone") reported that detailed engineering advanced during the second quarter, alongside continued evaluation of opportunities to optimize district infrastructure. Capstone expects to make a final investment decision on the Santo Domingo Project in Q4 2026.

Kudz Ze Kayah: On July 29, 2026, BMC Minerals Ltd. ("BMC") announced that during the quarter it received receipt of a positive decision document issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada, after the Yukon Environmental and Socio-economic Assessment Board had recommended approval of the project in 2020. BMC reports it will now progress mining permit and license applications with the aim to make a final investment decision in late 2027, subject to receipt of permits.

Toroparu: On July 29, 2026, Aris reported that the Prefeasibility Study ("PFS") remains on schedule for completion in H2 2026, supporting a construction decision targeted for early 2027. Project optimization work in support of the PFS includes updated mine scheduling, engineering studies and other activities to advance to construction readiness.

Corporate Development

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 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. Additionally, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price of gold and silver.

Spanish Mountain: On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold (the "Spanish Mountain Royalty") for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold Project. 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 Spanish Mountain Gold Project. Under the terms of the Spanish Mountain Royalty, the Company will pay Spanish Mountain Gold total upfront cash consideration of $55 million, subject to certain customary conditions. The upfront cash consideration will be paid in three installments consisting of a $22.5 million payment made on May 1, 2026, a $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: On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited ("Cipango Royalty") for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan for total upfront cash consideration of $7.5 million, subject to certain customary conditions. The Company also obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to such properties and an additional nine properties located in Japan.

Sustainability

Annual Sustainability Report

Wheaton published its annual Sustainability report on May 20, 2026, providing a comprehensive overview of the company's sustainability performance including progress against its strategy, targets and commitments. This report is a voluntary disclosure demonstrating the Company's commitment to responsible business practices and sustainability.

ESG Ratings & Awards

On June 23, 2026, Wheaton was named as one of Corporate Knights' 2026 Best 50 Corporate Citizens in Canada ranking 13 th overall. With a significant portion of the score linked to sustainable revenue, this ranking reflects Wheaton's commitment to responsible business practices and underscores the quality and sustainability performance of the Company's mining partners.

Future of Mining Challenge

On June 4, 2026, Wheaton launched the third edition of the Future of Mining Challenge focused on technologies that optimize mining operations and/or minimize land impacts. Wheaton invites cleantech innovators worldwide to participate and will accept expressions of interest until 11:59 p.m. (Pacific Time) on Friday, August 21, 2026.

Community Investment Program

Global Minimum Tax

The Company is within the scope of global minimum tax ("GMT") under the OECD Pillar Two model rules, under which large multinational entities are subject to a 15% GMT. The Company made a payment of $109 million (Cdn$155 million) on June 24, 2026, in respect of the 2024 fiscal year. The payment for the 2025 fiscal year, in the amount of Cdn$346 million, is expected to be paid on or around March 31, 2027.

2026 and Long-Term Production Outlook

Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 to 29 million ounces of silver, and 19,000 to 21,000 GEOs of other metals, resulting in annual production of approximately 860,000 to 940,000 GEOs 3, unchanged from previous guidance. Approximately 3% of the Company's forecast 2026 production is estimated to be delivered from assets currently in construction or various stages of ramp-up.

Annual production is forecast to increase by approximately 50% to 1,200,000 GEOs 3 by 2030, with average annual production forecast to remain at 1,200,000 GEOs 3 in years 2031 to 2035, also unchanged from previous guidance.

About Wheaton Precious Metals Corp.

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries.

Webcast and Conference Call Details

Wheaton will release its 2026 second quarter results on Thursday, August 6, 2026, after market close. A conference call will be held on Friday, August 7, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

RapidConnect URL:

Click here

Live webcast:

Click here

Dial toll free:

1-800-715-9871 or 1-647-932-3411

Conference Call ID:

9311928#

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until August 14, 2026, at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US:

1-800-770-2030

Dial from outside Canada or the US:

1-647-362-9199

Pass code:

9311928#

Archived webcast:

Click here

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca.

Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com.

Condensed Interim Consolidated Statements of Earnings

Three Months Ended

June 30

Six Months Ended

June 30

(US dollars and shares in thousands, except per share amounts - unaudited)

2026

2025

2026

2025

Sales

929,201

503,218

1,830,670

973,629

Cost of sales

Cost of sales, excluding depletion

118,843

75,169

244,086

149,805

Depletion

122,502

75,002

199,354

151,695

Total cost of sales

241,345

150,171

443,440

301,500

Gross margin

687,856

353,047

1,387,230

672,129

General and administrative

11,327

11,022

24,299

24,547

Share based compensation

4,806

9,962

14,918

22,143

Donations and community investments

4,665

2,368

6,162

5,060

Earnings from operations

667,058

329,695

1,341,851

620,379

Other income (expense)

9,071

9,736

26,807

17,256

Earnings before finance costs and income taxes

676,129

339,431

1,368,658

637,635

Finance costs

31,097

1,427

32,502

2,868

Earnings before income taxes

645,032

338,004

1,336,156

634,767

Income tax expense

101,796

45,734

210,876

88,513

Net earnings

543,236

292,270

1,125,280

546,254

Basic earnings per share

1.196

0.644

2.478

1.204

Diluted earnings per share

1.194

0.643

2.473

1.202

Weighted average number of shares outstanding

Basic

454,133

453,889

454,089

453,791

Diluted

454,991

454,663

454,973

454,550

Condensed Interim Consolidated Balance Sheets

As at

June 30

As at

December 31

(US dollars in thousands - unaudited)

2026

2025

Assets

Current assets

Cash and cash equivalents

100,192

1,153,593

Accounts receivable

26,056

46,723

Other

3,916

3,853

Total current assets

130,164

1,204,169

Non-current assets

Mineral stream interests

11,731,206

7,397,149

Early deposit mineral stream interests

47,097

47,094

Mineral royalty interests

67,495

40,421

Long-term equity investments

147,619

410,495

Property, plant and equipment

9,552

9,926

Other

28,053

16,527

Total non-current assets

12,031,022

7,921,612

Total assets

12,161,186

9,125,781

Liabilities

Current liabilities

Accounts payable and accrued liabilities

15,753

22,557

Income taxes payable

247,780

109,951

Current portion of performance share units

15,186

21,604

Current portion of lease liabilities

586

575

Total current liabilities

279,305

154,687

Non-current liabilities

Bank debt

1,969,282

Performance share units

1,387

13,215

Lease liabilities

6,882

7,330

Income taxes payable - non-current

186,599

252,271

Deferred income taxes

23,187

1,794

Pension liability

4,099

5,976

Total non-current liabilities

2,191,436

280,586

Total liabilities

2,470,741

435,273

Shareholders' equity

Issued capital

3,825,005

3,814,910

Reserves

86,534

176,911

Retained earnings

5,778,906

4,698,687

Total shareholders' equity

9,690,445

8,690,508

Total liabilities and shareholders' equity

12,161,186

9,125,781

Condensed Interim Consolidated Statements of Cash Flows

Three Months Ended

June 30

Six Months Ended

June 30

(US dollars in thousands - unaudited)

2026

2025

2026

2025

Operating activities

Net earnings

543,236

292,270

1,125,280

546,254

Adjustments for

Depreciation and depletion

122,808

75,322

200,091

152,316

Equity settled share based compensation

1,743

1,809

3,390

3,234

Performance share units - expense

3,063

8,153

11,528

18,909

Performance share units - paid

(29,257)

(17,209)

Income tax expense

101,796

45,734

210,876

88,513

Investment income recognized in net earnings

(2,655)

(8,742)

(15,671)

(17,789)

Other

24,560

164

22,167

3,171

Change in non-cash working capital

(8,868)

(6,709)

9,908

(14,450)

Cash generated from operations before income taxes and interest

785,683

408,001

1,538,312

762,949

Income taxes paid

(109,262)

(948)

(109,444)

(3,182)

Interest paid

(29,783)

(87)

(29,886)

(178)

Interest received

2,880

7,993

16,358

16,163

Cash generated from operating activities

649,518

414,959

1,415,340

775,752

Financing activities

Bank debt repaid

(728,000)

Bank debt drawn

2,700,000

Debt issue costs

(2,073)

(862)

(5,118)

(862)

Share purchase options exercised

807

1,967

1,546

4,473

Lease payments

(124)

(89)

(283)

(211)

Dividends paid

(171,292)

(147,939)

(171,292)

(147,939)

Cash (used for) generated from financing activities

1,799,318

(146,923)

1,796,853

(144,539)

Investing activities

Mineral stream interests

(4,474,029)

(347,951)

(4,535,183)

(443,691)

Early deposit mineral stream interests

(3)

Mineral royalty interests

(27,074)

Acquisition of long-term investments

(14,608)

(3)

Proceeds on disposal of long-term investments

323,421

Dividends received

287

526

Other

(10,272)

(231)

(6,832)

(491)

Cash used for investing activities

(4,511,375)

(347,895)

(4,260,279)

(443,659)

Effect of exchange rate changes on cash and cash equivalents

(1,774)

163

(5,315)

165

(Decrease) increase in cash and cash equivalents

(2,064,313)

(79,696)

(1,053,401)

187,719

Cash and cash equivalents, beginning of period

2,164,505

1,085,581

1,153,593

818,166

Cash and cash equivalents, end of period

100,192

1,005,885

100,192

1,005,885

Summary of Units Produced

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Gold ounces produced ²

Salobo

62,116

69,201

88,907

66,997

69,418

71,384

84,291

62,689

Sudbury 3

4,726

4,115

7,412

4,852

5,403

4,880

5,259

3,593

Constancia

2,978

4,571

15,396

12,797

4,604

4,876

18,727

10,760

San Dimas 4

6,890

7,341

8,206

7,507

6,987

8,416

7,263

6,882

Stillwater 5

1,423

1,424

1,518

1,717

1,654

1,339

2,166

2,247

Blackwater

5,925

4,954

5,479

4,879

4,050

1,017

Platreef

491

Other

Marmato

979

816

705

807

748

757

622

648

Goose

362

1,096

1,027

387

Hemlo

2,561

3,007

1,630

Fenix

1,983

507

Total Other

5,885

5,426

3,362

1,194

767

757

622

648

Total gold ounces produced

90,434

97,108

130,280

99,943

92,883

92,669

118,328

86,819

Silver ounces produced 2

Peñasquito

1,807

2,559

1,821

2,087

2,103

1,754

2,465

1,785

Antamina

2,319

1,553

1,600

1,672

1,482

1,047

1,071

931

Constancia

565

531

731

577

552

555

970

648

Blackwater

147

129

148

136

138

Other

Los Filos 6

Zinkgruvan

438

532

513

688

684

585

637

537

Neves-Corvo

461

483

549

431

449

459

494

425

Aljustrel 7

461

691

548

195

Cozamin

161

165

170

169

174

192

185

Marmato

Mineral Park

Total Other

1,562

1,898

1,796

1,493

1,315

1,294

1,359

1,180

Total silver ounces produced

6,400

6,670

6,096

5,965

5,590

4,685

5,865

4,544

Palladium ounces produced ²

Stillwater 5

2,513

2,561

2,519

2,650

2,435

2,661

2,797

4,034

Platreef

275

Total palladium ounces produced

2,788

2,591

2,519

2,650

2,435

2,661

2,797

4,034

Platinum ounces produced ²

Platreef

281

Cobalt pounds produced ²

Voisey's Bay

796

657

670

604

647

540

393

397

GEOs produced 8

202,229

212,526

236,157

203,331

190,179

174,391

218,993

165,883

Average payable rate 2

Gold

93.5 %

95.3 %

95.0 %

94.6 %

95.2 %

94.9 %

95.3 %

95.0 %

Silver

86.9 %

87.7 %

87.4 %

87.7 %

86.3 %

84.6 %

83.9 %

Palladium

97.7 %

98.2 %

96.9 %

96.7 %

97.4 %

96.4 %

97.5 %

98.4 %

Platinum

80.0 %

n.a.

Cobalt

93.3 %

GEOs 8

90.0 %

91.3 %

91.7 %

91.2 %

91.5 %

91.1 %

90.5 %

90.0 %

All figures in thousands except gold, palladium and platinum ounces produced.

Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures and payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures and payable rates may be updated in future periods as additional information is received.

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

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. From April 30, 2025 to October 28, 2025, the fixed gold to silver exchange ratio was revised to 90:1. Effective October 29, 2025, the fixed gold to silver exchange ratio was returned to 70:1. For reference, attributable silver production from prior periods is as follows: Q2 2026 - 266,000 ounces; Q1 2026 - 294,000 ounces; Q4 2025 - 329,000 ounces; Q3 2025 - 364,000 ounces; Q2 2025 - 311,000 ounces; Q1 2025 - 340,000 ounces; Q4 2024 - 295,000 ounces; Q3 2024 - 262,000 ounces.

Comprised of the Stillwater and East Boulder gold and palladium interests. On September 12, 2024, Sibanye Stillwater ("Sibanye") announced that as a result of low palladium prices it was placing the Stillwater West operations into care and maintenance, while using Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit.

On April 1, 2025, Equinox Gold Corp., reported it has indefinitely suspended operations at Los Filos following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.

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 third quarter of 2025.

GEOs, which are provided to assist the reader, are based on the following commodity price assumptions: $4,800 per ounce gold; $80.00 per ounce silver; $1,500 per ounce palladium; $2,000 per ounce platinum; and $25.00 per pound cobalt; consistent with those used in estimating the Company's production guidance for 2026.

Summary of Units Sold

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Gold ounces sold

Salobo

70,106

58,675

83,697

55,768

76,331

83,809

55,170

58,101

Sudbury 2

4,471

4,412

3,715

4,729

2,849

5,632

4,048

2,495

Constancia

2,990

10,886

17,029

2,708

6,827

9,788

17,873

5,186

San Dimas

5,984

7,670

8,686

6,655

7,235

8,962

6,990

7,022

Stillwater 3

1,275

1,394

1,790

1,465

1,386

1,947

2,410

1,635

Blackwater

6,246

4,914

5,225

6,463

3,291

110

Other

Marmato

864

718

809

749

742

737

650

550

Goose

859

1,339

528

Hemlo

2,283

4,478

Fenix

1,021

274

Santo Domingo 4

312

447

El Domo 4

209

258

Total Other

5,027

7,121

1,649

1,156

1,054

1,049

1,171

1,255

Total gold ounces sold

96,099

95,072

121,791

78,944

98,973

111,297

87,662

75,694

Silver ounces sold

Peñasquito

2,723

1,444

1,878

1,609

2,112

1,976

1,852

1,667

Antamina

2,063

1,504

1,893

1,552

1,073

884

858

989

Constancia

453

674

613

275

625

730

797

366

Blackwater

136

127

137

143

Other

Los Filos

Zinkgruvan

451

347

358

708

520

446

452

488

Neves-Corvo

203

271

245

212

224

218

154

185

Aljustrel

312

505

382

122

Cozamin

147

149

169

133

154

164

158

148

Marmato

Mineral Park

Total Other

1,147

1,300

1,164

1,187

915

893

800

853

Total silver ounces sold

6,522

5,049

5,685

4,760

4,868

4,483

4,307

3,875

Palladium ounces sold

Stillwater 3

2,069

2,906

1,730

2,594

2,575

2,457

4,434

3,761

Cobalt pounds sold

Voisey's Bay

705

309

485

529

353

265

485

GEOs sold 5

209,115

181,743

219,605

161,845

182,750

188,162

163,355

141,918

Cumulative payable units PBND 6

Gold ounces

94,788

106,328

108,525

106,222

90,284

100,512

123,511

97,929

Silver ounces

3,136

4,096

3,293

3,648

3,178

3,145

3,583

2,931

Palladium ounces

5,423

4,803

5,169

4,424

4,414

4,596

4,439

6,186

Platinum ounces

257

Cobalt pounds

1,683

1,646

1,341

1,202

1,168

917

678

796

GEOs 5

157,617

184,673

172,008

174,661

150,713

159,136

188,144

152,858

All figures in thousands except gold and palladium ounces sold.

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

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

The ounces sold under Santo Domingo and El Domo relate to ounces received due to the delay ounce provision as per the respective PMPA. Please see the Company's MD&A for more information.

Payable gold, silver and palladium ounces as well as cobalt pounds produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.

Results of Operations

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

Three Months Ended June 30, 2026

Units

Produced²

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

62,116

70,106

4,452

433

404

312,112

253,413

278,505

2,568,665

Sudbury 5

4,726

4,471

4,449

400

1,399

19,891

11,848

18,041

206,067

Constancia

2,978

2,990

4,452

429

338

13,313

11,018

12,030

47,588

San Dimas

6,890

5,984

4,452

648

428

26,642

20,202

22,764

119,371

Stillwater

1,423

1,275

4,452

833

570

5,676

3,887

4,614

202,680

Blackwater

5,925

6,246

4,448

1,489

606

27,785

14,697

20,862

324,284

Platreef

491

n.a.

275,702

Other 6

5,885

5,027

4,450

902

1,133

22,366

12,141

17,835

1,662,005

90,434

96,099

4,452

543

503

427,785

327,206

374,651

5,406,362

Silver

Peñasquito

1,807

2,723

72.99

4.62

5.09

198,793

172,351

186,211

185,656

Antamina

2,319

2,063

72.99

13.82

21.68

150,549

77,323

122,039

4,708,329

Constancia

565

453

72.99

6.32

6.43

33,055

27,283

30,193

144,161

Blackwater

147

136

67.77

12.46

7.55

9,189

6,476

7,539

165,522

Other 7

1,562

1,147

75.97

14.62

3.70

87,172

66,158

64,443

562,150

6,400

6,522

73.41

9.57

10.24

478,758

349,591

410,425

5,765,818

Palladium

Stillwater

2,513

2,069

1,429

264

492

2,957

1,392

2,410

206,444

Platreef

275

n.a.

78,814

2,788

2,069

1,429

264

492

2,957

1,392

2,410

285,258

Platinum

Marathon

n.a.

9,451

Platreef

281

n.a.

57,584

281

n.a.

67,035

Cobalt

Voisey's Bay

796

705

27.93

5.21

9.02

19,701

9,667

12,940

206,733

Operating results

929,201

687,856

800,426

11,731,206

Other

General and administrative

(11,327)

(10,489)

Share based compensation

(4,806)

Donations and community investments

(4,665)

(3,899)

Finance costs

(31,097)

(30,780)

Other

9,071

3,522

Income tax

(101,796)

(109,262)

Total other

(144,620)

(150,908)

429,980

543,236

649,518

12,161,186

Units of gold, silver, palladium and platinum produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold, palladium and platinum ounces produced and sold and per unit amounts.

Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

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

Other silver interests comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Aljustrel, El Alto, Copper World, Navidad, Marmato, Cozamin , El Domo, Mineral Park, Kudz Ze Kayah and Jervois silver interests.

Three Months Ended June 30, 2025

Units

Produced²

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

69,418

76,331

3,315

429

402

252,997

189,543

220,263

2,677,073

Sudbury 5

5,403

2,849

3,368

400

1,326

9,597

4,679

8,457

230,307

Constancia

4,604

6,827

3,315

425

323

22,629

17,527

19,730

58,963

San Dimas

6,987

7,235

3,315

640

290

23,982

17,253

19,350

131,787

Stillwater

1,654

1,386

3,315

590

421

4,594

3,193

3,776

206,058

Blackwater

4,050

3,291

3,368

1,172

617

11,084

5,196

7,227

338,133

Platreef

n.a.

275,702

Other 6

767

1,054

3,293

414

1,329

3,471

1,634

3,034

592,372

92,883

98,973

3,318

470

433

328,354

239,025

281,837

4,510,395

Silver

Peñasquito

2,103

2,112

33.83

4.56

4.86

71,467

51,574

61,835

224,608

Antamina

1,482

1,073

33.83

6.85

8.46

36,303

19,871

28,948

474,215

Constancia

552

625

33.83

6.26

6.10

21,138

13,413

17,227

157,109

Blackwater

138

143

36.69

6.55

9.67

5,239

2,923

4,519

169,566

Other 7

1,315

915

34.52

4.48

4.72

31,592

23,170

22,961

551,926

5,590

4,868

34.05

5.33

5.93

165,739

110,951

135,490

1,577,424

Palladium

Stillwater

2,435

2,575

996

175

429

2,564

1,009

2,114

211,019

Platreef

n.a.

78,814

2,435

2,575

996

175

429

2,564

1,009

2,114

289,833

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

647

353

18.60

3.57

9.18

6,561

2,062

2,907

225,020

Operating results

503,218

353,047

422,348

6,669,707

Other

General and administrative

(11,022)

(10,498)

Share based compensation

(9,962)

Donations and community investments

(2,368)

(2,096)

Finance costs

(1,427)

(2,025)

Other

9,736

8,179

Income tax

(45,734)

(949)

Total other

(60,777)

(7,389)

1,312,678

292,270

414,959

7,982,385

Units of gold, silver and palladium produced and sold are reported in ounces, while cobalt is reported in pounds. All figures in thousands except gold and palladium ounces produced and sold and per unit amounts.

Quantity produced represents the amount of gold, silver, palladium and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

Other silver interests comprised of the Los Filos, Zinkgruvan, Neves-Corvo, Marmato, Cozamin, Stratoni, Aljustrel, El Alto, Copper World, Navidad, El Domo, Mineral Park and Kudz Ze Kayah silver interests.

Comparative Results of Operations on a GEO Basis

Q2 2026

Q2 2025

Change

GEO Production 1, 2

202,229

190,179

12,050

6.3 %

GEO Sales 2

209,115

182,750

26,366

14.4 %

Average price per GEO sold 2

4,443

2,754

1,689

61.3 %

Revenue

929,201

503,218

425,983

84.7 %

Cost of sales, excluding depletion

118,843

75,169

(43,674)

(58.1) %

Depletion

122,502

75,002

(47,500)

(63.3) %

Cost of sales

241,345

150,171

(91,174)

(60.7) %

Gross margin

687,856

353,047

334,809

94.8 %

General and administrative

11,327

11,022

(305)

(2.8) %

Share based compensation

4,806

9,962

5,156

51.8 %

Donations and community investments

4,665

2,368

(2,297)

(97.0) %

Earnings from operations

667,058

329,695

337,363

102.3 %

Other income (expense)

9,071

9,736

(665)

(6.8) %

Earnings before finance costs and income taxes

676,129

339,431

336,698

99.2 %

Finance costs

31,097

1,427

(29,670)

(2,079.2) %

Earnings before income taxes

645,032

338,004

307,028

90.8 %

Income tax expense

101,796

45,734

(56,062)

(122.6) %

Net earnings

543,236

292,270

250,966

85.9 %

Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Six Months Ended June 30, 2026

Units

Produced²

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

131,317

128,781

4,630

433

404

596,292

488,467

540,512

2,568,665

Sudbury 5

8,841

8,883

4,663

400

1,399

41,424

25,444

37,893

206,067

Constancia

7,549

13,876

4,759

429

338

66,038

55,391

60,087

47,588

San Dimas

14,231

13,654

4,672

645

428

63,790

49,131

54,978

119,371

Stillwater

2,847

2,669

4,656

853

570

12,428

8,629

10,151

202,680

Blackwater

10,879

11,160

4,639

1,588

606

51,769

27,279

34,607

324,284

Platreef

567

n.a.

275,702

Other 6

11,311

12,148

4,699

904

1,303

57,082

30,262

46,095

1,662,005

187,542

191,171

4,649

550

519

888,823

684,603

784,323

5,406,362

Silver

Peñasquito

4,366

4,167

76.96

4.62

5.09

320,748

280,284

301,494

185,656

Antamina

3,872

3,567

77.83

15.52

14.39

277,563

170,901

222,223

4,708,329

Constancia

1,096

1,127

79.85

6.32

6.43

89,999

75,633

82,875

144,161

Blackwater

276

263

74.09

13.16

7.55

19,435

14,003

15,894

165,522

Other 7

3,460

2,447

80.81

18.62

3.43

197,783

143,814

172,291

562,150

13,070

11,571

78.26

11.30

7.79

905,528

684,635

794,777

5,765,818

Palladium

Stillwater

5,074

4,975

1,581

291

492

7,866

3,970

6,418

206,444

Platreef

305

n.a.

78,814

5,379

4,975

1,581

291

492

7,866

3,970

6,418

285,258

Platinum

Marathon

n.a.

9,451

Platreef

321

n.a.

57,584

321

n.a.

67,035

Cobalt

Voisey's Bay

1,453

1,014

28.06

5.21

9.02

28,453

14,022

19,437

206,733

Operating results

1,830,670

1,387,230

1,604,955

11,731,206

Other

General and administrative

(24,299)

(30,944)

Share based compensation

(14,918)

(29,257)

Donations and community investments

(6,162)

(5,306)

Finance costs

(32,502)

(31,852)

Other

26,807

17,188

Income tax

(210,876)

(109,444)

Total other

(261,950)

(189,615)

429,980

1,125,280

1,415,340

12,161,186

Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton, Stobie and Totten gold interests and the non-operating Victor gold interest.

Six Months Ended June 30, 2025

Units

Produced²

Units

Sold

Average

Realized

Price

($'s

Per Unit)

Average

Cash Cost

($'s Per

Unit) 3

Average

Depletion

($'s Per

Unit) 4

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

140,802

160,140

3,084

429

390

493,802

362,714

425,126

2,677,073

Sudbury 5

10,283

8,481

3,032

400

1,326

25,714

11,077

22,307

230,307

Constancia

9,480

16,615

3,055

425

323

50,752

38,335

43,698

58,963

San Dimas

15,403

16,197

3,070

638

290

49,733

34,698

39,392

131,787

Stillwater

2,993

3,333

3,057

536

421

10,188

7,000

8,402

206,058

Blackwater

5,067

3,401

3,351

1,167

617

11,398

5,331

7,429

338,133

Platreef

n.a.

275,702

Other 6

1,524

2,103

3,073

385

1,261

6,462

3,001

5,653

592,372

185,552

210,270

3,082

457

427

648,049

462,156

552,007

4,510,395

Silver

Peñasquito

3,857

4,088

32.96

4.56

4.86

134,738

96,240

116,097

224,608

Antamina

2,529

1,957

33.02

6.65

8.46

64,614

35,040

51,596

474,215

Constancia

1,107

1,355

32.86

6.26

6.10

44,514

27,764

36,034

157,109

Blackwater

173

143

36.69

6.55

9.67

5,239

2,923

4,519

169,566

Other 7

2,609

1,808

34.04

4.45

5.42

61,572

43,714

46,030

551,926

10,275

9,351

33.22

5.25

5.98

310,677

205,681

254,276

1,577,424

Palladium

Stillwater

5,096

5,032

981

174

429

4,936

1,903

4,063

211,019

Platreef

n.a.

78,814

5,096

5,032

981

174

429

4,936

1,903

4,063

289,833

Platinum

Marathon

n.a.

9,451

Platreef

n.a.

57,584

n.a.

67,035

Cobalt

Voisey's Bay

1,187

618

16.15

3.09

9.18

9,967

2,389

6,869

225,020

Operating results

973,629

672,129

817,215

6,669,707

Other

General and administrative

(24,547)

(29,875)

Share based compensation

(22,143)

(17,209)

Donations and community investments

(5,060)

(4,975)

Finance costs

(2,868)

(3,186)

Other

17,256

16,964

Income tax

(88,513)

(3,182)

Total other

(125,875)

(41,463)

1,312,678

546,254

775,752

7,982,385

Refer to discussion on non-GAAP measure (iii) at the end of this press release.

Includes the non-cash per ounce cost of sale associated with delay ounces. Please see the Company's MD&A for more information.

Comprised of the operating Coleman, Copper Cliff, Garson, Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Other gold interests comprised of the Marmato, Copper World, Santo Domingo, Fenix, El Domo, Marathon, Goose, Cangrejos, Curraghinalt, Kudz Ze Kayah, Koné and Kurmuk gold interests.

Comparative Results of Operations on a GEO Basis

YTD 2026

YTD 2025

Change

GEO Production 1, 2

414,755

364,570

50,185

13.8 %

GEO Sales 2

390,859

370,911

19,948

5.4 %

Average price per GEO sold 2

4,684

2,625

2,059

78.4 %

Revenue

1,830,670

973,629

857,041

88.0 %

Cost of sales, excluding depletion

244,086

149,805

(94,281)

(62.9) %

Depletion

199,354

151,695

(47,659)

(31.4) %

Cost of sales

443,440

301,500

(141,940)

(47.1) %

Gross margin

1,387,230

672,129

715,101

106.4 %

General and administrative

24,299

24,547

248

1.0 %

Share based compensation

14,918

22,143

7,225

32.6 %

Donations and community investments

6,162

5,060

(1,102)

(21.8) %

Earnings from operations

1,341,851

620,379

721,472

116.3 %

Other income (expense)

26,807

17,256

9,551

55.3 %

Earnings before finance costs and income taxes

1,368,658

637,635

731,023

114.6 %

Finance costs

32,502

2,868

(29,634)

(1,033.3) %

Earnings before income taxes

1,336,156

634,767

701,389

110.5 %

Income tax expense

210,876

88,513

(122,363)

(138.2) %

Net earnings

1,125,280

546,254

579,026

106.0 %

Quantity produced represents the amount of gold, silver, palladium, platinum and cobalt contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Non-GAAP Measures

Wheaton has included, throughout this document, certain non-GAAP performance measures, including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis; (iv) cash operating margin; and (v) net debt.

i Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of non-cash impairment charges (reversals) (if any), non-cash fair value (gains) losses and the non-cash accretion of interest on the 777 PMPA refundable deposit as well as the reversal of non-cash income tax expense (recovery) which is offset by income tax expense (recovery) recognized in the Statements of Shareholders' Equity and OCI, respectively. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

Three Months Ended

June 30

Six Months Ended

June 30

(in thousands, except for per share amounts)

2026

2025

2026

2025

Net earnings

543,236

292,270

1,125,280

546,254

Add back (deduct):

(Gain) loss on fair value adjustment of share purchase warrants held

(492)

(2,134)

436

(2,757)

Deferred income tax (expense) recovery recognized in the Statement of OCI

(3,945)

(6,295)

Interest accretion on the 777 refundable deposit

(202)

(187)

(401)

(372)

Adjusted net earnings

542,542

286,004

1,125,315

536,830

Divided by:

Basic weighted average number of shares outstanding

454,133

453,889

454,089

453,791

Diluted weighted average number of shares outstanding

454,991

454,663

454,973

454,550

Equals:

Adjusted earnings per share - basic

1.195

0.630

2.478

1.183

Adjusted earnings per share - diluted

1.192

0.629

2.473

1.181

ii Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

Three Months Ended

June 30

Six Months Ended

June 30

(in thousands, except for per share amounts)

2026

2025

2026

2025

Cash generated by operating activities

649,518

414,959

1,415,340

775,752

Divided by:

Basic weighted average number of shares outstanding

454,133

453,889

454,089

453,791

Diluted weighted average number of shares outstanding

454,991

454,663

454,973

454,550

Equals:

Operating cash flow per share - basic

1.430

0.914

3.117

1.709

Operating cash flow per share - diluted

1.428

0.913

3.111

1.707

iii Average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis is calculated by dividing the total cost of sales, less depletion and cost of sales related to delay ounces, by the ounces or pounds sold. In the precious metal mining industry, this is a common performance measure but does not have any standardized meaning prescribed by IFRS Accounting Standards. In addition to conventional measures prepared in accordance with IFRS Accounting Standards, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow.

The following table provides a calculation of average cash cost of gold, silver and palladium on a per ounce basis and cobalt on a per pound basis.

Three Months Ended

June 30

Six Months Ended

June 30

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2026

2025

2026

2025

Cost of sales

241,345

150,171

443,440

301,500

Less: depletion

(122,502)

(75,002)

(199,354)

(151,695)

Less: cost of sales related to delay ounces 1

(1,009)

(1,514)

(1,873)

Cash cost of sales

118,843

74,160

242,572

147,932

Cash cost of sales is comprised of:

Total cash cost of gold sold

52,210

46,517

105,086

96,028

Total cash cost of silver sold

62,413

25,934

130,751

49,122

Total cash cost of palladium sold

547

450

1,448

873

Total cash cost of cobalt sold

3,673

1,259

5,287

1,909

Total cash cost of sales

118,843

74,160

242,572

147,932

Divided by:

Total gold ounces sold

96,099

98,973

191,171

210,270

Total silver ounces sold

6,522

4,868

11,571

9,351

Total palladium ounces sold

2,069

2,575

4,975

5,032

Total cobalt pounds sold

705

353

1,014

618

Equals:

Average cash cost of gold (per ounce)

543

470

550

457

Average cash cost of silver (per ounce)

9.57

5.33

11.30

5.25

Average cash cost of palladium (per ounce)

264

175

291

174

Average cash cost of cobalt (per pound)

5.21

3.57

5.21

3.09

The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

iv Cash operating margin is calculated by adding back depletion and the cost of sales related to delay ounces to the gross margin. Cash operating margin on a per ounce or per pound basis is calculated by dividing the cash operating margin by the number of ounces or pounds sold during the period. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

Three Months Ended

June 30

Six Months Ended

June 30

(in thousands, except for gold and palladium ounces sold and per unit amounts)

2026

2025

2026

2025

Gross margin

687,856

353,047

1,387,230

672,129

Add back: depletion

122,502

75,002

199,354

151,695

Add back: cost of sales related to delay ounces 1

1,009

1,514

1,873

Cash operating margin

810,358

429,058

1,588,098

825,697

Cash operating margin is comprised of:

Total cash operating margin of gold sold

375,575

281,837

783,737

552,021

Total cash operating margin of silver sold

416,345

139,805

774,777

261,555

Total cash operating margin of palladium sold

2,410

2,114

6,418

4,063

Total cash operating margin of cobalt sold

16,028

5,302

23,166

8,058

Total cash operating margin

810,358

429,058

1,588,098

825,697

Divided by:

Total gold ounces sold

96,099

98,973

191,171

210,270

Total silver ounces sold

6,522

4,868

11,571

9,351

Total palladium ounces sold

2,069

2,575

4,975

5,032

Total cobalt pounds sold

705

353

1,014

618

Equals:

Cash operating margin per gold ounce sold

3,908

2,847

4,100

2,624

Cash operating margin per silver ounce sold

63.84

28.72

66.96

27.97

Cash operating margin per palladium ounce sold

1,165

821

1,290

807

Cash operating margin per cobalt pound sold

22.75

15.04

22.87

13.06

The cost of sales related to delay ounces is a non-cash expense. Please see the Company's MD&A for more information.

v Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Credit Facility and the Term Loan. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position.

The following table provides a calculation of the Company's net debt.

As at

June 30

As at

December 31

(in thousands)

2026

2025

Bank debt

1,969,282

Less: cash and cash equivalents

(100,192)

(1,153,593)

Net debt (net cash)

1,869,090

(1,153,593)

These non-GAAP measures do not have any standardized meaning prescribed by IFRS Accounting Standards, and other companies may calculate these measures differently. The presentation of these non-GAAP measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. For more detailed information, please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR+ at www.sedarplus.ca.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws.

Cautionary Language Regarding Reserves and Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally, readers should refer to Wheaton's Annual Information Form for the year ended December 31, 2025, which was filed on March 31, 2026 and other continuous disclosure documents filed by Wheaton since January 1, 2026, available on SEDAR+ at www.sedarplus.ca. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The Company reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements which are governed by, and utilize definitions required by, Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions adopted by the United States Securities and Exchange Commission ("SEC") under the United States Securities Act of 1933, as amended (the "Securities Act") which are applicable to U.S. companies. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted by the SEC. Accordingly, information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F, a copy of which may be obtained from Wheaton or from https://www.sec.gov/edgar.shtml.

End Notes

1Please refer to disclosure on non-GAAP measures in this press release. Details of the dividend can be found in the Wheaton's news release dated March 12, 2026, titled "Wheaton Precious Metals Announces Quarterly Dividend."

2Statements made in this section contain forward-looking information with respect to forecast production, production growth, funding outstanding commitments, continuing to acquire accretive mineral stream interests and the commencement, timing and achievement of construction, expansion or improvement projects 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.

3Gold equivalent ounces for 2026 and long-term guidance are calculated by converting silver, palladium, platinum and cobalt to a gold equivalent by using the following commodity price assumptions: $4,800 per ounce gold, $80 per ounce silver, $1,500 per ounce Palladium, $2,000 per ounce Platinum, and $25 per pound Cobalt.

4Source: Company reports S&P Global estimates of 2026-2030 byproduct cost curves for gold, zinc/lead, copper, PGM, nickel & silver mines

5Total streaming and royalty agreements relate to precious metals purchase agreements for the purchase of precious metals and cobalt relating to 22 mining assets which are currently operating, 20 which are at various stages of development, and 15 of which are in various stages of exploration (with exploration assets including three which have been placed in care and maintenance or have been closed).

6Further details for long-term guidance can be found in the Wheaton news release dated February 16, 2026, titled "Wheaton Precious Metals Exceeds 2025 Production Guidance and Provides 2026 and Long-Term Outlook, Projecting Approximately 50% Growth to 1.2 Million Gold Equivalent Ounces by 2030."

7Wheaton's long-term production outlook is based on information available as of February 16, 2026, the date of publication.

SOURCE Wheaton Precious Metals Corp.