Condensed Interim Consolidated Statements of Earnings

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars and shares in thousands, except per share amounts - unaudited)	Note	2024		2023		2024		2023
Sales	6	$	308,253	$	223,137	$	904,123	$	702,573
Cost of sales
Cost of sales, excluding depletion		$	55,310	$	49,808	$	170,872	$	160,413
Depletion			55,530		46,435		178,071		145,908
Total cost of sales		$	110,840	$	96,243	$	348,943	$	306,321
Gross margin		$	197,413	$	126,894	$	555,180	$	396,252
General and administrative expenses	7		9,488		8,606		30,193		28,922
Share based compensation	8		9,628		4,336		17,150		16,217
Donations and community investments	9		2,352		1,736		4,626		5,054
Earnings from operations		$	175,945	$	112,216	$	503,211	$	346,059
Gain on disposal of mineral stream interests	12		-		-		-		5,027
Other income (expense)	10		7,605		10,707		19,922		26,961
Earnings before finance costs and income taxes		$	183,550	$	122,923	$	523,133	$	378,047
Finance costs	16.3		1,404		1,407		4,144		4,138
Earnings before income taxes		$	182,146	$	121,516	$	518,989	$	373,909
Income tax expense	22		27,511		5,145		77,996		4,700
Net earnings		$	154,635	$	116,371	$	440,993	$	369,209
Basic earnings per share		$	0.341	$	0.257	$	0.973	$	0.815
Diluted earnings per share		$	0.340	$	0.257	$	0.971	$	0.814
Weighted average number of shares outstanding
Basic	20		453,641		452,975		453,389		452,748
Diluted	20		454,302		453,538		454,037		453,419

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [2]

Condensed Interim Consolidated Statements of Comprehensive Income

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2024		2023		2024		2023
Net earnings		$	154,635	$	116,371	$	440,993	$	369,209
Other comprehensive income
Items that will not be reclassified to net earnings
Gain (loss) on LTIs¹	15	$	13,747	$	(59,504)	$	26,587	$	(67,933)
Income tax (recovery) expense related to LTIs	22		653		(5,115)		2,077		(7,205)
Total other comprehensive income (loss)		$	13,094	$	(54,389)	$	24,510	$	(60,728)
Total comprehensive income		$	167,729	$	61,982	$	465,503	$	308,481

LTIs = long-term investments – common shares held.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [3]

Condensed Interim Consolidated Balance Sheets

	Note	As at September 30		As at December 31
(US dollars in thousands - unaudited)	Note	2024		2023
Assets
Current assets
Cash and cash equivalents	21	$	694,085	$	546,527
Accounts receivable	11		10,435		10,078
Cobalt inventory			-		1,372
Income taxes receivable	22		1,392		5,935
Other	23		3,938		3,499
Total current assets		$	709,850	$	567,411
Non-current assets
Mineral stream interests	12	$	6,456,123	$	6,122,441
Early deposit mineral stream interests	13		47,094		47,093
Mineral royalty interests	14		40,429		13,454
Long-term equity investments	15		103,068		246,678
Property, plant and equipment			7,535		7,638
Other	24		22,080		26,470
Total non-current assets		$	6,676,329	$	6,463,774
Total assets		$	7,386,179	$	7,031,185
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	14,766	$	13,458
Current portion of performance share units	19.1		12,522		12,013
Current portion of lease liabilities	16.2		324		604
Total current liabilities		$	27,612	$	26,075
Non-current liabilities
Performance share units	19.1	$	9,301	$	9,113
Lease liabilities	16.2		5,340		5,625
Global minimum tax	22		78,361		-
Deferred income taxes	22		264		232
Pension liability			5,287		4,624
Total non-current liabilities		$	98,553	$	19,594
Total liabilities		$	126,165	$	45,669
Shareholders' equity
Issued capital	17	$	3,797,558	$	3,777,323
Reserves	18		(44,489)		(40,091)
Retained earnings			3,506,945		3,248,284
Total shareholders' equity		$	7,260,014	$	6,985,516
Total liabilities and shareholders' equity		$	7,386,179	$	7,031,185

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [4]

Condensed Interim Consolidated Statements of Cash Flows

		Three Months Ended September 30				Nine Months Ended September 30
(US dollars in thousands - unaudited)	Note	2024		2023		2024		2023
Operating activities
Net earnings		$	154,635	$	116,371	$	440,993	$	369,209
Adjustments for
Depreciation and depletion			55,887		46,784		179,111		147,031
Gain on disposal of mineral stream interest	12		-		-		-		(5,027)
Interest expense	16.3		71		78		216		131
Equity settled share based compensation	8		1,725		1,732		4,978		5,133
Performance share units - expense	19.1		7,903		2,604		12,172		11,084
Performance share units - paid	19.1		-		-		(11,129)		(16,675)
Pension expense			336		329		794		787
Pension paid			-		-		(43)		(116)
Income tax (recovery) expense	22		27,511		5,145		77,996		4,700
(Gain) loss on fair value adjustment of share purchase warrants held	10		(523)		143		(903)		248
Investment income recognized in net earnings			(7,249)		(10,537)		(18,564)		(26,564)
Other			2,246		163		2,646		662
Change in non-cash working capital	21		2,837		(489)		1,329		(876)
Cash generated from operations before income taxes and interest		$	245,379	$	162,323	$	689,596	$	489,727
Income taxes paid			2,925		(912)		2,734		(5,244)
Interest paid			(71)		(79)		(219)		(112)
Interest received			6,104		9,771		15,999		24,213
Cash generated from operating activities		$	254,337	$	171,103	$	708,110	$	508,584
Financing activities
Credit facility extension fees	16.1	$	(11)	$	(13)	$	(936)	$	(859)
Share purchase options exercised	18.1		847		93		13,011		10,603
Lease payments	16.2		(149)		(169)		(444)		(548)
Dividends paid	17.2		(69,984)		(66,994)		(209,108)		(198,085)
Cash used for financing activities		$	(69,297)	$	(67,083)	$	(197,477)	$	(188,889)
Investing activities
Mineral stream interests	12	$	(25,876)	$	(90,710)	$	(512,383)	$	(210,944)
Early deposit mineral stream interests	13		-		(250)		-		(1,000)
Mineral royalty interest	14		(4,956)		(3,602)		(26,981)		(3,602)
Net proceeds on disposal of mineral stream interests			-		-		-		46,400
Acquisition of long-term investments	15, 21		(728)		(5,006)		(1,479)		(13,181)
Proceeds on disposal of long-term investments	15, 21		-		-		177,088		202
Dividends received			482		700		1,663		1,617
Other			(155)		(35)		(944)		(1,804)
Cash used for investing activities		$	(31,233)	$	(98,903)	$	(363,036)	$	(182,312)
Effect of exchange rate changes on cash and cash equivalents		$	61	$	(35)	$	(39)	$	447
Increase in cash and cash equivalents		$	153,868	$	5,082	$	147,558	$	137,830
Cash and cash equivalents, beginning of period			540,217		828,837		546,527		696,089
Cash and cash equivalents, end of period	21	$	694,085	$	833,919	$	694,085	$	833,919

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [5]

Condensed Interim Consolidated Statements of Shareholders’ Equity

				Reserves
(US dollars in thousands - unaudited)	Number of Shares (000's)	Issued Capital		Share Purchase Warrants Reserve		Share Purchase Options Reserve		Restricted Share Units Reserve		LTI ¹ Revaluation Reserve (Net of Tax)		Total Reserves		Retained Earnings		Total
At January 1, 2023	452,319	$	3,752,662	$	83,077	$	22,578	$	8,142	$	(47,250)	$	66,547	$	2,898,466	$	6,717,675
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	252,839	$	252,839
OCI ¹			-		-		-		-		(6,339)		(6,339)		-		(6,339)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(6,339)	$	(6,339)	$	252,839	$	246,500
SBC ¹ expense		$	-	$	-	$	1,355	$	2,046	$	-	$	3,401	$	-	$	3,401
Options ¹ exercised	431		11,841		-		(1,914)		-		-		(1,914)		-		9,927
RSUs ¹ released	119		3,966		-		-		(3,966)		-		(3,966)		-		-
Warrant expiration	-		-		(83,077)		-		-		-		(83,077)		83,077		-
Dividends (Note 17.2)	100		4,758		-		-		-		-		-		(135,848)		(131,090)
Realized loss on disposal of LTIs ¹ (Note 18.3)			-		-		-		-		(841)		(841)		841		-
At June 30, 2023	452,969	$	3,773,227	$	-	$	22,019	$	6,222	$	(54,430)	$	(26,189)	$	3,099,375	$	6,846,413
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	116,371	$	116,371
OCI ¹			-		-		-		-		(54,389)		(54,389)		-		(54,389)
Total comprehensive income		$	-	$	-	$	-	$	-	$	(54,389)	$	(54,389)	$	116,371	$	61,982
SBC ¹ expense		$	-	$	-	$	735	$	997	$	-	$	1,732	$	-	$	1,732
Options ¹ exercised	5		154		-		(26)		-		-		(26)		-		128
Dividends (Note 17.2)	22		952		-		-		-		-		-		(67,946)		(66,994)
At September 30, 2023	452,996	$	3,774,333	$	-	$	22,728	$	7,219	$	(108,819)	$	(78,872)	$	3,147,800	$	6,843,261
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	168,434	$	168,434
OCI ¹			-		-		-		-		37,815		37,815		-		37,815
Total comprehensive income		$	-	$	-	$	-	$	-	$	37,815	$	37,815	$	168,434	$	206,249
SBC ¹ expense		$	-	$	-	$	518	$	787	$	-	$	1,305	$	-	$	1,305
Options ¹ exercised	54		2,065		-		(339)		-		-		(339)		-		1,726
Dividends (Note 17.2)	19		925		-		-		-		-		-		(67,950)		(67,025)
At December 31, 2023	453,069	$	3,777,323	$	-	$	22,907	$	8,006	$	(71,004)	$	(40,091)	$	3,248,284	$	6,985,516
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	286,358	$	286,358
OCI ¹			-		-		-		-		11,416		11,416		-		11,416
Total comprehensive income		$	-	$	-	$	-	$	-	$	11,416	$	11,416	$	286,358	$	297,774
SBC ¹ expense		$	-	$	-	$	1,372	$	1,881	$	-	$	3,253	$	-	$	3,253
Options ¹exercised	469		14,426		-		(2,173)		-		-		(2,173)		-		12,253
RSUs ¹ released	69		3,013		-		-		(3,013)		-		(3,013)		-		-
Dividends (Note 17.2)	28		1,410		-		-		-		-		-		(140,534)		(139,124)
Realized gain on disposal of LTIs ¹ (Note 18.3)			-		-		-		-		(31,578)		(31,578)		31,578		-
At June 30, 2024	453,635	$	3,796,172	$	-	$	22,106	$	6,874	$	(91,166)	$	(62,186)	$	3,425,686	$	7,159,672
Total comprehensive income
Net earnings		$	-	$	-	$	-	$	-	$	-	$	-	$	154,635	$	154,635
OCI ¹			-		-		-		-		13,094		13,094		-		13,094
Total comprehensive income		$	-	$	-	$	-	$	-	$	13,094	$	13,094	$	154,635	$	167,729
SBC ¹ expense		$	-	$	-	$	733	$	992	$	-	$	1,725	$	-	$	1,725
Options ¹exercised	25		1,057		-		(184)		-		-		(184)		-		873
Dividends (Note 17.2)	6		329		-		-		-		-		-		(70,314)		(69,985)
Realized gain on disposal of LTIs ¹ (Note 18.3)			-		-		-		-		3,062		3,062		(3,062)		-
At September 30, 2024	453,666	$	3,797,558	$	-	$	22,655	$	7,866	$	(75,010)	$	(44,489)	$	3,506,945	$	7,260,014

1) Definitions as follows: “OCI” = Other Comprehensive Income (Loss); “SBC” = Equity Settled Stock Based Compensation; “Options” = Share Purchase Options; “RSUs” = Restricted Share Units; “LTI’s” = Long-Term Investments; “Warrants” = Share Purchase Warrants.

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [6]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

1.	Description of Business and Nature of Operations

Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals (gold, silver and palladium) and cobalt. Wheaton Precious Metals Corp. (“Wheaton” or the “Company”), which is the ultimate parent company of its consolidated group, is incorporated and domiciled in Canada, and its principal place of business is at Suite 3500 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3. The Company trades on the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and the London Stock Exchange (“LSE”) under the symbol WPM.

Including the agreements closed after September 30, 2024 (Note 27), the Company has entered into 39 long-term agreements (31 of which are precious metal purchase agreements, or “PMPAs”, three of which are early deposit PMPAs, and five of which are royalty agreements), with 33 different mining companies, related to precious metals and cobalt relating to 18 mining assets which are currently operating, 24 which are at various stages of development and 4 which have been placed into care and maintenance or have been closed, located in 17 countries. Pursuant to the PMPAs, Wheaton acquires metal production from the counterparties for an initial upfront payment plus an additional cash payment for each ounce or pound delivered which is either a fixed price or fixed percentage of the market price by contract, generally at or below the prevailing market price.

The condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2024 were authorized for issue as of November 7, 2024 in accordance with a resolution of the Board of Directors.

2.	Basis of Presentation and Statement of Compliance

These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value as at the relevant balance sheet date. The consolidated financial statements are presented in United States (“US”) dollars, which is the Company’s functional currency, and all values are rounded to the nearest thousand US dollars (US$ 000’s) unless otherwise noted. References to “Cdn$” refer to Canadian dollars.

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies applied in these unaudited condensed interim consolidated financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB") and have been prepared using the same accounting policies and methods of application as disclosed in Note 3 to the audited consolidated financial statements for the year ended December 31, 2023 and were consistently applied to all the periods presented unless otherwise stated below. These unaudited condensed interim consolidated financial statements do not include all the information and note disclosures required by IFRS for annual consolidated financial statements and therefore should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023.

The preparation of financial statements in accordance with IAS 34 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present fairly the financial position at September 30, 2024 and the results of operations and cash flows for all periods presented have been made. The interim results are not necessarily indicative of results for a full year.

3.	Material Accounting Policy Information

3.1.	New Accounting Standards Effective in 2024

Amendment to IAS 1- Presentation of Financial statements

The amendments to IAS 1, clarify the presentation of liabilities. The classification of liabilities as current or non-current is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [7]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. The adoption of this amendment did not have a material impact on the Company’s financial statements.

3.2.	Future Changes to Accounting Policies

The IASB has issued the following new or amended standards:

IFRS 18 - Presentation and Disclosure in Financial Statements.

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company is currently evaluating the impact of IFRS 18 on its financial statements.

4.	Key Sources of Estimation Uncertainty and Critical Accounting Judgments

The preparation of the Company’s condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about significant areas of estimation uncertainty and judgments made by management in preparing the condensed interim consolidated financial statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2023.

5.	Financial Instruments

5.1.	Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern and satisfy its outstanding funding commitments while maintaining a high degree of financial flexibility to consummate new streaming investments.

The capital structure of the Company consists of debt (Note 16) and equity attributable to common shareholders, comprising of issued capital (Note 17), accumulated reserves (Note 18) and retained earnings.

The Company is not subject to any externally imposed capital requirements with the exception of complying with the minimum tangible net worth covenant under its sustainability-linked revolving credit facility (Note 16).

The Company is in compliance with the debt covenants at September 30, 2024, as described in Note 16.1.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [8]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

5.2.	Categories of Financial Assets and Liabilities

Trade receivables from sales of cobalt and other receivables are non-interest bearing and are stated at amortized cost, which approximate fair values due to the short terms to maturity. Where necessary, the other receivables are reported net of allowances for uncollectable amounts. The refundable deposit on the 777 PMPA, which requires a single principal payment at maturity, is carried at amortized cost, which approximates its fair value. All other financial assets are reported at fair value. Fair value adjustments on financial assets are reflected as a component of net earnings with the exception of fair value adjustments associated with the Company’s long-term investments in common shares held. As these long-term investments are held for strategic purposes and not for trading, the Company has made a one time, irrevocable election to reflect the fair value adjustments associated with these investments as a component of OCI. Financial liabilities are reported at amortized cost using the effective interest method, which approximate fair values due to the short terms to maturity. The following table summarizes the classification of the Company’s financial assets and liabilities:

	Note	September 30		December 31
(in thousands)	Note	2024		2023
Financial assets
Financial assets mandatorily measured at FVTNE ¹
Cash and cash equivalents	21	$	694,085	$	546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment	6, 11		8,075		5,360
Long-term investments - warrants held			1,695		652
Investments in equity instruments designated at FVTOCI ¹
Long-term investments - common shares held	15		101,373		246,026
Financial assets measured at amortized cost
Trade receivables from sales of cobalt	11		441		3,975
Refundable deposit - 777 PMPA	24		9,238		8,717
Other accounts receivable			1,919		743
Total financial assets		$	816,826	$	812,000
Financial liabilities
Financial liabilities at amortized cost
Accounts payable and accrued liabilities		$	14,766	$	13,458
Lease liabilities	16.2		5,664		6,229
Total financial liabilities		$	20,430	$	19,687

1)	FVTNE refers to Fair Value Through Net Earnings, FVTOCI refers to Fair Value Through Other Comprehensive Income.

5.3.	Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure liquidity of available funds.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company invests surplus cash in short-term, high credit quality, money market instruments. Finally, counterparties used to sell precious metals are all large, international organizations with strong credit ratings and the balance of trade receivables on these sales in the ordinary course of business is not significant. Therefore, credit risk associated with trade receivables at September 30, 2024 is considered to be negligible.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [9]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

The Company’s maximum exposure to credit risk related to its financial assets is as follows:

		September 30		December 31
(in thousands)	Note	2024		2023
Cash and cash equivalents	21	$	694,085	$	546,527
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		8,075		5,360
Trade receivables from sales of cobalt	11		441		3,975
Refundable Deposit - 777 PMPA	24		9,238		8,717
Other accounts receivables	11		1,919		743
Maximum exposure to credit risk related to financial assets		$	713,758	$	565,322

5.4.	Liquidity Risk

The Company has in place a rigorous planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at September 30, 2024, the Company had cash and cash equivalents of $694 million (December 31, 2023 - $547 million) and working capital of $682 million (December 31, 2023 - $541 million).

The Company holds equity investments of several companies (Note 15) with a combined market value at September 30, 2024 of $103 million (December 31, 2023 - $247 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. These shares and warrants are held for strategic purposes and are considered long-term investments and therefore, as part of the Company’s planning, budgeting and liquidity analysis process, these investments are not relied upon to provide operational liquidity.

The following table summarizes the timing associated with the Company’s remaining contractual payments relating to its financial liabilities and performance share units liability. The table reflects the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay (assuming that the Company is in compliance with all of its obligations). The table includes both interest and principal cash flows, where applicable.

As at September 30, 2024
(in thousands)	2024		2025 - 2026			2027 - 2028			After 2028			Total
Accounts payable and accrued liabilities	$	14,766	$		-		$	-		$	-	$	14,766
Performance share units¹		-			20,082			1,741			-		21,823
Total	$	14,766		$	20,082		$	1,741		$	-	$	36,589

1)	See Note 19.1 for estimated value per PSU at maturity and anticipated performance factor at maturity.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [10]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

5.5.	Currency Risk

The Company undertakes certain transactions denominated in Canadian dollars, including certain operating expenses and the acquisition of strategic long-term investments. As a result, the Company is exposed to fluctuations in the value of the Canadian dollar relative to the United States dollar. The carrying amounts of the Company’s Canadian dollar denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

	September 30		December 31
(in thousands)	2024		2023
Monetary assets
Cash and cash equivalents	$	6,674	$	1,729
Accounts receivable		139		112
Long-term investments - common shares held		101,373		77,770
Long-term investments - warrants held		1,695		652
Other long-term assets		3,319		7,898
Total Canadian dollar denominated monetary assets	$	113,200	$	88,161
Monetary liabilities
Accounts payable and accrued liabilities	$	7,733	$	9,080
Performance share units		18,309		17,303
Lease liability		5,577		5,892
Pension liability		5,286		4,624
Total Canadian dollar denominated monetary liabilities	$	36,905	$	36,899

The following tables detail the Company’s sensitivity to a 10% increase or decrease in the Canadian dollar relative to the United States dollar, representing the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in exchange rates.

	As at September 30, 2024
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(2,508)	$	2,508
Increase (decrease) in other comprehensive income		10,137		(10,137)
Increase (decrease) in total comprehensive income	$	7,629	$	(7,629)

	As at December 31, 2023
	Change in Canadian Dollar
(in thousands)	10% Increase		10% Decrease
Increase (decrease) in net earnings	$	(2,651)	$	2,651
Increase (decrease) in other comprehensive income		7,777		(7,777)
Increase (decrease) in total comprehensive income	$	5,126	$	(5,126)

5.6.	Interest Rate Risk

The Company is exposed to interest rate risk on its outstanding borrowings and short-term investments. Presently, the Company has no outstanding borrowings, and historically all borrowings have been at floating interest rates. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. During the three and nine months ended September 30, 2024 and 2023, the weighted average effective interest

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [11]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

rate paid by the Company on its outstanding borrowings was Nil. During the three and nine months ended September 30, 2024 the weighted average interest rate earned on its cash deposits in interest bearing accounts was 5.20%, as compared to 5.12% and 4.62% in the comparable periods of the prior year.

During the three and nine months ended September 30, 2024 and 2023, a fluctuation in interest rates of 100 basis points (1 percent) would not have impacted the amount of interest expensed by the Company.

During the three and nine months ended September 30, 2024, a fluctuation in interest rates of 100 basis points (1 percent) would have impacted the amount of interest earned by approximately $1 million and $3 million, respectively, as compared to $2 million and $5 million during the comparable periods of the prior year.

5.7.	Other Price Risk

The Company is exposed to equity price risk as a result of holding long-term investments in common shares of various companies. The Company does not actively trade these investments.

If equity prices had been 10% higher or lower at the respective balance sheet date, other comprehensive income for the three and nine months ended September 30, 2024 and 2023 would have increased/decreased by approximately $10 million and $20 million respectively, as a result of changes in the fair value of common shares held.

5.8.	Fair Value Estimation

The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurements (“IFRS 13”).

Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs which are supported by little or no market activity.

The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

		September 30, 2024
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	21	$	694,085	$	694,085	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		8,075		-		8,075		-
Long-term investments - common shares held	15		101,373		101,373		-		-
Long-term investments - warrants held	15		1,695		-		1,695		-
		$	805,228	$	795,458	$	9,770	$	-

		December 31, 2023
(in thousands)	Note	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	21	$	546,527	$	546,527	$	-	$	-
Trade receivables from provisional concentrate sales, net of fair value adjustment	11		5,360		-		5,360		-
Long-term investments - common shares held	15		246,026		246,026		-		-
Long-term investments - warrants held	15		652		-		652		-
		$	798,565	$	792,553	$	6,012	$	-

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [12]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

When balances are outstanding, the Company’s bank debt (Note 16.1) is reported at amortized cost using the effective interest method.

5.8.1.

Valuation Techniques for Level 2 Assets

Accounts Receivable Arising from Sales of Metal Concentrates

The Company’s trade receivables from provisional concentrate sales are valued based on forward price of silver to the expected date of final settlement (Note 6). As such, these receivables and/or liabilities are classified within Level 2 of the fair value hierarchy.

Long-Term Investments in Warrants Held

The fair value of the Company’s long-term investments in warrants held that are not traded in an active market are determined using a Black-Scholes model based on assumptions including risk free interest rate, expected dividend yield, expected volatility and expected warrant life which are supported by observable current market conditions and as such are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2024			2023			2024			2023
Sales
Gold credit sales	$	188,521	61%	$	144,707	65%	$	561,360	62%	$	413,414	59%
Silver
Silver credit sales	$	94,749	30%	$	44,404	20%	$	265,000	29%	$	200,409	28%
Concentrate sales		20,400	7%		25,968	12%		58,098	7%		62,720	9%
Total silver sales	$	115,149	37%	$	70,372	32%	$	323,098	36%	$	263,129	37%
Palladium credit sales	$	3,644	1%	$	5,307	2%	$	12,531	1%	$	14,922	2%
Cobalt sales	$	939	1%	$	2,751	1%	$	7,134	1%	$	11,108	2%
Total sales revenue	$	308,253	100%	$	223,137	100%	$	904,123	100%	$	702,573	100%

Gold, Silver and Palladium Credit Sales

Under certain PMPAs, precious metal is acquired from the mine operator in the form of precious metal credits, which is then sold through bullion banks. Revenue from precious metal credit sales is recognized at the time of the sale of such credits, which is also the date that control of the precious metal is transferred to the customer.

The Company will occasionally enter into forward contracts in relation to precious metal deliveries that it is highly confident will occur within a given quarter. The sales price is fixed at the delivery date based on either the terms of these short-term forward sales contracts or the spot price of precious metal.

Concentrate Sales

Under certain PMPAs, silver is acquired from the mine operator in concentrate form, which is then sold under the terms of the concentrate sales contracts to third-party smelters or traders. Where the Company acquires precious metal in concentrate form, final precious metal prices are set on a specified future quotational period (the “Quotational Period”) pursuant to the concentrate sales contracts with third-party smelters, typically one to three months after the shipment date, based on market prices for precious metal. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted gold and silver prices. Final settlement is based upon the average applicable price for the Quotational Period applied to the actual number of precious metal ounces recovered calculated using confirmed smelter weights and settlement assays. Revenues and the associated cost of sales are recorded on a gross basis under these contracts at the time title passes to the customer, which is also the date that control of the precious metal is transferred to the customer. The Company has concluded that the adjustments relating to the final assay results for the quantity of concentrate sold are not significant and do not constrain the recognition of revenue.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [13]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Cobalt Sales

Effective January 1, 2024, the Company entered into an offtake agreement under which all cobalt is sold to a third party offtaker. Revenue from the cobalt sale is recognized at the time of the delivery, which is also the date that control of the cobalt is transferred to the offtaker.

Prior to January 1, 2024, cobalt was sold to a third-party sales agent who generally sold the cobalt to third party customers approved by Wheaton. Revenue from the sale of cobalt was recognized once the third-party customer and sales terms had been agreed to between Wheaton and the third-party sales agent, which was also the date that control of the cobalt was transferred to the third-party sales agent. Should the sales agent retain the cobalt for their own use, revenue was recognized once the sales terms have been agreed to between Wheaton and the third-party sales agent and the product has been delivered, which is also the date that control of the cobalt is transferred to the third-party sales agent.

7.	General and Administrative

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Corporate
Salaries and benefits	$	3,722	$	3,443	$	11,420	$	10,897
Depreciation		239		224		684		780
Professional fees		292		430		1,326		1,853
Business travel		424		257		1,292		909
Director fees		269		238		810		820
Business taxes		94		36		695		749
Audit and regulatory		688		502		2,437		2,671
Insurance		486		493		1,338		1,550
Other		1,237		1,075		3,444		3,091
General and administrative - corporate	$	7,451	$	6,698	$	23,446	$	23,320
Subsidiaries
Salaries and benefits	$	1,280	$	1,148	$	4,030	$	3,465
Depreciation		119		125		356		343
Professional fees		37		131		702		391
Business travel		75		76		298		223
Director fees		52		52		166		155
Business taxes		68		67		195		206
Insurance		13		12		44		39
Other		393		297		956		780
General and administrative - subsidiaries	$	2,037	$	1,908	$	6,747	$	5,602
Consolidated general and administrative	$	9,488	$	8,606	$	30,193	$	28,922

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [14]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

8.	Share Based Compensation

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2024		2023		2024		2023
Equity settled share based compensation ¹
Stock options	18.1	$	733	$	735	$	2,104	$	2,090
RSUs	18.2		992		997		2,874		3,043
Cash settled share based compensation
PSUs	19.1	$	7,903	$	2,604	$	12,172	$	11,084
Total share based compensation		$	9,628	$	4,336	$	17,150	$	16,217

1)	Equity settled share based compensation is a non-cash expense.

9.	Donations and Community Investments

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Local donations and community investments ¹	$	853	$	995	$	1,950	$	1,938
Partner donations and community investments ²		1,499		741		2,676		3,116
Total donations and community investments	$	2,352	$	1,736	$	4,626	$	5,054

1)	The Local Community Investment Program supports organizations in Vancouver and the Cayman Islands, where Wheaton’s offices are located.

2)	The Partner Community Investment Program supports the communities influenced by Mining Partners' operations.

10.	Other Income (Expense)

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2024		2023		2024		2023
Interest income		$	6,767	$	9,837	$	16,901	$	24,948
Dividend income			482		700		1,663		1,616
Foreign exchange gain (loss)			(178)		313		444		386
Gain (loss) on fair value adjustment of share purchase warrants held mandatorily measured at FVTNE ¹			523		(143)		903		(248)
Other			11		-		11		259
Total other income (expense)		$	7,605	$	10,707	$	19,922	$	26,961

1)	FVTNE refers to Fair Value Through Net Earnings

11.	Accounts Receivable

		September 30		December 31
(in thousands)	Note	2024		2023
Trade receivables from provisional concentrate sales, net of fair value adjustment	6	$	8,075	$	5,360
Trade receivables from sales of cobalt	6		441		3,975
Other accounts receivable			1,919		743
Total accounts receivable		$	10,435	$	10,078

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [15]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

12.	Mineral Stream Interests

	Nine Months Ended September 30, 2024
	Cost						Accumulated Depletion & Impairment ¹						Carrying Amount Sep 30, 2024
(in thousands)	Balance Jan 1, 2024		Additions		Balance Sep 30, 2024		Balance Jan 1, 2024		Depletion		Balance Sep 30, 2024		Carrying Amount Sep 30, 2024
Gold interests
Salobo	$	3,429,911	$	-	$	3,429,911	$	(748,492)	$	(65,073)	$	(813,565)	$	2,616,346
Sudbury ²		623,864		-		623,864		(361,379)		(15,567)		(376,946)		246,918
Constancia		140,058		-		140,058		(59,793)		(10,170)		(69,963)		70,095
San Dimas		220,429		-		220,429		(75,707)		(6,215)		(81,922)		138,507
Stillwater ³		239,352		-		239,352		(27,883)		(2,995)		(30,878)		208,474
Other ⁴		656,187		299,141		955,328		(52,498)		(950)		(53,448)		901,880
	$	5,309,801	$	299,141	$	5,608,942	$	(1,325,752)	$	(100,970)	$	(1,426,722)	$	4,182,220
Silver interests
Peñasquito	$	524,626	$	-		524,626	$	(248,394)	$	(22,771)	$	(271,165)	$	253,461
Antamina		900,343		-		900,343		(380,813)		(21,501)		(402,314)		498,029
Constancia		302,948		-		302,948		(123,365)		(9,341)		(132,706)		170,242
Other ⁵		1,159,563		75,079		1,234,642		(577,450)		(11,707)		(589,157)		645,485
	$	2,887,480	$	75,079	$	2,962,559	$	(1,330,022)	$	(65,320)	$	(1,395,342)	$	1,567,217
Palladium interests
Stillwater ³	$	263,721	$	-	$	263,721	$	(43,054)	$	(5,585)	$	(48,639)	$	215,082
Platreef		-		78,820		78,820		-		-		-		78,820
	$	263,721	$	78,820	$	342,541	$	(43,054)	$	(5,585)	$	(48,639)	$	293,902
Platinum interests
Marathon	$	9,451	$	-	$	9,451	$	-	$	-	$	-	$	9,451
Platreef		-		57,588		57,588		-		-		-		57,588
	$	9,451	$	57,588	$	67,039	$	-	$	-	$	-	$	67,039
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	393,422	$	(42,606)	$	(5,071)	$	(47,677)	$	345,745
	$	8,863,875	$	510,628	$	9,374,503	$	(2,741,434)	$	(176,946)	$	(2,918,380)	$	6,456,123

1)	Includes cumulative impairment charges to September 30, 2024 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests. The additions to other gold interests includes: Platreef - $275 million; Kudz Ze Kayah - $14 million; and Cangrejos - $10 million.

Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba. Mineral Park and Kudz Ze Kayah silver interests. The additions to other silver interests includes: Kudz Ze Kayah - $25 million and Mineral Park - $50 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [16]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

	Year Ended December 31, 2023
	Cost								Accumulated Depletion & Impairment ¹						Carrying Amount Dec 31, 2023
(in thousands)	Balance Jan 1, 2023		Additions		Disposal		Balance Dec 31, 2023		Balance Jan 1, 2023		Depletion		Balance Dec 31, 2023		Carrying Amount Dec 31, 2023
Gold interests
Salobo	$	3,059,876	$	370,035	$	-	$	3,429,911	$	(676,614)	$	(71,878)	$	(748,492)	$	2,681,419
Sudbury ²		623,864		-		-		623,864		(340,448)		(20,931)		(361,379)		262,485
Constancia		140,058		-		-		140,058		(44,475)		(15,318)		(59,793)		80,265
San Dimas		220,429		-		-		220,429		(64,564)		(11,143)		(75,707)		144,722
Stillwater ³		239,352		-		-		239,352		(23,500)		(4,383)		(27,883)		211,469
Other ⁴		545,391		152,169		(41,373)		656,187		(51,248)		(1,250)		(52,498)		603,689
	$	4,828,970	$	522,204	$	(41,373)	$	5,309,801	$	(1,200,849)	$	(124,903)	$	(1,325,752)	$	3,984,049
Silver interests
Peñasquito	$	524,626	$	-	$	-	$	524,626	$	(230,952)	$	(17,442)	$	(248,394)	$	276,232
Antamina		900,343		-		-		900,343		(354,975)		(25,838)		(380,813)		519,530
Constancia		302,948		-		-		302,948		(110,001)		(13,364)		(123,365)		179,583
Other ⁵		1,018,199		141,364		-		1,159,563		(565,103)		(12,347)		(577,450)		582,113
	$	2,746,116	$	141,364	$	-	$	2,887,480	$	(1,261,031)	$	(68,991)	$	(1,330,022)	$	1,557,458
Palladium interests
Stillwater ³	$	263,721	$	-	$	-	$	263,721	$	(36,909)	$	(6,145)	$	(43,054)	$	220,667
Platinum interests
Marathon	$	9,428	$	23	$	-	$	9,451	$	-	$	-	$	-	$	9,451
Cobalt interests
Voisey's Bay ⁶	$	393,422	$	-	$	-	$	393,422	$	(35,849)	$	(6,757)	$	(42,606)	$	350,816
	$	8,241,657	$	663,591	$	(41,373)	$	8,863,875	$	(2,534,638)	$	(206,796)	$	(2,741,434)	$	6,122,441

1)	Includes cumulative impairment charges to December 31, 2023 as follows: Pascua-Lama silver interest - $338 million; and Sudbury gold interest - $120 million.

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

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

Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos and Curraghinalt gold interests. The additions to other gold interests includes: Blackwater - $40 million; Goose - $63 million; Cangrejos - $29 million; and Curraghinalt - $20 million.

5)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba and Mineral Park silver interests. The additions to other silver interests includes: Blackwater - $141 million.

6)	When cobalt is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the cobalt is recorded as a cost of sale. Depletion in this table for the Voisey’s Bay cobalt interest is inclusive of depletion relating to inventory.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [17]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

The value allocated to reserves is classified as depletable upon a mining operation achieving commercial production and is depleted on a unit-of-production basis over the estimated recoverable proven and probable reserves at the mine. The value associated with resources and exploration potential is allocated at acquisition and is classified as non-depletable until such time as it is transferred to the depletable category, generally as a result of the conversion of resources or exploration potential into reserves.

	September 30, 2024						December 31, 2023
(in thousands)	Depletable		Non- Depletable		Total		Depletable		Non- Depletable		Total
Gold interests
Salobo	$	2,290,171	$	326,175	$	2,616,346	$	2,303,719	$	377,700	$	2,681,419
Sudbury ¹		205,207		41,711		246,918		218,467		44,018		262,485
Constancia		66,490		3,605		70,095		74,758		5,507		80,265
San Dimas		49,213		89,294		138,507		55,428		89,294		144,722
Stillwater ²		188,840		19,634		208,474		186,668		24,801		211,469
Other ³		17,048		884,832		901,880		17,999		585,690		603,689
	$	2,816,969	$	1,365,251	$	4,182,220	$	2,857,039	$	1,127,010	$	3,984,049
Silver interests
Peñasquito	$	253,461	$	-	$	253,461	$	202,528	$	73,704	$	276,232
Antamina		151,011		347,018		498,029		172,512		347,018		519,530
Constancia		163,760		6,482		170,242		169,527		10,056		179,583
Other ⁴		126,773		518,712		645,485		130,462		451,651		582,113
	$	695,005	$	872,212	$	1,567,217	$	675,029	$	882,429	$	1,557,458
Palladium interests
Stillwater ²	$	207,594	$	7,488	$	215,082	$	211,959	$	8,708	$	220,667
Platreef		-		78,820		78,820		-		-		-
	$	207,594	$	86,308	$	293,902	$	211,959	$	8,708	$	220,667
Platinum interests
Marathon	$	-	$	9,451	$	9,451	$	-	$	9,451	$	9,451
Platreef		-		57,588		57,588		-		-		-
	$	-	$	67,039	$	67,039	$	-	$	9,451	$	9,451
Cobalt interests
Voisey's Bay	$	320,473	$	25,272	$	345,745	$	321,454	$	29,362	$	350,816
	$	4,040,041	$	2,416,082	$	6,456,123	$	4,065,481	$	2,056,960	$	6,122,441

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

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

3)	Comprised of the Minto, Copper World Complex, Marmato, Santo Domingo, Fenix, Blackwater, Marathon, Goose, Curipamba, Cangrejos, Curraghinalt, Platreef and Kudz Ze Kayah gold interests.

4)	Comprised of the Los Filos, Zinkgruvan, Stratoni, Neves-Corvo, Minto, Aljustrel, Loma de La Plata, Pascua-Lama, Copper World Complex, Marmato, Cozamin, Blackwater, Curipamba, Mineral Park and Kudz Ze Kayah silver interests.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [18]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Partial Disposition of Goose PMPA

On April 12, 2023, Sabina Gold & Silver Corp. (“Sabina”) announced that shareholders approved the proposed acquisition by B2Gold Corp. (“B2Gold”) of all the issued and outstanding common shares of Sabina. The transaction closed April 19, 2023. Subsequent to closing, B2Gold exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for a cash payment in the amount of $46 million, resulting in a gain on partial disposal of the Goose PMPA in the amount of $5 million, calculated as follows:

(in thousands)
Proceeds received on 33% buyback of Goose	$	46,400
Less: 33% carrying value		(41,373)
Gain on partial disposal of the Goose PMPA	$	5,027

Acquisition of Cangrejos PMPA

On May 16, 2023, the Company entered into a PMPA (the “Cangrejos PMPA”) with Lumina Gold Corp. ("Lumina") in respect of its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador. Under the terms of the agreement, Wheaton will purchase 6.6% of the payable gold production until 700,000 ounces of gold have been delivered, at which point the stream will be reduced to 4.4% of the payable gold production for the life of the mine. Under the terms of the Cangrejos PMPA, the Company is committed to pay Lumina total upfront cash payments of $300 million, $48 million of which is available pre-construction, with the remainder to be paid in staged equal installments during construction of the mine, subject to various customary conditions being satisfied. As it relates to the $48 million, payments will be made in installments, including (i) $12 million which was paid on closing; (ii) $10 million that was paid on November 22, 2023 (six months after closing); (iii) $9 million that was paid on May 31, 2024 (12 months after closing); (iv) $6 million payable on December 2, 2024 (modified from the original date of May 31, 2024) and (v) $11 million can be drawn upon for committed acquisition of surface rights, of which $8 million has been paid to date.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 18% of the spot gold price until the value of gold delivered, net of the production payment, is equal to the upfront consideration of $300 million, at which point the production payment will increase to 22% of the spot gold price.

Amendment to the Blackwater Gold PMPA

On December 13, 2021, the Company acquired the existing gold stream in respect of gold production from the Blackwater Project (the “Blackwater Gold PMPA”). On June 14, 2023, the Company amended the Blackwater Gold PMPA. Under the terms of the amended agreement, the Company is entitled to purchase an amount of gold equal to 8% of the payable gold production until 464,000 ounces have been delivered (previously 279,908 ounces), with this threshold to increase should there be a delay in the anticipated timing of deliveries. Once the threshold has been achieved, the Company’s attributable gold production will drop to 4% of payable gold production for the life of the mine. In exchange for the amendment, the Company paid total upfront cash consideration of $40 million.

Acquisition of Existing Platreef & Kudz Ze Kayah PMPAs

On February 27, 2024, the Company closed the previously announced agreement with certain entities advised by Orion Resource Partners (“Orion”) to acquire existing streams in respect of Ivanhoe Mines’ Platreef Project (the “Platreef Streams”) and BMC Minerals’ Kudz Ze Kayah (“KZK”) Project (the “Kudz Ze Kayah Streams”). On February 27, 2024, the Company paid $450 million to Orion, with an additional $5 million contingency payment due to Orion if the KZK project achieves certain milestones.

The Platreef Project is located in Johannesburg, South Africa. Under the Platreef Gold PMPA, the Company is entitled to purchase 62.5% of the payable gold until a total of 218,750 ounces of gold has been delivered to the Company, at which point the Company will be entitled to purchase 50% of the payable gold production until a total of 428,300 ounces of gold has been delivered. Once the threshold has been achieved, the Company will be entitled to purchase 3.125% of the payable gold production if certain conditions are met. Under the Platreef Gold PMPA, the Company will make ongoing payments for the gold ounces delivered equal to $100 per ounce until a total of 428,300 ounces of gold have been delivered, increasing to 80% of the spot price of gold thereafter.

Under the Platreef palladium and platinum PMPA (the “Platreef PGM PMPA”), the Company is entitled to purchase 5.25% of the payable palladium and platinum production until a total of 350,000 ounces of combined palladium and platinum have been received. Once the threshold has been achieved, the stream will be reduced to 3.0% of the payable palladium and platinum production until 485,115 ounces have been delivered, at which point the stream will be reduced to 0.1% of the payable palladium and platinum production if certain conditions are met. Under the Platreef PGM PMPA, the Company will make ongoing payments for the palladium and platinum ounces delivered equal to

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [19]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

30% of the respective spot prices until 485,115 combined ounces have been received, increasing to 80% of the spot price of palladium and platinum thereafter.

The Kudz Ze Kayah stream is located in Yukon, Canada. Under the Kudz Ze Kayah PMPA (the “KZK PMPA”), the Company is entitled to purchase staged percentages of produced gold and produced silver ranging from 6.875% to 7.375% depending on the timing of such deliveries, until 330,000 ounces of gold and 43.30 million ounces of silver are produced and delivered, reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold and 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5.000% to 5.500% until a further 270,200 ounces of gold and 35.34 million ounces of silver are produced and delivered (for a total of 660,000 ounces of gold and 86.60 million ounces of silver), and thereafter ranging between 6.25% and 6.75%. Under the KZK PMPA, the Company will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot gold and silver price. Under the KZK PMPA, BMC Minerals has a buyback option to repurchase 50% of the stream for a period of 30 days after June 22, 2026, for $36 million.

13.	Early Deposit Mineral Stream Interests

Early deposit mineral stream interests represent agreements relative to early stage development projects whereby Wheaton can choose not to proceed with the agreement once certain documentation has been received including, but not limited to, feasibility studies, environmental studies and impact assessment studies (please see Note 25 for more information). Once Wheaton has elected to proceed with the agreement, the carrying value of the stream will be transferred to Mineral Stream Interests.

The following table summarizes the early deposit mineral stream interests owned by the Company as of September 30, 2024:

	Mine Owner								Attributable Production to be Purchased
Early Deposit Mineral Stream Interests	Mine Owner	Location of Mine	Upfront Consideration Paid to Date ¹		Upfront Consideration to be Paid ^{1, 2}		Total Upfront Consideration¹		Gold	Silver	Term of Agreement
Toroparu	Aris Mining	Guyana	$	15,500	$	138,000	$	153,500	10%	50%	Life of Mine
Cotabambas	Panoro	Peru		14,000		126,000		140,000	25% ³	100% ³	Life of Mine
Kutcho	Kutcho	Canada		16,852		58,000		74,852	100%	100%	Life of Mine
			$	46,352	$	322,000	$	368,352

1)	Expressed in thousands of United States dollars; excludes closing costs and capitalized interest, where applicable.

2)	Please refer to Note 25 for details of when the remaining upfront consideration to be paid becomes due.

3)	Once 90 million silver equivalent ounces attributable to Wheaton have been produced, the attributable production will decrease to 16.67% of gold production and 66.67% of silver production for the life of mine.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [20]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

14.	Mineral Royalty Interests

The following table summarizes mineral royalty interests owned by the Company as of September 30, 2024. To date, no revenue has been recognized and no depletion has been taken with respect to these royalty agreements.

Royalty Interests	Mine Owner	Location of Mine	Royalty¹	Upfront Consideration Paid to Date ²		Upfront Consideration to be Paid ²		Total Upfront Consideration ²		Term of Agreement	Date of Original Contract
Metates	Chesapeake	Mexico	0.5% NSR	$	3,000	$	-	$	3,000	Life of Mine	07-Aug-2014
Brewery Creek³	Victoria Gold	Canada	2.0% NSR		3,529		-		3,529	Life of Mine	04-Jan-2021
Black Pine⁴	Liberty Gold	USA	0.5% NSR		3,600		-		3,600	Life of Mine	10-Sep-2023
Mt Todd⁵	Vista	Australia	1.0% GR		20,000		-		20,000	Life of Mine	13-Dec-2023
DeLamar ⁶	Integra	USA	1.5% NSR		9,750		-		9,750	Life of Mine	20-Feb-2024
				$	39,879	$	-	$	39,879

1)	Abbreviation as follows: NSR = Net Smelter Return Royalty; and GR = Gross Royalty.

2)	Expressed in thousands; excludes closing costs.

The Company paid $3 million for an existing 2.0% net smelter return royalty interests on the first 600,000 ounces of gold mined and a 2.75% net smelter returns royalty interest thereafter. The Brewery Creek Royalty agreement provides, among other things, that Golden Predator Mining Corp., (subsidiary of Victoria Gold) may reduce the 2.75% net smelter royalty interest to 2.125% on payment of the sum of Cdn $2 million to the Company.

4)	Liberty Gold has been granted an option to repurchase 50% of the NSR for $4 million at any point in time up to the earlier of commercial production at Black Pine or January 1, 2030.

5)	The Mt Todd royalty is at a rate of 1% of gross revenue with such rate being subject to increase to a maximum rate of 2%, depending on the timing associated with the achievement of certain operational milestones.

6)	Under the DeLamar royalty, if completion is not achieved by January 1, 2029, the DeLamar Royalty will increase annually by 0.15% of net smelter returns to a maximum of 2.7% of net smelter returns.

15.	Long-Term Equity Investments

	September 30		December 31
(in thousands)	2024		2023
Common shares held	$	101,373	$	246,026
Warrants held		1,695		652
Total long-term equity investments	$	103,068	$	246,678

Common Shares Held

	Three Months Ended September 30, 2024
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2024	Cost of Additions	Proceeds of Disposition¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2024	Realized Loss on Disposal
Kutcho	18,640	12.03%	$ 2,248	$ -	$ -	$ (797)	$ 1,451	$ -
B2Gold	12,025	0.92%	32,243	-	-	4,992	37,235	-
Silvercorp	3,759	1.73%	-	12,017	-	4,384	16,401	-
Aris	4,715	2.77%	17,810	-	-	4,055	21,865	-
Other			34,598	728	(12,018)	1,113	24,421	(3,543)
Total			$ 86,899	$ 12,745	$ (12,018)	$ 13,747	$ 101,373	$ (3,543)

1)	The disposal during the third quarter was as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of Other Comprehensive Income (“OCI”).

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [21]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

	Three Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Jun 30, 2023	Cost of Additions	Proceeds of Disposition	Fair Value Adjustment Gains (Losses)¹	Fair Value at Sep 30, 2023	Realized Loss on Disposal
Kutcho	18,640	13.27%	$ 2,605	$ -	$ -	$ (881)	$ 1,724	$ -
Hecla	34,980	5.67%	180,148	-	-	(43,375)	136,773	-
B2Gold	12,025	0.93%	42,867	-	-	(8,181)	34,686	-
Aris	4,715	3.44%	11,360	-	-	(584)	10,776	-
Other			18,096	5,006	-	(6,483)	16,619	-
Total			$ 255,076	$ 5,006	$ -	$ (59,504)	$ 200,578	$ -

1)	Fair Value Gains (Losses) are reflected as a component of OCI.

	Nine Months Ended September 30, 2024
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2023	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses)²	Fair Value at Sep 30, 2024	Realized Gain (Loss) on Disposal
Kutcho	18,640	12.03%	$ 1,551	$ -	$ -	$ (100)	$ 1,451	$ -
Hecla	-	-	168,255	-	(177,088)	8,833	-	35,768
B2Gold	12,025	0.92%	38,094	-	-	(859)	37,235	-
Silvercorp	3,759	1.73%	-	12,017	-	4,384	16,401	-
Aris	4,715	2.77%	15,579	-	-	6,286	21,865	-
Other			22,547	5,849	(12,018)	8,043	24,421	(3,543)
Total			$ 246,026	$ 17,866	$ (189,106)	$ 26,587	$ 101,373	$ 32,225

1)	The disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation, while the disposal under “other” was as a result of the acquisition of the companies to which the shares relate by unrelated third party entities.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

	Nine Months Ended September 30, 2023
(in thousands)	Shares Owned (000's)	% of Outstanding Shares Owned	Fair Value at Dec 31, 2022	Cost of Additions	Proceeds of Disposition ¹	Fair Value Adjustment Gains (Losses) ²	Fair Value at Sep 30, 2023	Realized Gain (Loss) on Disposal
Sabina	-	-	$ 30,535	$ -	$ (48,832)	$ 18,297	$ -	$ 872
Kutcho	18,640	13.27%	3,097	-	-	(1,373)	1,724	-
Hecla	34,980	5.67%	194,668	-	(202)	(57,693)	136,773	73
B2Gold	12,025	0.93%	-	48,832	-	(14,146)	34,686	-
Aris	4,715	3.44%	11,662	-	-	(886)	10,776	-
Other			15,573	13,205	(27)	(12,132)	16,619	(990)
Total			$ 255,535	$ 62,037	$ (49,061)	$ (67,933)	$ 200,578	$ (45)

1)	The disposal of the Sabina shares was as a result of the acquisition of Sabina by B2Gold, while the partial disposition of the Hecla shares was made in order to capitalize on Hecla’s share price appreciation.

2)	Fair Value Gains (Losses) are reflected as a component of OCI.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [22]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

The Company’s long-term investments in common shares (“LTI’s”) are held for long-term strategic purposes and not for trading purposes. As such, the Company has elected to reflect any fair value adjustments, net of tax, as a component of other comprehensive income (“OCI”). The cumulative gain or loss will not be reclassified to net earnings on disposal of these long-term investments but is reclassified to retained earnings.

By holding these long-term investments, the Company is inherently exposed to various risk factors including currency risk, market price risk and liquidity risk.

16.	Credit Facilities

16.1.

Sustainability-Linked Revolving Credit Facility

On June 25, 2024, the term of the Company’s undrawn $2 billion revolving term loan (“Revolving Facility”) was extended by an additional year, with the facility now maturing on June 25, 2029.

The Company’s Revolving Facility has financial covenants which require the Company to maintain: (i) a net debt to tangible net worth ratio of less than or equal to 0.75:1; and (ii) an interest coverage ratio of greater than or equal to 3.00:1. Only cash interest expenses are included for the purposes of calculating the interest coverage ratio. The Company is in compliance with these debt covenants as at September 30, 2024 and 2023.

At the Company’s option, amounts drawn under the Revolving Facility incur interest based on the Company’s leverage ratio at either (i) the Secured Overnight Financing Rate (“SOFR”) plus 1.10% to 2.15%; or (ii) the Bank of Nova Scotia’s Base Rate plus 0.00% to 1.05%. Under both options, the interest rate shall not be less than 0%. In connection with the extension, the interest rate paid on drawn amounts will be adjusted by up to +/- 0.05% based upon the Company’s performance in three sustainability-related areas including climate change, diversity and overall performance in sustainability. During the three and nine months ended September 30, 2024, the stand-by fee rate was 0.1966% and 0.1985%, respectively, as compared to 0.20% during the comparable periods of the previous year.

The Revolving Facility, which is classified as a financial liability and reported at amortized cost using the effective interest method, can be drawn down at any time to finance acquisitions, investments or for general corporate purposes. In connection with the Revolving Facility, there is $5 million unamortized debt issue costs which have been recorded as a long-term asset under the classification Other (see Note 24).

16.2.

Lease Liabilities

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

	September 30		December 31
(in thousands)	2024		2023
Current portion	$	324	$	604
Long-term portion		5,340		5,625
Total lease liabilities	$	5,664	$	6,229

The maturity analysis, on an undiscounted basis, of these leases is as follows:

	September 30
(in thousands)	2024
Not later than 1 year	$	596
Later than 1 year and not later than 5 years		2,609
Later than 5 years		4,186
Total lease liabilities	$	7,391

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [23]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

16.3.

Finance Costs

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:

		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	Note	2024		2023		2024		2023
Costs related to undrawn credit facilities	16.1	$	1,333	$	1,286	$	4,010	$	3,876
Interest expense - lease liabilities	16.2		71		78		216		131
Letters of guarantee			-		43		(82)		131
Total finance costs		$	1,404	$	1,407	$	4,144	$	4,138

17.	Issued Capital

	Note	September 30		December 31
(in thousands)	Note	2024		2023
Issued capital
Share capital issued and outstanding: 453,665,723 common shares (December 31, 2023: 453,069,254 common shares)	17.1	$	3,797,558	$	3,777,323

17.1.

Shares Issued

The Company is authorized to issue an unlimited number of common shares having no par value and an unlimited number of preference shares issuable in series. As at September 30, 2024 and 2023, the Company had no preference shares outstanding.

A continuity schedule of the Company’s issued and outstanding common shares from January 1, 2023 to September 30, 2024 is presented below:

	Number of Shares	Weighted Average Price
At January 1, 2023	452,318,526
Share purchase options exercised ¹	430,247	Cdn$31.52
Restricted share units released ¹	119,827	Cdn$0.00
Dividend reinvestment plan ²	100,732	US$47.23
At June 30, 2023	452,969,332
Share purchase options exercised ¹	4,563	Cdn$38.14
Dividend reinvestment plan ²	22,246	US$42.77
At September 30, 2023	452,996,141
Share purchase options exercised ¹	54,112	Cdn$42.72
Dividend reinvestment plan ²	19,001	US$48.70
At December 31, 2023	453,069,254
Share purchase options exercised ¹	469,359	Cdn$35.58
Restricted share units released ¹	69,494	Cdn$0.00
Dividend reinvestment plan ²	27,139	US$51.95
At June 30, 2024	453,635,246
Share purchase options exercised ¹	25,098	Cdn$47.17
Dividend reinvestment plan ²	5,379	US$61.25
At September 30, 2024	453,665,723

1)	The weighted average price of share purchase options exercised and restricted share units released represents the respective exercise price.

The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares. The weighted average price for common shares issued under the DRIP represents the volume weighted average price of the common shares on the five trading days preceding the dividend payment date.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [24]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

At the Market Equity Program

The Company has established an at-the-market equity program (the “ATM Program”) that allows the Company to issue up to $300 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the Company’s discretion and subject to regulatory requirements. The ATM Program will be effective until the date that all Common Shares available for issue under the ATM Program have been issued or the ATM Program is terminated prior to such date by the Company or the agents.

Wheaton intends that the net proceeds from the ATM Program, if any, will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. As at September 30, 2024 and 2023, the Company has not issued any shares under the ATM program.

17.2.

Dividends Declared

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2024			2023			2024			2023
Dividends declared per share	$	0.155		$	0.150		$	0.465		$	0.450
Average number of shares eligible for dividend		453,638			452,971			453,435			452,875
Total dividends paid	$	70,314		$	67,946		$	210,847		$	203,794
Paid as follows:
Cash	$	69,984	100%	$	66,994	99%	$	209,108	99%	$	198,085	97%
DRIP ¹		330	0%		952	1%		1,739	1%		5,709	3%
Total dividends paid	$	70,314	100%	$	67,946	100%	$	210,847	100%	$	203,794	100%

1)	The Company has implemented a DRIP whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [25]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

18.

Reserves

	Note	September 30		December 31
(in thousands)	Note	2024		2023
Reserves
Share purchase options	18.1	$	22,655	$	22,907
Restricted share units	18.2		7,866		8,006
Long-term investment revaluation reserve, net of tax	18.3		(75,010)		(71,004)
Total reserves		$	(44,489)	$	(40,091)

18.1.

Share Purchase Options

The Company has established an equity settled share purchase option plan whereby the Company’s Board of Directors may, from time to time, grant options to employees or consultants. The maximum term of any share purchase option may be ten years, but generally options are granted with a term to expiry of five to seven years. The exercise price of an option is not less than the closing price on the TSX on the last trading day preceding the grant date. The vesting period of the options is determined at the discretion of the Company’s Board of Directors at the time the options are granted, but generally vest over a period of two or three years.

Each share purchase option converts into one common share of Wheaton on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options do not carry rights to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry, subject to certain black-out periods.

The Company expenses the fair value of share purchase options that are expected to vest on a straight-line basis over the vesting period using the Black-Scholes option pricing model to estimate the fair value for each option at the date of grant. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions. The model requires the use of subjective assumptions, including expected share price volatility. Historical data has been considered in setting the assumptions. Expected volatility is determined by considering the trailing 36-month historic average share price volatility. The weighted average fair value of share purchase options granted and principal assumptions used in applying the Black-Scholes option pricing model are as follows:

	Nine Months Ended September 30
	2024	2023
Black-Scholes weighted average assumptions
Grant date share price and exercise price	Cdn$59.79	Cdn$59.41
Expected dividend yield	1.45%	1.39%
Expected volatility	30%	30%
Risk-free interest rate	4.10%	3.40%
Expected option life, in years	3.0	3.0
Weighted average fair value per option granted	Cdn$13.39	Cdn$12.89
Number of options issued during the period	305,710	316,580
Total fair value of options issued (000's)	$ 3,022	$ 2,972

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [26]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

The following table summarizes information about the options outstanding and exercisable at September 30, 2024:

Exercise Price (Cdn$)	Exercisable Options	Non-Exercisable Options	Total Options Outstanding	Weighted Average Remaining Contractual Life
$32.51¹	7,240	-	7,240	0.5 years
$33.47	1,530	-	1,530	0.5 years
$49.86	219,496	-	219,496	3.5 years
$53.93¹	19,280	-	19,280	3.5 years
$58.41¹	10,868	30,550	41,418	5.5 years
$59.41	78,377	165,136	243,513	5.5 years
$59.60¹	-	68,530	68,530	6.5 years
$59.79	-	237,180	237,180	6.5 years
$60.00	134,258	72,473	206,731	4.5 years
$63.39¹	18,903	12,713	31,616	4.5 years
	489,952	586,582	1,076,534	5.0 years
1) US$ share purchase options converted to Cdn$ using the exchange rate of 1.3499, being the Cdn$/US$ exchange rate at September 30, 2024.

A continuity schedule of the Company’s outstanding share purchase options from January 1, 2023 to September 30, 2024 is presented below:

	Number of Options Outstanding	Weighted Average Exercise Price
At January 1, 2023	1,478,300	Cdn$41.37
Granted (fair value - $3 million or Cdn$12.89 per option)	316,580	59.41
Exercised	(430,247)	31.52
Forfeited	(2,750)	57.48
At June 30, 2023	1,361,883	Cdn$48.43
Exercised	(4,563)	38.14
At September 30, 2023	1,357,320	Cdn$48.64
Exercised	(54,112)	42.72
Forfeited	(33,187)	59.60
At December 31, 2023	1,270,021	Cdn$48.47
Granted (fair value - $3 million or Cdn$13.39 per option)	305,710	59.79
Exercised	(469,359)	35.58
Forfeited	(4,740)	59.59
At June 30, 2024	1,101,632	Cdn$57.33
Exercised	(25,098)	47.17
At September 30, 2024	1,076,534	Cdn$57.43

As it relates to share purchase options, during the three months ended September 30, 2024, the weighted average share price at the time of exercise was Cdn$84.78 per share (nine months - Cdn$71.51 per share), as compared to Cdn$56.22 per share (nine months - Cdn$63.49 per share) during the comparable period in 2023.

18.2.

Restricted Share Units (“RSUs”)

The Company has established an RSU plan whereby RSUs will be issued to eligible employees or directors as determined by the Company’s Board of Directors or the Company’s Compensation Committee. RSUs give the holder the right to receive a specified number of common shares at the specified vesting date. RSUs generally vest over a period of two to three years. Compensation expense related to RSUs is recognized over the vesting period based upon the fair value of the Company’s common shares on the grant date and the awards that are expected to vest.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [27]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

The fair value is calculated with reference to the closing price of the Company’s common shares on the TSX on the business day prior to the date of grant.

RSU holders receive a cash payment based on the dividends paid on the Company’s common shares in the event that the holder of a vested RSU has elected to defer the release of the RSU to a future date. This cash payment is reflected as a component of net earnings under the classification Share Based Compensation.

A continuity schedule of the Company’s restricted share units outstanding from January 1, 2023 to September 30, 2024 is presented below:

	Number of RSUs Outstanding	Weighted Average Intrinsic Value at Date Granted
At January 1, 2023	350,206	$31.25
Granted (fair value - $4 million)	93,990	43.35
Released	(119,827)	33.10
Forfeited	(610)	44.38
At September 30, 2023	323,759	$34.05
Forfeited	(7,423)	44.39
At December 31, 2023	316,336	$33.81
Granted (fair value - $4 million)	91,130	44.27
Released	(69,494)	43.36
Forfeited	(1,043)	44.40
At September 30, 2024	336,929	$34.64

18.3.

Long-Term Investment Revaluation Reserve

The Company’s long-term investments in common shares (Note 15) are held for long-term strategic purposes and not for trading purposes. The Company has chosen to designate these long-term investments in common shares as financial assets with fair value adjustments being recorded as a component of OCI as it believes that this provides a more meaningful presentation for long-term strategic investments, rather than reflecting changes in fair value as a component of net earnings. As some of these long-term investments are denominated in Canadian dollars, changes in their fair value is affected by both the change in share price in addition to changes in the Cdn$/US$ exchange rate.

Where the fair value of a long-term investment in common shares held exceeds its tax cost, the Company recognizes a deferred income tax liability. To the extent that the value of the long-term investment subsequently declines, the deferred income tax liability is reduced. However, where the fair value of the long-term investment decreases below the tax cost, the Company does not recognize a deferred income tax asset on the unrealized capital loss unless it is probable that the Company will generate future capital gains that will offset the loss.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [28]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2023 to September 30, 2024 is presented below:

(in thousands)		Change in Fair Value	Deferred Tax Recovery (Expense)	Total
At January 1, 2023		$ (40,626)	$ (6,624)	$ (47,250)
Unrealized gain (loss) on LTIs ¹		(8,429)	2,090	(6,339)
Reallocate reserve to retained earnings upon disposal of LTIs ¹	15	(841)	-	(841)
At June 30, 2023		$ (49,896)	$ (4,534)	$ (54,430)
Unrealized gain (loss) on LTIs ¹		(59,504)	5,115	(54,389)
At September 30, 2023		$(109,400)	$ 581	$(108,819)
Unrealized gain (loss) on LTIs ¹		41,301	(3,486)	37,815
At December 31, 2023		$ (68,099)	$ (2,905)	$ (71,004)
Unrealized gain (loss) on LTIs ¹		12,839	(1,423)	11,416
Reallocate reserve to retained earnings upon disposal of LTIs ¹		(35,768)	4,190	(31,578)
At June 30, 2024		$ (91,028)	$ (138)	$ (91,166)
Unrealized gain (loss) on LTIs ¹		13,747	(653)	13,094
Reallocate reserve to retained earnings upon disposal of LTIs ¹	15	3,543	(481)	3,062
At September 30, 2024		$ (73,738)	$ (1,272)	$ (75,010)

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

19.	Share Based Compensation

The Company’s share based compensation consists of share purchase options (Note 18.1), restricted share units (Note 18.2) and performance share units (Note 19.1). The accrued value of share purchase options and restricted share units are reflected as reserves in the shareholder’s equity section of the Company’s balance sheet while the accrued value associated with performance share units is reflected as an accrued liability.

19.1.

Performance Share Units (“PSUs”)

The Company has established a Performance Share Unit Plan (“the PSU plan”) whereby PSUs will be issued to eligible employees as determined by the Company’s Board of Directors or the Company’s Compensation Committee. PSUs issued under the PSU plan entitle the holder to a cash payment at the end of a three year performance period equal to the number of PSUs granted, multiplied by a performance factor and multiplied by the fair market value of a Wheaton common share on the expiry of the performance period. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return (“TSR”) to those achieved by various peer companies and the price of gold and silver.

Compensation expense for the PSUs is recorded on a straight-line basis over the three year vesting period. The amount of compensation expense is adjusted at the end of each reporting period to reflect (i) the fair value of common shares; (ii) the number of PSUs anticipated to vest; and (iii) the anticipated performance factor.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [29]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

A continuity schedule of the Company’s outstanding PSUs (assuming a performance factor of 100% is achieved over the performance period) and the Company’s PSU accrual from January 1, 2023 to September 30, 2024 is presented below:

(in thousands, except for number of PSUs outstanding)	Number of PSUs Outstanding	PSU accrual liability
At January 1, 2023	444,620	$	21,239
Granted	135,690		-
Accrual related to the fair value of the PSUs outstanding	-		8,500
Foreign exchange adjustment	-		198
Paid	(191,980)		(16,675)
Forfeited	(1,280)		(21)
At June 30, 2023	387,050	$	13,241
Accrual related to the fair value of the PSUs outstanding	-		2,604
Foreign exchange adjustment	-		(219)
At September 30, 2023	387,050	$	15,626
Accrual related to the fair value of the PSUs outstanding	-		5,566
Foreign exchange adjustment	-		278
Forfeited	(14,590)		(344)
At December 31, 2023	372,460	$	21,126
Granted	135,220		-
Accrual related to the fair value of the PSUs outstanding	-		4,318
Foreign exchange adjustment	-		(507)
Paid	(126,590)		(11,129)
Forfeited	(2,120)		(49)
At June 30, 2024	378,970	$	13,759
Accrual related to the fair value of the PSUs outstanding	-		7,903
Foreign exchange adjustment	-		161
At September 30, 2024	378,970	$	21,823

A summary of the PSUs outstanding at September 30, 2024 is as follows:

Year of Grant	Year of Maturity	Number outstanding	Estimated Value Per PSU at Maturity	Anticipated Performance Factor at Maturity	Percent of Vesting Period Complete at Sep 30, 2024	PSU Liability at Sep 30, 2024
2022	2025	118,240	$64.37	194%	85%	$ 12,522
2023	2026	125,510	$63.52	184%	51%	7,560
2024	2027	135,220	$63.40	116%	18%	1,741
		378,970				$ 21,823

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [30]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

20.	Earnings per Share (“EPS”) and Diluted Earnings per Share (“Diluted EPS”)

Diluted earnings per share is calculated using the treasury method which assumes that outstanding share purchase options and warrants, with exercise prices that are lower than the average market price of the Company’s common shares for the relevant period, are exercised and the proceeds are used to purchase shares of the Company at the average market price of the common shares for the relevant period.

Diluted EPS is calculated based on the following weighted average number of shares outstanding:

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2024	2023	2024	2023
Basic weighted average number of shares outstanding	453,641	452,975	453,389	452,748
Effect of dilutive securities
Share purchase options	324	239	317	327
Restricted share units	337	324	331	344
Diluted weighted average number of shares outstanding	454,302	453,538	454,037	453,419

The following table lists the number of share purchase options and share purchase warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of Cdn$81.24 (nine months - Cdn$71.84), compared to Cdn$57.86 (nine months - Cdn$60.23) for the comparable period in 2023.

	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2024	2023	2024	2023
Share purchase options	-	591	-	53

21.	Supplemental Cash Flow Information

Change in Non-Cash Working Capital

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Change in non-cash working capital
Accounts receivable	$	(267)	$	(3,580)	$	139	$	(599)
Accounts payable and accrued liabilities		2,643		2,462		1,381		(542)
Other		461		629		(191)		265
Total change in non-cash working capital	$	2,837	$	(489)	$	1,329	$	(876)

Non-Cash Transactions – Receipt of Shares as Consideration for Disposal of Long-Term Equity Investments

During the three months ended September 30, 2024, the Company received common shares valued at $12 million as consideration for the disposal of long-term equity investments.

During the nine months ended September 30, 2023, the Company received common shares valued at $48 million as consideration for the disposal of long-term equity investments.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [31]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Cash and Cash Equivalents

	September 30		December 31
(in thousands)	2024		2023
Cash and cash equivalents comprised of:
Cash	$	644,628	$	211,430
Cash equivalents		49,457		335,097
Total cash and cash equivalents	$	694,085	$	546,527

Cash equivalents include short-term deposits, treasury bills, commercial paper, bankers’ depository notes and bankers’ acceptances with terms to maturity at inception of less than three months.

22.	Income Taxes

A summary of the Company’s income tax expense (recovery) is as follows:

Income Tax Expense (Recovery) in Net Earnings

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Current income tax expense (recovery)	$	780	$	31	$	(2,029)	$	(2,529)
Global minimum income tax expense		27,851		-		78,361		-
Total current income tax expense (recovery)	$	28,631	$	31	$	76,332	$	(2,529)
Deferred income tax expense (recovery) related to:
Origination and reversal of temporary differences	$	(595)	$	423	$	3,900	$	3,484
Write down (reversal of write down) or recognition of prior period temporary differences		(525)		4,691		(2,236)		3,745
Total deferred income tax expense (recovery)	$	(1,120)	$	5,114	$	1,664	$	7,229
Total income tax expense (recovery) recognized in net earnings	$	27,511	$	5,145	$	77,996	$	4,700

Income Tax Expense (Recovery) in Other Comprehensive Income

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Current income tax expense (recovery) related to LTIs - common shares held	$	(481)	$	-	$	3,709	$	-
Deferred income tax expense (recovery) related to LTIs - common shares held		1,134		(5,115)		(1,632)		(7,205)
Income tax expense (recovery) recognized in OCI	$	653	$	(5,115)	$	2,077	$	(7,205)

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [32]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Income Tax Rate Reconciliation

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated earnings before income taxes due to the following:

	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2024		2023		2024		2023
Earnings before income taxes	$	182,146	$	121,516	$	518,989	$	373,909
Canadian federal and provincial income tax rates		27.00%		27.00%		27.00%		27.00%
Income tax expense (recovery) based on above rates	$	49,179	$	32,809	$	140,127	$	100,955
Non-deductible stock based compensation and other		318		490		1,088		1,376
Differences in tax rates in foreign jurisdictions ¹		(50,007)		(33,481)		(140,584)		(102,419)
Global minimum tax expense		27,851		-		78,361		-
Current period unrecognized temporary differences		695		636		1,240		1,043
Write down (reversal of write down) or recognition of prior period temporary differences		(525)		4,691		(2,236)		3,745
Total income tax expense (recovery) recognized in net earnings	$	27,511	$	5,145	$	77,996	$	4,700
Effective Tax Rate		15%		4%		15%		1%

1)	During the nine months ended September 30, 2024, the Company's subsidiaries generated net earnings of $523 million, as compared to $381 million during the comparable period of the prior year.

Pillar II Tax Expense - Global Minimum Tax

On June 20, 2024, Canada’s Global Minimum Tax Act (“GMTA”), received royal assent. The GMTA enacts the OECD Pillar Two model rules (“Pillar Two”) where in scope companies are subject to a 15% global minimum tax (GMT) for fiscal years commencing on or after December 31, 2023. With the enactment of the GMTA on June 20, 2024, the income of the Company’s Cayman Island subsidiaries, who have a statutory tax rate of 0%, is subject to the GMTA. For the three months ended September 30, 2024 an amount of $28 million current tax expense associated with GMT was recorded (nine months - $78 million). GMT accrued to December 31, 2024 is payable on or before June 30, 2026 (18 months following year-end) and accordingly is classified as non-current.

To date, the government of the Cayman Islands has indicated that they do not intend to enact Pillar Two legislation.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [33]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Income Taxes (Payable) Receivable

The movement in income taxes (payable) receivable for the nine months ended September 30, 2024 is as follows:

(in thousands)	Taxes (Payable) Receivable
Income taxes receivable - December 31, 2023	$ 5,935
Current income tax recovery - income statement	2,029
Global minimum income tax expense	(78,361)
Current income tax expense - statement of OCI	(3,709)
Income taxes paid	(2,734)
Foreign exchange adjustments	(129)
Income taxes payable - September 30, 2024	$ (76,969)
Comprised of:
Current income taxes receivable	$ 1,392
Non-current global minimum income tax payable	(78,361)
Income taxes payable - September 30, 2024	$ (76,969)

Deferred Income Taxes

The recognized deferred income tax assets and liabilities are offset on the balance sheet and relate to Canada, except for the foreign withholding tax. The movement in deferred income tax assets and liabilities for the nine months ended September 30, 2024 and the year ended December 31, 2023 is shown below:

	Nine Months Ended September 30, 2024
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance
Deferred tax assets
Non-capital loss carryforward ¹	$	810	$	(810)	$	-	$	-
Capital loss carryforward		956		(317)		(639)		-
Other ²		4,135		(778)		-		3,357
Deferred tax liabilities
Debt financing fees³		(818)		13		-		(805)
Unrealized gains on long-term investments		(4,415)		703		2,271		(1,441)
Mineral stream interests ⁴		(668)		(443)		-		(1,111)
Foreign withholding tax		(232)		(32)		-		(264)
Total	$	(232)	$	(1,664)	$	1,632	$	(264)

1)	As at September 30, 2024, the Company had no non-capital losses available to recognize against deferred tax liabilities.

2)	Other includes capital assets, PSU and pension liabilities.

3)	Debt and share financing fees are deducted over a five-year period for Canadian income tax purposes. For accounting purposes, debt financing fees are deducted over the term of the credit facility and share financing fees are charged directly to issued capital.

The Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, is that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding (where applicable to an agreement), and the cash cost thereafter. For accounting purposes, the cost of the mineral stream interests is depleted on a unit-of-production basis as described in Note 12.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [34]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

	Year Ended December 31, 2023
	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance
Recognized deferred income tax assets and liabilities	Opening Balance		Recovery (Expense) Recognized In Net Earnings		Recovery (Expense) Recognized In OCI		Closing Balance
Deferred tax assets
Non-capital loss carryforward	$	-	$	810	$	-	$	810
Capital loss carryforward		792		40		124		956
Other		4,256		(121)		-		4,135
Deferred tax liabilities
Debt and share financing fees		(774)		(44)		-		(818)
Unrealized gains on long-term investments		(8,006)		(4)		3,595		(4,415)
Mineral stream interests		3,732		(4,400)		-		(668)
Foreign withholding tax		(165)		(67)		-		(232)
Total	$	(165)	$	(3,786)	$	3,719	$	(232)

Deferred income tax assets in Canada not recognized are shown below:

	September 30		December 31
(in thousands)	2024		2023
Mineral stream interests	$	6,791	$	8,804
Other		3,462		2,376
Unrealized losses on long-term investments		11,331		12,912
Total	$	21,584	$	24,092

1)	As at September 30, 2024, the Company had fully recognized the tax effect of non-capital losses.

23.	Other Current Assets

The composition of other current assets is shown below:

		September 30		December 31
(in thousands)	Note	2024		2023
Prepaid expenses		$	3,177	$	2,628
Other			761		871
Total other current assets		$	3,938	$	3,499

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [35]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

24.	Other Long-Term Assets

The composition of other long-term assets is shown below:

		September 30		December 31
(in thousands)	Note	2024		2023
Intangible assets		$	1,599	$	1,886
Debt issue costs - Revolving Facility	16.1		5,446		5,496
Refundable deposit - 777 PMPA			9,238		8,717
Subscription Rights			-		4,510
Other			5,797		5,861
Total other long-term assets		$	22,080	$	26,470

Subscription Rights

The subscription rights were converted to common shares during the first quarter of 2024 and were reclassified to Long-Term Equity Investments.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [36]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

25.	Commitments and Contingencies

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%	$	425 ²	Life of Mine	8-Aug-12
Salobo	75%	$	425	Life of Mine	28-Feb-13
Sudbury	70%	$	400	20 years	28-Feb-13
San Dimas	variable ³	$	637	Life of Mine	10-May-18
Stillwater	100%		18% ⁴	Life of Mine	16-Jul-18
Marathon	100% ⁵		18% ⁴	Life of Mine	26-Jan-22
Other
Minto	100% ⁶		50% ⁶	Life of Mine	20-Nov-08
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	6% ⁵		20% ⁵	Life of Mine	15-Nov-21
Blackwater	8% ⁵		35%	Life of Mine	13-Dec-21
Curipamba	50% ⁵		18% ⁴	Life of Mine	17-Jan-22
Goose	2.78% ⁵		18% ⁴	Life of Mine	8-Feb-22
Cangrejos	6.6% ⁵		18% ⁴	Life of Mine	16-May-23
Platreef	62.5% ⁵	$	100 ⁵	Life of Mine ⁵	7-Dec-21 ⁸
Curraghinalt	3.05% ⁵		18% ⁴	Life of Mine	15-Nov-23
Kudz Ze Kayah	6.875% ⁷		20%	Life of Mine	22-Dec-21 ⁸
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:

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

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.

Fenix – reduced to 4% once the Company has received 90,000 ounces of gold, with a further reduction to 3.5% once the Company has received 140,000 ounces. Please see Note 27 for more information.

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

Curipamba – reduced to 33% once the Company has received 145,000 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 4.4% once the Company has received 700,000 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.

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

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

6)	The Company is committed to acquire 100% of the first 30,000 ounces of gold produced per annum and 50% thereafter. On May 13, 2023, Minto Metals Corp., announced the suspension of operations at the Minto mine.

Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase staged percentages of produced gold ranging from 6.875% to 7.375% until 330,000 ounces of gold are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 59,800 ounces of gold are produced and delivered, further reducing to a range of 5% to 5.5% until a further 270,200 ounces of gold are produced and delivered for a total of 660,000 ounces of gold thereafter ranging between 6.25% and 6.75%.

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

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [37]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

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%	$	4.50	Life of Mine	24-Jul-07
Constancia	100%	$	6.26 ²	Life of Mine	8-Aug-12
Antamina	33.75%		20%	Life of Mine	3-Nov-15
Other
Los Filos	100%	$	4.68	25 years	15-Oct-04
Zinkgruvan	100%	$	4.68	Life of Mine	8-Dec-04
Stratoni	100%	$	11.54	Life of Mine	23-Apr-07
Neves-Corvo	100%	$	4.50	50 years	5-Jun-07
Aljustrel	100% ³		50%	50 years	5-Jun-07
Minto	100% ⁴	$	4.39	Life of Mine	20-Nov-08
Pascua-Lama	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 ⁵
Marmato	100% ⁶		18% ⁷	Life of Mine	5-Nov-20
Cozamin	50% ⁶		10%	Life of Mine	11-Dec-20
Blackwater	50% ⁶		18% ⁷	Life of Mine	13-Dec-21
Curipamba	75%		18% ⁷	Life of Mine	17-Jan-22
Mineral Park	100%		18% ⁷	Life of Mine	24-Oct-23
Kudz Ze Kayah	6.875 ⁸		20%	Life of Mine	22-Dec-21 ⁹
Early Deposit
Toroparu	50%	$	3.90	Life of Mine	11-Nov-13
Cotabambas	100% ⁶	$	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.

Wheaton only has the rights to silver contained in concentrate containing less than 15% copper at the Aljustrel mine. On September 12, 2023, it was announced that the production of the zinc and lead concentrates at the Aljustrel mine will be halted from September 24, 2023 until the second quarter of 2025.

4)	On May 13, 2023, Minto Metals Corp. announced the suspension of operations at the Minto mine.

5)	Terms of the agreement not yet finalized.

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

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.

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

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

7)	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.

Under the Kudz Ze Kayah PMPA, the Company will be entitled to purchase: staged percentages of produced silver ranging from 6.875% to 7.375% until 43.30 million ounces of silver are produced and delivered, thereafter reducing to a range of 5.625% to 6.125% until a further 7.96 million ounces of silver are produced and delivered, further reducing to a range of 5% to 5.5% until a further 35.34 million ounces of silver are produced and delivered for a total of 86.6 million ounces of silver and thereafter ranging between 6.25% and 6.75%.

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

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [38]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

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 ¹		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 ⁴
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 ⁴
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 Contingencies

		Projected Payment Dates ¹
(in thousands)	2024		2025 - 2026			2027 - 2028			After 2028			Total
Payments for mineral stream interests & royalty
Salobo ²	$	163,000		$	-		$	16,000		$	64,000		$	243,000
Copper World ³		-			131,429			99,721			-			231,150
Marmato		40,016			81,984			-			-			122,000
Santo Domingo		-			162,500			97,500			-			260,000
Fenix Gold		-			25,000			-			-			25,000
Curipamba		250			162,000			-			-			162,250
Marathon		-			59,264			88,895			-			148,159
Cangrejos		9,100			126,000			126,000			-			261,100
Curraghinalt		-			55,000			-			-			55,000
Loma de La Plata		-			-			-			32,400			32,400
Mineral Park		25,000			40,000			-			-			65,000
Kudz Ze Kayah		-			5,000			-			-			5,000
Payments for early deposit mineral stream interest
Cotabambas		-			-			-			126,000			126,000
Toroparu		-			-			-			138,000			138,000
Kutcho		-			-			-			58,000			58,000
Leases liabilities		222			1,186			1,311			4,673			7,392
Total contractual obligations	$	237,588		$	849,363		$	429,427		$	423,073		$	1,939,451

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

2)	As more fully explained below, the expansion payment relative to the Salobo III expansion project is dependent on the timing and size of the throughput expansion.

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

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [39]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Salobo

The Salobo mine historically had a mill throughput capacity of 24 Mtpa and is currently ramping up to full capacity of 36 Mtpa, expected in the fourth quarter of 2024. On November 21, 2023, the Company and Vale jointly announced the successful completion of the throughput test for the first phase of the Salobo III expansion project, with the Salobo complex exceeding an average throughput of 32 Mtpa over a 90-day period. As a result, Wheaton paid Vale $370 million on December 1, 2023, representing the amount due for completion of the first phase of the Salobo III expansion project.

The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days. If actual throughput is expanded above 35 Mtpa by January 1, 2031, Wheaton will be required to make additional payments to Vale based on the size of the expansion and the timing of completion. The set payments range from a total of $52 million if throughput is expanded beyond 35 Mtpa by January 1, 2031, to up to $163 million if throughput is expanded beyond 35 Mtpa by January 1, 2025.

In addition, Wheaton will be required to make annual payments of between $5.1 million to $8.5 million for a 10-year period following payment of the expansion payments if the Salobo mine implements a high-grade mine plan, with payments to be made for each year 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 $122 million, payable during the construction of the Marmato Lower Mine development portion of the Marmato mine, subject to customary conditions.

Santo Domingo

Under the terms of the Santo Domingo PMPA, the Company is committed to pay Capstone Copper Corp., (“Capstone”) additional upfront cash payments of $260 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.

Fenix

Under the terms of the Fenix PMPA, the Company is committed to pay Rio2 Limited (“Rio2”) additional upfront cash payments of $25 million, payable subject to certain customary conditions. Please see Note 27 for more information.

Curipamba

Under the terms of the Curipamba PMPA, the Company is committed to pay additional upfront cash payments of $162.2 million, which includes $250,000 which will be paid to support certain local community development initiatives around the Curipamba Project. The payments will be payable in four 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 $148 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, which had a closing date of May 16, 2023 and amended on May 31, 2024, the Company is committed to pay additional upfront consideration of $261 million. Of this amount, $6 million is payable on December 2, 2024, $3 million can be drawn upon for committed acquisition of surface rights and the remainder is to be paid in four staged equal installments during construction of the mine, subject to various customary conditions being satisfied.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [40]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

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 $32 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.

Mineral Park

Under the terms of the Mineral Park PMPA, the Company is committed to pay additional upfront cash payments of $65 million in two payments during construction through an installment of $25 million and a final installment of $40 million.

The Company has also 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.

Kudz Ze Kayah

Under the terms of the Kudz Ze Kayah PMPA (“KZK”), an additional $5 million contingency payment is due to Orion if the KZK project achieves certain milestones.

Cotabambas

Under the terms of the Cotabambas Early Deposit Agreement, the Company is committed to pay Panoro 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.

Taxes – Canada Revenue Agency – 2013 to 2016 Taxation Years - Domestic Reassessments

The Company received Notices of Reassessment in 2018, 2019, and 2022 for the 2013 to 2016 taxation years in which the Canada Revenue Agency (“CRA”) is seeking to change the timing of the deduction of upfront payments with respect to the Company’s PMPAs relating to Canadian mining assets, so that the cost of precious metal acquired under these Canadian PMPAs is equal to the cash cost paid on delivery plus an amortized amount of the upfront payment determined on a units-of-production basis over the estimated recoverable reserves, and where applicable, resources and exploration potential at the respective mine (the “Domestic Reassessments”).

In total, the Company expects the Domestic Reassessments to have assessed tax, interest and other penalties of approximately $2 million.

Management believes the Company’s position, as reflected in its filed Canadian income tax returns and consistent with the terms of the PMPAs, that the cost of the precious metal acquired under the Canadian PMPAs is equal to the market value while a deposit is outstanding, and the cash cost thereafter, is correct. The Company has filed Notices of Objection and paid 50% of the disputed amounts in order to challenge the Domestic Reassessments.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [41]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

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.

Under the terms of the settlement with the CRA of the transfer pricing dispute relating to the 2005 to 2010 taxation years (the “CRA Settlement”), income earned outside of Canada by the Company’s foreign subsidiaries will not be subject to tax in Canada under transfer pricing rules. The CRA Settlement principles apply to all taxation years after 2010 subject to there being no material change in facts or change in law or jurisprudence. The CRA is not restricted under the terms of the CRA Settlement from issuing reassessments on some basis other than transfer pricing which could result in some or all of the income of the Company’s foreign subsidiaries being subject to tax in Canada.

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.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [42]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

26.	Segmented Information

Operating Segments

The Company’s reportable operating segments, which are the components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer (“CEO”), who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below:

Three Months Ended September 30, 2024
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	144,656	$	24,670	$	21,970	$	98,016	$	122,916	$	2,616,346
Sudbury ¹		6,286		998		3,309		1,979		4,798		246,918
Constancia		12,912		2,190		1,674		9,048		10,722		70,095
San Dimas		17,482		4,472		2,035		10,975		13,010		138,507
Stillwater		4,071		716		688		2,667		3,355		208,474
Other ²		3,114		1,939		289		886		2,874		901,880
Total gold interests	$	188,521	$	34,985	$	29,965	$	123,571	$	157,675	$	4,182,220
Silver
Peñasquito	$	49,329	$	7,504	$	8,100	$	33,725	$	41,825	$	253,461
Antamina		29,257		5,997		8,367		14,893		23,260		498,029
Constancia		10,822		2,279		2,233		6,310		8,543		170,242
Other ³		25,741		3,705		4,124		17,912		22,594		645,485
Total silver interests	$	115,149	$	19,485	$	22,824	$	72,840	$	96,222	$	1,567,217
Palladium
Stillwater	$	3,644	$	650	$	1,614	$	1,380	$	2,994	$	215,082
Platreef		-		-		-		-		-		78,820
Total palladium interests	$	3,644	$	650	$	1,614	$	1,380	$	2,994	$	293,902
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,451
Platreef		-		-		-		-		-		57,588
Total platinum interests	$	-	$	-	$	-	$	-	$	-	$	67,039
Cobalt
Voisey's Bay	$	939	$	190	$	1,127	$	(378)	$	321	$	345,745
Total mineral stream interests	$	308,253	$	55,310	$	55,530	$	197,413	$	257,212	$	6,456,123
Other
General and administrative							$	(9,488)	$	(6,215)
Share based compensation								(9,628)		-
Donations and community investments								(2,352)		(2,198)
Finance costs								(1,404)		(1,051)
Other								7,605		3,664
Income tax								(27,511)		2,925
Total other							$	(42,778)	$	(2,875)	$	930,056
Consolidated							$	154,635	$	254,337	$	7,386,179

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests comprised of the operating Marmato gold interest as well as the non-operating Minto, Copper World, Santo Domingo, Fenix, Blackwater, Curipamba, Marathon, Goose, Cangrejos, Platreef, Curraghinalt and Kudz Ze Kayah gold interests.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [43]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Three Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	86,395	$	18,684	$	14,685	$	53,026	$	67,710	$	2,341,485
Sudbury ¹		9,428		1,934		5,825		1,669		7,494		268,224
Constancia		24,102		5,197		3,914		14,991		18,906		86,555
San Dimas		18,846		6,114		2,516		10,216		12,732		147,638
Stillwater		3,859		692		1,013		2,154		3,167		212,650
Other ²		2,077		393		418		1,266		1,684		557,035
Total gold interests	$	144,707	$	33,014	$	28,371	$	83,322	$	111,693	$	3,613,587
Silver
Peñasquito	$	10,804	$	2,009	$	1,843	$	6,952	$	8,795	$	278,028
Antamina		18,915		3,817		5,602		9,496		15,097		527,227
Constancia		10,360		2,686		2,716		4,958		7,674		183,736
Other ³		30,293		6,609		3,383		20,301		19,439		549,641
Total silver interests	$	70,372	$	15,121	$	13,544	$	41,707	$	51,005	$	1,538,632
Palladium
Stillwater	$	5,307	$	946	$	1,945	$	2,416	$	4,361	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	2,751	$	727	$	2,575	$	(551)	$	4,235	$	353,631
Total mineral stream interests	$	223,137	$	49,808	$	46,435	$	126,894	$	171,294	$	5,737,454
Other
General and administrative							$	(8,606)	$	(6,321)
Share based compensation								(4,336)		-
Donations and community investments								(1,736)		(1,750)
Finance costs								(1,407)		(1,078)
Other								10,707		9,870
Income tax								(5,145)		(912)
Total other							$	(10,523)	$	(191)	$	1,144,061
Consolidated							$	116,371	$	171,103	$	6,881,515

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

Where a silver interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the silver interest has been summarized under Other silver interests. Other silver interests comprised of the operating Los Filos, Zinkgruvan, Neves-Corvo, Aljustrel, Cozamin and Marmato silver interests and the non-operating Minto, 777, Loma de La Plata, Stratoni, Pascua-Lama, Copper World, Blackwater and Curipamba silver interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine. On September 12, 2023, it was announced that the production of zinc and lead concentrates at Aljustrel will be halted from September 24, 2023 until the second quarter of 2025.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [44]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Nine Months Ended September 30, 2024
	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Net Earnings		Cash Flow From Operations		Total Assets
Gold
Salobo	$	391,973	$	72,142	$	65,073	$	254,758	$	322,761	$	2,616,346
Sudbury ¹		28,130		4,921		15,567		7,642		22,718		246,918
Constancia		70,275		13,442		10,170		46,663		56,833		70,095
San Dimas		49,950		13,794		6,215		29,941		36,156		138,507
Stillwater		15,144		2,680		2,995		9,469		12,464		208,474
Other ²		5,888		2,434		950		2,504		5,153		901,880
Total gold interests	$	561,360	$	109,413	$	100,970	$	350,977	$	456,085	$	4,182,220
Silver
Peñasquito	$	135,578	$	22,446	$	22,771	$	90,361	$	113,132	$	253,461
Antamina		73,710		14,832		21,501		37,377		58,878		498,029
Constancia		40,180		9,395		9,341		21,444		30,785		170,242
Other ³		73,630		11,138		11,707		50,785		60,026		645,485
Total silver interests	$	323,098	$	57,811	$	65,320	$	199,967	$	262,821	$	1,567,217
Palladium
Stillwater	$	12,531	$	2,272	$	5,585	$	4,674	$	10,259	$	215,082
Platreef		-		-		-		-		-		78,820
Total palladium interests	$	12,531	$	2,272	$	5,585	$	4,674	$	10,259	$	293,902
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	9,451
Platreef		-		-		-		-		-		57,588
Total platinum interests	$	-	$	-	$	-	$	-	$	-	$	67,039
Cobalt
Voisey's Bay	$	7,134	$	1,376	$	6,196	$	(438)	$	9,407	$	345,745
Total mineral stream interests	$	904,123	$	170,872	$	178,071	$	555,180	$	738,572	$	6,456,123
Other
General and administrative							$	(30,193)	$	(31,134)
Share based compensation								(17,150)		(11,129)
Donations and community investments								(4,626)		(4,185)
Finance costs								(4,144)		(3,234)
Other								19,922		16,486
Income tax								(77,996)		2,734
Total other							$	(114,187)	$	(30,462)	$	930,056
Consolidated							$	440,993	$	708,110	$	7,386,179

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

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [45]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Nine Months Ended September 30, 2023
	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
(in thousands)	Sales		Cost of Sales		Depletion		Gain on Disposal ¹		Net Earnings (Loss)		Cash Flow From Operations		Total Assets
Gold
Salobo	$	246,219	$	53,155	$	41,777	$	-	$	151,287	$	193,063	$	2,341,485
Sudbury ²		27,295		5,591		15,192		-		6,512		21,420		268,224
Constancia		55,718		11,939		9,028		-		34,751		43,779		86,555
San Dimas		61,657		19,895		8,227		-		33,535		41,762		147,638
Stillwater		12,201		2,175		3,202		-		6,824		10,026		212,650
Other ³		10,324		5,969		916		-		3,439		4,090		557,035
Total gold interests	$	413,414	$	98,724	$	78,342	$	-	$	236,348	$	314,140	$	3,613,587
Silver
Peñasquito	$	90,967	$	17,053	$	15,646	$	-	$	58,268	$	73,915	$	278,028
Antamina		60,812		12,046		18,141		-		30,625		48,765		527,227
Constancia		35,034		9,073		9,211		-		16,750		25,962		183,736
Other ⁴		76,316		18,179		9,198		5,027		53,966		55,364		549,641
Total silver interests	$	263,129	$	56,351	$	52,196	$	5,027	$	159,609	$	204,006	$	1,538,632
Palladium
Stillwater	$	14,922	$	2,699	$	4,658	$	-	$	7,565	$	12,223	$	222,154
Platinum
Marathon	$	-	$	-	$	-	$	-	$	-	$	-	$	9,450
Cobalt
Voisey's Bay	$	11,108	$	2,639	$	10,712	$	-	$	(2,243)	$	13,056	$	353,631
Total mineral stream interests	$	702,573	$	160,413	$	145,908	$	5,027	$	401,279	$	543,425	$	5,737,454
Other
General and administrative									$	(28,922)	$	(29,702)
Share based compensation										(16,217)		(16,675)
Donations and community investments										(5,054)		(4,896)
Finance costs										(4,138)		(3,147)
Other										26,961		24,823
Income tax										(4,700)		(5,244)
Total other									$	(32,070)	$	(34,841)	$	1,144,061
Consolidated									$	369,209	$	508,584	$	6,881,515

1)	See Notes 12 for more information.

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

Where a gold interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and is not evaluated on a regular basis by the Company’s CEO for the purpose of assessing performance, the gold interest has been summarized under Other gold interests. Other gold interests are comprised of the operating Marmato gold interests as well as the non-operating Minto, 777, Copper World, Santo Domingo, Fenix, Blackwater, Marathon, Curipamba, Goose and Cangrejos gold interests. On June 22, 2022, Hudbay announced that mining activities at 777 have concluded and closure activities have commenced. On May 13, 2023, Minto announced the suspension of operations at the Minto mine.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [46]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

Geographical Areas

The Company’s geographical information, which is based on the location of the mining operations to which the mineral stream interests relate, are summarized in the tables below:

	Sales								Carrying Amount at September 30, 2024
(in thousands)	Three Month Ended Sep 30, 2024			Nine Months Ended Sep 30, 2024			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	7,225	2%	$	35,264	4%	$	706,745	$	165,990	$	-	$	9,452	$	345,745	$	1,227,932
United States		7,715	3%		27,675	3%		208,475		51,418		215,082		-		-		474,975
Mexico		71,972	23%		200,478	22%		138,504		364,303		-		-		-		502,807
Europe
Portugal		5,584	2%		18,053	2%		-		16,754		-		-		-		16,754
Sweden		14,816	5%		40,045	4%		-		25,624		-		-		-		25,624
UK		-	0%		-	0%		20,363		-		-		-		-		20,363
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		55,664		-		-		-		-		55,664
Brazil		144,656	47%		391,973	43%		2,616,347		-		-		-		-		2,616,347
Peru		52,991	17%		184,165	21%		70,095		668,267		-		-		-		738,362
Ecuador		-	0%		-	0%		49,670		3,717		-		-		-		53,387
Colombia		3,294	1%		6,470	1%		40,632		6,741		-		-		-		47,373
Africa		-	-
South Africa		-	0%		-	0%		275,725		-		78,820		57,587		-		412,132
Consolidated	$	308,253	100%	$	904,123	100%	$	4,182,220	$	1,567,217	$	293,902	$	67,039	$	345,745	$	6,456,123

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

	Sales								Carrying Amount at December 31, 2023
(in thousands)	Three Month Ended Sep 30, 2023			Nine Months Ended Sep 30, 2023			Gold Interests		Silver Interests		Palladium Interests		Platinum Interests		Cobalt Interests		Total
North America
Canada	$	12,754	6%	$	46,310	7%	$	708,402	$	141,292	$	-	$	9,451	$	350,816	$	1,209,961
United States		9,166	4%		27,123	4%		211,470		971		220,667		-		-		433,108
Mexico		33,681	15%		164,661	23%		144,719		396,490		-		-		-		541,209
Europe
Portugal		9,106	4%		25,149	4%		-		17,516		-		-		-		17,516
Sweden		16,862	8%		37,571	5%		-		27,017		-		-		-		27,017
UK		-	0%		-	0%		20,198		-		-		-		-		20,198
South America
Argentina/Chile ¹		-	0%		-	0%		-		253,514		-		-		-		253,514
Argentina		-	0%		-	0%		-		10,889		-		-		-		10,889
Chile		-	0%		-	0%		56,538		-		-		-		-		56,538
Brazil		86,395	38%		246,218	34%		2,681,419		-		-		-		-		2,681,419
Peru		53,377	24%		151,564	22%		80,265		699,107		-		-		-		779,372
Ecuador		-	0%		-	0%		39,455		3,779		-		-		-		43,234
Colombia		1,796	1%		3,977	1%		41,583		6,883		-		-		-		48,466
Consolidated	$	223,137	100%	$	702,573	100%	$	3,984,049	$	1,557,458	$	220,667	$	9,451	$	350,816	$	6,122,441

1)	Includes the Pascua-Lama project, which straddles the border of Argentina and Chile.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [47]

Notes to the Condensed Interim Consolidated Financial Statements

Three and Nine Months Ended September 30, 2024 (US Dollars)

27.	Subsequent Events

Declaration of Dividend

Under the Company’s dividend policy, the quarterly dividend is fixed at $0.155 per common share. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

On November 7, 2024, the Board of Directors declared a dividend in the amount of $0.155 per common share, with this dividend being payable to shareholders of record on November 21, 2024 and is expected to be distributed on or about December 6, 2024. The Company has implemented a dividend reinvestment plan (“DRIP”) whereby shareholders can elect to have dividends reinvested directly into additional Wheaton common shares based on the Average Market Price, as defined in the DRIP.

Acquisition of Koné Gold PMPA

On October 23, 2024, the Company entered into a PMPA (the “Koné Gold PMPA”) with Montage Gold Corp. (“Montage”) in respect of its 90% owned Koné Gold Project located in Côte d’Ivoire. Under the terms of the agreement, Wheaton will purchase 19.5% of the payable gold production until 400,000 ounces of gold have been delivered (subject to adjustment if there are delays in deliveries relative to an agreed schedule), 10.8% of the gold production until the delivery of a further 130,000 ounces and 5.4% gold production thereafter for the life of mine. Under the terms of the Koné Gold PMPA, the Company is committed to pay Montage total upfront cash payments of $625 million, payable in four equal installment payments during construction, subject to certain conditions, including that all permits have been obtained.

In addition, Wheaton will make ongoing production payments for the gold ounces delivered equal to 20% of the spot gold price. For the first five years after the PMPA is signed, there will be a price adjustment mechanism in place if the spot price of gold is less than $2,100 per ounce or greater than $2,700 per ounce.

The Company has also provided Montage with a secured debt facility of up to $75 million.

Amendment to the Fenix PMPA

On November 15, 2021, the Company acquired a gold stream in respect of gold production from the Fenix Project (the “Fenix PMPA”). Under the terms of the Fenix PMPA, 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.

On October 21, 2024, the Company amended the Fenix PMPA. Under the terms of the amended 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 above). 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. Finally, the Company has also agreed to adjust the production payment for all gold ounces delivered to 20% of the spot gold price. In exchange for the amendment, the Company is committed to pay additional upfront cash consideration of $100 million, payable in two equal installments, subject to various customary conditions being satisfied.

Wheaton will also provide a $20 million contingent secured debt facility in the form of a standby loan facility. Lastly, Wheaton has committed to participate in a private placement of Rio2 common shares for Cdn$5 million at a price per share equal to, and concurrent with, a public offering by Rio2.

WHEATON PRECIOUS METALS 2024 THIRD QUARTER REPORT - FINANCIAL STATEMENTS [48]

CORPORATE

INFORMATION

CANADA – HEAD OFFICE

WHEATON PRECIOUS METALS CORP.

Suite 3500

1021 West Hastings Street

Vancouver, BC V6E 0C3

Canada

T: 1 604 684 9648

F: 1 604 684 3123

CAYMAN ISLANDS OFFICE

Wheaton Precious Metals International Ltd.

Suite 300, 94 Solaris Avenue

Camana Bay

P.O. Box 1791 GT, Grand Cayman

Cayman Islands KY1-1109

STOCK EXCHANGE LISTING

Toronto Stock Exchange: WPM

New York Stock Exchange: WPM

London Stock Exchange: WPM

DIRECTORS

GEORGE BRACK, Chair

JAIMIE DONOVAN

PETER GILLIN

CHANTAL GOSSELIN

JEANE HULL

GLENN IVES

CHARLES JEANNES

MARILYN SCHONBERNER

RANDY SMALLWOOD

SRINIVASAN VENKATAKRISHNAN

OFFICERS

RANDY SMALLWOOD

President & Chief Executive Officer

CURT BERNARDI

Senior Vice President,

Legal & Strategic Development

GARY BROWN

Senior Vice President
& Chief Financial Officer

HAYTHAM HODALY
Senior Vice President,
Corporate Development

TRANSFER AGENT

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

Toll-free in Canada and the United States:

1 800 387 0825

Outside of Canada and the United States:

1 416 682 3860

E: shareholderinquiries@tmx.com

AUDITORS

Deloitte LLP

Vancouver, Canada

INVESTOR RELATIONS

EMMA MURRAY

Vice President, Investor Relations

T: 1 604 684 9648 TF: 1 844 288 9878

E: info@wheatonpm.com

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