Wheaton Precious Metals : Q1 MD&A

About this update from Wheaton Precious Metals Corp

WHEATON PR EC I OU S META LS Management's Discussion and Analysis of Results of Operations and Financial Condition for the Three Months Ended March 31, 2026 This Management's Discussion and Analysis ("MD&A") should be read in conjunction with Wheaton Precious Metals Corp.'s ("Wheaton" or the "Company") unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board. In addition, the following should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025, the related MD&A and the 2025 Annual Information Form as well as other information relating to Wheaton on file with the Canadian securities regulatory authorities and on SEDAR+ at https://www.sedarplus.ca. Reference to Wheaton or the Company includes the Company's wholly-owned subsidiaries. This MD&A contains "forward-looking" statements that are subject to risk factors set out in the cautionary note contained on page 48 of this MD&A as well as throughout this document. All figures are presented in United States dollars unless otherwise noted. This MD&A has been prepared as of May 7, 2026. Table of Contents Highlights 5 Outlook 6 Mineral Stream Interests 7 Acquisition of Mineral Stream Interests 9 Updates on the Operating Mineral Stream Interests 9 Updates on the Development Stage Mineral Stream Interests 10 Early Deposit Mineral Stream Interests 11 Mineral Royalty Interests 12 Long-Term Equity Investments 12 Summary of Units Produced 14 Summary of Units Sold 15 Quarterly Financial Review 16 Results of Operations and Operational Review 19 General and Administrative 23 Share Based Compensation 23 Donations and Community Investments 24 Other Income (Expense) 24 Finance Costs 24 Income Tax Expense 25 Liquidity and Capital Resources 25 Share Capital 33 Financial Instruments 33 Future Changes to Accounting Policies 33 Non-GAAP Measures 34 Subsequent Events 38 Controls and Procedures 38 Attributable Reserves and Resources 38 Cautionary Note Regarding Forward-Looking Statements 48 Overview Wheaton Precious Metals Corp. is a precious metal streaming company which generates its revenue primarily from the sale of precious metals ...

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