WPM

Corporate and Growth Strategy

• The first half of 2026 delivered record performance across production, sales volumes, revenue, earnings, and cash flow, demonstrating the resilience of the streaming business model amid commodity price volatility and cost pressures.
• Management closed the BHP Antamina silver stream transaction, the largest precious metals streaming deal in industry history, and completed the first Australian streaming transaction (gold and silver on the Jervis project with KGL Resources), expanding geographic reach.
• The royalty portfolio was expanded via the Spanish Mountain and Chapango deals, which include rights of first refusal on future financings, adding portfolio optionality.
• The existing portfolio already supports 50% organic production growth by 2030, so future growth is not dependent on new transactions.

Financial Position

• As of Q2 end 2026, the company held $100 million in cash, with an upsized $2.5 billion revolving credit facility (extended to mature June 2031), providing $2.6 billion in total available liquidity.
• Net debt stands at ~$1.9 billion, a reduction from the $2.1 billion pro forma net debt position immediately after the Antamina transaction close, driven by strong operating cash flow.
• Management maintains a disciplined capital allocation strategy, focusing only on accretive long-term value-generating opportunities.

Operational Progress

• Multiple development projects (Mineral Park, Phoenix, Platte Reef, Goose) continued ramping up production in Q2. Kermuk construction remains on budget and schedule for an August 2026 operational start, with first gold pour shortly after launch. Koning construction is ahead of schedule and on budget for first gold pour in Q4 2026 via the oxide circuit.
• Blackwater's Phase 1a expansion is 57% complete, on schedule for Q4 2026 commissioning; full expansion to 21 million tonnes per annum throughput (250% capacity increase from current levels) is on track for 2028, which will lift annual gold production to over 500,000 ounces.

Sustainability and Recognition

• Wheaton was named one of Corporate Knights' Best 50 Corporate Citizens in Canada.
• The company launched its third annual Future of Mining Challenge, awarding $1 million to innovations focused on mine optimization and reduced land impacts, and published its 2025 Sustainability Report.

• 2026 full-year production guidance is maintained at 860,000 to 940,000 gold equivalent ounces, with production weighted to the second half of 2026.
• The Produced But Not Delivered (PB&D) balance at Q2 end was 158,000 GEOs (2.6 months of production), within the guided 2.5 to 3.5 month range; management expects PB&D to stay flat or increase slightly in the second half, leaving sales and production volumes roughly balanced.
• Long-term guidance for 2030 annual production remains 1.2 million GEOs; management notes this forecast is conservative and may increase as new accretive transactions are completed.

Overall Q2 2026 production was 202,000 gold equivalent ounces (GEOs), a 6% year-over-year increase, with sales volumes of 209,000 GEOs (a 14% year-over-year increase). Total quarterly revenue hit a record $929 million, an 85% year-over-year increase. Of this total revenue, 46% came from gold, 52% from silver, and the remaining 2% from cobalt and palladium. Net earnings increased 86% year-over-year to $543 million, and operating cash flow was $650 million, a 57% increase year-over-year. Key individual asset performance: Salobo produced 2,100 attributable gold ounces, an 11% year-over-year decrease driven by lower ore grades. Antamina produced 2.3 million attributable silver ounces, a 56% year-over-year increase following the expanded BHP stream acquisition that increased Wheaton's production share from 33.75% to 67.5% in April 2026; this gain was partially offset by lower silver grades and advanced planned maintenance. Blackwater produced 100,000 attributable silver ounces (7% year-over-year increase) and 5,900 attributable gold ounces (46% year-over-year increase), driven by higher recoveries, grades, and throughput.

No material new risks or operational failures were explicitly discussed during the call. Commodity price volatility is referenced as a general operating environment condition, but management notes the business takes a long-term valuation approach to assets and is resilient to short-term price swings. Lower silver grades at Antamina in Q2 were tied to pit sequencing, a temporary, expected dynamic that will resolve in coming quarters with no lasting impact.

Q: How much of the expected second-half 2026 production uplift comes from new ramp-ups versus mine sequencing? Also, what is your appetite for new deals after Antamina, and why are you pursuing more royalty transactions now? Are you seeing more opportunities in copper as copper prices rise?

A: Almost all of the second-half uplift comes from the full Antamina stream contribution and mine sequencing at key assets; new ramp-ups only contribute ~3% of 2026 total production. Wheaton has $2.6 billion in available liquidity and generates over $200 million in monthly free cash flow, so it remains well-positioned to pursue new accretive deals. The recent royalty transactions include rights of first refusal on future financings, which give Wheaton priority access to future stream opportunities. Large copper project financing opportunities are expected 3–8 years out, with no imminent deals in the next 1–2 years.

Q: With industry contractor quality declining, how is Wheaton building internal technical capacity to manage its growing pipeline?

A: Wheaton currently employs a full in-house team of mining, geological, processing, geotechnical, and civil engineers, geologists, and social scientists, and has not used external consultants for several years. The company will add 2–3 new engineering and operations staff over the next 3–4 months to increase capacity for pipeline review and development project monitoring, with plans for gradual incremental hiring as the portfolio expands.

Q: The Antamina Q2 silver production impact came from lower copper-zinc ore processing. Is this shift tied to copper prices, and how much visibility do you have into future silver grades?

A: The shift to more copper-only ore is purely the result of pit sequencing, not a response to commodity prices. Higher silver-grade copper-zinc ore is located in a different section of the pit that is only now being accessed, after a longer-than-planned advance to that area. Higher silver grades are expected in Q3 2026 and over the next 12–18 months as mining moves into that section of the pit.

Q: Following the Antamina acquisition, have recent lower silver prices created any risk of an accounting write-down for the asset?

A: The original BHP Antamina stream valuation was based on long-term silver price assumptions, not the short-term spot price at transaction close. While silver prices have been volatile, the asset is performing as expected, long-term silver fundamentals remain strong, and there is no triggering event for impairment. Management does not anticipate a write-down at this time.

Q: The 2030 production guidance is still 1.2 million GEOs even after new deals and operational progress. Is this a conservative baseline?

A: The 1.2 million GEO 2030 forecast is based on the current committed portfolio. Wheaton is a growth company that generates consistent strong cash flow to deploy into new accretive transactions, so management views the current 1.2 million GEO forecast as conservative. No upward revision is made until new transactions are finalized.