Wheaton Precious Metals Corp

Record first half + Q2 operating momentum (good): - Q2 production: 202k GEOs (+6% YoY); sales volumes: 209k GEOs (+14% YoY). - Record Q2 revenue: $929m (+85% YoY), driven by +61% in average realized gold-equivalent price and higher sold volumes. - Net earnings: $543m (+86% YoY); operating cash flow: $650m (+57% YoY). - Revenue mix: ~46% gold / 52% silver in the quarter (company expects gold mix to increase in coming quarters as “gold-dominant” development projects come online).

Guidance + production weighting (clear outlook): - 2026 production guidance reiterated: 860k–940k GEOs. - Second-half weighting expected due to mine sequencing at Salobo & Penasquito, and fuller Antamina stream contribution. - PBND/deliveries are a key swing factor for sales: ended Q2 with ~158k GEOs PBND (~2.6 months of payable production) within the guided 2.5–3.5 months range; company expects sales to be flat-to-slightly higher in H2 vs production depending on PBND (i.e., PBND more likely to rise late in the year, not drop materially).

Growth strategy executing via transactions + strong balance sheet (opportunity): - Closed major growth deals: - Antamina silver stream (BHP)—described as the largest precious metal streaming transaction ever; also boosts Antamina silver exposure to 67.5% effective Apr 1 (vs 33.75% prior). - First Australia stream (Jervois): gold & silver stream via KGL Resources. - Added royalty optionality: Spanish Mountain & Cipango royalties, including ROFR on future financings (structured for certainty on “last look” in funding). - Balance sheet flexibility: $100m cash at June 30 and access to $2.5b revolver (upsized/extended), giving roughly $2.6b available liquidity, supporting continued accretive dealmaking and debt repayment.