Wheaton Precious to acquire Spring Valley gold stream

Mr. Randy Smallwood reports WHEATON PRECIOUS METALS ANNOUNCES THE ACQUISITION OF A GOLD STREAM ON THE SPRING VALLEY PROJECT LOCATED IN NEVADA Wheaton Precious Metals Corp.'s wholly owned subsidiary, Wheaton Precious Metals International Ltd. (WPMI), has entered into a definitive precious metals purchase agreement (the gold stream) with Waterton Gold Corp., a subsidiary of Waterton Gold LP, in respect of the Spring Valley project, located in Nevada, United States, which is owned by Waterton Gold's wholly owned subsidiary, Solidus Resources LLC. "Wheaton is delighted to support one of our existing partners, Waterton, as they advance the Spring Valley project, a large-scale gold development in Nevada," said Randy Smallwood, chief executive officer of Wheaton Precious Metals. "With its strong geological profile, strategic location and proven leadership, already demonstrated through our partnership at Mineral Park, Spring Valley aligns perfectly with our commitment to investing in high-quality, value-accretive assets." "The addition of Spring Valley adds another high-quality, low-cost mine in a Tier 1 jurisdiction to Wheaton's portfolio," added Haytham Hodaly, president of Wheaton Precious Metals. "The project meets all the criteria of our rigorous due diligence process, from scale to margins to exploration upside to quality of the management team. We're excited to deepen our relationship with Waterton as they unlock the full potential of this asset." "We are pleased to again partner with Wheaton," said Isser Elishis, executive chairman of Waterton Gold. "With Wheaton's commitment, the project is now fully funded, backed by $1.3-billion in committed capital. Early site works are already under way as we prepare to commence full construction in 2026 and achieve first gold production in the first half of 2028. This milestone underscores the strength of the project and advances the development of Nevada's next major low-cost heap-leach gold mine, creating meaningful long-term value for all stakeholders." Transaction details (all values in U.S. dollars unless otherwise noted): Upfront consideration: WPMI will pay Waterton Gold total upfront cash consideration of $670-million, to be paid in instalments as various conditions are satisfied. Streamed metal: Under the gold stream, WPMI will purchase 8 per cent of the payable gold until 300,000 ounces have been delivered, after which the company will purchase 6 per cent of the payable gold for the life of the mine. Production profile: Attributable production is forecast to average approximately 29,000 ounces of gold per year for the first five years of production and over 25,000 ounces of gold per year for the first 10 years, with first production expected in 2028. Spring Valley has a mine life of 10 years based on reserves at an $1,800-per-ounce gold price: This attributable production profile reflects an optimized scenario that incorporates an updated mineral reserve and resource estimate, building on the feasibility study published earlier in 2025. Mining activities will occur on concessions that represent less than 5 per cent of the Spring Valley land package, leaving opportunity for mine-life extension with future exploration success. Production payments: WPMI will make continuing payments for the gold ounces delivered equal to 20 per cent of the spot price of gold until the uncredited deposit has been fully reduced and 22 per cent of the spot price of gold thereafter. Incremental reserves and resources: The addition of Spring Valley will increase Wheaton's total estimated probable mineral gold reserves by 310,000 ounces, indicated mineral gold resources by 600,000 ounces and inferred gold resources by 50,000 ounces. Other considerations: The gold stream includes a customary completion test. WPMI will provide a cost overrun facility of up to $150-million, accessible during an availability period commencing once the full upfront consideration has been paid under the gold stream. The facility has a maturity date of three years following the first drawdown under the facility. Gold payability rates have been fixed at 99.9 per cent. Waterton Gold and Solidus will provide WPMI with corporate guarantees and certain other security over their assets. Financing the transactions As at June 30, 2025, the company had approximately $1-billion of cash on hand. Wheaton believes that, when combined with the liquidity available under its $2-billion revolving term loan, coupled with its $500-million accordion and continuing operating cash flows, it is well positioned to fund the acquisition of the gold stream. This financial position supports outstanding commitments and known contingencies while providing flexibility to pursue additional accretive mineral stream interests. About Solidus Resources LLC and Spring Valley Solidus Resources is advancing the Spring Valley gold project in Pershing county, Nevada, through construction and into operations. Solidus is a wholly-owned subsidiary of Waterton Gold, a private mining company. The Spring Valley project represents Nevada's next high-quality, low-cost heap-leach gold mine. Since consolidating 100-per-cent ownership of Spring Valley in 2015, Solidus has substantially derisked the project through extensive technical work programs, including drilling, metallurgical test work, hydrological studies and geotechnical analyses, bringing total drilling at the site to more than 950,000 feet. With all major federal permits in place, the project is now entering the construction phase, marking a key milestone in its path toward first gold production in the first half of 2028. About Wheaton Precious Metals Corp. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower-risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver as well as other mining investments. Wheaton is committed to strong ESG (environmental, social and governance) practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders. Neil Burns, PGeo, vice-president, corporate development, for Wheaton Precious Metals, and Ryan Ulansky, PEng, vice-president, engineering, are qualified persons as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates). We seek Safe Harbor.