On November 6, 2025, Wheaton Precious Metals International Ltd. (“WPMI”), a wholly-owned subsidiary of Wheaton Precious Metals Corp., has entered into a definitive Precious Metals Purchase Agreement (“Gold Stream”) with Waterton Gold Corp., a subsidiary of Waterton Gold LP, for the Spring Valley Project in Nevada, USA. The agreement provides for total upfront cash consideration of US$670 million (approximately C$920 million), to be paid in installments as conditions are satisfied. Under the Gold Stream, WPMI will purchase 8% of payable gold until 300,000 ounces have been delivered, after which it will purchase 6% of payable gold for the remaining life of the mine. Attributable production is forecast to average approximately 29,000 ounces of gold per year for the first five years and over 25,000 ounces per year for the first ten years, with first production expected in the first half of 2028. WPMI will make ongoing payments for gold delivered equal to 20% of the spot price until the deposit is fully reduced, and 22% thereafter. The agreement includes a cost overrun facility of up to US$150 million (about C$206 million). The addition of Spring Valley will increase Wheaton’s probable mineral gold reserves by 0.31 million ounces, indicated resources by 0.06 million ounces, and inferred resources by 0.05 million ounces. The project is fully funded with US$1.3 billion in committed capital.