Wheaton Precious Metals Corp Aktie

Ladies and gentlemen, welcome to the Annual and Special Meeting of Shareholders of Wheaton Precious Metals Corp. Please note that this meeting will be recorded.

I would like to introduce Mr. Haytham Hodaly, President and CEO of the company.

Mr. Hodaly, the floor is yours.

Thank you, operator. Good morning, ladies and gentlemen, and welcome to the Annual and Special Meeting of the Shareholders of Wheaton Precious Metals Corp. The meeting will now come to order. It is an honor to chair my first Annual Meeting as President and Chief Executive Officer of the company. I'd like to thank our shareholders and Board of Directors for their confidence in Wheaton and for joining us today.

The Board recognizes the importance of in-person engagement with its shareholders as well as the value of enabling virtual participation for Wheaton's wider stakeholder base, including shareholders, employees and the community. As a result, Wheaton has once again adopted a hybrid meeting format combining a virtual online platform and an in-person meeting. I am pleased to welcome shareholders joining us today, both in person and online. We appreciate your participation in the meeting.

Please note that following the formal part of our meeting, there will be an opportunity for questions. For those attending online, please input your questions through the virtual meeting platform.

Let us now proceed with the business of the meeting. For the purpose of this meeting, Wheaton Precious Metals has appointed Heather Conrad on behalf of Odyssey Trust Company to act as scrutineers. Curt Bernardi, the Executive Vice President, Strategy and General Counsel of the company, will act as Secretary for this meeting.

I have been advised that the notice calling this meeting, together with notice and access notification and the form of proxy were mailed to shareholders of record as of March 13, 2026, in accordance with applicable law. Odyssey Trust Company has filed with me proof of service of such mailing, and I direct that a copy of such proof of service be annexed to the minutes of this meeting as a schedule.

The scrutineers have also advised me that prior to the meeting, proxies were received from the holders of a sufficient number of common shares to constitute a quorum. I therefore declare the meeting to be regularly called and properly constituted for the transaction of business. I direct that the formal report of the scrutineers be annexed to the minutes of this meeting as a schedule.

I would like to take a moment to comment on the voting procedures to be used at today's meeting. Voting for the directors of the company and the company's approach to executive compensation will proceed by way of ballot. Otherwise, voting will proceed by way of a show of hands and voting through the virtual meeting platform. If you are a registered shareholder or proxy holder who is attending in person at the meeting, you should have received a ballot on white paper and a ballot on green paper upon checking in with Odyssey Trust Company. If you are a registered shareholder or proxy holder and do not have these ballots, please raise your hand. If you're a registered shareholder or proxy holder attending the meeting through the virtual meeting platform, you will not require the ballots, but will instead record your votes through the meeting platform. There will be a short pause on each matter to allow registered shareholders and proxy holders to record their votes.

With respect to each matter to be considered at today's meeting, I will ask for a motion and a second. Only registered shareholders or duly appointed proxy holders can make or second a motion or address the meeting with respect to a pending motion. Once the matter has been seconded, will -- sorry, once the matter has been seconded, I will ask for discussion as to the pending matter.

In order to allow for timely and orderly consideration of the business to come before today's meeting, each registered shareholder or duly appointed proxy holder wishing to speak as to a pending motion will be allocated 2 minutes to present their position.

At this time, I would ask the operator to open the polls on our virtual meeting platform.

As the first item of business of this meeting, I now present to the meeting the company's financial statements as at and for the year ended December 31, 2025. Copies of the financial statements were mailed to those shareholders who requested to receive copies of them, in accordance with applicable law. And unless there is any objection, I do not propose to read the financial statements.

The next item of business is the election of shareholders (sic) [ directors ] by the company's shareholders to hold office -- directors, pardon me, by the company's shareholders to hold office until the close of the first Annual Meeting of Shareholders following such election or until their successors are elected or appointed. The company's bylaws include an advanced notice requirement for the nomination of directors by shareholders in certain circumstances.

The company did not receive notice of any director nominations in connection with the meeting. Accordingly, the only persons eligible to be nominated for election to the Board at this meeting are the management nominees. Management nominates George Brack, Jaimie Donovan, Chantal Gosselin, Haytham Hodaly, Jeane Hull, Glenn Ives, Charles Jeannes, Marilyn Schonberner, Randy Smallwood and Srinivasan Venkatakrishnan as directors for the ensuing year or until their successors are elected or appointed. I declare the nominations closed. As a result of the company's majority voting policy, it is necessary to vote by ballot for the election of each director.

I therefore direct that a poll be taken. Each shareholder or proxy nominee should record your vote in respect of the election of each director nominee. If you are participating in the meeting through the virtual meeting platform, please record your vote now.

[Voting]

For those registered shareholders and proxy nominees here in person, please record your vote by marking the appropriate box beside each director's name and by signing and printing your name on the white ballot. Once you have done so, please raise your hand, and the ballot will be collected from you. I will now pause momentarily to allow for online and in-person voting.

[Voting]

I have been advised by the scrutineers that the proxies deposited for the meeting have overwhelmingly voted for the election of each of the directors. Therefore, I declare George Brack, Jaimie Donovan, Chantal Gosselin, Haytham Hodaly, Jeane Hull, Glenn Ives, Charles Jeannes, Marilyn Schonberner, Randy Smallwood and Srinivasan Venkatakrishnan to be elected as your Board of Directors to serve in that capacity until the company's next Annual General Meeting or until their successors are elected or appointed. Rather than hold up the business of this meeting for the final tabulation of votes cast, I direct that the results of the poll for the election of the directors be included with the minutes of this meeting and filed with the applicable securities regulators.

The next item of business is the appointment of auditors for the ensuing year and the authorization for the Board to fix their remuneration. I ask that someone move and someone second the following resolution.

Resolve that Deloitte LLP, independent registered public accounting firm, be and they are hereby appointed as auditors of the company to hold office until the close of the next Annual General Meeting of the Shareholders or until successors are appointed at such remuneration as may be fixed by the directors and the directors to be and they are hereby authorized to fix such remuneration.

Will someone move the resolution?

I so move.

Will someone second the motion?

I second the motion.

Any discussion?

If you are participating in the meeting through the virtual meeting platform, please record your vote now. For those registered shareholders and proxy nominees here in person and in favor of the resolution, please so signify by raising your hand.

I will now pause momentarily to allow for online and in-person voting.

[Voting]

Contrary, if any?

I declare the resolution carried.

Next item of business is the approval of the company's approach to executive compensation as more particularly described in the Management Information Circular. The resolution to approve the company's approach to executive compensation is set out on Page 94 of the Management Information Circular. In order to be effective, this resolution must be approved by the affirmative vote of not less than a majority of the votes cast at this meeting on a show of hands.

I ask that someone move and someone second the following resolution. Resolved that on an advisory basis and not to diminish the role and responsibilities of the Board, that the shareholders accept the Board's approach to executive compensation disclosed under the section entitled "Statement of Executive Compensation" in the Management Information Circular delivered in advance of the meeting.

Will someone move the resolution?

I so move.

Will someone second the motion?

I second the motion.

Any discussion?

If you are participating in the meeting through the virtual meeting platform, please record your vote now. For those registered shareholders and proxy nominees here in person and in favor of the resolution, please so signify by raising your hand. I will now pause momentarily to allow for online and in-person voting.

[Voting]

Contrary, if any?

Before proceeding with the termination of the formal part of this meeting, I would ask all shareholders and registered proxy holders to please take a moment to ensure that you have inputted your votes into the virtual meeting platform before online balloting is closed. I will now pause momentarily to allow for online and in-person voting.

[Voting]

At this time, I would ask the operator to please close the polls on our virtual meeting platform.

Is there any further business?

I ask that someone move and someone second a resolution that this meeting now terminate.

I so move.

Will someone second the motion?

I second the motion.

I declare that the formal portion of this meeting is now terminated.

We will now proceed to answer any questions received through the virtual meeting platform. We will pause momentarily to give shareholders a moment to input questions through the virtual meeting platform.

We have no questions on the platform.

As we have no further questions, that concludes our meeting today. On behalf of the Board and management, I'd like to thank our shareholders for attending and participating in our meeting today and for your continued support.

With a high-quality portfolio, a sector-leading growth profile and strong corporate development momentum, Wheaton is well positioned for the years ahead. I'm proud to step into this role at such an important time for the company, and I look forward to working with our Board, our team and our shareholders as we continue to build long-term value.

Thank you. This meeting is now adjourned.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals' 2026 First Quarter Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Friday, May 8, 2026, at 11 a.m. Eastern Time.

I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Haytham Hodaly, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Chief Financial Officer; Wes Carson, Vice President of Mining Operations; and Neil Burns, Vice President, Corporate Development. Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the presentations page of our website.

Some of the comments on today's call may include forward-looking statements. Please refer to Slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted.

With that, I'd like to turn the call over to Haytham Hodaly, Wheaton's President and Chief Executive Officer.

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's first quarter results of 2026. I'm very pleased to be speaking with you today on my first quarterly conference call as President and Chief Executive Officer of Wheaton Precious Metals. Wheaton delivered a strong start to 2026 with Salobo and Peñasquito outperforming expectations and contributing to record quarterly revenue, earnings and cash flow. We continue to build on our track record of disciplined capital allocation, announcing several transactions that further enhance the quality, diversification and long-term growth profile of our portfolio.

Most notably, during the quarter, we announced the Antamina silver stream with BHP for the largest transaction in Wheaton's history and the largest precious metal stream transaction ever completed. Antamina is one of the world's premier base metal operations with a long track record of strong performance, significant exploration potential and a demonstrated ability to replace reserves and extend mine life. The transaction meaningfully increases our exposure to high-quality silver production and reinforces Wheaton's position as one of the largest companies globally. Subsequent to the quarter, we were also pleased to announce the Jervois stream with KGL Resources, making -- marking Wheaton's first stream in Australia. In addition, we announced a royalty on the Spanish Mountain project in British Columbia, which Neil will outline shortly.

Collectively, these transactions further strengthen our portfolio, expand our geographic reach and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton's success. Looking ahead, we continue to see strong interest in streaming as a financing solution across the mining industry. Our corporate development team remains active in evaluating opportunities, and we will continue to focus on transactions that are accretive, well structured and aligned with Wheaton's long-term strategy. Importantly, Wheaton's growth is not dependent on additional transactions. Our existing portfolio already provides a strong organic growth profile of 50% by 2030, supported by multiple development assets advancing through construction, ramp-up and optimization. We believe that Wheaton is in a position of exceptional strength supported by a high-quality portfolio of long-life assets, a robust pipeline of significantly derisked growth projects and a business model that has continued to deliver strong margins and meaningful exposure to precious metals.

With that, I would like to turn the call over to Wes Carson, our Vice President of Mining Operations, who will provide more detail on our operating results. Wes?

Thanks, Haytham. Good morning, everyone. Overall production in the first quarter was 212,000 GEOs, a 22% year-over-year increase, primarily driven by stronger performance from Salobo and Peñasquito. Salobo delivered 69,000 ounces of attributable gold production in Q1, a decrease of approximately 3% year-over-year, primarily driven by lower grades and partially offset by higher throughput and recoveries. As highlighted in Vale Base Metals recent public disclosure, Coarse Particle Flotation is the main near-term growth driver at Salobo, supporting the expansion of Salobo from 12 million to 18 million tonnes per annum, targeting a total throughput of 42 million tonnes per annum by 2029. Vale Base Metals noted that studies and permitting are underway, with construction expected to begin in 2027 and implementation by 2029. In addition, Vale Base Metals indicated that it continues to advance a series of growth-focused initiatives to enhance efficiency and support medium- to long-term production growth across the Salobo complex.

In Q1, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to Q1 of 2025, primarily due to higher grades and improved recoveries. Attributable production to Wheaton is expected to increase significantly starting in Q2 of 2026, reflecting the addition of the new BHP stream, which became effective on April 1 and supported by higher throughput and stable grades and recoveries. Peñasquito produced 2.6 million ounces of attributable silver in Q1, representing a 46% increase year-over-year, supported by higher grades and improved recoveries. After a strong Q1 performance from Peñasquito, we anticipate attributable production to be lower in Q2, reflecting reduced grades and lower throughput due to planned maintenance.

Blackwater produced 129,000 ounces of attributable silver and 5,000 ounces of attributable gold in Q1. During the quarter, Blackwater experienced a 7-day unplanned mill shutdown due to a ball mill gearbox failure. Artemis noted that strong grades helped offset the lower throughput resulting from the interruption, and they are maintaining their full year production guidance with plans to recover the lost production over the balance of the year. Several development projects are in the process of ramping up production, including Mineral Park, Fenix, Goose, and Platreef, all of which reached initial production in the last 8 months. Construction activities advanced on a number of development projects, including the Koné project, where Montage reported that the project remains on track for first gold ore by the end of the year via the oxide circuit with hard rock combination circuit expected to be completed in Q2 2027.

Wheaton production outlook for 2026 remains unchanged with attributable production expected to fall between 860,000 to 940,000 GEOs. Production is expected to be weighted to the second half of the year with approximately 45% in the first half and 55% in the second half, driven by mine sequencing at Salobo and Peñasquito, the start of the Antamina's BHP contract in Q2, as well as the ramp-up of the newly operating assets throughout 2026. Production at Salobo is expected to increase through the remainder of 2026 with improved grades as per the mine plan and consistent throughput and recoveries across Salobo 1, 2 and 3. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030. From 2031 to 2035, attributable production is currently forecast to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional redevelopment assets. That concludes the operations overview.

And with that, I will turn the call over to Vincent.

Thank you. As detailed by Wes, production in Q1 was 212,000 GEOs, a 22% increase year-over-year. Sales volumes were 182,000 GEOs, a decrease of 3% from last year due to an increase in produced but not yet delivered or PB&E due to timing differences between production and sales. On April 1, we closed the previously announced transaction on Antamina with BHP, and we expect Q2 deliveries to include 2 of the typical 3 quarterly shipments with a full quarter contribution expected thereafter. At the end of Q1, the PBND balance was approximately 184,000 GEOs, representing 2.8 months of payable production.

We continue to expect PBND levels to remain between 2.5 and 3.5 months for the remainder of 2026, with the higher end of the range reflecting the potential impact of ramp-up activities at new mines throughout the year. Strong commodity prices, coupled with solid production led to record quarterly revenue of $901 million, an increase of 92% compared to the last year and driven primarily by a 98% increase in the average realized gold equivalent price. 51% of this revenue came from gold, 47% from silver, the rest from palladium and cobalt.

Net earnings increased by 129% from the prior year to a record $582 million, while adjusted net earnings increased by 132% to a record $583 million. Operating cash flow increased to $766 million, representing another quarterly record and a 112% increase from last year. During the quarter, we made total upfront cash payments for streams of $90 million, including $50 million for Spring Valley and $40 million for Marmato as our portfolio of development assets continue to advance toward production. Partially offsetting these disbursements, we received a repayment of $30 million relative to the upfront payment for Santo Domingo with the amount to be readvanced at a later date. We strategically monetized a portion of our long-term investment portfolio, generating $323 million of proceeds and a $150 million gain and redeployed the capital into our core streaming business to support funding of the Antamina BHP stream, which closed on April 1.

Overall, net cash inflows amounted to a record $1 billion in the quarter, resulting in a cash balance of $2.2 billion at March 31. On April 1, following the quarter end, we funded the $4.3 billion upfront payment for BHP for their 33.75% portion of the silver produced at the Antamina mine. The upfront payment was funded through a combination of the cash on hand at closing, a draw on our previously undrawn $2 billion revolving credit facility and a new $1.5 billion term loan. The term loan and the revolving credit facility provide flexible non-dilutive financing that may be repaid at any time without penalty. After advancing the upfront payment, the company is now in a pro forma net debt position of $2.1 billion, which based on our annualized Q1 2026 EBITDA represents a modest leverage ratio of approximately 0.7x.

With the strength of our production guidance outlined by Wes, we believe we are well-positioned to generate strong operating cash flow through 2028 under base case commodity price assumptions, supporting accelerated debt repayment over a relatively short period of time while continuing to build and grow our already strong capacity to fund existing commitments and potential future stream acquisitions. This concludes the financial summary.

I will now hand things over to Neil to walk through the details of our recent corporate development activities.

Thanks, Vincent. It's been a busy start to the year for the corporate development team, and I'm pleased to provide an overview of our 2 most recent deal announcements, which further reinforce Wheaton's already sector-leading growth profile. On April 1, we entered into a definitive agreement with KGL Resources for a portion of the gold and silver production at Jervois Project located in Australia. The Jervois Project represents an important milestone for Wheaton as our first streaming transaction in Australia, one of the world's leading mining jurisdictions. This fully permitted copper project is positioned to commence construction imminently with a concentrator designed to process 2 million tonnes per year, producing a copper concentrate with silver and gold by-products. In addition, we believe the project holds significant exploration potential.

Under the agreement, Wheaton will purchase 75% of payable gold and silver until a total of 45,000 ounces of gold and 4.3 million ounces of silver have been delivered. At which point, Wheaton will purchase 37.5% payable gold and silver until an additional 15,000 ounces of gold and 1.7 million ounces of silver has been delivered, after which Wheaton will purchase 25% of the payable gold and silver for the remaining life of mine.

In return, Wheaton will make ongoing payments to the gold and silver ounces delivered equal to 20% spot price. Each of the drop-down thresholds will be subject to adjustment if there are any delays in deliveries relative to an agreed-upon schedule. This is a mechanism that aims to mitigate timing risk. The known resources at a Jervois Project are spread across multiple prospects that extend along a 12-kilometer strike length in the shape of a jade curve, which can be seen on this slide. The tenements are underexplored, and KGL is utilizing integrated 3D modeling to focus exploration on high-grade areas to expand the Jervois known resource and support extended mine life. Main deposits, Reward, Rockface and Bellbird remain open along strike and at depth. High priority targets include Reward North, Reward South and Cox's Find, and there are more than 20 targets identified and ranked within our area of influence. We feel the project is very prospective, and we are impressed by KGL's approach to exploration.

On April 20, we entered into a definitive agreement with Spanish Mountain Gold to acquire a 1.5% NSR on its Spanish Mountain project in exchange for consideration of $55 million in staged payments. The Spanish Mountain project is an attractive addition to our portfolio, located in a stable, low-risk jurisdiction with a PEA study projecting mine life over 20 years and a land package supporting significant exploration potential.

Overall, the project's scale and long-term potential align with our disciplined approach to growth in established mining jurisdictions. We are pleased to partner with the team at Spanish Mountain to support its development.

With that, I will hand the call back over to Haytham.

Thank you, Neil. In summary, the first quarter was a strong start to 2026 and highlighted the continued execution of Wheaton's strategy. We delivered solid revenue, earnings and cash flow, resulting in record quarterly performance. We completed the Antamina stream with BHP, the largest transaction in Wheaton's history, which has meaningful additional exposure to one of the world's premier mining assets and significantly enhances our long-term silver production profile. And finally, our development pipeline continues to advance with multiple assets progressing through construction, ramp-up and optimization, supporting Wheaton's sector-leading organic growth profile. Wheaton's strategy remains clear, stay disciplined in pursuing high-quality, low-risk, long-life, accretive precious metal streams and deliver sustainable long-term value for all stakeholders.

With that, I would now like to open up the call for questions. Operator?

[Operator Instructions] Our first question comes from Daniel Major from UBS.

Yes. First one on Salobo. You mentioned the Vale commentary around the coarse particle flotation. Can you just give us some just clarification on the catalysts, in terms of permitting, expected incremental GEOs contribution from Wheaton's side and any incremental capital required from your side?

Yes. Thanks for the question. We're still working on kind of the capital. They're finalizing their studies right now on this project. So -- and the capital will kind of come out of that as we see. We are looking at an increase of about, well, it works out to a third increase on this Salobo 3, so increasing from 12 million to 18 million tonnes a year. And really, what's going to be fed in there will be slightly lower grade material. So we're not expecting a dramatic increase in mining as they go through, but there is quite a bit of material we fed through. So the increases that you'll see from that will really probably come out in our guidance next year. So as we work through kind of what the full impact of that is. But also at the same time as they're working on that course of flotation, there are a number of other upgrades that they're looking at for the overall project. On the permitting side, they're pretty much in line with permits for this size for the CPF. And they go further than that, there may be additional permits required to get up to a higher rate beyond the $42 million that they're talking right now.

And in terms of capital for Wheaton?

There is no additional capital requirements from Wheaton -- on Wheaton's behalf.

Okay. That's clear. The second one, it's interesting you've got a position in Australia now. Can you just give us a sense -- I mean, relative to other regions, it's not a region where there is as much streaming exposure. Are you seeing other opportunities in the region?

Absolutely, Daniel. This actually -- when we actually first went into Australia with a small royalty, that opened up a lot of doors. Now that we're actually showing that we can do streams in Australia, and we can come up with a structure that makes sense for both parties. We are seeing a lot more interest in that continent. That's for sure. And so we do hope that we can get some more done. There is -- as always, we look at a lot of different opportunities, and some of them are in Australia for sure.

Okay. And then just final model-oriented question. Could you give us any guidance on what you would expect the finance costs booked through the P&L in Q2 to be, whether there's any additional costs associated with the debt drawdown, et cetera? What should we be expecting in Q2?

Yes. Daniel, it's Vince here. The bank loan and the RCF, the debt service costs would be about 5% interest rate on that. We're currently about $2.1 billion net debt position, and we see repayment of that relatively quickly. Q2 is a somewhat heavy quarter in terms of cash outflow going out. We did make the $4.3 billion Antamina payment, and we do have 2 dividends that go out. So debt repayment wouldn't be as quick in Q2. But going forward, we see that rapidly coming down. In terms of setting up the term loan itself, all that cost was already incurred in Q1. So there's no additional costs with that.

Okay. So about 5% to roughly $2.5 billion for the P&L tax charge, would that be reasonable, $30 million or so?

Yes, that's appropriate.

Our next question comes from Tanya Jakusconek from Scotiabank.

Great. Just wanted to continue on the modeling questions, if I could. I also think you have the global minimum tax payment as well that goes out in Q2. Is that correct?

That's right. That will be going out in June. And the amount there is about USD 150 million.

Okay. So the 2 dividends, you've got from the Antamina and the global minimum tax. So we should, as you mentioned, expect to have just your debt starts to -- you really start paying down your debt, let's say, Q3, Q4?

No. I think we do see some debt paydown in Q2, not a very significant amount, but thereafter, very material repayments going forward.

Okay. And then just you mentioned a few mines that are going to be bringing up that production profile that I think you said was 45-55 first half, second half. So I have the mines that you mentioned that are going up, obviously, Antamina with the acquisition, you said Salobo is going to do much better. That moves up in the rest of the year as well from a production standpoint. You've got your new mines that are coming on, so that's great. Maybe to flag the ones that are coming off, if any?

So we're going to see some ramping up through the year here. We'll see Fenix ramping up through the year. We'll also have Goose coming back on kind of up to full production there by the end of the year. And I think those will be the main. Platreef section, we will see ramping up through this year as well, so that would be 4.

So one that would come down, Tanya, in the back half of the year is really Constancia because they were pulling -- they had some stockpile material from Pampacancha in Q1 that pulled up gold grades. So that's gone now and will come back down.

All right. Noted. And then, I don't know, Haytham or team, maybe just again on this deal market again in terms of the opportunities that you are seeing. I ask this every quarter, sometimes it changes. But like in the previous quarter, you had mentioned that most of your opportunities were in the $200 million to $300 million range and somewhere in the $500 million to $1 billion all gold, silver. Is that still the sort of range I think about? And is it still focused with construction financing on these large-scale copper projects and maybe gold projects as well? How should I be thinking?

Thanks, Tanya. I will pass it over to Neil, who can give you a bit of a overview.

Sure. Yes, the range is quite similar, Tanya. We -- our pipeline remains very robust, around the same levels that we had seen in Q4. The opportunity mix is probably about 70% gold opportunities, 30% silver. The range, yes, I would say, is in the $200 million to $500 million range. We are seeing a few that are potentially in the $1 billion range, maybe a couple. Those do take a bit longer to incubate, and they also are paid out as construction advances. M&A opportunities, there's still a few out there. And we are hearing rumors that there's potentially a few more asset sales out there, companies selling noncore operation.

Financing companies for the sale of -- financing the purchasers, I guess, for the sale. Are you also seeing any changes to the structure of the deals that you're looking at? Or are the sellers now looking for different items to be included in the structures. I'm just wondering if those are changing at all given the competition.

Yes. No, we haven't really -- I mean we understand what our competitors are doing. We try to stick to what has worked for us and what has worked for our counterparties that we actually stream with because it ends up being the easiest way for them to understand streaming and be able to actually deliver into the streaming agreement. So we will continue to look at security, corporate parent company guarantees, come up with the lowest risk potential structures for our shareholders, and that doesn't change from our perspective.

I was just wondering more if it's still the same sort of deal, that we are going to see a portion of the stream and there's equity investment and then there's debt financing. I'm wondering if there's another component on top of that.

Well, so far, what we've done is -- you're right, we've provided streaming, we've provided a little bit of equity. Keep in mind, equity really only happens when they want it to, they need a lead order or something to that effect. We're not in it specifically for the equity. And then we do offer lines of credit for cost overrun facilities, et cetera. In terms of traditional debt, it always makes more sense to do a stream and to expand the existing stream than to do debt. So we kind of stayed away from that front. And I think those are the primary mechanisms that we look at, at this point in time.

Besides Australia, Haytham, has any other jurisdiction open for you?

There has been a couple, and hopefully, you'll see something soon, smaller, but we're trying to dip our code into various areas, but they are very low-risk jurisdictions. Nothing that's going to increase our risk profile, definitely things that historically have been very mining-focused and may not be lately, but we're trying to get our foot in there again. So we'll see what happens.

Okay. So I'm hoping that the postal codes are ones that we recognize.

Yes, I hope so too.

Our next question comes from Brian MacArthur from Raymond James.

It relates to the commitments going forward. So a couple of questions. With Santo Domingo, obviously got some money back and you're going to pay it out in the future. Are there other deals that I need to think about that potentially happening? Or is that kind of a one-off in the portfolio?

Well, I mean, we're always looking to be good partners, Brian. So if things were delayed on their side and they had an advance and they didn't need the capital, we kind of look at it as we're giving them an opportunity to defer some of that -- those delayed payment mechanisms they would have otherwise had to pay. And our objective is to see this project advance as possible, not to collect delayed payment ounces. So we haven't seen anybody else come to us right now looking for that. But I guess if somebody needed that, that's obviously something we would consider on a case-by-case basis.

Yes. This again speaks to our kind of derisked structure. These upfront payments that we have paid relate to early deposit payments. They're typically paid before permitting, and it's a very small portion of the ultimate upfront payment. So what happened here was the permitting process got a bit delayed. We wanted to make sure we got our cost of capital, Capstone has other means to satisfy that, and that's why they paid it temporarily. So it's a good outcome for both parties.

Yes. I mean, listen, we're looking to be good partners, and we want to see the project go ahead, and we don't want to disadvantage any of our partners as they're trying to move forward.

My second one just relates to Salobo and obviously, you talked about potential going forward. You have an $8 million ongoing payment for 10 years, which I believe is that you're in high grade. And originally, you sort of didn't think you're going to pay it until '27, but in the fourth quarter, you moved it in. Is that kind of fixed now that $8 million starting 2027, 2028? Or could that still change going forward as a result of the new stuff that's happening?

Thanks, Brian. I would say that, that will still change most likely. So I mean, we're constantly talking to Vale about different ways to do it. And the thoughts around how that project is going to progress have really moved in a significant direction more towards the increase in throughput and rather than in a high-grade plan that we originally viewed. So I would say that there's still likely to be movement on what those payments could be and then when they would come out.

Great. And my last question just relates to a little bit of accounting. So with the second Antamina transaction, are you going to report it as 2 separate streams going forward? Or is it all going to get put together? So we'll just have a lot higher depreciation? And secondly, is there any difference in tax structures for any of that going forward when we start to look at the second quarter results?

Brian, it's Vince here. We're going to treat it as one segment. So you'll see just one Antamina in our financial statements. The depletion rate will be a bit higher. I think it will be around $26, $27 per ounce going forward on a combined basis. In terms of tax, it's the same exact as the first stream. It will be subject to just the GMP tax. We get to obviously deplete the asset from an accounting perspective and the tax is 50% on the accounting income from our Cayman sub. So pretty straightforward.

Perfect. And then last question, just updated depreciation rates. Are we going to get those next quarter for the whole -- all the assets?

Yes. That's right.

Our next question comes from Cosmos Chiu from CIBC.

Congrats again on the appointment and a solid start to 2026. Maybe my first question is on produced but not yet delivered. As you mentioned, it increased again in Q1. It's actually the fifth consecutive quarter where it's increased. I understand there's a lot of new start-ups. But I guess my question is, potentially, when could it reverse? When could you potentially see a drawdown in that balance, the produced and not yet delivered? And more specifically, I guess, I've seen it Fenix, you're seeing production for the first time in Q1. Platreef, you're seeing production for the first time in Q1. For those 2, when could we see -- potentially see sales come through? Would it be sometime in 2026?

Yes, I'd say, I mean, the PP&E moves in a reasonably predictable manner in that it does kind of build up in the first quarter at the end of the year, and then we see that drawdown in Q4 as usual. As you say, with those new streams kind of coming online, we will see that build up, and we will see some more build up with Antamina coming on. As Vincent mentioned, we're going to see 2 months of sales rather than the regular 3 in this next quarter. So that will go up a bit with Antamina. On Fenix, that one has a relatively short, so it will be kind of on the shorter end of assets there. For Platreef, it is quite a long period before we see sales on that one. That one is more at the kind of upper end of kind of the 5 to 6 months, whereas Fenix will be on the lower end of like 1 or 2 months.

Thanks, Wes. Maybe my other question, I was going to ask about Australia again, but I think we have all the answers to it. So maybe I will ask about the other new royalty stream that you acquired, Spanish Mountain. I see that's a 1.5% NSR. It is a royalty. So historically, I believe Wheaton Precious Metal have preferred streams over royalties. Is that still the case? And in the end, is this just really a unique situation here in terms of Spanish Mountain being an NSR?

No, that's absolutely the case. We still prefer streams or royalties. This is a royalty that comes to the ROFR on future financing for stream financing, Cosmos. So this is our way of locking in our position when they come, go to finance the larger project.

Great. And then maybe one last question. You've disclosed this in the past. But now it seems like Bill C-15 of the budget 2025 has now been enacted as of March 26, 2026. It sounds like there are some amendments to existing transfer pricing regime under the Income Tax Act. I guess for someone that has covered Wheaton Precious Metals for a long time and has seen transfer pricing as a point of contention in the past. Is this something that we need to worry about?

No, not at all. We are set up in a way that's well understood now. And the settlement we did have with the CRA is applicable all the way up to 2025. Going forward with this new legislation, we're going to operate the exact same way. If you look at the Antamina transaction, for example, that was all funded by our Cayman subsidiary. They borrowed the money at that level, and they have all the cash flows, and they have their own management team and board to make the decision. So it's a very well-defined structure. And from a tax perspective, we're going to maintain that structure going forward and don't expect anything to change.

So I guess, Vince, high level, what changed with Bill C-15?

I think the government just wants to more specifically define how transfer pricing works, specifically with respect to other companies that may structure their affairs differently than ours. But with respect to us, it really has no impact.

Understood. And then maybe one last question. In your table of cash outlays for 2026, excluding Antamina, I believe I worked it out to a number of $496 million for 2026, of which you actually have paid a lot in Q1. You did Marmato $40 million, Koné after the quarter. The 2 big ones that are still sort of outstanding in terms of potential commitment for cash outlays is the rest of Spring Valley and El Domo. Can you maybe just remind us what might be the trigger for these payments?

Sure. El Domo, it's really as they're achieving completion status, we would then fund. So we do expect to fund El Domo potentially Q2 or latter half of 2026. Spring Valley, that one is based on achievement of obtaining key permits. So we're hopeful they will achieve that in the near term here. So we would look to fund that in 2026 as well. So yes, just to be clear on the upfront payments, Q2 was a heavy or will be a heavy quarter. We're going to disburse about $4.6 billion, including the Antamina acquisition. And then the remainder of the year is a lot lighter at about $200 million.

Our next question comes from Richard Hatch from Berenberg.

Just a question. The Middle East conflict and the impact that's had on global markets, is that impacting your ability to write new business at all or not?

No, not at all, Richard.

Our next question comes from Martin Pradier from Veritas Investment Research.

My question is how -- are you changing the number for Salobo for the year? What is the expectation now with all these new things that are happening?

No, there won't be any changes on Salobo for the year. All of the upgrades that they're doing are over the next several years. As mentioned earlier, we will see that baked into guidance kind of next year as these things come online, kind of in the Vale's plan. So right now, we don't expect any different -- anything different in 2026.

Perfect. There was a big difference between sales and production this quarter, especially in Salobo. Salobo, the production was down 3%, but the sales were down 30%. What should we think about that going forward?

That's a pretty standard one on in Q1. As entertaining as it is, the [indiscernible] in Brazil actually has a fairly significant impact on the sales and the logistics of moving that material around. So we usually do see that lower sales in Q1, and there is kind of that drawdown in Q4 that you normally see. So we do expect to see that buildup in PBND, particularly at Salobo in Q1 and this year is no different than that.

Our next question comes from John Tumazos from John Tumazos Very Independent Research.

Looking back at the February Antamina transaction, $4.3 billion outlay. Should we think of that as a unique once-in-a-generation sort of deal where you were already in the asset from the Glencore transaction a decade ago, you were intimately familiar and it's a big lump of silver available right now as opposed to a developmental property? Or do you think there could be more transactions like this?

So the $4.3 billion Antamina deal, that is quite unique. You don't see a lot of streams that can provide that much production in any given year under a stream. But do we think that, that is opening new doors up for $1 billion-plus streams over the next few years? Absolutely. I think with BHP coming in, and again, not unlike what we've seen with some of our other partners, validating the streaming model as a source of funding, I think a lot of diversifies are considering their portfolios and trying to determine whether it's time to unlock value in their portfolios or whether there's additional deleveraging required, et cetera, and streaming will be considered. So we are seeing a lot of that. Do I think there's another $4 billion deal around the corner? No. But as Neil had mentioned earlier, I would not be surprised to see $1 billion deals over the next few years.

Following up a few weeks ago, I was doodling and I tried to compile a list of 18 or 20 silver producers and 50 developmental companies. I Googled every company that had silver in their name. And the producers average an enterprise value -- excuse me, market value of USD 8 an ounce reserve and resource, including inferred. And considering the valuation of the producers, and I converted gold at 60:1. Relative to the price you paid for Antamina, would it be cheaper just to buy a producing silver mining company? I know it's not your model, but the valuation differential is pretty large. It just struck me that it could be as good a deal and at least they're in production and they're out there.

Yes. That's a good observation, John. I can tell you from our perspective, one of the reasons or some of the reasons that shareholders actually like silver weakness because we don't provide that additional operating risk, capital risk, oversight that's required for these larger operations, the volatility that you see, the growth capital. So from our perspective, it does not make sense to do that. We're going to continue looking at streaming opportunities with good high-quality partners that can actually manage their portfolios. And that's really the focus, and that's not going to change.

Why do you think producers trade for $8 an ounce when the price is $80? Is the market only expecting $35 long term?

Well, because there's still costs to mine that ounce, the CapEx to develop the asset and the actual costs. Whereas we are paying 20% of spot, or in some cases, $4. And that's why we have such a impressive margin compared to the producers. I think that's the biggest missing piece in that analysis.

Yes, it's a great point, like, on the silver side, we're close to 84% margins. On the gold side, we're close to 86% margins. You don't see that with producers, John.

Our last question comes from Josh Wolfson from RBC Capital Markets.

Just wanted to follow up on some of the Salobo questions. I think earlier in the remarks, there was a comment about Salobo grades expected to increase through the year. First quarter results were very strong from the asset. I'm wondering if you can disclose what the grade was that was processed or maybe what the -- what any factors were that drove the outperformance there.

Thanks, Josh. I'd say that the grade will improve through the year. It's, like again, pretty standard for what we see in Q1 with Salobo. They usually try to stay out of the bottom of the pit in Q1 just due to the rainy season. So -- and that is kind of stay in the kind of they stay up in that kind of phase 5, phase 6 that they're in, and we will see them moving back into phase 4, which is stronger grade through the rest of the year. That's really what drives that increase over the rest of the year.

Okay. And then further to extend that thought, would it be reasonable to assume that production would increase over the course of the year if grade is going to be increasing?

Yes, absolutely.

Congrats on your upcoming quarterly results.

Thanks, Josh. And thank you, everyone, for your time today. The first quarter represented a very strong start to 2026 as we continue to execute on our strategy while entering this new chapter of growth for the company. With continued geopolitical uncertainty driving increased demand for precious metals, we believe Wheaton offers one of the most attractive low-risk ways to gain exposure to gold and silver. As the purest precious metal streaming company, our pipeline continues to advance and the strength of our cash flows provides the capacity to pursue new opportunities while maintaining our commitment to disciplined capital allocation.

I'm incredibly proud to be leading Wheaton into this next phase of growth and look forward to continuing to build on the strong foundation that has made Wheaton a leader in the streaming and royalty sector and the foundational stock in any portfolio. Thank you again, and we look forward to speaking with you all soon.

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

Okay. So, good morning ladies and gentlemen. Welcome to the Mining Forum. I was here last year, and I can tell you definitely a bigger crowd and wow, what a difference a year makes with gold over $4,700. So my name is Tanya Jakusconek. I cover the senior gold companies at Scotiabank. I'll be moderating the larger gold producers this morning. And I am going to just remind you in order to keep our forum on schedule and also give the presenters an opportunity to tell their stories, please refer to their bios and company profiles on their websites and in the agenda. So our first presenter is Wheaton, Neil Burns, Vice President, Corporate Development. He will be doing a corporate presentation. Welcome, Neil. Over to you.

Thank you very much, Tanya. It's a pleasure to be back here at the Mining Forum in Europe, which has become an important fixture in the annual conference circuit. I appreciate the opportunity to be here with you today and share the Wheaton Precious Metals story. During this presentation, I'll be making forward-looking statements, and I encourage you to familiarize yourself with the fine print on both this slide and on our website. So I'll get myself organized here.

So Wheaton was the original architect of the streaming model, which we created back 22 years ago. The model was designed to unlock precious metal value that the market was largely overlooking from the operating companies. By transferring those precious metals from the operator to the streamer, there's a value arbitrage that's created and benefits both parties.

The production payment was structured to cover the cost of producing the precious metals, ensuring that the stream is not a burden on the mine longer term. The fixed nature of the production payment had an added benefit of providing investors with low-risk, high-margin leveraged exposure to commodity prices. Items that I'll expand on during this presentation include the quality of our assets, our predictable costs, our dividend, leverage to commodity prices, exploration and expansion upsides and optionality that we've not yet baked into our guidance.

This slide shows a number of attributes that underpin our unique company, the one I am most excited about, and I'm biased being involved in corporate development is the $4.3 billion Antamina stream that we completed in February with BHP and represents the largest precious metal streaming transaction ever completed.

I'll also highlight our sector-leading growth of 50% by 2030 and our forecast cash flow of $10 billion between now and 2028. With additional capacity of $1.8 billion, our corporate development team is exceptionally well positioned to pursue further accretive opportunities. Finally, it's worth noting that we do all of this with just 46 employees across our 2 offices, making our business extremely scalable.

At approximately CAD 90 billion market capitalization in Canadian dollar terms, this equates to almost $2 billion of market cap per employee. This map shows the locations of our operations that consist of 23 operating mines and 26 in various other stages of development. I'll also point out the locations of our cornerstone assets with Salobo in Brazil, Antamina in Peru, Peñasquito in Mexico as well as Blackwater, one of our newer mines located in Canada. I'll also point out 2 of our assets, Koné and Platreef in Africa, which are advancing through construction.

Our initial focus was on silver, which is why we're so focused and concentrated in the Americas, particularly Mexico and Peru. But over the years, we've evolved and gold now accounts for 52% of our forecast production.

With this slide, I'd like to highlight that streaming works for companies of all sizes. These are our partners, and I'll highlight our smaller single asset companies such as Hemlo and KGL, which are 2 of our newest partners, up to our largest partners, the diversifies like Newmont, BHP, Vale and Glencore. It really is a nice mixture of companies that we've assembled partnerships with.

The foundation of our company is our portfolio of high-quality assets that we've assembled. 99% of our revenue is derived from precious metals, as you'll see in the pie chart on the left. This differentiates us from competitors that have taken a more diversified approach, having layered in commodities such as oil and gas, iron ore, copper and copper into their portfolios.

Secondly, in the middle graph, you'll see we have 23 years of mine life based on reserves alone, which is unusual for a precious metals company. That's because the bulk of our production comes as byproducts from base metal mines, which typically have much longer mine lives. In addition, we have another 15 years from measured and indicated resources plus another 23 from inferred.

Finally, and perhaps most important is that 80% of our production is forecast to come from mines that are operating in the lowest half of their respective cost curves. These are the mines that are best positioned to withstand commodity fluctuations and are the assets that our partners will continually reinvest back into. This focus on investing in the highest quality assets that has been recognized by the market and has resulted in our outperformance over the past several years.

Our growth profile is another item that I want to bring to your attention and how it sets us apart from other companies. 2025 was an exceptional year for us with key assets such as Salobo and Peñasquito outperforming, resulting in production that exceeded the midpoint of our guidance by 10%. In 2026, we're forecasting production of 860,000 gold equivalent ounces to 940,000 gold equivalent ounces, growing to 1.2 million ounces by 2030, which represents a growth of 50% above 2025.

This growth is coming from a combination of ramp-ups and expansions at our currently operating mines as well as a variety of development projects, all of which have received their key permits and either in construction or close to starting. We're only including derisked production in our guidance. Of the development projects listed here on the slide, Koné, Kurmuk, and El Domo are all in construction with first production at Koné and Kurmuk scheduled for later this year and El Domo mid-2027.

I also want to highlight that a number of our partners are evaluating expansions that we've not yet included into our guidance, such as Vale, who are considering the installation of a coarse particle flotation system, which has the potential to increase throughput by 6 million tonnes per annum. And Montage, as they finish construction in Koné, is looking to replace lower-grade ore that's in their current plan with higher grades from nearby satellite deposits. What this will do is allow them to achieve at least 300,000 ounces per year for the first 10 years.

I'll point out that all of this growth is organic without us making any further acquisitions, though we remain laser-focused on identifying high-quality opportunities to further enhance our growth profile. On February 16 of this year, we announced the acquisition of BHP's 33.75% of Antamina silver production. This doubling of our Antamina production as well as a few other mines such as Koné and Blackwater is increasing our asset diversification and results in a meaningful reduction in our Salobo concentration from 33% currently to 26% by 2030.

We're very proud of this portfolio we have assembled and believe it contains the highest quality assets in the streaming space. One of the most significant benefits of the stream model is that our costs are highly predictable. Currently, the majority of our assets have fixed production payment, which provides significant leverage to rising metal prices and strong margins. Our newer contracts typically have a production payment that is a percentage of spot price, which means that costs will increase slightly as those mines come online, but the margins are expected to stay very strong, consistently above 80%.

You can look, but you will not find an operating company that has margins like these. Upon closing of the BHP deal, we had a net debt position of $2.2 billion. With our strong production guidance, we're forecasting more than $10 billion in operating cash flow through to 2028 at current metal prices. As such, we expect to return to a net cash position in approximately 1 year while maintaining strong capacity to fund existing commitments as well as growth opportunities.

We've committed to returning value to our shareholders and have established a progressive dividend policy with the intention of increasing it annually. In 2024, we increased our dividend by 3% and then by more than 6% in 2025. This year, we announced an increase of 18% for 2026, underscoring our commitment to shareholder returns. Since inception, we've returned $2.6 billion in dividends to our shareholders and continue to rank among the highest payers as a percentage of revenue in the precious metal sector.

Since our inception, community investment has been a core focus for us at Wheaton as we recognize the importance of contributing to the communities around our partner mines and our corporate offices. Last year alone, we contributed more than $9.4 million to over 150 charitable causes aimed at delivering vital services and programs to the communities impacted by mining operations.

I'll use this slide to summarize our impressive track record. Since our inception, we've invested almost $19 billion on streams and have generated $13 billion in cash flow. We've declared $2.6 billion in dividends, including a record year in 2025. We have one of the highest quality portfolios in the industry with 23 years of reserve life plus additional years from resources. And we're forecasting approximately $10 billion in cash flow over the next 3 years.

I think the most impressive statistic on this slide is that since inception, our portfolio has realized an average annualized after-tax return of 21%. With an unrivaled portfolio of high-quality assets, a sector-leading growth profile and growing demand for streaming, Wheaton is in the strongest position it has ever been, and we look forward to further growing the company. This statement on this slide conveys the message I want to leave you with today. If you like precious metals, Wheaton checks all the boxes. Thank you for your attention this morning, and I believe I have some time left to answer a few questions.

Great. Thank you. Are there any questions from the audience? We have one up upfront.

[indiscernible] not find any public information.

Sure. You're correct. We did use-- we had an existing revolving credit facility of $2 billion plus an accordion of $500 million. We layered on to that $1.5 billion in additional financing, which was led by BMO and syndicated through the typical banks. And on top of that, we did actually crystallize about $300 million in noncore equity holdings that we had and the cash on hand. We had $1.2 billion of cash on hand at the end of 2025. After all of that is fleshed out, we have capacity now of about $1.8 billion to pursue further transactions.

And what's the margin on the loan facility?

What is the margin on the loan facility? I am not sure about that.

Just trying to figure out if you're paying too much for your debt.

I think it's about 5%.

If there aren't any questions, I'll take over for a little bit. So maybe, Neil, can you talk to us a little bit about the deal environment? I always ask that, is it more silver oriented out there? Is it more precious metal -- sorry, gold? Is it development? Is it production and sort of the size?

Sure. Thanks, Tanya. I always like you ask that question being the leader of our core development team. It is a mixture. Certainly, we hadn't seen a deal on the silver side of the BHP scale in a long, long time. So it is certainly weighted towards gold opportunities. There are a few silver ones out there. Currently, it is more weighted towards development assets. And certainly, that was our bread and butter from, say, 2018 to 2024. A lot of those assets that we acquired through that time are now coming on to production, which is why we have such a strong growth profile.

In terms of size, I would say most -- I'm looking at probably about 15 opportunities in the pipeline, and they range most of them in the $300 million to $500 million range, which keeps Vincent, our CFO, a bit more comfortable. But we do have a few that are bigger, perhaps in the $1 billion range, but those typically take a bit longer to germinate.

And with Australia opening up, are you seeing more opportunities there? Can we wake up to another Australia deal from Wheaton?

Well, it's interesting because although Antamina is not located in Australia, BHP certainly is based there. And we did hear that, that really got the attention of companies in Australia to have such a large transaction done in the streaming space. And I've heard that after they made their announcement, all the other mining companies in Australia that were having their conference calls, they came up in questions. And to my pleasure, they all responded that certainly, they would look at that streaming.

We followed that up with our actual first stream in Australia with KGL and their Jervois project located just east of Alice Springs. We have been looking in Australia for quite some time, but there's been a bit of apprehension in the country about doing streams due to some streams that didn't go well or more royalties than streams years ago. But we think there has been some difficulty in Australia with taking on onerous debt and having hedge books blow up. There's been a number of those instances. So I think they're really recognizing the benefit of streaming and the lower risk that comes with it. So I'm hoping to see a lot more opportunities.

I'm circling back to the audience. And if not, I'm going to come back to -- I know that Randy and you've been the company that's led the whole streaming of the contracts and so forth. And you've often said that all streams are not created equal or royalties are not created equal. So maybe you can elaborate what's important to you when you do your stream deals that you must have in your contracts and similarly on the royalty side?

Yes, a good question. That's true. A lot -- all streams are not created equal. Obviously, we're much more willing to aggressively pursue our own streams with our own contracts. Things that are most important is we look to have a corporate guarantee, and we have that in all of our contracts. We look for security ranking to be at least par pass to and secure basically for our portion of the economics is taking.

We -- there's a lot of buybacks that happen that are significant buybacks, and we really don't like to bring an asset into our portfolio only to have most of it bought back. So we really restrict ourselves to just allowing partners to buy back 1/3. That is important for developers, single asset developers who recognize that there is potential for them to be bought back and they don't want to have the stream to track a buyer. So kind of 1/3 has been is a good spot for us on that perspective. And we have seen CMOC has bought back 1/3 of our Cangrejos stream, and there's been others that have done the same. Those are the main points that really make up the importance of Wheaton stream.

And how important is access to the whole property and land and so forth? Because I think that's one important rather than limiting yourself on just the deposit.

Sure. Well, boy, when you look at opportunities where you don't have any data or visitation rights, it really is a lot more difficult to really understand the in and outs of the operation and particularly the improvements that can be had and especially exploration upside. So all of our deals, we have rights to annual reporting and annual site visits. And that's not something we send an auditor to go check a box. That's our team goes and visit the sites, and it's an interaction, it's a partnership, and we engage with the counterparty.

And we like to really understand what are the nuances of that site. And we look for opportunities because we visit so many sites around the world. We see a lot of technology and interesting applications that can be applied to different sites. And so we often are setting up a certain counterparty with another one that's got a new technology that we could see benefit there. So we like to play in that space.

And if we were to ask you what do you think the market or the analysts don't understand about your company, what do you think is a hidden value in your company? What would you tell us?

Hidden valley -- Hidden value is certainly the exploration upside that we bake in. Every asset that we look at, we really look -- spend a lot of attention on the geology and see where ore bodies can be extended or within the land package, there's opportunities for further discovery. And I think a lot of times, analysts, not you, can have a very shortsighted view on only valuing the reserves. And I think when you look at assets that are likely to become generational assets, there's a lot more value to come.

And what would the top 3 be if you had to say let's Tanya, there's so much upside at these 3 that we don't think the market is giving us credit for.

Certainly, Antamina, I mean, when you look at that deal of $4.3 billion, on face value, it did look quite expensive if you only look at the reserves, which run out in 2036. It was in the same situation when we did our deal in 2015 with Glencore, where there was roughly -- the mine life, I think, was going to be ending in 2028. They got their permits in place for expansion of the pit and the tailings. In 2024, they got the approval from the government and now the mine life is 2038. And that is really just based on additional permits that will be required on the tailings and its side.

So Antamina, we see as operating for -- honestly, if you get into the underground eventually, which we think they will, it could be running for 40, 60, 80 years general asset. I think another exciting one to highlight is the great work that Montage has been doing on building out Koné, not just on the construction side, where they've done an exceptional job of being on budget and ahead of time. But also, they're continuing to explore the satellite deposits in their large land package. And it's interesting to, as I mentioned in the presentation, to be able to replace in the current mine plan some lower grades that are in there with some feed from these higher-grade satellites, I think is exciting.

And if I can squeeze -- unless there's any questions, I was going to squeeze one more in. And that's how do you think streaming deals are going to evolve in terms of terms? Like now we see a stream, we see an equity interest, we see a debt financing portion. Is that sort of the classic new streams that I should be thinking about? Or as I look out, are they going to get more complicated?

No, I think that's certainly something we put a lot of attention to opportunities where we can have a stream, fully finance a build and perhaps there's a bit of a cost overrun that we can provide as well, where we're not then fighting ICPs with the bank and that kind of tough negotiation.

I think we can squeeze one more in there.

You seem to be very successful in internally kind of evolving and making processes and decisions better, which are the main things that you're now working on for the next years to come?

In terms of...

Approving...

In terms of -- are you talking about management or tweaks to our model? Both?

I mean, go together models?

Well, maybe I'll just speak with management and Tanya touched on it with the changes we've had. Haytham joined the company in 2013. I think Randy had picked him at that point to be a succession. So it's no surprise that he's now taken over as the CEO. We've had that succession planning. It's not something that happens overnight. It's well thought out.

In terms of our structure, we're always looking for little nuances where we can change the model to remain competitive, to make it more attractive to the operator and provide additional backstops and protection for ourselves. So that's something we put a lot of attention to, and we have made a number of tweaks over the years.

Okay. I think that's it. And Neil, thank you so much for those insights.

Pleasure. Thank you very much.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals 2025 Fourth Quarter and Full Year Results Conference Call. [Operator Instructions] Thank you.

I would like to remind everyone that this conference call is being recorded on Friday, March 13, 2026, at 11:00 a.m. Eastern Time.

I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton's Chief Executive Officer; Haytham Hodaly, President; Vincent Lau, Chief Financial Officer; Wes Carson, VP Mining Operations; and Neil Burns, VP Corporate Development.

For those not currently viewing the webcast, please note that a PDF version of the slide presentation is available on the Presentations page of our website. Some of the comments on today's call may contain forward-looking statements. Please refer to Slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars.

With that, I'll turn the call over to Randy Smallwood.

Thank you, Emma, and good morning, everyone. Thank you all for joining us today as we review Wheaton's fourth quarter and full year results of 2025.

Our portfolio of high-quality, long-life assets delivered another outstanding year in 2025, surpassing our production targets and generating record revenue, earnings and operating cash flow. We've realized annual production of 690,000 gold equivalent ounces, exceeding the top end of our production guidance for the year. Our results were supported by strong contributions from cornerstone assets, including Salobo, Antamina and Peñasquito, alongside the continued ramp-up of Blackwater and Goose, further demonstrating the strength of our diversified streaming model.

Last month, we also announced our 2026 and long-term guidance, which outlines Wheaton's expected production growth of 50% to 1.2 million gold equivalent ounces by 2030, a remarkable milestone for our company and a first for the broader streaming and royalty industry.

With the strength of our performance reinforced by our confidence in future cash flows, we are pleased to announce an 18% increase to our quarterly dividend to $0.195 per share, highlighting our commitment to returning value to shareholders.

Many of you know, the coming weeks will also mark an important transition for Wheaton. After 15 years as Chief Executive Officer, I will be stepping into the role of Chair of the Board effective March 31. I have tremendous confidence in the leadership of Haytham Hodaly, who will be assuming the role of CEO next month. Haytham has played an integral role in shaping Wheaton's strategy and growth over this past decade and has been instrumental in many of the key transactions that have helped build our portfolio into what it is today.

Wheaton is entering its next chapter from a position of incredible strength with what we believe is an unrivaled portfolio of high-quality assets, a robust pipeline of development projects and a balance sheet that continues to provide the flexibility and capacity to pursue new opportunities.

With that, I would like to hand the call over to our next Chief Executive Officer, Haytham, to discuss our capital allocation strategy and some of the key developments across our portfolio. Haytham?

Thank you, Randy, and good morning, everyone. 2025 was another significant year for Wheaton as we continue to execute on our disciplined capital allocation strategy, focused on acquiring high-quality assets, structuring agreements with strong counterparties and maintaining attractive margins with long-term growth potential. During the year, we strengthened our portfolio with the addition of the Hemlo and Spring Valley gold streams, both of which represent high-quality assets operated by experienced mining partners in low-risk jurisdictions and further enhance the diversification of Wheaton's portfolio. Following year-end, we also announced the largest precious metal streaming transaction ever completed, expanding our exposure to the Antamina mine in partnership with BHP.

Although we covered the transaction details on the announcement conference call last month, I'll briefly reiterate some of the key strategic rationales. Quality silver production is becoming increasingly difficult to source, while demand has continued to rise for both critical and industrial uses and for silver's safe haven qualities in today's geopolitical setting. Expanding our stream on Antamina strengthens Wheaton's position as one of the largest silver producers global.

Structurally, the stream features highly attractive terms, including a production percentage drop-down limited to 1/3 after 100 million silver ounces are received, no buyback clause and full exposure to commodity prices, consistent with our standard approach to streaming agreements. Already a major contributor to Wheaton's portfolio, Antamina is expected to provide approximately 18% of our total production by 2030, following the doubling of our exposure, solidifying its position as our second largest asset. This is complemented by 6 additional assets expected to come online over the next 5 years, all of which have received their key permits are fully funded and are either nearing or already well into construction.

Antamina sits on an extensive land package that hosts multiple large-scale skarn and porphyry targets with claims covering more than 1,000 square kilometers. The map on the left provide some visual context for the scale of the land package relative to the size of the existing Antamina pit, all of which is covered by Wheaton's area of interest. Antamina has a large annual exploration program, and to date, drilling has continued to upgrade inferred resources and further define potential at depth below the current resource pit. Since Wheaton's first stream on Antamina back in 2015, over 95% of silver reserves have been replaced through resource conversion and exploration success, a testament to the asset's demonstrated ability to extend mine life through ongoing reserve growth.

Overall, this transaction adds meaningful and immediate production from one of the world's premier lowest-cost mining assets, and we strongly believe that Antamina is an asset that will be operating for decades to come.

As I prepare to step into the role of Chief Executive Officer, I am confident in the strong foundation we have built, and I'm excited to support the next generation of mine builders in this unprecedented environment for gold and silver. Interest in stream financing remains strong across a wide range of high-quality opportunities, and we remain focused on delivering sustainable value for all stakeholders while upholding the principles that have made Wheaton a leader in the streaming industry.

I am deeply grateful to Randy for his guidance and mentorship and to the Board for their confidence in me, and I am truly honored to lead the company into its next phase of unmatched growth within the sector.

With that, I will now hand the call over to Wes Carson to provide a more detailed review of our operating results and guidance.

Thanks, Haytham. Good morning, everyone. Overall production in the fourth quarter was 205,000 GEOs, an 8% year-over-year increase primarily driven by stronger production from Salobo and Antamina, coupled with the commencement of production at Aljustrel and Blackwater.

In the fourth quarter of 2025, Salobo produced 89,000 ounces of attributable gold, representing a quarterly record and an increase of 5% compared to the prior year, driven by higher throughput and recoveries. As noted in their public disclosure, Vale continues to advance a series of growth-focused initiatives to enhance efficiency and support medium- to long-term production growth across the Salobo complex.

Antamina produced 1.6 million ounces of attributable silver in the fourth quarter of 2025, a 49% year-over-year increase primarily driven by significantly higher grades and modestly improved throughput and recoveries. As previously announced Antamina's related production in 2026 is expected to increase significantly, reflecting the addition of the new BHP stream commencing in the second quarter.

Constancia produced 700,000 ounces of attributable silver and 15,000 ounces of attributable gold in Q4, a decrease of approximately 25% and 18%, respectively, relative to the prior year, primarily driven by significantly lower gold and silver grades and slightly lower throughput. On February 20, 2026, Hudbay announced that the depletion of the Pampacancha pit was accelerated and completed in late December following an optimized mine plan in the fourth quarter of 2025.

Due to strong outperformance across several assets during the year, Wheaton exceeded the upper limit of its annual production guidance in 2025, surpassing the midpoint of the guidance range by approximately 9%. Company anticipates that 2026 GEO production will continue to grow from levels achieved in 2025, driven by expected contributions from newly acquired operating streams at Antamina and Hemlo, along with anticipated start-up of several development projects, including Mineral Park, Fenix, Marmato and Platreef and stable production from Salobo and Peñasquito.

Attributable production is forecast to be consistent at Salobo in 2026 with slightly lower grades as per the mine plan, offset by increasing throughput, supported by staged upgrades and optimization across Salobo 1, 2 and 3. At Antamina, attributable production is expected to increase significantly due to the newly added stream. Overall, silver performance is expected to be in line with 2025 with higher throughput, offset by lower grades caused by a higher ratio of copper-only ore versus copper zinc ore mined in 2026.

Attributable production at Peñasquito is anticipated to increase in 2026, driven by an increased stockpile process. Attributive production at Constancia is expected to decline in 2026, reflecting the depletion of the Pampacancha pit in late 2025.

Wheaton's estimated attributable production in 2026 is forecast to be 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver and 19,000 to 21,000 ounces GEOs of other metals, resulting in total production of approximately 860,000 to 940,000 GEOs.

Annual production is expected to be weighted to the second half of the year with approximately 45% in the first half and 55% in the second half, driven by mine sequencing at Salobo and Peñasquito and the ramp-up of newly operating assets throughout 2026.

Production is currently forecast to grow at a sector-leading rate of approximately 50% over the next 5 years to over 1.2 million GEOs by 2030, driven by expected growth from operating assets, including Salobo and Blackwater, newly acquired operating assets, including BHP production, Antamina and Hemlo and development projects, including Mineral Park, Fenix, Platreef, Koné, Kurmuk, El Domo, Spring Valley, Copper World and Santo Domingo. From 2031 to 2035, attributable production is currently forecast to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional predevelopment assets.

That concludes the operations overview. And with that, I'll turn the call over to Vince.

Thank you. As outlined by Wes, production in the fourth quarter totaled 205,000 GEOs, representing a quarterly record and an 8% increase year-over-year. Sales volumes totaled over 190,000 GEOs, representing a 35% increase year-over-year, with the increase reflecting a drawdown of PBND coupled with higher production. Strong commodity prices, combined with our solid production base, resulted in record quarterly revenue of approximately $865 million and gross margin of $664 million, representing increases of 127% and 168%, respectively, compared to the same quarter or same period last year.

Of this revenue, 59% was attributable to gold, 39% to silver and the remaining 2% split between palladium and cobalt. The higher margin reflects the leverage provided by fixed per ounce production payments across the majority of Wheaton's operating streams, which accounted for 80% of revenue during the quarter. Notably, year-over-year margin growth exceeded the appreciation in gold prices over the same period, underscoring the effectiveness of Wheaton's business model in generating higher levered cash flows and margins in the quarter's rising precious metals price apartments.

At December 31, 2025, the PBND balance totaled approximately 155,000 GEOs, representing roughly 2.5 months of payable production, which is on the lower end of our expected range of 2.5 to 3.5 months. As is typical following a PBND drawdown, and further impacted by seasonal shipping factors early in the year, PBND balances are expected to rebuild in the first quarter of 2026. As in prior periods, PBND levels largely reflect normal timing differences between mine production and concentrate deliveries. These ounces expected to be delivered in the early part of 2026.

In the fourth quarter, strong operating results and commodity prices drove record revenue, earnings and cash flow. Net earnings increased by 533% prior year to $558 million, while adjusted net earnings increased by 179% to $555 million. Operating cash flow increased to $746 million, a 134% increase in the fourth quarter of 2024.

For the full year of 2025, revenue totaled approximately $2.3 billion, representing an 80% increase compared to 2024, driven by higher realized commodity prices together with strong production and sales volumes. Approximately 99% of revenue was derived from precious metals, including 62% from gold and 36% from silver.

Gross margin for the year totaled approximately $1.7 billion, an increase over the prior year of 108%, reflecting the strong operating performance across our portfolio, coupled with higher commodity prices.

Wheaton continued to generate strong cash flow in the fourth quarter with operating cash flow totaling approximately $746 million. During the quarter, the company made total upfront cash payments of approximately $646 million, including the $300 million upfront payment for the Hemlo gold stream, which closed during the quarter and began contributing production immediately. In addition, the company paid dividends totaling approximately $75 million to shareholders during the quarter.

As Randy mentioned earlier, the Board has declared its first quarterly dividend of 2026 at $0.195 per share, representing an 18% increase compared to the prior year. After declaring record levels of dividends in 2025, Wheaton has now returned $2.6 billion in dividends to shareholders since inception, representing over 70% of the total equity ever raised by the company.

We remain committed to a progressive dividend policy. And since introducing this policy 3 years ago, we have increased the dividend every year and at an increasing rate, reflecting the growing cash flow profile of the company. Overall, cash and cash equivalents amounted to approximately $1.2 billion at December 31, 2025.

Subsequent to the quarter, we announced the Antamina silver stream with BHP for an upfront payment of $4.3 billion, which we expect to fund through a combination of existing liquidity and new financing on or around April 1, 2026. Funding sources are expected to include the $1.2 billion of cash on hand at year-end, approximately $400 million of incremental free cash flows currently expected to be generated prior to closing, and $300 million from the recently completed monetization of non-core equity investments. The remaining balance is expected to be funded through a $1.5 billion term loan and an anticipated $900 million draw on Wheaton's existing undrawn $2 billion revolving credit facility. The term loan and the revolving credit facility provides flexible non-dilutive financing that may be repaid at any time without penalty.

At closing, we currently expect net debt of approximately $2.4 billion, which represents a modest level of leverage for a company of our size and cash flow generation profile. With the strength of our production guidance outlined by Wes, we currently forecast more than $10 billion in operating cash flow to be generated through the end of 2028 at current spot prices. As such, we currently expect to return to a net cash position in approximately 1 year while maintaining strong capacity to fund existing commitments and potential future stream acquisitions. Given our strong cash flow profile, Wheaton believes it is prudent to utilize a portion of our debt capacity to finance a transaction of this scale, allowing our shareholders to maintain maximum exposure to precious metals price upside while preserving balance sheet flexibility.

That concludes the financial summary. And with that, I turn the call back over to Randy.

Thank you, Vincent. Clearly, 2025 was another very strong year for Wheaton that underscores the benefits of consistent execution of our strategy. As we reflect on this impressive year, there are several key highlights that stand out. First, our portfolio continued to deliver strong operating performance with production exceeding our annual guidance and generating record revenue, earnings and operating cash flow.

Second, we continue to strengthen the quality and diversification of our portfolio through disciplined capital allocation, including the addition of the Hemlo and Spring Valley gold streams, further expanding our exposure into high-quality assets in low-risk jurisdictions.

Third, following year-end, we announced the largest precious metal streaming transaction ever completed, doubling our expected production from our best-performing asset, Antamina, in partnership with the largest mining company in the world, BHP. This transaction adds meaningful near-term production while further enhancing Wheaton's long-term growth profile.

Fourth, our development pipeline continues to advance with assets such as Blackwater and Goose ramping up alongside several other projects expected to contribute to Wheaton's sector-leading organic growth profile over the coming years to record levels of 1.2 million ounces per year.

And finally, with over $3 billion in annual cash flows expected at current commodity prices, we maintain ample capacity to support a meaningful 18% increase to our annual dividend, while continuing to pursue accretive opportunities.

I would simply summarize this Wheaton release and these Wheaton results as record everything.

With that, I would like to open up the call for questions. Operator?

[Operator Instructions] Our first question comes from Fahad Tariq from Jefferies.

Can you just remind us over the next year or 2 years, what the funding commitments are, and whether that's been factored into the comment that Wheaton can get back to a net cash position within 1 year?

Fahad, thanks for the question. We have about $1.5 billion of capital commitments over the next couple of years. And yes, the estimate that we would come back to a net cash position does include that and also paying our dividends at the current new level. So we have a very robust cash flow profile where we can pay this all back in about a year.

Okay, very clear. And then just on corporate development, do you see additional opportunities in the portfolio to go back to assets that you're already familiar with and maybe increase the exposure the way you did with Antamina or...

We always look for that opportunity. And as you know, majority of our deals that have been done in the last few years have been done with existing partners. So we're always in communication with our existing partners, to understand what their funding needs, and of course, suggest further streaming from their high-quality operations.

[indiscernible]

Can you hear me, okay?

Yes.

Great. And firstly, Randy, good luck in the future, and I know we'll still see you, but congrats on the move. Yes, three questions from my side. Yes, first thing on Antamina, just back to just a few considerations of the transaction. I mean, I guess BHP's pitch on the selling the stream was a little bit along the lines of it's a mature asset, which is a known entity, and therefore, they're happy to part with the potential upside. Where do you see the key source of upside to this asset? Is it purely a mine life extension? Or are there other characteristics that you see upside?

Thank you for the question, Daniel. It's Haytham. I'll answer the question. First of all, I think the way BHP pressed it was they wanted to unlock silver in a time of strong commodity prices. So it's not that they think this is by any means maturing and coming up to its twilight here. This is an asset that's going to go for at least the next 4 to 6 decades based on the replenishment of the reserves that we've seen over the last 10 years as a participant with an existing stream with Glencore. We've had access to a lot of the information.

There are certain limitations on tailings capacity and stuff in these expansions. There's various different methodologies they're looking at to continue to expand it. But from a resource and reserve perspective, this asset will be a generational asset.

Okay. And then the second question, just touching on the balance sheet and funding commitments, et cetera. I mean, as you point out, the level of leverage, even at $2.4 billion of net debt is low. How do you see this in your ability to compete in the market for new transactions over the next 12 months? Is there a limit to the kind of size of deal you would be comfortable in taking on whilst you're in this period of deleveraging? Or are you open for the business just the same?

Thanks for the question. I'll tell you, we're incredibly comfortable with where we are from a cash and debt position right now. We're generating over $3 billion or roughly, call it's, $3 billion in free cash flow over the next 12 months is our expectation. And looking at our existing revolver and cash that we're generating, we would easily be able to fund a transaction in the $1.5 billion to $3 billion range, if we need it in the next little while.

Outside of that, if we see any $4.3 billion Antamina transactions, yes, we'll probably have to look for other sources of funding. But at this point in time, if you look over our last 7, 8 years, and you look not just at us, but our peers as well, typically, funding in this area has been $1 billion on average a year. So Antamina was definitely, I would say, something that was -- is not an annual repetition. This is something that we'll continue to move forward with looking for larger transactions, but we're more than comfortable with our existing balance sheet and our cash flows going forward to fund any transactions we see in front of us.

Daniel, if I'd add and Randy here, we've been talking about the concept of multibillion-dollar streams now for a while, and there will be multibillion-dollar streams coming down the pipe. But most of those are going to wind up being construction funding of big copper projects. And so the advantage of those, of course, is that you drip feed that over a period of time during the construction process, which, of course, the advantage being you don't have anywhere near the permitting risk if you're buying royalties and such, where you typically wind up having to pay upfront. And so -- but that drip feed of construction also gives us plenty of capacity.

And so we still see plenty of capacity to enter into a multibillion-dollar streams. And ideally, if they are on operating assets like Antamina, we will find a way. We have never been limited from a capital perspective. And I would actually simply describe our current balance sheet is efficient right now. It doesn't have any lazy cash sitting there looking for a place. We are in the precious metals business. We're not in the cash storage business. So I personally think that this is the perfect place for a balance sheet to be in our business because we are fully exposed to the metal as our shareholders are investing into us for. So pretty comfortable with where we are.

I would also add, it's Vince here. If you step back, the leverage that we have is very modest. It's a 0.7x net debt-to-EBITDA level. And you have to remember, as a streaming company, our EBITDA is our cash flow. So it can't be compared to another producer, for example, being able to delever in a year is an extremely powerful cash flow profile that we have.

Very clear. And just one more, if I could, just a couple of modeling questions just around the distribution of cash flows through the year, 2 points. You've given the schedule for capital commitments on streams about $590 million during the year, distribution through the year on that? And also, can you remind me when you would expect to make the tax payment? I think it was $115 million during the year.

Sure. The tax payment is expected to be in the second quarter, June 30 is the timing. In terms of the upfront payments, for Q1, I would say, excluding the Antamina stream, probably in the $250 million range, plus or minus, depending on some timing. And then for the entirety of 2026, again, excluding Antamina, would be about $500 million. And then 2027 is about $500 million to $600 million at this point. Obviously, these things are really dependent on construction schedules. But again, we have plenty of capacity to fund all that.

[Operator Instructions] Our next question comes from Lawson Winder from Bank of America Securities.

Can I ask about the dividend and just thinking about how the dividend relates to gold price. When you were considering today's updated level, how is the downside in gold price factored in? Or put another way, to what gold price on the downside is the dividend level sustainable?

Lawson, our current dividend policy, paying the $0.195 represents just over 10% of our operating cash flows. We have to see a materially lower gold price and silver price before we're constrained at all. I think we ran some math, even if we went down to $3,000 gold, the amount we're paying out is still only kind of in the mid-30s in terms of percentage of operating cash flow. So very sustainable in terms of what we're paying.

Our goal is to have a progressive dividend where we deliver this growth back to our shareholders in a consistent manner over time. We're trying to avoid these big hockey stick jumps and deliver it in a more gradual manner. So we have a lot of room to grow our dividend and a lot of room to maneuver if there were any downside in the price.

Lawson, it's Haytham here. A couple of years ago, we started this progressive dividend. We've been paying dividend out that was previously linked to cash flows. We increased it by 3.5%, 2 years ago. Last year was by 6.75% roughly, this year is about 18%. We've got something that should give you a lot of comfort. And what I would say, regardless of what the commodity price does, even if the commodity price has, we still have a lot of comfort. We have 50% growth in cash flows over the next 5 years. So even if commodity prices went down by 50%, we still have a 50% increase in production. So we don't see that being any kind of concern for us whatsoever. In fact, I think over time, as we continue to generate more cash flows, we would expect to continue to see that dividend increase as well.

Yes, that's very helpful. And then just related to that and related to the earlier question on size of deal. So I mean, Haytham, you mentioned like $1 billion to $1.5 billion would be sustainable. But I mean, even at those levels, we're looking at net-net leverages of below 2x. Like -- theoretically, like what level of net leverage would you guys be comfortable going to in order to get another big deal done?

Thanks, Lawson. We don't ever want to introduce credit risk into our company. What we provide is safe, high-quality exposure to precious metals. So 1.5 to 2x leverage is kind of what we are comfortable with at this point. Even with that, we're talking about an addition of almost $2 billion of capacity from a debt perspective. And we currently just don't see a deal where all that needs to be paid immediately. A lot of this is, as Randy said, drip fed over a long period of time. And again, we're replenishing our coffers rapidly. We're generating $10 billion of cash flow over the next 3 years. So plenty of capacity to continue to pursue growth.

And I'd just add, Lawson, we would never let that balance sheet limit us in terms of a new opportunity. We never have. I mean, I pride ourselves on not issuing new equity, but there's always that if you had the right opportunity to go down that path. But we just don't see the need for that, and we don't want to dilute our existing shareholders. They are the ones that we work for. And so our approach is to is to maximize the leverage side if we have to. And then there's other sources.

So it would never limit our ability to grow. It's just a matter of our preference is to use debt because we find it's the best way to deliver premium returns to our shareholders. And it's worked very well for us. The last time we issued any significant [ DRIP ] type of equity financing was I think a decade ago, 10 years ago, and I have very little interest in doing that again. And I know that the use of debt effectively over the last 10 years has dramatically improved the returns for our existing shareholders. And so we're staying with that plan. But we've always got other options in the background. We've never been limited. The limiting factor for Wheaton has always been quality assets, finding quality assets to invest into.

And just as a reminder, the interest rate we're paying on that debt is less than 5% or around 5%, very efficient cost of capital. And the only covenant we have is a test of 0.6 net debt to total cap. So very, very, very flexible in terms of ability to manage that.

All right. That's all extremely helpful commentary guys. I appreciate it. If I could ask one follow-up. There are several new mines that you guys have streams on that are starting up and will be ramping up this year or early next year. So there's Fenix, Kurmuk, Koné are 3 that I'm thinking of in particular, and there's more in '27. Just with these new mines, are there any delivery delay considerations that we should be maybe thinking about factoring in, in terms of like when those mines and the operators will realize production versus when Wheaton will ultimately take delivery?

I'll answer that question. Obviously, when we structure our transactions, we structure them to ensure that if there are any delays, we are kept hold from an IRR perspective. we have mechanisms in place that are called the delay ounces that compensate us for the time value of money in case any of that happens. Now looking at the half a dozen different projects that are in the pipeline. I'd say the majority of them are pretty close to their time lines, we maybe a few months off. One of them is actually a few months well ahead of schedule, and it's one of the bigger contributors. So we're excited about the profile here going forward. Keep in mind, every single one of these projects that are in our 5-year profile that give us that 50% growth are funded, are permitted and half of them are already in construction and the other half are starting here shortly. So we're pretty excited about those.

Lawson, I think the other part of your question there had to do with the physical deliveries. These are all assets that produce doré. Doré moves very quickly. So they're not producing concentrates. If we have a mine, a copper mine when it starts up, you're right, there's a pipeline of getting that production to the smelter and you have to get that when a mine starts up, that takes a while to get going. But all the mines that we have in the next while are actually producing doré, which finds itself to a refinery very fast. Nobody likes having that sitting around. So we shouldn't see any issues there. It will -- they'll all push us as we always give guidance, 2 to 3 months of produced but not yet delivered. These assets will all be to the lesser side. We've always found the doré mines are much tighter.

Our next question comes from Tanya Jakusconek from Deutsche Bank (sic) [ Scotiabank ].

I think I'm at Scotiabank. Okay. Can I just put in just a congratulations for Randy and Haytham on your new positions going forward.

Let me just -- okay, I'll start with a very simple modeling question. I just want to make sure -- I noticed that the depreciation has gone up quite a lot. I just want to make sure that now with the new Antamina coming in as well, should we be thinking about like $90 million to $100 million a quarter or thereabouts, would that be reasonable?

Tanya, the depletion really changes quarter-to-quarter depending on our asset mix in terms of what's delivering. I would say there wasn't a materially different change in our depletion rates by asset from last year. The depletion rate for Antamina going forward will be combined between the legacy Glencore stream with the new BHP stream, that would be roughly around $27 an ounce.

Okay. Okay. And then just making sure I understand correctly as we look through the year, you've got the rebuilding of the PBND you mentioned going through Q1 or the first half of the year. Did I hear that correctly?

That's right. We -- Salobo kind of delivered a big shipment at the end of 2025. That was a little bit unexpected. So we would expect a bit of clawback in Q1. We're sitting at 2.5 months right now. I think we're closer to 3 months by the end of Q1.

It's pretty typical, Tanya. Fourth quarter is always a squeeze on that as companies try to elevate year-end performance, right? And so it's -- there's two things that we've learned. One that it squeezes down in the first -- or in the fourth quarter, and two is that it bumps back up again in the first quarter. So there will be an increase in that.

Okay. So if we think about it just for the year, we should think about it somewhere in that 2.5 to 3 months, would that be fair?

Yes. I think it's 3 months. As I mentioned in one of the earlier questions, the more doré production we have, the tighter that gets, the more concentrate production goes the other way, right? So the concentrates that we get out of Antamina will push us towards the 3-month side. I think our general guidance has been typically 3 months.

The other comment and just to reinforce again that earlier question is when we have new projects starting on it does take a little bit longer to get the processes and the flow streams -- the pipeline is full, so to speak. And so that will probably push us. So I would say 3 months is a good target.

Okay. That's all my modeling questions. Maybe just coming back to the transaction market. Obviously, a great deal with BHP. And so maybe Randy or Haytham, can you talk about now that you have a relationship with the BHP, are there opportunities to do other deals with them on some of their portfolio? The Koné district, obviously, is one that needs to be built, and that's a lot of capital there, but maybe also within their operating portfolio.

I would hope there's opportunities to do deals with all of our existing partners. And BHP is just our newest partner. But you're right, there's a lot of large-scale porphyry projects that are going to be in production probably -- or in construction, pardon me, probably in the next 3 to 5 years. And we are in constant contact with all of our existing partners, including BHP about trying to figure out ways to continue to help them fund those capital projects.

Okay. And excluding these big deals that are over $1 billion, and there are a few out there, what else would you be seeing in sort of the smaller category? Have those increased at all? Or has everything shifted to these bigger deals?

Maybe I'll take that one, Tanya, it's Neil here. As Randy mentioned earlier, our opportunities pipeline is extremely robust, continuing off the strength that we saw in 2025. In fact, keeping the lawyers very busy right now signing NDAs with lots of interesting opportunities that came out of BMO and PDAC. Size-wise, we are a majority in the $200 million to $300 million range. But there are a few that are in the $0.5 billion to $1 billion range as well.

Okay. And in our last conference call, I think, Randy had mentioned there was a big shift to silver. You're seeing a lot more silver. Has that shifted at all? Or is it still silver or is gold back in the game?

I think a lot more silver was probably in reference to Antamina, which is now, Tanya, I think I would say the majority of new opportunities we're looking at is primarily gold. It's one of the reasons I like silver, it's really tough to find.

Congratulations on the deal.

Our last question comes from Richard Hatch from Berenberg.

Congrats team on record everything. I've got a few questions. First one is just on where we are in the cycle. I completely agree that we're going to see more of these large porphyry copper deposits funded and built. But kind of strikes me that we're probably a couple of years away from really starting to see those come to market and get funded. Is that the right -- are you in the same thinking as me? Or are you seeing it differently? That's the first one.

Sure. That's true for sure. There are a number of big projects out there, and those do take a while to get permitted, obviously, and have massive CapEx. So I agree with you there that they will take a few years to come about.

Richard, I'll point back to a comment that Randy made earlier is a lot of those of that funding is construction funding, and it's stripped during the overall construction profile. So I suspect over the next 3 years, as Vincent pointed out, we're going to be generating close to $10 billion a year -- oh, sorry, $10 billion in total in free cash flow. We're going to have a lot of excess cash, and we're going to be looking to deploy that cash into those type of projects.

Yes, makes sense. Good stuff, please do. And then just a few final questions. Just on the Koné payments. When should we be thinking about that last $156 million going out the door?

The Koné payments will probably be sometime in 2026. We only have one left of $156 million, so either Q1 or Q2.

Okay. And the -- I was curious about the Santa Domingo $30 million refund. What's going on there? Is that -- just perhaps could you just give us what's the deal with that?

So Santa Domingo, obviously, we put up some capital when we first entered into that transaction. And because the project hasn't come online, we've given our partner an opportunity to repay that $30 million and defer making any additional interest payments from this point forward. That's what it was.

Okay. And then my last two. Firstly, just to clarify, you said that Antamina will be slightly lower year-on-year. Is that the right way to think about it?

Yes, that's correct.

Okay. And the last one is just on your accounts receivable, they've kind of picked up to over $40 million. And I'm just kind of -- is that going to come down -- is that expected to come down anytime soon? Or should we keep it at that level? I'm just sort of thinking about working cap and just how I should be thinking about it?

Yes, we probably expect that to come down a bit. It's a mark-to-market thing on our concentrate sales, so a pretty anomalous item, but it should normalize over time.

Congrats on a great quarter and keep going.

Thanks, Richard. And thank you, everyone who joined us today. Today marks my final quarterly conference call as a CEO, and I'm deeply grateful to close this chapter on such a high note, capping our best year on record with the largest transaction in the history of streaming our royalties. As I transition into the role of Chair of the Board, I could not be prouder of the company we have built together, our people, our culture and the value that we have created for all of our stakeholders.

Wheaton is entering its next phase of growth from a position of exceptional strength, and I have complete confidence in Haytham's leadership and the broader management team as they continue to build on this strong momentum.

I would like to thank our employees, our mining partners, our shareholders and the communities where we operate for their unwavering support over the years. serving our employees, our shareholders and, in fact, all of our stakeholders as Wheaton's Chief Executive Officer has been the greatest privilege of my professional career.

As I sign off, I do so with great pride, gratitude and immense optimism, if not excitement for Wheaton's future, and I thank all of you for joining me on this incredible journey. Thank you.

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2025 Third Quarter Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Friday, November 7, 2025, at 11:00 a.m. Eastern Time.

I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton's Chief Executive Officer; Haytham Hodaly, President; Curt Bernardi, EVP Strategy and General Counsel; Vincent Lau, Chief Financial Officer; Wes Carson, VP Mining Operations; and Neil Burns, VP, Corporate Development.

For those not currently viewing the webcast, please note that a PDF version of the slide presentation is available on the Presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to Slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars, unless otherwise noted.

With that, I'll turn the call over to Randy Smallwood.

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's third quarter results of 2025. We are pleased to announce that our portfolio of long-life, low-cost assets has once again delivered strong results this quarter, enabling us to achieve record revenue, earnings and operating cash flow for the first 9 months of 2025. This performance underscores the streaming model's unique ability to generate predictable levered cash flows while maintaining a deferred payment schedule, an advantage not offered by the traditional royalty model, which requires full upfront payments and lacks embedded leverage.

And of course, 100% of Wheaton's revenue comes from streams, providing a competitive advantage amongst others in the space. As a result of strong performances by key assets, including Salobo and Antamina, coupled with the ramp-up of production at Blackwater and Goose, we recorded production of 173,000 gold equivalent ounces this quarter and are firmly on track to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces.

And with over $1.2 billion in cash and undrawn $2.5 billion revolving credit facility in Accordion and strong growing projected cash flows, the company remains well positioned to meet all funding commitments and pursue new accretive opportunities continuing to grow our -- and continuing to grow our competitive dividend. Based on this strong financial foundation, Wheaton also continues to invest in innovation across the mining sector as well as community initiatives alongside our mining partners.

During the quarter, Wheaton launched its second annual Future of Mining Challenge, which this year focuses on advancing sustainable water management technologies. Following the close of expressions of interest phase, 17 proposals have been selected to advance with the winner to be announced at the PDAC conference in March of 2026.

And with that, it is my pleasure to now turn the call over to our President, Haytham Hodaly.

Thanks, Randy, and good morning, everyone. Alongside strong performances from our producing assets, Wheaton's growth profile was further derisked through continued progress across 6 key development projects scheduled to come online over the next 24 months. Notably, several of these projects have announced accelerated time lines or expansions, reinforcing confidence in our previously forecasted 40% production growth by 2029.

Furthermore, recent joint venture announcements marked significant progress for Copper World and Santo Domingo, further derisking both projects. We are pleased to have announced 2 new streaming transactions over the past 2 months, one with Carcetti on the Hemlo mine and another with Waterton Gold on the Spring Valley project, for which Neil Burns will share more details later in this call. These announcements reinforce our disciplined approach to capital deployment as we remain focused on identifying accretive opportunities that are thoughtfully structured to deliver meaningful and lasting value for all stakeholders.

With a solid foundation of organic growth that continues to strengthen, the company is well positioned to pursue opportunities that align with our long-term strategy and uphold our commitment to quality as we have demonstrated with our most recent transactions.

And with that, I would like to now turn the call over to Wes Carson, who will provide more details on our operating results. Wes?

Thanks, Haytham. Good morning, everyone. Overall production in the third quarter was 173,000 ounces, a 22% increase from the prior year, primarily due to strong production at Salobo and Antamina, coupled with commencement of production at Blackwater. In Q3, Salobo produced 67,000 ounces of attributable gold, a 7% increase from the last year, driven by higher throughput grades and recovery. Vale reported that by the end of July, Salobo III had fully ramped up and the entire complex is now operating at full capacity, consistently delivering strong operational performance.

Vale continues to advance a series of growth-focused initiatives to enhance efficiencies and support long- and medium-term production growth across the Salobo complex. Constancia produced 19,500 ounces of attributable GEOs in Q3, a 9% improvement from last year, primarily driven by 19% higher gold production resulting from higher grades, partially offset by an 11% decline in silver output due to lower throughput.

On September 23, 2025, Hudbay Minerals commented on the ongoing social unrest in Peru, where Constancia was impacted by local protests and illegal blockades. The mill was temporarily shut down as safety precaution, while authorities addressed the situation. On October 7, 2025, Hudbay announced that operations had resumed and throughput has since returned to normal levels.

Penasquito produced 2.1 million ounces of attributable silver in Q3, up 17% from last year, primarily driven by higher throughput and partially offset by lower grades as mining transitioned back into the Penasco pit, which contains lower silver grades relative to Chile Colorado.

In the third quarter, Blackwater produced 6,400 ounces of attributable GEOs supported by higher-than-expected throughput and grades. Production for the year is expected to be weighted to the fourth quarter with higher mill throughput rates and feed grades expected compared to Q3 2025. Artemis has also announced a 33% increase to Phase 1 processing plant capacity, raising the nameplate from 6 million tonnes per annum to 8 million tonnes per annum with a targeted completion date by the end of 2026.

In addition, Artemis is nearing completion of front-end engineering and design work for an optimized and accelerated Phase 2 expansion with an investment decision expected before year-end. In Q3, Almina restarted production of the zinc and lead concentrates at the Aljustrel mine, resulting in the resumption of attributable silver production to the company.

During the quarter, Goose transitioned from commissioning to commercial production, which was announced on October 6. As reported by B2Gold, open pit and underground mining rates at the Umwelt deposit have continued to meet or exceed expectations during the 30-day commercial production period.

B2Gold has also reported that gold recoveries have been in line with expectations and are expected to average higher than 90% through Q4 of 2025. Wheaton's production outlook for 2025 remains unchanged with -- and we continue to believe that we are well on track to achieve our annual production guidance of 600,000 to 670,000 GEOs. At Salobo, attributable production is expected to remain steady through the remainder of the year, supported by solid mining rates and consistent plant performance through Salobo I, II and III.

At Penasquito, attributable production is forecast to be in line with budget and slightly down from Q3 due to steady mill performance and planned mine sequencing within the Penasco pit. At Antamina, attributable production is anticipated to strengthen in Q4 as the mine continues processing a higher portion of copper zinc ore. As mentioned by Randy, we remain confident that our catalyst-rich year is progressing as expected, with initial contributions from Mineral Park, Platreef and Hemlo still forecast by the end of 2025.

That concludes the operations overview. And with that, I will turn the call over to Vincent.

Thank you. As detailed by Wes, production in Q3 was 173,000 GEOs, a 22% increase from last year due mainly to strong production from Salobo and Antamina, coupled with the commencement of production at Blackwater. Sales volumes were 138,000 GEOs, an increase of 13% from last year, driven by strong production from the second quarter, partially offset by a buildup of produced but not yet delivered or PBND, due to timing differences between production and sales.

At the end of Q3, the PBND balance was approximately 152,000 GEOs, which is about 2.9 months of payable production. We expect PBND levels to stay at the higher end of our forecasted range of 2 to 3 months for the remainder of 2025, partly due to the ramp-up of new mines forecast in Q4. Strong commodity prices, coupled with solid production led to record quarterly revenue of $476 million, an increase of 55% compared to last year. This increase was driven mainly by a 37% increase in commodity prices and a 13% increase in sales volumes. 58% of this revenue came from gold, 39% from silver and the rest from palladium and cobalt.

With silver recently outpacing gold and reaching record highs, our substantial silver exposure sets us apart from our peers and positions us well to benefit from the current pricing momentum. Net earnings increased by 138% from the prior year to $367 million, while adjusted net earnings increased by 84% to $281 million. Operating cash flow increased to $383 million, a 51% increase from last year. These gains outpaced the increase in gold and silver prices during the same period, highlighting the leverage from fixed per ounce production payments, which made up 76% of our revenue.

During the quarter, we made total upfront cash payments for streams of $250 million, including $156 million for Koné, $50 million for Fenix and $44 million for Kurmuk as our portfolio of development assets continued to advance toward production. During the quarter, CMOC exercised its 1/3 buyback option under the Cangrejos PMPA in exchange for a $102 million cash payment, resulting in a gain of $86 million and delivering an impressive pretax IRR of 185% to Wheaton.

Overall, net cash inflows amounted to $151 million in the quarter, resulting in a cash balance of approximately $1.2 billion at September 30. For the Hemlo stream, we expect to make the entire $300 million upfront payment at deal close in Q4 2025 and begin recording production immediately thereafter. For the Spring Valley stream, the total upfront payment of $670 million will be paid in installments as various conditions are satisfied. This structure reflects our disciplined approach to providing funding throughout construction while ensuring the project remains adequately financed and on track at each stage.

When these 2 streams are added to our existing stream funding commitments, we expect to disburse approximately $2.5 billion in upfront payments by the end of 2029. This reflects growth that we have seeded but not yet funded and demonstrates a highly efficient use of our capital. With $1.2 billion in cash and expected annual operating cash flows of $2.5 billion over the next 5 years, we currently expect to fund these commitments without using debt.

In addition, our fully undrawn $2 billion revolving credit facility, together with a $500 million accordion provides exceptional financial flexibility and positions us with the strongest liquidity profile amongst our peers to pursue additional accretive opportunities.

This concludes the financial summary. I'll now hand things over to Neil to walk through the details of Hemlo and Spring Valley streams.

Thanks, Vincent. It's been a very busy few months for the corporate development team, and I'm delighted to provide an overview of our 2 most recent deal announcements, which further reinforce Wheaton's already sector-leading growth profile. On September 10, Wheaton entered into a financing commitment with Carcetti Capital Corporation to support its proposed acquisition of the Hemlo mine.

Upon deal close, which is anticipated in the fourth quarter, Carcetti intends to change its name to Hemlo Mining Corporation or HMC. Wheaton's initial financing commitments included a gold stream of up to $400 million. However, following the strong success of its recent equity raise, which Wheaton supported with a lead order of $30 million, HMC has indicated its intention to proceed with a $300 million amount.

In this scenario, Wheaton expects to receive 10.13% of payable gold until a total of 136,000 ounces have been delivered, after which Wheaton will receive 6.75% of the payable gold until an additional 118,000 ounces have been delivered, after which Wheaton will receive 4.5% of payable gold for the remaining life of the mine. These amounts would be adjusted proportionally if HMC were to elect a different stream amount. In return, Wheaton will make ongoing payments with gold ounces delivered equal to 20% of the spot price.

Each of these drop-down thresholds will be subject to an adjustment if there are delays in deliveries relative to an agreed schedule commencing in 2033. If deliveries fall behind an agreed schedule by 10,000 ounces or more, the stream percentage will be increased by 5% until deliveries catch up in a mechanism that's aimed to mitigate timing risk. Assuming that HMC elects an upfront payment amount of $300 million, attributable gold production is forecast to average over 14,000 ounces of gold per year for the first 10 years of production and over 10,000 ounces per year for the life of the mine.

Hemlo presents an opportunity -- a unique opportunity to add immediate [ attributable ] gold ounces from a politically stable jurisdiction backed by a long history of production and a very capable operating team. We are proud to support HMC in its acquisition of a mine that has long been considered a cornerstone in Canada's mining industry while also continuing to contribute to the momentum across the sector. Just yesterday, you will have seen Wheaton announced gold stream on the Spring Valley project located in Nevada and owned by Waterton Gold for cash consideration of $670 million.

This represents a compelling opportunity to secure a significant gold stream while supporting an existing partner in the development of a high-quality, low-cost gold mine located in a prolific mining jurisdiction. Under the agreement, Wheaton will receive 8% of the payable gold until 300,000 ounces have been delivered, after which Wheaton will receive 6% of the payable gold for the remaining life of mine. In return, Wheaton will make ongoing payments for the ounces delivered equal to 20% of the spot price until the uncredited deposit has been fully reduced and 22% of the spot thereafter.

Wheaton will also provide a $150 million cost overrun facility to provide further capacity to a project with an already conservative capital estimate. Attributable gold production is forecast to average 29,000 ounces of gold per year for the first 5 years of production and over 25,000 ounces of gold per year for the first 10 years, first production expected in 2028.

This production profile reflects an optimized scenario that incorporates updated mineral reserves and resource estimates beyond the feasibility, which was published earlier this year. Located in a proven mining district, Spring Valley comprises an extensive land package of over 30,000 acres, very little of which has been explored. In fact, mining activities will occur on concessions, representing less than 5% of the total land package, leaving an opportunity for mine life extension with future exploration success.

With its strong exploration potential, strategic location, proven leadership team, we believe Spring Valley aligns perfectly with our commitment to investing into high-quality assets in stable jurisdictions. We're excited to deepen our relationship with Waterton as they look to unlock the full potential of this asset.

With that, I'll now hand the call back over to Randy.

Thank you, Neil. In summary, Wheaton delivered another strong quarter marked by several key achievements. We delivered solid revenue, earnings and cash flow, resulting in record year-to-date performance. We made notable progress on our near-term growth strategy with Aljustrel resuming production of its zinc lead concentrates and the ramp-up of production at both Blackwater and Goose, reflecting the continued momentum of our catalyst-rich year.

Our growth profile was further derisked as construction progressed across key development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk and Koné. In addition, joint venture agreements were announced for both Copper World and Santo Domingo, further derisking these projects. We also announced 2 accretive precious metal streaming transactions located in low-risk jurisdictions. First, on the currently operating Hemlo mine located in Ontario and just yesterday on Waterton Spring Valley project in Nevada.

We believe our 100% streaming revenue model provides significantly greater leverage to rising commodity prices, while keeping us insulated from inflationary cost pressures, resulting in some of the highest margins in the precious metal space. We take pride in being the founders of the streaming model, an optimal alternative to traditional equity financing. Streaming provides upfront capital at a fair valuation without further share dilution, resulting in a dramatically improved return on invested capital and superior long-term value creation for the shareholders of our mining partners.

Our balance sheet remains robust, providing ample flexibility to pursue well-structured, accretive and high-quality streaming opportunities. And finally, we take pride in our community investment leadership amongst precious metal streamers and have always and will always support both our partners and the communities where we live and operate.

With that, I would like to open up the call for questions. Operator?

[Operator Instructions]

Your first question is from Will Dalby from Berenberg.

Yes. I have 2 questions. Firstly, on future growth. You've got a really compelling growth profile, but I'm just sort of wondering how you think your volume growth stacks up versus peers, both on an absolute and a risk-adjusted basis, sort of thinking in particular about some peers whose growth relies on restarts or on higher-risk jurisdictions. I'd be very interested to hear how you see your position in that context.

Thank you. It's Haytham. Will, thank you for the question. From an absolute perspective and a relative perspective, I'll tell you, we've got growth close to 250,000 ounces a year between now and 2029. And that is certain growth, that's growth that's actually been permitted and a majority of that, I would say, almost more than 90% of that's actually in construction and heading towards development towards production. In the next 2 to 3 years, there's 2 projects starting this year, a couple starting next year and another 1 or 2 starting over the next couple of years after that.

So it's a very, very strong growth profile. In terms of the actual number of ounces, we're generating close to an additional 250,000 ounces, which is probably almost double what our next closest peer is actually generating in terms of growth over the same period. So we're very excited about that. And that excludes a lot of the growth that you're seeing here with these latest transactions as well, where with the Hemlo transaction, with the Waterton transaction, but not to mention a significant number of our peers have also announced expansions, optimizations, et cetera, between now and then, which are also not included in that number. So we're very optimistic and very excited about going forward.

Very clear. And then just a second question. If we rewind a bit, say, 10 years ago, your capital was largely going into repairing balance sheets. 5 years ago, it was mostly sort of funding gold projects. Looking ahead, do you see the next 5 years is more about deploying capital into larger-scale copper projects given the current supply shortage there and the need for new mines to come online?

Yes, definitely. I mean the large porphyry copper gold systems that we're seeing in the high sulfidation epithermal systems that we're seeing through some of the diversified base metal producers, those are definitely an area of future growth as they require billions of capital, not millions or hundreds of millions, but actually billions of capital. So streaming naturally should play and likely will play a part in the overall financing packages.

There are still lots of opportunities we're seeing outside of that space as well, though, Will, I would say, with commodity prices where they're at, specifically, you look at silver as an example. Silver has had a nice run that is prompting many to consider what their silver is worth within their existing portfolio. So for the first time in a long time, we're seeing more -- not more silver, but are we see more silver opportunities, not more than gold, but we're seeing additional silver opportunities that we previously hadn't come to the market. So we're very excited about that as well.

Your next question is from Josh Wolfson from RBC Capital Markets.

I had a question first on Spring Valley. Some of the technical information out there is a bit light. I know there's a 2014 43-101 and then a feasibility study earlier this year, at least a summary of which I noticed that Wheaton provided some of its own interpretations of what the mine will look like. I guess just maybe drilling down on some of the assumptions, would Wheaton be able to provide some perspective on how it sees the asset in terms of what the underlying assumptions or changes in its perspective was versus the updated feasibility study? And also what we should think about recoveries? I noticed there's a big difference between the original 2014 report and what's -- what was issued earlier this year.

Sure, Josh. It's Neil Burns here. Waterton did put out a feasibility study earlier this year, which was done not surprisingly with much lower gold prices. I believe the reserve pit was [ done ] at $1,700 gold. If you look on Salobo's website, they've updated their R&R. And I believe the reserves are at $1,800 and the resources perhaps at $2,200. They do model the recoveries, and they have updated those. Those are detailed in the footnotes of those R&R tables, and they do them separately by the Redox state of oxide transition and sulfide naturally with decreasing recoveries as you get into the sulfides. And they split it between the ROM and the crush. So I think that's a spot where you can get some additional color. And that was just updated, I believe, earlier this week.

Josh, I mean, Spring Valley is so similar to hundreds of different operations down in Nevada, right? You're looking at a heap leach operation that's going to have crushed components. It's always going to be focused on the highest grade portion of whatever is coming out of the pit and then run of mine. And one of the areas of upside that I see in this -- that we see in this asset is the fact that, as Neil mentioned, the pricing for the reserves and even the resources are about half of what the spot price is right now. And the waste dump is about the same distance away from the pit as the heat pad.

And so the ROM processing capacity, the decisions as to where that truck dumps that ore as it has lower grade material, but it's still economic because the spot price is of $4,000. I think there's incredible upside on this asset to even see more production than what's being forecast by Waterton. Just in terms of operational flexibility, it's a simple project. It's -- the highest grade of the day will go through the crusher and everything else. It will be a choice as to whether you put it into a waste dump or put it into a ROM heap leach pad and push it forward.

So I just -- they're pretty simple Nevada. There's lots of capacity for heap. It's a big flat area just to the east of the ore body that has all sorts of expansion capacity. And so it's a classic Nevada operation that we see as it's going to be going for [indiscernible]. Just we're excited about what the real potential is here.

And then the expiration over and above it, as Neil highlighted during the talk, so little of this property has actually been poked at. It's right north of the Rochester operation, which continues to shine for core. And of course, Florida Canyon is to the north. And so it's right in a corridor that's got a lot of mining history. And we do think that this asset is well set up to deliver.

Got it. One more question. I know we've talked about some of the Nevada premiums that are out there. This might apply in that situation. When you look at the value opportunity here in the valuation paid, how would you assess this in comparison to some of the public consolidation opportunities that could be out there depending on prices, obviously?

Yes. I mean, consolidation, when I look at -- I mean the biggest comment I'd have on the consolidation side is that what we found is that a lot of the smaller companies have had to give up structural weaknesses, structural flaws in their agreements to try and get scale. And we've seen some pretty large-sized examples of that recently with deals scale of $1 billion with 0 security backing it. And so we just see issues with the value of some of those assets within the M&A side. And so as we like to say, we're -- we think there's no stream as good as a Wheaton stream. We invented the model and we continue to try and perfect it.

I think Hemlo was a real step up in terms of how to actually deliver value not only to our shareholders, but to our partners in terms of support and strength all the way across and trying to find that great balance of satisfying both sides of the spectrum. And so the acquisition side, most of those companies do trade at a bit of a premium to NAV. And we -- whereas when it comes to going out and looking at new assets, we can find leasings at NAV or less, slightly less than that. It's still attractive compared to an equity financing or to other alternative forms of financing for these companies that are looking for capital.

So as Haytham and now Neil, the team has done a great job of continuing to put the capital back to work, looking at opportunities like this. And I think Spring Valley is a great example of that. It's a lower-risk jurisdiction. It's our first real footprint into Nevada, which is a jurisdiction we've looked at for a long time, but we have seen some incredibly expensive transactions in our eyes -- take place in Nevada. This one we feel is attractively priced, especially when we go over the upside that we -- that I just finished describing to you.

And so we're pretty excited about having this one. And we like this path. We're always looking at the M&A side. And if we do see some opportunities in that space that make sense, we would act. But to date, we're doing -- we find better value in just sourcing new opportunities. We are blessed with an industry that always needs capital. So that's our business, supplying capital.

Your next question is from Tanya Jakusconek from Scotiabank.

Some of them have been answered already. Maybe, Haytham, for you, as I think about the environment, the opportunities out there, one of my questions was on silver. I just -- I think you touched it a little bit, you're seeing more on the silver side than previously. Are we seeing some big silver opportunities?

That's interesting, Tanya. It's funny you asked that question. There are some larger silver opportunities that are out there, but we're being very proactive to go out and find those. With that, I'm going to turn the mic over to Neil to just tell you a little bit about the current environment for growth.

Thanks, Haytham. Tanya, in terms of volume, we continue to be as active as we've ever been. We have literally over a dozen active opportunities in the pipeline. From a stage perspective, it's interesting because we've seen an increase in operating opportunities, which is great to see. It's something we hadn't seen for a number of years. And it's also been driven by an increase in M&A activities with the major selling off some noncore assets. Metal mix, which you already touched on, is probably 60-40 gold, silver, I would say, at the time -- at this time.

In terms of size, the majority are in the $200 million to $300 million range. But we also have a couple of exciting $1 billion-plus opportunities, but those are a bit longer lead time.

The one thing, Tanya, that I would add on the silver side, your question is specifically on silver. Keep in mind that most silver is produced as a byproduct, actually from base metal operations. And the one thing that we're hopeful is that with the strength that we've seen in silver prices of late that perhaps some of those base metal operators would like to crystallize some of that value and help strengthen their own balance sheets and fund their own growth.

And so that does fall into an opportunity set with this strength that we've seen where we may be able to pick up some, as Neil said, some operating access to silver streams on operating assets. So we're out there pounding the pavement. And with these kind of silver prices, there's definitely an interest in terms of learning more. So stay tuned.

Yes. It's just I've been hearing more on the silver side. And so I just wondered if -- and I've heard of some of the big ones like $1 billion silver deals, and I just wondered if those were something that you were focused on.

Yes. You know me well enough, Tanya, that I've always liked silver a little bit more than gold. So if there's opportunities in the space, we're definitely trying to track that down. Neil and the team are doing a great job on that front.

And when you mentioned the $200 million to $300 million range, were those mainly on the gold opportunities?

A mixture, actually. There is -- I would say, probably an even mixture between gold and silver within those $200 million to $300 million opportunities.

Okay. And are you also seeing because I am hearing, and I don't know if that's the same, that's there's probably more assets for sale within the senior gold companies than the market expects. Like yes, we've seen Newmont sell out their Newcrest assets and Barrick's cleaned up their portfolio somewhat. But I'm hearing that there's also more coming out of the senior space than expected. Is that what you're seeing as well?

Maybe I'll answer that, Tanya, just with regards to divestitures from -- of noncore assets from senior producers. I will say that we did see a lot of that over the last 12 to 18 months, for sure. Right now, it has declined quite a bit. But obviously, with changing management teams, changing focus of various companies, we do expect that to start again. We haven't seen a lot of it yet.

Okay. So you're expecting more of that to come?

We hope so. We'd love to be able to support another acquirer of some of these high-quality assets. Keep in mind, a lot of these assets when they were within these senior companies, they're being valued at a reserve base of, call it, Neil mentioned one $1,700, Barrick was doing theirs at $1,400 previously. You start using numbers of $2,100, $2,500, you go from a 6-year reserve life to a 20-year reserve life. So I think a lot of that is probably something we're going to see here in the near term.

And just your Spring Valley acquisition, if you assume that all of the resources get converted and you can mine out 4 million ounces mineable, let's say, would it be fair to say at spot that you'd be in that sort of 4%, 5% internal rate of return, like in line with the cost of capital?

Well, based on our analysis, I can tell you our numbers are higher than that based on exploration upside that we've seen, based on expansions in the existing pit dimensions, based on the higher/lower cutoff grades, we are getting a higher rate than what you're quoting there. I will leave it to you to figure out what your actual rate is based on how many years of additional exploration upside you want to add on top of that, but we're pretty optimistic that eventually this will get to double digit.

I will add, Tanya, that the resource is still limited. It's -- there's plenty of exploration potential, wide open mineralization. And so it's the drill data that's actually the limiting factor on the resource, not the economics.

Yes. No, no. I mean I just looked at it on a 4 million-ounce mineable scenario. Okay...

I've seen enough of it down there to think that there's probably even more than that.

Yes. As I said, it's in the good camp. So those camps go on for a while. Maybe if I could ask just a modeling question. I saw the updated DD&A in the portfolio. Can someone just remind or reguide us on your depreciation and guidance for what you expect for 2025 and maybe 2026 with the new portfolio updates?

Sure. Tanya, it's Vince here. We did update our depletion on a normal course. Not a big change. Antamina, we saw a bit of a drop because they had some tailings lift there. Stillwater, a little bit higher just because of the change in mine plan. But all the detailed depletion rates, we've now put into the financials and in the MD&A. So you can see exactly what has happened there and help you out on the modeling front.

All right. I forget what the guidance was corporately beginning of the year. But yes, I'll go back and...

I think net-net, it's not going to change materially going forward. So I would roughly say it's at the same levels going forward.

Okay. And then my final question is maybe a reminder. I've seen a lot of the other companies sell out investment portfolios of equity interest. Can you just remind me what's left within yours?

Yes. There's -- we've got -- I don't have the list in front of me, Tanya. I can tell you, and it's listed on -- I think, on our -- at least some of it's broken down some of the larger positions, but we have about a USD 260 million equity book right now. I can tell you, we're not looking to divest any of those positions. Those positions are all with our existing partners that are ramping up operations. And we are going to continue to be strong supporters.

Eventually, there may be some liquidity events where we can actually get off our positions. But at this point in time, we're -- if nothing else, we'd be helping our partners as they need it going forward to continue to strengthen their balance sheets.

Your next question is from Martin Pradier from Veritas Investment Research.

In terms of Antamina, I noticed that the depreciation dropped in half almost. What happened there...

On depletion drop, yes. So...

Yes, the depletion...

Thanks, Martin. Yes. So that really is, as Vincent mentioned, it's because of the tailings expansion. So right now, Antamina marks their reserves with tailings capacity. And in Q1 this year, Antamina managed to secure the permits for further expansion of the current tailings facility, and that increased the reserves dramatically, which then drops that depletion rate down. So that's the reasoning behind that.

Essentially, what happened was the tailings capacity doubled, which meant that the -- with that much -- the depletion -- that much more -- the reserve doubled because of that excess capacity because with that tailings capacity, then you could class it as a reserve. And so it's -- the resource there is very, very high geological confidence, but Antamina's approach is that it's not a reserve until it actually has permitted tailings capacity. And so the fact that it went up just meant that we had a substantive increase in reserves, which means the depletion rate drops.

Okay. Perfect. I understand. And in terms of Salobo, should we expect a strong Q4? I thought that there was like a little bit higher grade in Q4.

Salobo is reasonably flat in Q4. So we're expecting -- we've seen very strong performance through the year this year. And we were just on site at the end of September there. And really, they are planning to continue on as they have for the rest of the year here. So reasonably flat for Q4.

I think they moved forward a little bit of preventative maintenance that was scheduled in Q4 into Q3. So that should help a little bit on the Q4 side. There was a short stint in Q3. So...

Your next question is from George [ Ity ] from UBS.

Nice update here again. Can I ask about the Spring Valley stream? And sorry, I joined a little bit late, so I may have missed this, but the payment profile can you remind me of the various conditions for the payment and the profile of time line, please?

Yes, you bet. I mean, still, I would say, of the $670 million, the majority of that will go in during development. There'll be a small amount that goes in upfront, approximately, I would say, $310 million over the next -- well, close to $310 million over the next 6 to 12 months, I would say. And then the remainder will go in alongside the company's equity investment. So we put in $120 million, they put in $120 million, and we do that a couple of times until we get to the $670 million number.

It's strip fed over the construction other than a small amount ahead of construction starting just to get some equipment orders in and stuff like that, but it's trip fed over the construction, which is expected to start shortly.

Yes. Okay. No, that's great. And then just talking before about all these asset opportunities coming up, some large ones, like that $900,000 per ounce -- sorry, the [ $870,000 ] rather GEO profile by 2029. Is it fair to assume there's potentially a bit of upside here with new streams like Spring Valley given the environment is so strong right now? Do you think that [indiscernible] is a bit of...

Yes. Not only that, a lot of our existing operations and start-ups have announced accelerated plans for start-up and for expansions. We've got Blackwater moving forward with expansions. Platreef has accelerated their ramp-up in production over that 5-year period. Salobo itself also is fine-tuning in terms of trying to improve throughputs and recoveries. And so we -- even the existing portfolio without the new acquisitions has made that forecast look very conservative and gets us even closer to that 1 million ounce number sooner than later.

Thank you, George, and thank you, everyone, for your time today dialing in. Our record-breaking performance over the first 9 months of this year underscores Wheaton's position as a premier low-risk choice for investors seeking exposure to gold and silver. Recent transactions in low-risk jurisdictions underscore the quality of opportunities we're pursuing. Our corporate development team continues to see strong demand for streaming as a source of capital, and we are excited about the pipeline of opportunities that lie in front of us.

With our high-quality operating portfolio, 100% streaming revenue, sector-leading growth profile and unwavering commitment to sustainability, we offer shareholders with one of the most effective vehicles for investing in precious metals. We thank all of our stakeholders for their continued support as we enter this exciting period of sustained organic growth. We look forward to speaking with you all again soon. Thank you.

Thank you. Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. Please disconnect your lines.

Largest precious metals streaming companies with streaming agreements for 20 operating mines and 26 development projects. Presented for the company is CEO, Randy Smallwood. And he'll be doing a fireside chat with Cosmos Chiu from CIBC. So come on up, Cosmos and Randy.

Great. Thanks, everyone, and thanks, Randy, for choosing me to be your moderator for the fireside chat. I just have to tell people how awesome you are. But joking aside, can we kick things off with your summary of what I would consider a very strong Q2, capping off a very successful first half where you produced over 300 GEOs, 300,000 GEOs, well on track towards your full year guidance.

Yes. It's been a good start to the year. I couldn't have timed it well with the price of gold doing it's doing. But our flagship asset is the Salobo asset with Vale down in Brazil. And Salobo just had a really good start to the year, seeing a little bit higher grades than what we expected, I think even more than what Vale expected in terms of the production over the first half of the year. It is what I would call the perfect flagship asset in the sense that Vale being such a strong company within Brazil itself, Brazil itself, a very mining-friendly jurisdiction that knows and understands the value of responsible resource extraction.

And so we're really excited about how Salobo is shaping up and continuing to go. It did have a couple of tough years, really was impacted through COVID and some challenges on the preventative maintenance program, but that sure appears to be behind them. Phase 3 is now up at full production levels. And I know there's sure a lot of work going on down at the project itself in terms of looking at the next phase of expansion at Salobo. So it's the gift that keeps on giving.

Great. When we look at it, in this past year, if I look at your deal pipeline, it seems like you've been a little bit less active than your peer group. Actually wait, that's an old question. Hot off the press, can we talk about your commitment to support Carcetti Capital and to be renamed Hemlo Mining. That was released last week in its acquisition of the Hemlo Mine from Barrick.

Well, the history at Hemlo is not too much dissimilar to my own history in the industry. It started up about the time that I started joining the industry. So I've watched and admired Hemlo for a long time as that whole camp has actually delivered so much value to, first off, the Canadian mining industry, but the gold industry as a whole. And so it's a top-notch asset that's got a lot of history behind it, a lot of success behind it, and we think it's got a strong future behind it.

And unfortunately, in a company the size of Barrick, it doesn't -- it's not a flagship asset. It doesn't get the high level of focus that it deserves. But Carcetti Capital, which is, as we said, being renamed over to Hemlo, -- it's got a good strong group. Bob Quartermain is one of the main sponsors of that group. He's got a lot of history at Hemlo. It was one of his first projects at Teck when he was starting in the early days of Teck. Bob is someone that I have great respect for. He's delivered on, created a lot of value in this space. And he, of course, was part of our due diligence team that went and had a look at that project. Very excited about the future of what can be unlocked there.

And of course, the rest of the team, John and Jason, a good strong team that's driven to unlock some value there. And we just think that a group like that, unlocking and giving some freedom to the site to start reinvesting back into itself. This is a story that's been told with other assets and other investors more recently across the Canadian mining space. The whole Timmins camp and other operations. And so we're just excited about where this thing can go. The project itself, I think the structure that we came in was a supportive one. And I think the market has actually stepped up. I'm not sure if they come up with final numbers in terms of what they've raised, but it sounds like it's been very well received in the marketplace and happy to be a part of that. We're excited to be part at the early stage of the M&A acquisition. We don't see enough of that in the streaming space. I think as investors, having a streamer come in and supporting on the M&I side gives -- should help give confidence in terms of having a second set of critical eyes that have looked at that project and determined that it's a viable project going forward. And so I do think that it does give a higher level of confidence in terms of what that's going forward. And I think it does open up opportunities, even more opportunities for us to continue growing.

Great. Thanks, Randy. And then in a bit more detail, can we talk about the $400 million price take that you're putting on the stream? Should we evaluate that using spot prices? Or how should we look at hurdle rate?

Well, spot prices always have an impact on what you're paying or what you're requiring for any opportunity out there. And just to be clear, the deal that we have with Carcetti/Hemlo is a $300 million to $400 million stream. The fact that their financing has gone so well means it's likely going to be a $300 million stream. We haven't got a final decision from them yet, but that was part of our range of support to help them go forward. And so, I think it actually helps the project even a bit more from a perspective of the stream and the weight that the stream obviously does have on an asset. So it looks to me like we're going to be at the $300 million level.

With respect to the spot price, it always has an impact on what you're paying. We of course, very optimistic, very bullish. I echo a lot of Paul's comments at the start of his presentation about where we think the price of gold is going. We're very excited about that, but we're not going to invest our shareholders' capital based on that belief. We always invest based on a backwards curve. And so I can tell you that we definitely didn't pay spot price for that, but it's a good attractive acquisition for us, and we're quite excited about where this can go.

Thanks, Randy. And what I would say is that this transaction brings Wheaton Precious Metals back home to Canada after your more recent forays into Africa. Was that a key part of your decision to support the Hemlo transaction with it. What I would consider very complementary geography or was that only one part of it?

Canada is important to us. We, of course, get gold production from the Sudbury camp. We've got the Artemis mine, the Blackwater mine in British Columbia with Artemis that's now starting to deliver. Goose has just started delivering. So Canada is important to us. It's a good, strong jurisdiction. I don't think it really plays into it. I mean one of the things that we always factor into how we value a transaction is risk. I think if there's anything, I think we probably do a better job of evaluating risk and measuring it into the returns that we expect off these investments. I'd like to think we actually do a better job than that, and I think history has shown that.

And so it means that we can look at many jurisdictions around the world. So as long as we're getting that risk captured in terms of the expected returns on that project, we're pretty comfortable in a lot of jurisdictions around the world, not all of them, but a lot of them. There are some no-go places. But that being said, coming back to Canada, Hemlo, going back to my comments, the history that I've seen, it's been such a flagship producer within Canada for such a long time. I'm excited to see it become a flagship again within a smaller entity. And I think if we can be a part of that makes me a little bit more proud as a Canadian.

Great. Maybe if we can talk about your organic growth, Randy. Based on my calculations, Wheaton Precious Metals has the highest growth rate within the group of royalty and streaming companies. As you mentioned, with a clear path to grow by 40% over the next 5 years to 870,000 GEOs and then further more to over 950,000 GEOs later on as well. So maybe can you touch on some of the key components of that organic growth? I've pointed out Copper World, Platreef, Kone, Kurmuk or anything else. But we can go one by one. And if you miss any of those, I can point you to it. If I miss any of them, you can point me to it as well.

Sure. So this year, we expect to produce somewhere between 600,000 to 670,000 ounces. We're well on track. As you've already highlighted, our first half was pretty strong. And so I don't see any problems in terms of achieving that. We've got 4 mines starting production this year. Two of them have already started, the Goose project with B2Gold and Artemis, of course, with their Blackwater project. Mineral Park should be starting up by the end of this year. The old Waterton Group is advancing that one, and they've put some good investments into the front end of the mill to dramatically improve throughput and recovery rates. So excited to have that one come on. We'll get some nice silver production. Love that silver exposure, especially with silver outperforming gold as it has over the last while. It's just going to continue adding to what I consider as one of the most attractive silver exposures in the entire mining space.

And then towards the end of this year and a project that I'm very excited about is Platreef. There's a real push to advance that project forward as fast as possible. Platreef is a disruptor. It's going to reset the entire PGM market down in South Africa. It's going to essentially become over the course of the next 3, 4 years, the first quartile of the entire sector itself. And so we're going to see continued growth and continued pressure towards that -- achieving that goal and taking that and it's substantially lower cost and perhaps even more importantly, substantially safer mining methods than the bulk of the PGM industry down there.

Bulk mining underground should be able to deliver an incredible safety record compared to what we've seen in the rest of the industry down there. But on top of that, some very low-cost production. And so pretty exciting this year to have 4 assets coming on next year, of course, Alex Black and the Rio2 team at Phoenix will be getting up and running. Pretty excited about that project. It's an asset that has been around for a while, but to finally see it turn on the switches, get the permits and move forward, well into construction, a pretty simple build, and we're pretty excited about the expansion potential of that one. We've forecast a pretty low level on our longer term. And then, of course, we have Kurmuk, with Allied Gold starting up towards the end of this year and Kone -- sorry, the end of next year and then Kone. And Kone's schedule is early in 2027. But boy, I can tell you, they're sure -- they're ahead of schedule in terms of mechanical completion.

They're doing very well on that project. And so we're really excited about what Martino and that team, Martino and Peder and that team are delivering on the Kone transaction. 2027 is going to be a major step up for us. We're going to be well up over 800,000 ounces of production and continuing to grow. We've got, of course, a whole bunch of other assets. You mentioned Copper World and Santo Domingo and Silvercorp's moving forward on El Domo, lots of other projects that are coming in. To be honest, that production profile, that growth profile, I would say, is a little bit conservative.

We've had a number of our partners come back with more aggressive schedules, more exciting schedules in terms of delivering that growth. And so I've always said and you've heard me say it many times, we're on a mission to 1 million gold equivalent ounces, and it's coming. We're not far off of it. Our current production profile has us reaching 1 million gold equivalent ounces a year of production by 2031. I'm hopeful we get there before then. None of this accounts for, of course, acquisitions like Hemlo. So we'll see some additional production from there. So pretty excited about where we're going, a good long-term growth profile.

I have to say one of the advantages of our 100% streaming model is the fact that the bulk of our production comes from base metal mines, big copper mines. Copper mines tend to have a lot more reserves and resources behind them. And so it gives us an incredible reserve and resource profile within the precious metal space, probably the one of the longest-term precious metal ones where we've got 27 years of reserves and an additional 30-plus years of the various categories of resources, close to 60 years of total. And so very excited about our long-term and continued production and growth profile.

Thanks, Randy. So maybe taking a step back, bigger picture, silver has broken through the psychological level of $40 an ounce. Gold continues to reach all-time highs. Can you touch on your outlook for both gold and silver?

Yes. I've obviously, a long time been a -- I'm going to say a precious metals bug. I love both gold and silver. Our history, we started off as a silver-focused company, but about 14 years ago, we started investing into the gold space, and we're now more of a gold company than we are a silver. But we still have a very healthy byproduct production in silver. We -- last quarter, about 40% of our revenue came from silver. And so -- so we've -- gold, of course, for the last -- if you look at the broader picture, the last 3, 4, 5 years, gold has outperformed silver. And it's penalized us a bit in terms of the gold equivalent ounces production and production profiles going forward. But what we've seen over the last 6 months is silver is starting to wake up. And silver always lags gold. If you go back and look at history, silver has always lagged it.

It's more of a retail precious metal. It's driven more by retail investment demand and whereas gold tends to start off with institutional and central bank and sovereign wealth type investments that push that market going forward. So I think that's what's been driving gold price for the last 3, 4 years and specifically definitely in the last 2 years, but we are definitely seeing a lot more retail interest, a lot more individual interest in terms of gold. And that bodes well for silver. And I think that's why silver has outperformed over the last 4, 5, 6 months, really over this year, it has outperformed gold. It really bodes well for us as a company. Even in our growth profile, we have substantive silver growth in that space.

And so Antamina, one of our larger contracts, of course, has good substantive higher-grade production coming to the forefront over the next 3, 4 years as they move their in-pit construction and then Mineral Park, of course, coming on, which is really a silver stream. And so we have good, strong growth in that silver space. Pretty excited about the commodity. I think the added advantage that silver has is that, in my eyes, silver is the critical mineral. The more silver we use in all of our mobile devices, in all of our solar power systems, in all of our antibacterial water purification systems, the better the world is. It helps.

It's got the highest conductivity, the highest -- the lowest resistivity of any metal out there. And so I truly do consider silver a mineral that makes the world a better place. And I think that overlying appeal will always drive that. And we're seeing that in terms of the increased industrial demand as we all strive to do more with less. Silver is going to be a part of that equation.

I have time for one question coming from the audience. Any questions? It's okay. I got more. So Randy, to sum it all up, I guess, what is one event that investors should be excited about for the remainder of 2025?

The remainder of 2025?

Or you know, 2026 if you want.

At the pace we're going, I'm pretty sure we're going to see gold through $4,000 an ounce. It's definitely a strong -- so something to be celebrated. But to be honest, it's -- I think this overlying focus on how gold continues to move forward, the efforts that -- I'll put in a word for the World Gold Council. It's an organization that I'm very active in, and I'm really excited about some of the efforts we have to modernize the way you can own gold in the digitalization of gold.

I think there's some real progress coming out over the next while. I think all that's going to do is increased demand for gold because it's going to make it a lot easier to own. And so I just think there's so many vectors in favor of precious metals and gold and silver. And I just don't see very many headwinds. I just don't see anything that's stepping in the way. Rate cuts or interest rates and stuff like that, obviously going to have an impact. But I'm not sure -- none of that is long-term sustainable. And so I'm very excited about where we're going with the precious metal space. And so yes, I think 2025 is going to continue to deliver added strength in that space and added excitement to the space and more investors.

Actually, one more question with the excitement and the bullish market for precious metals, how does that impact the competitive landscape for royalty and streaming companies? I guess to put it in context, M&A has really heated up in the mining sector. You've talked about how streaming and royalty companies can participate in these M&A transactions. But M&A has actually also happened within the royalty and streaming companies as well. We see the Royal Gold and Sandstorm transaction, although I still see Nolan and David walking around. And to a smaller scale, [indiscernible]. How do you see Wheaton Precious Metals positioned?

Well, we watch our peers and look for opportunities, but it needs to be accretive. We have always pride myself on our track record of focusing on accretive, well-structured acquisitions. And we've just got some standards that we think are very important in terms of ensuring the strength and security of our own investments. And so one of the challenges with acquiring other portfolios is that you're acquiring other people's structures and other people's weaknesses. And there tends to be skeletons in the closet when you dive into this stuff. And so you always have to be sensitive to that. That being said, there are opportunities out there.

We have acquired in the past. It's been a while, but we have acquired in the past. At a certain point, it does make sense to take that risk and develop that. I don't think you should do it for scale because I think one of the most important aspects of what we're building and delivering is quality. I've never wanted to be the biggest. I've always wanted to be the best. Our whole focus at Wheaton has always been to be the best way to invest into precious metals into gold and silver. And that's all we strive for. Size is relevant.

Our success in terms of how we get there, we're not going to buy things just to add scale. That doesn't make sense to us. And definitely in the long term, it doesn't make sense. And so that, combined with the fact there's very little synergies, makes it very tough. And when we can invest into projects at close to 1x NAV, why would we pay a very healthy premium to pick up someone else's mess. So it's not something that we're hungry for, but that's not said that there won't be some opportunities in this space. And so we do constantly watch that, and we'll see.

Like it or not, Randy, you're now the biggest. Thanks, Randy.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2025 Second Quarter Results Conference Call. [Operator Instructions] I would now like to remind everyone that this conference call is being recorded on Friday, August 8, 2025, at 11 a.m. Eastern time.

I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton's Chief Executive Officer; Haytham Hodaly, President; Curt Bernardi, EVP, Strategy and General Counsel; Vincent Lau, SVP and Chief Financial Officer; and Wes Carson, VP, Mining Operations.

For those not currently viewing the webcast, please note that a PDF version of the slide presentation is available on the Presentations page of our website.

Some of the comments on today's call may include forward-looking statements. Please refer to Slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted.

With that, I'll turn the call over to Randy Smallwood.

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2025.

Before we begin, I'd like to congratulate both Haytham Hodaly and Curt Bernardi for their well-deserved promotions. In June, the company announced the appointment of Haytham Hodaly, former SVP of Corporate Development to President of the company, and Curt Bernardi, formerly SVP, Legal and Strategic Development to Executive Vice President, Strategy and General Counsel. As we enter a new phase of transformative growth, the leadership of Haytham and Curt will play -- will be pivotal in driving our strategy forward. I look forward to working closely with them and the broader team to continue delivering long-term value to our stakeholders.

Turning back to our results. Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings and operating cash flow for both the second quarter and the first half of 2025. This performance underscores the effectiveness of our streaming business model in leveraging rising commodity prices while maintaining strong margins. As a result of strong performances by key assets, including Salobo and Peñasquito, the company recorded production of 159,000 gold equivalent ounces this quarter and remains well positioned to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces.

We also made significant progress on our near-term growth strategy, as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. The company remains well capitalized with over $1 billion in cash on hand at quarter end and a $2 billion undrawn revolving credit facility, which, when coupled with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments as well as the capacity to acquire additional accretive mineral stream interests.

We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders. It's worth highlighting that our forecasted organic growth profile of 40% production growth by 2029 enables us to pursue opportunities that best complement our growth trajectory without compromising on quality or strategic fit.

On the topic of sustainability, Wheaton was once again recognized among the top 10 companies on Corporate Knights' annual 50 Best Corporate Citizens in Canada, a multi-sector accolade that we are proud to receive.

Following the quarter, Wheaton launched its second annual Future of Mining Challenge, with this year's exciting initiative focused on advancing sustainable water management technologies across the mining sector. The expression of interest phase is now open until August 29, and we are excited to engage with innovators who are helping shape the future of responsible mining. And if you haven't had the opportunity yet, I highly recommend exploring our recently published sustainability and climate change reports to learn more about our commitment to responsible business practices and ESG performance across all areas of our business.

With that, I would like to turn the call over to Wes Carson, our Vice President of Operations, who will provide more detail on our operating results. Wes?

Thanks, Randy. Good morning, everyone. Overall production in the second quarter was 159,000 ounces, a 9% increase from the prior year, primarily due to stronger production at Salobo, coupled with commencement of production at Blackwater. In the quarter, Salobo produced 69,400 ounces of attributable gold, a 10% year-over-year increase, driven by higher throughput despite lower grades. This performance underscores the successful ramp-up of Salobo III and ongoing improvements at Salobo I and II. Vale indicates that by late July, Salobo III had fully wrapped up and that the entire complex is now operating at full capacity, consistently delivering strong operational performance.

Antamina produced 1.3 million ounces of attributable silver in the second quarter, marking a 31% increase compared to last year. The increase was primarily driven by higher silver grades, partially offset by lower recoveries and reduced mill throughput as operations gradually restarted following a safety-related shutdown in April. Mill feed in Q2 was primarily composed of copper zinc ore, which contains higher silver grades relative to copper-only ore and supports stronger silver production. We expect production levels at Antamina to increase in the second half of the year due to increased recoveries and throughput as the mine returns to its typical run rate.

During the quarter, Blackwater transitioned from commissioning to commercial production, producing 4,000 ounces of gold and 138,000 ounces of silver, totaling 7,000 GEOs year-to-date. The ramp-up has been both rapid and safe. Artemis Gold reports that by June, the mill was operating above design capacity, with over 5 million hours worked without a lost time incident, supporting solid steady-state production. Production output is expected to be weighted to the second half of the year as mill performance and feed grades continue to improve. Artemis Gold also reports they are fast tracking the design and implementation of the Phase 2 expansion, and a Board investment decision is expected later in 2025.

Wheaton's production outlook for 2025 remains unchanged, and we believe we will remain well on track to achieve our annual production guidance of 600,000 to 670,000 gold equivalent ounces. At Salobo, production is forecast to remain steady throughout the remainder of 2025, supported by slightly increased throughput across Salobo 1, 2 and 3. Compared to the first half, production at Antamina is forecast to increase over the remainder of the year, benefiting from expected higher silver grades and higher throughput.

Production at Constancia is also expected to improve over the remainder of the year, primarily driven by higher grades until the depletion of the Pampacancha pit, which is expected in December. As mentioned by Randy, we believe that our catalyst for this year remains on track and production from Mineral Park, Goose, Platreef and Aljustrel continues to be forecast for the second half of 2025.

That concludes the operations review. And with that, I'll turn the call over to Vincent.

Thank you. As detailed by Wes, production in Q2 was 159,000 GEOs. Sales volumes were 158,000 GEOs, an increase of 28% from last year, driven by a strong reduction in the first quarter and the drawdown of produced but not yet delivered, or PBND, due to timing differences between production and sales.

At the end of Q2, the PBND balance was approximately 130,000 GEOs, which is about 2.7 months of payable production. We expect PBND levels to trend back up to the higher end of our forecasted range at 3 months for the remainder of 2025, partly due to the ramp-up of new mines, which is expected to continue through the second half of the year.

Strong commodity prices, coupled with solid production, led to record quarterly revenue of $503 million, an increase of 68% compared to last year. This increase was driven mainly by a 32% increase in commodity prices and a 28% increase in sales volumes. 65% of this revenue came from gold, 33% from silver and the rest from palladium and cobalt. With silver recently outpacing gold and reaching its highest level in over a decade, our substantial silver exposure sets us apart from our peers and positions us well to benefit from the current pricing momentum.

Net earnings increased by 139% from prior year to $292 million, while adjusted net earnings increased by 91% to reach a record $286 million. Operating cash flow increased to $450 million, a 77% increase from last year. These gains outpaced the increase in gold and silver prices during the same period, highlighting the leverage from fixed per ounce production payments, which made up 85% of our revenue.

During the quarter, we made total upfront cash payments for streams of $347 million, including $156 million for Koné, $144 million for Salobo, $44 million for Kurmuk and $3 million for Cangrejos. Following quarter end, we made an additional $156 million payment to Koné as the Montage team continues to advance construction.

Overall, net cash outflows amounted to $80 million in the quarter, resulting in a cash balance of $1 billion at June 30. This cash balance, combined with the fully undrawn $2 billion revolving credit facility, plus the $500 million accordion, provides us with the highest amount of liquidity compared to our peers and we believe positions us exceptionally well to satisfy our funding commitments while retaining flexibility to acquire additional accretive streams.

That concludes the financial summary. And with that, I turn it back to Randy.

Thank you, Vincent. In summary, Wheaton delivered a strong performance in the second quarter, marked by several key achievements. We delivered record revenue, adjusted net earnings and cash flow for both the quarter and the first half of the year. We made meaningful progress on our near-term growth strategy, with Blackwater achieving commercial production and Goose successfully delivering its first gold pour, both milestones that reflect the steady momentum of our catalyst-rich year.

Our growth profile was further derisked as construction activities advanced in a number of development projects, including Mineral Park, Platreef, Koné and Kurmuk. Our 100% streaming revenue model provides significantly greater leverage to rising commodity prices while keeping us insulated from inflationary cost pressures, resulting in some of the highest margins and strongest performance in the precious metals space.

Our balance sheet remains robust, providing ample flexibility to pursue well-structured, accretive and high-quality streaming opportunities. And finally, we take pride in our leadership amongst precious metal streamers and have always and will always support both our partners and the communities where we live and operate.

With that, I would like to open up the call for questions. Operator?

[Operator Instructions] Your first question comes from the line of Matthew Murphy from BMO Capital Markets.

Great quarter. Congrats, Haytham and Curt, on the promotions. Maybe just start off with a question on the deal environment. There's been a lot going on in the space, a number of transactions announced. You've got a lot going on organically. I guess the question is, how aggressive is Wheaton's stance on deals? Or does the organic growth story make you maybe a little bit more picky?

Thanks for the question, Matt, and the kind words at the beginning. I will say that we focus on accretive transactions that will maintain our strong security structure. We've always done that. That hasn't changed just because we've got a great organic growth profile. We believe this will provide our shareholders with the safest precious metals exposure in the mining industry with, as Randy mentioned, over 40% growth over the next 5 years.

We're looking at lots of opportunities. We are probably sitting between 12 and 15 opportunities that we're looking at right now. I would say 2/3 of those are development stage opportunities, 1/3 are probably operating and there's also some M&A opportunities in there as well. So we have a solid war chest with which to acquire additional accretive streams, and we're going to continue to try and deploy it. But again, not every stream is a Wheaton stream. It has to have certain characteristics that for us to add it to our strong portfolio already.

Got it. Okay. Fair enough. Also, a separate question. Just on the cash tax, can you remind me what we should be thinking about in terms of global minimum tax and when we see cash tax paid picking up?

Matt, yes, for the cash tax, the GMT is applicable to the 2024 period, and we're going to make the first payment in 2026, I believe, in Q2 or Q3. So on our balance sheet, we have that characterized as a current liability now. So that's the amount that will go out in 2026.

Okay. And it's just kind of a sequential every quarter after that as opposed to any sort of larger initial cash tax payment, is that correct?

Yes. We expect it to be kind of an annual sequence thereafter. So every year, we'll have to make that same payment going forward.

Matt, the way the GMT works, it's almost like a sweep taxes. And so that's why it's delayed. 2024 will be paid in 2026, 2025 will be paid in 2027, et cetera, et cetera, because you get to deduct off whatever other taxes you've paid on your revenue during the subsequent -- the immediate year after the revenue. So it's like a sweep tax. It will always be staggered. So it's always going to be 2 years after the actual date.

Your next question comes from Brian MacArthur from Raymond James.

It relates to there's discussion now with tariffs in the United States about gold going in there. And again, it will be the same as copper. But can you just go through -- I believe you take your deliveries in kind. Can you then sell it if the COMEX price ended up being very different than the LME price? Can you benefit from that from many ways? And I realize the tariffs bars not like ingots that come from a mine. But if you take it in kind, is there anything in your contract that prevents you from selling it anywhere? Or would you be able to take that arbitrage if it started to exist?

Vince, do you want to take it?

Sure. Brian, yes, so first of all, we're insulated from any of the tariffs. We take delivery of credits of gold and silver in mainly London. So we're not subject to any of these tariffs. So at minimum, we would achieve the LME price. If there is a higher price in New York, we'll look to capitalize on that. But honestly, it's early days right now in terms of what that could be, and we'll have to look at how to do it. But it is definitely an opportunity that we could look to seek.

It's pretty volatile, Brian. I mean this only came out and they came out, I think definitely as a bit of a surprise to everyone. And so I think we and the rest of the industry is looking for a bit more clarification, but it looks like it's -- from what we see so far, it's related to refined gold from Switzerland. And we're not sure how that goes beyond that and being imported, obviously, into the United States. And of course, as a tariff, it's only paid by whichever American entity is importing that or whoever is importing it into the United States. And so that's not our business. Our business is, of course, selling into the broader gold market.

So as Vincent said, we are definitely insulated from it. But you could wind up with some -- if this does carry through, you could wind up with a bit of a differential in pricing. And we're always -- we've got a team down in the Cayman that's always looking for opportunities to try and take advantage of that. But tough to -- it's still fresh and so really it's tough to be able to look at and to predict if there's some opportunity there, but we'll definitely be looking.

Great. That's very clear. And I just was trying to -- again, I don't -- we don't get to see your contracts. I just want to make sure there wasn't anything ever referencing an LME versus the COMEX or something that would prevent you from doing anything, but it sounds like there isn't.

No, there isn't.

Your next question comes from the line of Tanya Jakusconek from Scotiabank.

Haytham, congratulations again for you. And I'm going to start with you back on to the transaction opportunities. You mentioned you have 12 to 15 opportunities. Maybe can you just -- with the opportunities out there and now several players, all looking at similar opportunities, I'm assuming. Are you finding that the terms are becoming more restrictive in terms of what you would generally like? And I say that just from trying to understand whether some of these terms, because I know you, you like to have parent guarantee. I'm just wondering, are the opportunities that you're seeing now becoming more restrictive on terms?

Definitely, we'll be doing more competitive on terms, I would say, out there, Tanya. But at this point in time, for the opportunities that we're looking at and given where we -- how we structure our transactions, we're fairly comfortable moving forward and bidding on all of those opportunities. There are some opportunities, obviously, that we've seen in the marketplace of late that aren't necessarily the structure that we would like. They are still good opportunities, but I think we would look to get different types of structures if we went down that path. We were the successful bidders there.

Okay. So you're not finding them more restrictive, you're just more -- you said more competitive?

It's definitely more competitive, not restrictive. We're still seeing opportunities coming in daily and bidding on opportunities on a regular basis. We'll probably bid on more opportunities this year and larger opportunities than we have in any other year in the last 10 years.

And then, Haytham, you mentioned -- again, you didn't mention size-wise, I think in the last conference call, you had mentioned working mainly in the $100 million to $350 million range and then a few in the $500 million to $1 billion. Can you just review with us what the ranges are right now that you're seeing?

That's still -- we're probably still hitting the mark there, Tanya. I think there's probably, I would say, 80% are in the sub $400 million range. And there are a few transactions that are, call it, between $750 million, $1 billion to $1 billion plus.

Okay. And then you mentioned that you're also -- 2/3 were developing, 1/3 operating and M&A opportunities. So when you talk about M&A opportunities, are you talking about corporate transactions?

So I'm not talking about corporate transactions for Wheaton. What I'm talking about is supporting a transaction where assets are being sold, and they're looking for funding to acquire those assets. From a corporate transaction perspective, we keep models on everybody out there. It makes way more sense right now to continue to deploy capital into streaming agreements than to consolidate these -- any other company given the strong premiums that everyone's trading at.

Okay. I just wanted to clarify that because I thought when you had talked about M&A...

No, no, absolutely. Yes.

Okay. If I could ask one just question on -- just on the guidance for the year. You've done very well in the 6 months. I think previously, the guidance had been 47%-53% production profile, second half weighted. I'm just kind of wondering, and you gave us some of the mines that are all going to do better in the second half. Can I just kind of think about whether that still makes sense for you and whether there is a bias to the fourth quarter over third quarter improvement on these assets?

Yes. Thanks, Tanya. It is definitely still at 47%-53%. And I would say that there's a slight bias to the fourth quarter, just as all of these properties start to ramp up in the fourth quarter. So we are seeing that kind of strong growth as the other operations kind of come online through the better -- the second half of the year. Really, I mean, Goose is just starting up, and we'll see a little bit of the Platreef here. We'll see Mineral Park starting up in the third quarter here and really kind of ramping up through the fourth quarter. So I think we'll see slightly stronger production in the fourth quarter, but that 47%-53% is still pretty accurate.

And then just on the silver side, I noticed that Newmont had strong silver out of Peñasquito and they're, obviously, forecasting a dip in Q3 and then back stronger in Q4. So should I be thinking that your -- the second half of your forecast for silver should be relatively stable and you kind of see that increase in Q4 into Q1 of 2026?

Yes. That's accurate.

Yes, one of the areas for possible upside there, Antamina is, of course, also an important silver producer for us. And they've had some challenges. But if they can get back on track, we would see a bit of a bump in silver production on that side, too. So we should easily be able to maintain, if not perhaps even grow a little bit of silver production over the course of the year.

Okay. That's helpful. Congrats on a good quarter.

[Operator Instructions] Your next question comes from Daniel Major from UBS.

Thanks for questions, perhaps on a good quarter. Yes, a couple of follow-ups. Just on Matt's question on the tax. I have $115 million payment in '26, is that the right quantum of expected tax payment?

That's right, Dan. That's the payment. $120 million -- or $112 million is the exact number in our balance sheet. So that would be what I would reference for 2026.

That's paid in 2026 for 2024, just to clarify.

Sure. Okay. And then the second question, just again a follow-up on Brian's question slightly on the mechanics of taking delivery of gold. So you take the credits, is that from the mine in the form of doré or from a refinery specifically? Because this tariff is only 2 gold refineries in the U.S. Do you take any credit delivery from those refineries? Because those would be the areas that could take advantage of the COMEX.

No. We take the credits directly from our counterparties, the mining partner. So we're not dealing directly with the refinery. There are a couple of small contracts where we're taking concentrate offtake, but I don't expect that to get impacted either. None of those refineries that our partners use are located in the U.S. or has interaction with them in that matter. So we're really insulated from these tariffs.

Okay. And then the next one, just on the deal pipeline, again, I mean the message, I think, from some of your peers in the last couple of quarters, there's been more interest in gold assets financing rather than copper or anything else. Has that changed at all? Is the main pipeline still more kind of gold focused in terms of assets themselves? Or are you seeing any byproduct assets coming available?

The optimal structure would, obviously, we take precious metals out of a base metal company. And that's where you get the best margins, best contango. What I would say is that what we're seeing right now, I would say, is probably about 2/3 of those are still diversified and about 1/3 would be precious metals from a precious metals company.

Okay. So that's out of your pipeline, about 2/3 is byproduct and 1/3 is pure precious metals.

It's still -- Precious metals is diversified base metal producer, correct. And 1/3 is precious metals from a precious metals producer given the strong margins obviously. We are not looking at the same margin as we have over the last 15 years. You've got some very strong margins with the gold prices doubling in the last few years.

Okay. And then just final one on the capital allocation. I mean, I guess, you articulated that you want to continue to focus on accretive ways to deploy capital. The consensus doesn't really have much in the way of growth and dividends going forward. I mean, should we be expecting any increase in the rate of growth and dividends given the increase in cash generation for the gold price? Or is it still going to be sort of focused on a very -- a slow growth -- progressive growth in dividend over the next couple of years?

Daniel, I mean, we have committed to growth and the dividend. The scale of that growth is going to be dependent on how effective we are in putting capital back into the growth, right? If we don't see accretive well-structured agreements that are available for us to continue growing the portfolio, then you're going to see more cash go back to the shareholders through the dividend. You'll see higher growth on an annual basis if we are successful in terms of finding well structured, high-margin, good quality opportunities, accretive assets to add to our portfolio.

And so I think the best judge of that is look at what our balance sheet is doing towards the end of each year and if we're busy making new investments. And always keep in mind that we do have capital commitments. This growth pipeline that we've got is going to be funded through our cash flows over the next while. But I think that's the best way to look at it. So if we have no significant tractions over the course of this year, you're going to see a higher rate of growth in the dividend. If we have a bunch of significant contract agreements or acquisitions over the course of this year, less capacity to put into the growth of the dividend. So it's going to be -- it's a balance that is always reflective of the market at the time.

Your last question comes from Cosmos Chiu from CIBC.

Congrats, Haytham and Curt for the promotions. Well deserved. Maybe my first question is on your sales in the quarter. As I can see, sales were a lot higher -- not a lot higher, but sales compared well in terms of production, in terms of numbers. Usually, we see that drawdown in Q4 and not in Q2. So was the higher sales compared to production in Q2 expected?

And then kind of related to it, Vincent, as you mentioned, you expect inventory or produced but not delivered to increase for the rest of 2025. I guess my question is, how much visibility do you get from the operators? How much insight do you get from the operator? So were you surprised what happened in sales versus production in Q2? And how much visibility do you have on a go-forward basis?

Cosmos, yes, Q2 did benefit from a big drawdown in PBND. What happened there was Salobo, our biggest partner, did deliver a last shipment, right, before quarter end. That typically might have trickled into the next quarter. And these things are pretty unpredictable. It's really driven by when they shipped the shipment. So we expect, given the ramp-up of the new mines that we have coming on, to go back to about 3 months. So the drawdown in Q2 of 11,000 ounces, you're going to see that claw back a bit. That's our expectation. It's not something we could completely forecast. Again, it's really driven by shipment dates, but that's our expectation.

Great. Maybe switching gears a little bit. Wes, as you mentioned, Blackwater, Artemis, there appears to be a potential acceleration of Phase 2. I think Artemis will try to make a final decision by year-end 2025. Have you looked into like what's the potential impact to WPM? And have you quantified it in terms of what that could be? And is that potentially included in your long-term guidance?

Yes. Cosmos, I would say the acceleration is not included in the long-term guidance right now. I mean, if you look back at their feasibility study, they did have a Phase 2 and a Phase 3 in that feasibility study. And that's what we've got built into our long-term guidance right now. We are in regular communication with them. And certainly are excited about the idea of them accelerating that Phase 2. So -- but that isn't built into anything that we have at the moment.

But have you quantified it internally, externally, anything that you can share with us or maybe not?

No, no, other than what is in the feasibility study for them right now, but we haven't quantified it any further. It could certainly be accelerated.

Got you.

Yes. And so the amount that Phase 2 would represent how much of an increase in production, sorry, I think it's been asked.

Yes. So the Phase 2 is a doubling of production and then Phase 3 is then up to another -- I think it's going up to about 30,000. I think it is in Phase 2 and then about 55,000, 60,000 in Phase 3. And what they're talking about right now is potentially accelerating that Phase 3. So -- and kind of combining a Phase 2 and 3. So a larger increase in initial. So -- and I think that's the exciting part is that doing that is much sooner than what they had originally intended.

I agree. That would be very exciting for WPM. And then at San Dimas, I noticed that the gold-silver ratio changed from 70 to 90 as a result of the moving commodity prices. To confirm, it's not going to go any higher than 90:1, I believe. But it does matter because I think the silver gets converted into gold before being passed on to you. So it does matter to you? And if silver prices do go for 1, when could it potentially come back down?

Yes, we wind up having to get to the point where silver outperforms such that the silver-gold ratio gets down around 70. And then you would -- and it has to stay there, I think it's a 6-month period. Yes, 6-month period that it has to trade at those levels before the conversion ratio swaps. And so we have seen silver outperform gold of late. And so if you see continued strength, we're not ruling out that possibility, but, Cosmos, you've known me, well that I'm a little more bullish on silver than I am on gold. And so if some of that intuition is correct, hopefully, we will claw the other way.

We have benefited from it, the last 6 months of it being at that higher rate, and we've been getting paid at 70:1. So -- but it has to stay below 70:1 for 6 months in order to go back to the 70:1.

Okay. So sometime in next 2027.

Yes. And that's what I think.

I believe you. You've been right, Randy. And then maybe one last question. Maybe I can also ask about the deal pipeline? I'm kidding. I'm not. I want to start my weekend. And congrats on a very good quarter.

Thank you, Cosmos, and thanks, everyone, for dialing in today. The strength demonstrated in the first half of this year does reinforce Wheaton's position as a premier low-risk choice for investors who are seeking exposure to gold and silver. Our high-quality portfolio, sector-leading growth profile and strong commitment to sustainability provides shareholders with a compelling outlook and what we believe is one of the most effective vehicles for investing in gold and silver.

We'd like to thank all of our stakeholders for their continued support as we enter this exciting period of sustained organic growth. We look forward to speaking with you all again very soon. Thank you.

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.