Wheaton Precious Metals Corp Stock

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 Third Quarter Results Conference Call. [Operator Instructions]. I would like to remind everyone that this conference call is being recorded on Friday, November 6, 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, Julian. 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, 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 disclosure. 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 third quarter results of 2026. Wheaton's momentum continued in the third quarter, supporting a record-breaking first 9 months for the company. Year-to-date, we have delivered record production sales volumes, revenue earnings and operating cash flow.

Our portfolio of long-life, low-cost assets produced 231,000 gold equivalent ounces in the third quarter led by our operating assets, including Salobo, Antamina and Peñasquito, together with the continued ramp-up of our development assets, keeping us firmly on track to achieve our 2026 production guidance range. Our corporate development team continues to evaluate a robust pipeline of opportunities while maintaining the discipline to pursue only the most accretive transactions.

At the same time, the quarter was exceptionally active across our portfolio, with a series of catalysts and further derisk -- that further derisked our growth pipeline and marked meaningful progress towards future growth. Vale Base Metals announced plans to implement the coarse particle flotation circuit at Salobo, an investment that is expected to add 6 million tonnes to Salobo's annual ore processing capacity and one that underscores Vale's long-term commitment to the operation.

In Côte d'Ivoire, Montage Gold achieved first gold for its Koné project. And in Ethiopia, Allied Gold has begun production at its Kurmuk mine, marking the transition of 2 key development assets into production. This week, B2Gold announced that they have completed Phase 1 upgrades to the fixed crushing circuit at the Goose project in Nunavut. We also received our first deliveries related to Ivanhoe's Platreef project in South Africa, an important step as that project continues to ramp up.

Furthermore, Hudbay approved construction at the Copper World project in Arizona, a significant milestone as this long life asset advances towards production. And in Australia , KGL Resources approved a final investment decision for its Jervois project. Collectively, these catalysts reinforce our confidence in Wheaton's sector-leading organic growth profile of 50% by 2030. That growth is already embedded in our existing portfolio and is not reliant on future transactions.

Our balance sheet remains strong with approximately $3 billion in total liquidity between cash on hand and our revolving credit facility as of September 30. Together with our robust forecasted operating cash flows, we believe this provides ample flexibility to fund all outstanding commitments and pursue new accretive streaming opportunities.

Importantly, we remain disciplined in employing that capital. Our corporate development team continues to see healthy demand for streaming with a focus on high-quality opportunities that are structured to enhance our existing portfolio and further strengthen our growth profile. At our Investor Day held during the quarter, we highlighted what we call the Wheaton difference, showcasing how our focus on high-quality assets, superior structuring and strong partnerships underpins our disciplined approach to capital allocation.

Turning to sustainability. Innovation remains critical to advancing more efficient and sustainable mining practices. We have been encouraged by the submissions to our third annual future mining challenge, which is focused on mine optimization and reducing land impacts. Three finalists are expected to be announced in February in the winter selected in March 2027. With that, I would now 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 third quarter was 231,000 gold equivalent ounces, a 13% year-over-year increase, primarily driven by the addition of the BHP Antamina stream together with new production from Hemlo, Phoenix, Platreef and Mineral Park. In Q3, Salobo produced 65,800 ounces of attributable gold, a decrease of approximately 2% relative to Q3 2025, primarily the result of lower grades due to mine sequencing, partially offset by higher recoveries and throughput.

As Haytham mentioned, during the quarter, Vale Base Metals reported that core particle flotation is expected to be the key near-term growth driver at Salobo, supporting Salobo III's expansion from 12 million to 18 million tonnes per annum and targeting total throughput for the operation of 42 million tonnes per annum by 2029. In Q3, Antamina produced 2.7 million ounces of attributable silver an increase of approximately 60% relative to Q3 2025.

The increase was primarily driven by the newly acquired BHP Antamina stream, which increased the company's share of silver production in Antamina from 33.75% to 67.5% effective April 1, 2026. The increased production share was partially offset by lower silver grades, which were attributable to pit sequencing with a greater portion of copper-only ore processed during the quarter relative to copper zinc ore, which contains more silver.

On September 26, 2026, Montage Gold reported that it achieved first gold pour at its Koné mine on budget and ahead of schedule. Montage reported that the oxide circuit is expected to reach commercial production in Q4 2026, while construction of the hard rock combination circuit remains on budget and on track for completion in Q2 of 2027. Several development projects continue to ramp up in Q3 2026, including Mineral Park, Phoenix and Platreef with commercial production at both Phoenix and Platreef expected in Q4 of 2026.

At Kurmuk, Allied Gold reported that ore had been introduced into the processing plant and the mine is now in production, ramping up into the end of the year with commercial production expected before year-end. We also saw a significant derisking across the rest of our development pipeline. At Copper world, Hudbay and Mitsubishi announced the results of the definitive feasibility study and formally approved the final investment decision to proceed with construction with first targeted production in the second half of 2029.

In Australia, the KGL Resources Board approved the final investment decision for the Jervois project, which is fully funded with first concentrate production targeted for the first half of 2028. At Marathon Generation Mining commenced construction following the earlier announcement that it has secured final funding with early works expected to run through Q4 2026 and into 2027. With Koné and Kurmuk now transitioning into production, Jervois targeted for the first production in 2028 and Copper World for the second half of 2029, these catalysts are expected to continue to derisk the development pipeline that underpins our industry-leading growth profile.

Wheaton's production outlook for 2026 remains unchanged with strong year-to-date production of approximately 640,000 GEOs. We remain well positioned to achieve our annual production guidance of 860,000 to 940,000 GEOs and maintain a strong production forecast across the portfolio for the fourth quarter.

Looking ahead, we expect annual production to grow to an industry -- at an industry-leading rate, reaching 1.2 million GEOs by 2030 and with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 to 2035. That concludes the operations overview. And with that, I'll turn the call over to Vince.

Thank you, Wes. Production in the third quarter was 231,000 GEOs, a 13% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and continued contributions from newly operating assets, including Hemlo, Phoenix, Platreef and Mineral Park. Sales volumes were 192,000 GEOs, a 19% increase from the prior year. At the end of the third quarter, the produced but not yet delivered or PBND balance was estimated to be 179,000 GEOs, representing 2.6 months of payable production. This represents an increase from the prior quarter due primarily to the timing differences between production and sales.

Looking ahead, we expect increased production in the fourth quarter to result in a slightly higher PBND balance with higher sales volumes expected in the first quarter of 2027 due to the timing differences between production and sales. Strong commodity prices together with higher sales volumes generated quarterly revenue of $772 million, an increase of 62% compared to the prior year. This increase was driven by a 36% increase in the average realized gold equivalent price combined with a 90% increase in the GEOs sold.

Of this revenue, 51% was attributable to gold, 46% to silver and the remainder to palladium and cobalt. Net earnings increased by 12% from the prior year to $410 million, while adjusted net earnings increased by 46% to $410 million, resulting in year-to-date records across revenue, net earnings and operating cash flows. These results highlight the strength of our asset base and the ability of the streaming model to translate higher commodity prices at a significant cash flow.

During the quarter, we generated approximately $645 million in operating cash flow and made approximately $87 million in upfront payments related to El Domo and Marmato. We also made a quarterly dividend payment of approximately $88 million and repaid $372 million under our revolving credit facility. As a result, net debt declined from approximately $1.9 billion at the end of the second quarter to approximately $1.5 billion at the end of the third quarter, demonstrating the strength of our cash generation and our capacity to rapidly repay debt.

At September 30, we had approximately $146 million in cash on hand $1.6 billion of debt outstanding under our term loan and revolving credit facility. With our revolver nearly repaid, we intend to maintain the term loans to preserve liquidity for potential near-term opportunities, while retaining significant flexibility to fund our existing commitments.

Given the strength of our production outlook and high-margin business model, we expect to continue to reduce our net debt and return to a net cash position in the near term, while remaining well positioned to pursue additional accretive stream acquisitions. This concludes the financial summary. I'll now hand things back over to Haytham.

Thank you, Vincent. In summary, Wheaton's strong momentum continued through the third quarter, contributing to a record setting first 9 months. Year-to-date, we achieved records across productions and sales volumes, revenues earnings and operating cash flow reflecting the quality of our strength -- and strength, pardon me, part of our portfolio.

Our growth pipeline delivered on multiple fronts with first gold pour at Koné, the start of production at Kurmuk, construction of [indiscernible] Copper World, FID approval at Jervois and the planned implementation of a coarse particle flotation circuit at Salobo, which represent just a few of the catalysts we see in our growth profile.

Our balance sheet remains strong, providing the flexibility to fund all of our commitments while pursuing well-structured accretive opportunities. And as the pioneers of the streaming model, we continue to believe Wheaton offers one of the most effective ways to gain exposure to gold and silver with a growing dividend and a sector-leading growth profile. With that, I would now like to open up the call for questions. Operator?

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

Just on the gold guidance for the year. I think if I do the math right, it implies a pretty significant pickup in the fourth quarter. Can you maybe touch on the contributing factors to that and specifically on Salobo and what you're expecting on gold grades there?

So really, it is Salobo slow that is the main driver of the improvement in the fourth quarter. And really what we're looking at there is just getting back into kind of the bottom of the pit. We did see in the third quarter, a slight drop in grades at Salobo really as they were forced just due to some operational issues to move into Phase 5 of the pit, which is a little bit lower grade.

And that means really the fourth quarter here, we should see quite a significant grade improvement and expecting a strong Salobo. All the other assets are actually is setting up pretty well for this fourth quarter as well. So I think really, we're expecting a strong gold fourth quarter.

Okay. And then just a follow-up. Is there any expected contribution from Koné or Kurmuk in the fourth quarter? Or is that -- is there going to be a more significant lag and that will be something more in the first quarter of next year?

We may see some very small production from both those assets in the fourth quarter, but it's not currently in our forecast. So if we do see some, it will be.

Our next question comes from Brian MacArthur from Raymond James.

It just has to do with the restructuring of the Salobo PMPA. The $40 million gets paid in installments, and you mentioned that will be up and running by 2029. But do you make any $8 million payments in that time period? Or is that all post 2029, so I can think of these as 2 $20 million payments before '29 and then take all the $8 million out after. Is that how this works?

Yes. Thanks for the question, Brian. Really, the -- when we did the deal on the coarse particle flotation, we actually removed those $8 million payments. So that was to do with the high-grade option. So there are now just the 2 $20 million payments, one, about 50% completion and one at completion of the CPF project.

Perfect. And then is there any option or anything if they decide to do what I would call Salobo IV now as a result of this restructuring? Or do -- if that comes up, do you just go back and set a new deal?

Salobo IV, I mean, we'd love to see a Salobo IV, it happen, Brian, I would say. That being said, there's no current plan to move forward with that, but they're always looking for ways to continue to grow that cash flow. When you've got decades of reserve life, you're always trying to figure out a way to accelerate that production. So if there was -- although there's no requirement in our contract to do so, if they made it more economic for us to help, we would -- always something we would consider.

Our next question comes from Cosmos Chiu from CIBC.

Maybe to follow on, on the Vale. The coarse particle the construction here. The $40 million, as you mentioned, is in lieu of the $80 million that would have been paid on the high-grade proposal that's under the previous agreement. But I guess my question is, you've kind of quantified the coarse particle processing, the additional 6 million tonnes.

How does that compare to what the benefit would have been with the high grade? Is it about half? Is that why you're paying half $40 million versus what would have been paid $80 million under the high-grade proposal?

I wouldn't look at it in that way, really. I mean the high-grade payment was really almost say, like an artifact of kind of what the original deal was when we negotiated Salobo III and when we made the changes to that, that high-grade plan is something that really has changed quite a bit, and it's really integrated into the current planning with the significant increase in throughput.

So -- and really, the way that you can look at it as they're actually beating more material through, which means that you are getting significantly more metal it doesn't change, I would say, the way that you would look at it between those 2 plants. The $40 million is really was calculated based on what the capital was to build that project and the benefit that Wheaton was going to see out of it. So that's really how we came up with that number. It's not a -- those 2 numbers are not directly correlated.

And you know what, the $40 million, the payback period of that to us is like 1.5 years. So it makes complete sense to be aligned on that and get that benefit together with Vale.

Yes, I like how -- you mentioned that it's an artifact because I remember it being signed. So that would make me an artifact too. In terms of -- it's great to see that you've maintained your long-term guidance, 1.2 million geos. But I guess my question is, that's based on a gold silver ratio of 60:1. We're not really at 60:1 at the moment. Maybe it's too early to ask but have you thought about what ratio you could be using when you put out your new 5-year guidance? And could that change the $1.2 million?

So yes, it's a little bit early. Usually, we reassess that at the end of the year when we see how things are going early next year, but we are optimistic on the outlook for both gold and silver. And we do think silver will have a better recovery.

I will say that we're fairly comfortable with the 1.2 million, but it does vary based on what that ratio is. But we do have at least another 3 or 4 different development projects in the pipeline over the next 5 to 6 years that are also kicking in, whether it's Generation Mining their Marathon project, whether it's a Jervois project, whether it's the Cangrejos project that CMOC is putting together. Like there's a lot of additional growth that's not already in that number. So we would hope to be able to at least maintain that number going forward. But again, it all depends on where that ratio ends up.

Great. And then maybe one last question. Looking wider. We're seeing some buydowns not so much Wheaton Precious Metals but some of your competitors, Great Bear or [ Cote ] last night. Could you remind me, Haytham, if there's any potential buy-downs near term within your portfolio?

So Cosmos, that's a great question. And the reason I'll say that is because one of the things we've always resisted is having buydowns. The only time we provide buy downs is in the event of a change of control because a lot of the projects that we have actually funded the development state projects. They're always looking for ways to either build value and sell the asset or continue to grow.

What we found and what we provide is only a 1/3 buydown in the event of a change of control for a limited period of time. And we don't, at this point, see anything that is going to kick in here in the next few years that's going to activate that. So we're pretty comfortable with our portfolio as it stands.

Our next question comes from Daniel Major from UBS.

First, operational question. Newmont indicated on their call expected a sharp reduction in silver production in Q4, but then also at a group level, about a 30% reduction in silver production in 2027, which essentially implies lower output from Peñasquito.

Can you give us a bar on how you're seeing that profile specifically at Peñasquito Q4 and directionally into next year? And then the second question, just on that in terms of the sales profile, both Peñasquito and Salobo have seen pretty sizable build sort of what delta between sales and production? Is that going to unwind in Q4?

Yes. Thanks for the question, Daniel. So both of those items on Peñasquito are integrated into our current plans, we are expecting to see a fairly significant decrease in silver production at Peñasquito. Really, that just ties into the way the pit production is set up and into next year as well, where they're starting to feed some of those carbon-rich stockpiles in.

They've got a fairly significant amount of that that's in the plan next year as they continue on with stripping in the Peñasco pit. So both of those are currently integrated into the production profiles for this year and next.

And on the PBND, we're currently sitting at about 2.6 months as a whole as a portfolio. So that's kind of on the lower end of the range. As I said earlier, we do expect a slight increase going into Q4 just with the higher production coming from Salobo. So not a material increase, but a slight increase to our overall PBND balance heading into year-end.

Okay. So we shouldn't see a significant unwind yes, slight build? Okay. That's clear. And then on Antamina, yes. I mean it feels like underlying production lagged a little bit behind expectations this year. Can you give us a bar on whether you'd expect that to benefit where you're previously thinking on 2027? And directionally, how should we be thinking about Antamina your share of silver into next year?

Yes. I would say for this year, in Q3, we actually saw quite a significant improvement as they began to get into some of that more oronite-rich ore. So -- and there was quite an uptick actually in Q3 on that, and we expect that to continue into Q4 here with really kind of strong production in Q4. There is a fair bit of that material that's in and around that old in-pit crusher that they're starting to take out, and that is what we're starting to see come out and that carries into certainly the -- well into next year and into the early part of '28 as well.

Okay. So directionally, on 100 adjusting for the -- stripping out the change in ownership, you'd expect sequentially higher production from Antamina in '27 versus '26?

It's actually scheduled to be a little bit less, but it's not materially less.

Okay. So broadly similar.

Our next question comes from Derick Ma from TD Cowen.

I just want to add on a couple of questions that have already been asked. On Salobo, are we expecting higher grades from Q4 to flow into 2027 as well? Or how should we be thinking about the grades?

In Q4, we're certainly expecting those higher grades. For '27, it's a reasonably similar year. So I mean, we'll and we'll put that in kind of as we look into the budget for next year, but it is a reasonably similar year next year to what we saw this year overall.

Similar to 2026 overall, not Q4?

Yes, Yes. Similar to 2026. Yes.

And then in terms of the approximate timing lag between production and sales, what does that look like specifically at Salobo and Peñasquito?

Both are about 2 months is -- it's kind of -- that's generally your lag, and that's fairly consistent with most assets that have the concentrate that they're pulling on.

Our next question comes from Harrison Reynolds from RBC Capital Markets.

I appreciate the detail provided so far. Good to see a number of operator updates across the portfolio. I wanted to follow up on the long-term guide of 1.2 million ounce GEOs and setting aside the commodity price ratios and just get a reminder of what's currently embedded in that guidance from an ops standpoint. I look at the Salobo coarse particle flotation and some of these other aggregate upsides between Constancia mill expansions and Toroparu advancing to a construction decision. One other op items like outside the guidance?

Sure. I mean just to highlight what's in the guidance. I mean, we've talked a lot about that, whether it's the ramp-ups at Platreef, Phoenix, Mineral Park, Koné, Kurmuk, El Domo, Copper World now made an FID decision, a small amount of control production from Spring Valley and Santa Domingo.

What we haven't really factored in is significant contributions from some of the other development projects, such as Cangrejos, Jervois that hasn't been factored into our analysis yet and Marathon, which just recently announced the FID decision as well. So -- and that's just to mention a few. There's probably about 3 others or 4 others that I can continue to get into it. But probably the best if you want a little bit more color on that, maybe just give Emma a call after she can go through the numbers with you.

Got it. And just as a follow-up, as you work through the remaining committed payments here and deleveraging, at what point does the balance sheet open up for the next large-scale transaction from where you sit today?

Sure. I'll let Vincent answer that. But I will say one thing. We do have currently $3 billion in capacity. So we -- the balance sheet is always open for us. But I'll let Vincent talk a little bit more about our debt.

Yes, we don't feel at all constrained currently, given the opportunity set. As Haytham has laid out, we have a lot of liquidity. Our revolver is almost fully repaid at the end of Q3. So $2.5 billion is immediately available. And then we have a $500 million accordion on top of that. And as we continue to generate significant cash flow, we do expect to be back in a net cash position towards the end of next year, early 2028. So lots of capacity and growing going forward.

So by the end of next year, we'll have over $4 billion in capacity and growing every month. So I'm very excited about the way things are going. And we're a growth company. So we're going to continue to try and deploy a lot of the capital we generate back into high-quality accretive street transactions.

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

Yes, sorry. In terms of Vale, could you explain to us how much you expect from that in terms of payments to Wheaton's metal in 2029 and 2030?

Are you asking for what the relative level of contribution will be from Salobo. Is that your specific question?

Yes. from the incremental, right? From this new particle flotation. So is that expected to increase 40,000, 45,000 ounces or how many ounces? That's what I'm looking for.

I think what we've stated in the past is we do expect a portion of that is already factored into the overall numbers. what we would expect to see from Salobo going forward is a number somewhere around 300,000 ounces on a more consistent basis for the next few years.

Okay. So it's sort of offsetting the depletion and the lower grade, but not really increasing production?

It increases by around 5%. But yes, it's not a huge number.

Okay. And the other question I had is in Kurmuk. What do you expect in terms of payments in 2027 and 2028 and sort of the same for Koné?

For Kurmuk, we're expecting probably about under 10,000 ounces in Kurmuk for 2027 and somewhere probably 50% higher than that in 2028. And that will continue to grow over the next few years after that as well.

And that's -- keep in mind, that's based on their existing mine plan of 6 million tonnes per annum. They're already talking about going to 6.4 million tonnes per annum, and that's not factored into those numbers.

On Koné, we're expecting -- well, this is -- that's where Koné is actually very interesting because they -- initially, when we first entered into this transaction, we thought we were going to get somewhere close to 300,000 ounces a year for 5 years, then it was going to drop off -- with the stream transaction and the financing, we provided them the ability to go out and drill and add additional ounces and they've found additional higher-grade material.

Now they're talking about at least 350,000 ounces to their account for at least 10 years and could potentially grow even more. So you can back calculate what we would think our production will be out of Koné over the next couple of years as they ramp up.

Yes. I was trying to understand the ramp-up 2026, '27, '28.

Yes. I think if you factored in like 50-plus ounces -- thousand ounces in 2027 and 60-plus thousand ounces in 2028 and growing after that at a similar rate for at least another year.

Our next question comes from Lawson Winder.

Can I just touch on the deal pipeline? And just one thing I wanted to kind of understand a little bit better. When you look at the potential transactions, how would you describe the urgency of some of those in the current pipeline? And then maybe if you could just touch on what some additional color on the depth of the pipeline and then just the range of sizes in the pipeline.

I'll pass it over to Neil.

Yes, sure. Thanks for the question. As Haytham mentioned, the team has been extremely busy. As I mentioned in the last call, we had about 20 opportunities in the pipeline at that time. We've narrowed that down to just over a dozen because upon detailed review. Many didn't meet our criteria for investment. The weighting currently still towards development projects and gold streams ranging value has increased slightly before. We are -- we stated it was roughly $200 to $500. It's about 3% to 6%, so very similar slight increase and as I said, most are development type of opportunities.

In terms of your question, re urgency, I mean everybody is looking for ways to unlock value. I think the transaction that we did earlier in this year with BHP. A lot of the large diversified are looking through their portfolios to see if there's some value they can extract. That being said, we're -- that takes time. It took us a while to get BHP across the line, and it takes time for others to understand how the streaming model works and how the actual mechanism works in terms of the credit process, et cetera.

I will say that from an opportunity perspective, we are seeing some existing operations who are trying to unlock immediate value, but the majority of the ones that we're focusing on are the larger development stage opportunities at this point.

Okay. That's very helpful. Your comments on your capacity to add $3 billion of additional debt to effectively consummate larger transactions -- it's definitely helpful. But I mean, it still strikes me as exceedingly conservative. So like rough numbers, that's still below 1.5x trailing net leverage on today's numbers, on today's trailing EBITDA. So think about it another way, like from a net leverage point of view, how would you think about the capacity of your business to take additional debt?

Yes. We very much view our business as a utility almost. We have good certainty on what the production is. The unknown is what the gold and silver prices. But what we do know is it is a very high margin, high-quality cash flowing business. So on that basis, we can support some debt. And to your point, with even an additional $3 billion, we're only going to be at 1.5x leverage and that's a level that we're comfortable with.

Beyond that, we haven't really need to look. There isn't a pipeline that's larger than that. But it just gives you a sense of the capacity we do have and the ability to fund deals internally with our own cash flows.

Right. We're also seeing a couple of hundred plus dollars a month in free cash flow. So as Vincent said, we feel very comfortable at the levels that we mentioned there.

Yes. Yes. No. Absolutely. You bring up a good point about the volatility of the underlying metal. I think it's an important consideration. So are you saying like 1.5% is the maximum you think you would go? Or I mean, personally, I think the business could take a much higher sort of like moment-in-time leverage ratio given that it would be paid down over a quick period of time. But I mean, is that what you're saying, like 1.5% is kind of the max that you'd be comfortable with?

I think it's dependent on the environment and the situation we're in. So there's no hard number that we look at. It's a variety of factors. But I would just say 1.5% at current spot price is something we're very comfortable with.

Okay. Okay. That's very clear. And then a similar question on like just capital allocation. Your indicated dividend yield is something like 60 basis points right now. It's relatively low. And I mean that is a clear reflection of your success.

I mean, on the other hand, your success would suggest an ability to very substantially increase the dividend from the current levels. Any thoughts on that, particularly going into early 2027 when the Board will be meeting to consider the next dividend increase?

No, it's a great question. And we have increased the dividend 3x in the last 3 years. It is a progressive dividend. The most recent increase was over 18%. And you're right, we do have the capacity to increase it, and we'll leave that to our discussions with the Board in the early New Year. I will say that we are a growth company.

And the #1 thing for us to do is to continue to redeploy capital into accretive transactions to maintain that longer-term growth. But you're not wrong in that the streamers in general, don't pay out huge dividends because there are so many opportunities. But we are going to be generating strong cash flows is something we'll have to take into consideration.

Okay. And then just finally, if I could ask on 2027 and thinking about the growth -- I mean, across your portfolio, you have Koné, Kurmuk, Platreef, they're now producing. And then Blackwater, Marmato is ramping up. I mean, dare I say Goose is -- that ramp-up is looking to get sorted out in 2027. So everything points to a lot of growth potential.

But are there any assets that you'd highlight where you'd expect some sort of substantial decline that maybe we're not thinking about that could offset what otherwise might be quite strong growth into 2027?

I would say, looking at our existing production profile, if there's any drops like we're expecting to see, as Wes mentioned earlier, on Peñasquito, that will drop a little bit. But all that is already built into our profile. Antamina as well potentially may be a slight drop there. But I think if you're looking at what we're guiding to, all those drops are built in to -- but we do get 5-year production profiles from all our existing partners, sometimes 10 years and we factor those in with our own, obviously, adjustments based on what we think is actually going to happen there. So we're pretty comfortable with the guidance that we've given you guys in terms of our ...

Thank you, Lawson. I appreciate it. And thank you, everyone, for your time today. Our record performance through the first 9 months of 2026 reinforces Wheaton's position as a premier low-risk option for exposure to gold and silver.

Supported by a strong financial position, a disciplined approach to capital allocation, a portfolio of high-quality assets and increasing visibility into our next phase of growth, we are confident in Wheaton's outlook and our ability to deliver meaningful production growth over the coming years. We thank all of our stakeholders for their continued support as we work to close out another strong year and look ahead, building on this momentum in 2027 and the years to come. We look forward to speaking with you all again soon. Thank you, and have a great weekend.

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

So maybe just do it from the podium, then I'll go from -- or do you want to hold on to? Sure. Perfect.

Haytham is President and CEO. He's been in the industry for 30 years and half of that at Wheaton. So lots of experience and became CEO this year.

Thanks, Matt.

Yes, it's a real pleasure. So I want to start out a couple of weeks ago, you hosted your Investor Day. I took away from that five main differentiating elements of your company. The team, the process, the returns, the growth and the scale. And I thought I'd start out with a question on each of those topics.

So first, the team. You were appointed CEO March this year. You've got 47 people in the company. It sounds like you're busier than ever. Lots of assets, regions, new deals to look at. Can you talk about how the team is handling the workload? And what are your first impressions in the CEO role?

Sure. Thanks, Matt. Yes, I think the most important thing to note is, I have been there for 15 years and helped to build along with the rest of the senior management team, the team that we have in place. We're now up to actually 48 people. So we've added three people, all on the technical side that within the last month that we've been looking for, for quite some time, the right people, not just any people. And that's because there's a significant amount of opportunities to look at. It's probably double right now what we typically look at. And typically, we're at somewhere around 12 to 15 opportunities. We're probably closer to 20, 25 opportunities that we're looking at any given point in time right now.

And the team itself, it's a very well-run organization that hires high performers, that know what they have to do and do it. So there's not a lot of oversight required. Obviously, I ran the corporate development team before stepping in as President and CEO of the company, and I'm still staying very involved in corporate development and ensuring that we continue along the same path.

And that's great. I mean it sounds extremely busy. Second differentiating factor is process. So Wheaton wants the highest quality assets. Can you talk a bit about how the team evaluates assets? And have you seen any changes in the quality of assets in this market?

Sure. Our philosophy within Wheaton is to actually acquire the highest quality, lowest cost, longest life in safe jurisdictions with strong partners. That has always been our strategy.

What we're trying to do is create the foundation stock in any portfolio that provides the lowest risk in the entire personnel space. I can tell you, when we're actually looking at a new opportunity, we start from the technical side. So that's why the technical team is probably almost 1/3, if not slightly higher than that of our company. We take the entire drill hole database, we rebuild it. We come up with our own reserves and resources. We do the same thing on the engineering where we're using various benchmarking methods, et cetera. And then we vet that against the existing technical reports. And what's important is that's just step one. And just to figure out if we actually believe in the technical report and the quality and what they're planning on doing.

The next step is we sit back and we say to ourselves, what is the opportunity here? Is there an opportunity for expansions in throughput, grades, recoveries, improvements in efficiencies? Is there a good exploration upside? We do enter into life of mine agreement. So that's incredibly important to us as well. And then all that plays a significant portion of our valuation. So once the technical team is done and the social science of it is done, looking at the communities and everything around it, the financial team takes over. They do their analysis as well and the legal teams kind of comes -- steps in and tries to structure it in the most efficient way to provide our shareholders with the best security and the best structure that we can get.

And I think that the team and the process ultimately drives this third differentiator, which is returns. So I think you have a return on invested capital of around 20% this year. There's a lot that goes into that. Can you talk about like how do you attribute those returns across deal size, timing, structure or just the quality of the assets?

Sure. And we have had an IRR over the last 20 years of somewhere close to 20%. And the ROIC that you mentioned is also close to 20% at this point in time. What's important in how we structure these transactions is, we don't put up a lot of the capital until we're very, very close to actually construction. So the more de-risked the project is, and that's when we feel comfortable putting up a lot of capital. Often, what we do is we'll put up like, let's say, 10% of the stream value upfront, to allow them to advance it through to the construction stage and the permitting stage. So when we put our capital in, it's the most de-risked amount of capital, and that immediately generates those cash flows in a much shorter time frame. So that's one of the reasons why our return has actually been so strong.

Okay. On to the fourth differentiator, growth. You've got 50% organic growth by 2030. How confident are you that can be delivered? And how do you think about the sustainability of the growth?

That's a great question. And this is probably one of the most exciting times in the history of Wheaton because we are growing from 800,000 gold equivalent ounces up to 1.2 million gold equivalent ounces between now and 2030. I will say that, that is not just our expectation or our ambition, that is growth we are incredibly confident with.

You look at what's driving that growth. We've got 9 development projects, 6 of them which are already in construction. A couple of them are -- have either already poured gold, haven't hit commercial production yet, but have poured gold or are in the process of getting close to pouring gold. And the last 3 are waiting for final investment decisions probably to come in the next 3 months to 6 months. So when we say we're going to get to 1.2 million ounces, that's just based on those. What we haven't factored into that is the significant amount of organic growth we have on top of that.

As an example, we've had a significant number of our partners look at growing their production past the levels that they've actually outlined in their current 5-year plans. To put it simply, Salobo, a perfect example, one of our favorite opportunities for growth. They are -- they've looked at -- initially started at 12 million tonne, one line. They've now put in 3 lines. And on the third line, they're now putting in a coarse particle flotation circuit. That's going to improve the growth of our production by at least 5% to 10%. So that will put us somewhere closer to 300,000 ounces.

Then you look at Kone. Kone has done an incredible job of advancing that project, just poured first gold, which we saw a couple of days ago. They are looking at -- and what was nice about the stream that we provided them is we provided them the ability to continue to explore at the same time. So what they found is additional higher-grade material than was in the original plan. So now they're looking at rather than have 300,000 ounces a year and dropping after that, they're looking at maintaining at least 300,000 ounces, probably, I would say, closer to 350,000 ounces to 400,000 ounces a year. And I would -- if I had to guess, I would probably say that's going to last for in excess of 10 years.

And you look at projects like Kurmuk, which is developing their project in Ethiopia. That project alone has the potential to -- is designed to 6 million tonnes. They're talking about increasing that to 6.4 million tonnes. And we look at other opportunities like Hemlo, which we've recently helped fund, and they're looking at growing their production base well above the existing level. And that's a mature asset that was starved for capital for quite some time. So that's going to be another way for them to grow. But what we haven't factored in is additional growth that we've seen recently.

Generation Mining, another good company has recently raised the full funding needed to actually break ground and start construction of that project. And you look at what's happening with Aris Mining and Toroparu, another example. They're completing a feasibility study. And if that feasibility study comes through, you can see additional growth. All these additional avenues of growth are not even into that 1.2 million gold equivalent ounces number. So when we say 1.2 million gold equivalent ounces, I can tell you, we think that's a very conservative number and a very achievable number.

Okay. The fifth differentiator I picked up from Investor Day is scale. Wheaton has traditionally invested around $1 billion a year in new streams. Cash flow now is closer to $3 billion a year, and you've deployed about $5.5 billion in the last 12 months. So the scale has really increased and the mega deal at Antamina is an interesting development. So my question is, as we head into 2027, do you think we're entering the era of the mega deal? Do you like that idea? What could that mean for incremental returns from here?

Sure. Thank you for the question. I will say that, yes, so far this year alone, just in 2026, we've committed $4.6 billion. You're right, in the last 12 months, it's been about $5.5 billion. This year has been a bit of an anomaly. Typically, we've deployed anywhere from $800 million to $1 billion a year for the last decade. Obviously, with stronger cash flows, you're going to see -- you're going to have an ability to deploy additional capital.

We have, in the past, quoted that we are entering an era of multibillion-dollar transactions. And what is interesting, though, is those don't all happen in the same year. We currently have about $2.6 billion in capacity to deploy. And every month, we're adding another $250 million to that. So we've got significant capacity to do a lot of these deals. But I will say, even Antamina, that took -- from our first discussion 5 years ago, to when we actually pitched it again a year ago to when we actually got the deal done. It wasn't a slow process. There's an education process that has to come for a lot of these larger diversified companies that are now looking for ways to unlock value. And that's one of the things that Antamina has done. It's -- I wouldn't say it's open doors, but it's opened a lot of windows where people are now exploring and saying, is there a way for me to unlock value in my existing portfolio and help drive the continued growth of the organization.

And that's what streaming is really designed to do. So looking forward, I do think there's going to be additional $1 billion-plus transactions. The majority of the stuff we're looking at is still I would say, sub-$500 million. But I would say I wouldn't be surprised to see a $1 billion transaction at least once a year for the next 5 years to 10 years.

Okay. Maybe we can dive into a few of your cornerstone assets now. You did touch briefly on Salobo, but a big part of the company. You've always pushing another -- a number of initiatives to drive the potential of that asset. Can you talk about how the production profile evolves over the next few years?

Sure. And Salobo is the largest copper asset in Brazil, and it has probably a reserve life, I think it's 40 years to 50 years of reserves in front of it right now. They have -- when we first started this, they had built a 12 million tonne line. We subsequently helped funded the second line and the third line, which are each 12 million tonnes. So they got to 36 million tonnes. I mentioned briefly the coarse particle flotation circuit that they're putting in, which is going to add another 6 million tonnes on to the third line.

There's also other improvements in efficiency that they're looking at for the first, 2 lines. So just on that front alone, I do believe that we're going to probably be from our share of the contribution, close to 300,000 ounces a year from Salobo alone going forward. That additional coarse particle flotation will probably offset some of the lower grades that we're expecting to see as the asset continues to mature. But going past that, you have to look at what the potential is thereafter. Is there a potential for Salobo IV? I mean they haven't ruled it out yet, but it's something that they will always look at. It's all more infrastructure constrained than anything else. Is there a potential for an underground scenario after that? And yes, I would say there is. So Salobo is an asset that will probably continue on for the next, I would say, at least the next 30 years to 50 years.

Now the one thing I'll also add in terms of Salobo. Salobo is our largest contributor to our production. It's about 37%. But with our growth profile that we have coming in between now and 2030, that's going to reduce Salobo to somewhere around 27%. Antamina will go up to about 18%. And then we have all these new projects that are coming in that will be somewhere between 4% and 5%. So having 2 flagship assets, and I think I'd say we have closer to 6 flagship assets in our organization, that have the ability to continue to grow the company going forward. And those are the assets. When you've got 80% of your production coming from assets that fall to the lowest half of the cost curve, those are the assets that our partners will invest back into first, in a rising commodity price environment or a declining commodity price environment. And that's -- those are the kind of assets we bought in our portfolio.

And you mentioned Antamina. So why don't we jump on that asset? What's the life you see for that asset? What infrastructure investments are required to secure the production profile there?

Sure. And Antamina was the $4.3 billion deal if anyone is uncertain what Matt's referring to there. I would say we've known Antamina since 2016. We entered into a first transaction with Glencore then. At that point in time, Antamina only had a 10-year reserve life -- permitted life, and that was based on permitting. Subsequent to that, they increased it by another 10 years.

Now the next 10 years, which is up to 2036 is constrained, tailings pond constrained, but they are currently looking at ways to continue to expand that, and we're fairly confident with our -- subsequent to our due diligence that this asset is going to continue to go for 60 years to 90 years. If you look at what's happened from the time we entered into it, they've replenished 95% of the reserves. They measured and indicated category from this point going forward is drilled to the same confidence level as the proven probable reserves. So we do see this -- when you have 4 largest company in the world looking at ways to continue to grow this asset, we see this asset continuing for quite some time.

And let's dive into a couple of the newer producing assets, cornerstone assets, Blackwater and Kone. What makes those cornerstone assets for Wheaton?

Sure. And Blackwater is one of the ones we'd love to talk about. They're currently increasing doing -- completing the first expansion from 6 million tonnes to 8 million tonnes, and then they're putting another mill circuit in that's going to take it to 21 million tonnes. They're going to be producing close to 0.5 million ounces of gold a year on average. I would say looking at what their next growth profile is, they recently acquired another project called Vista Gold, another company called Vista Gold. They're in the process of finalizing that. That's another one, we have a royalty on with a ROFR on future streaming, future financing opportunities. And that's going to be another project that's capable of adding another 0.5 million ounces a year to their account.

So Artemis is doing incredibly well as they continue to look for ways to grow. And that -- the growth that will come from this next asset is timed very well by the time they finish their next expansion and adding that 13 million tonne a year line in they will have a team in place ready to go and build this asset in Australia. So they've done very well.

Your second part of it was on Montage. And Montage is one of these opportunities that has continually outperformed. They've come in ahead of expectations and timing. They've come in on budget so far, as far as we can see. And the exploration upside in the region has been second to none. And the company has done an amazing job. As I mentioned, I would not be surprised to see this company grow into the next intermediate-sized mining company going forward.

And then maybe in terms of future prospects, if you think about what your cornerstone asset list could look like in 5 years or 10 years, are there any assets in the current portfolio that you'd highlight as candidates to be on there?

There's a lot of different opportunities out there for us within our existing portfolio that could add 3% to 5% -- be as close to 3% to 5% of our production. You look at projects like Toroparu, which we've had for quite some time now into an early deposit. That one could end up easily contributing a significant portion going forward once Aris decides to move that forward.

You look at Spring Valley, which we recently entered into a transaction with Waterton on that transaction. Again, located in a very safe jurisdiction with a strong development team. So we're very excited about that. You look at Santo Domingo, you look at Copper World, another project that is being run by Hudbay, which we expect probably a final FID here in the next 3 months to 6 months, another project that's going to contribute to our longer term our 5-year profile. All these projects don't even factor in the fact that we have a significant amount of cash flow that we continue to deploy on an annual basis still.

So yes, that's just a few of them. I can continue on. We've got 47 different projects. 30 -- call it, close to 30 will actually be up and running by 2030. That leaves us with another 17 mines or development projects and another 10 royalties on top of that, that have provided us with ROFRs on future streams, and that's why we do those royalties.

Maybe one on capital allocation and the dividend growth. You've got a progressive dividend. Are you happy with the pace of growth? Is that something that you could see accelerating given the cash flow or stick with the formula for now?

As we continue to grow our company, as commodity price continues to strengthen, obviously, you're going to see our dividend increase. The last few years, 3 years ago, we increased it by 3%. Last year, we increased it by 7%. This year alone, we increased it by 18%. We would expect our progressive dividend to continue to grow as we continue to actually recognize that organic growth that we have and also as commodity prices continue to be strong going forward. Our objective -- we're a growth company. Our objective is to continue to deploy that capital accretively into high-quality assets. And then the second objective is to continue to grow that dividend.

Perfect. All right. Well, that brings us to time. Thank you very much, Haytham.

Thank you, Matt.

All right. Good morning everyone. Welcome to Wheaton's 2026 Investor Day. My name is Emma Murray. I'm the Vice President of Investor Relations here at Wheaton. We're thrilled to have you with us, whether in the room here in Toronto or joining online.

Before we start, just note that there will be forward-looking statements made in the presentation today, so I encourage you to familiarize yourself with the cautionary statements here on this page and in our recent filings.

All right. Many of you have followed Wheaton for years. So our objective here is to really take you beyond the story that you already know. We're looking to give you fresh insights into how we allocate capital, the nuances behind how we structure streams and importantly, how we quantify those structural mechanisms and how those -- without those, they may affect returns over the long term. We'll have a 5-minute refreshment break partway through the program. And so feel free to step out any time. Washrooms are to the right and through the breakfast room.

We are very grateful to have 3 of our partners here today, Hemlo, Vale Base Metals and Montage. They are happy to take questions immediately following their presentations. And then for Wheaton, we will have a dedicated Q&A panel at the end. So please hold your questions for that time. For those newer to Wheaton, we'd encourage you to check out our guide book. It was published yesterday, available on our website, and it provides a very thorough overview and introduction to streaming and Wheaton-specific approach.

Before we begin, I just want to zoom out for a moment and leave you with one number to help frame the day. When you invest in Wheaton, you're investing in ounces rather than overhead. So we are 47 people worldwide. That's the entire company. In fact, you'll be hearing from 15% of the company here today. To put that efficiency into perspective, we looked across the major miners, other streaming peers and some of the world's most valuable technology companies and a market cap and net income per employee, Wheaton delivers the highest value. There are remarkably few layers between the value generated at Wheaton and our shareholders.

The streaming model, of course, is inherently efficient. We should know, we created it. But the model is available to everyone. And what differentiates Wheaton is the way that we execute the model. So that's really the theme of what you'll hear today. We're going to talk about how we select and identify the highest-quality assets and how we structure them to protect the downside and preserve the upside.

So with that, it is my pleasure to welcome our President and CEO, Haytham Hodaly.

Thank you, Emma, and thank you, everyone, for being here today. I know how difficult it is to take a half a day out of your schedule in this environment and spend it with us. So we do appreciate it. I know quite a few faces here, but I just wanted to give a bit of an introduction as to who I am because some of you don't know me. My background, mining engineer by education. I then subsequently did a masters in mineral economics. I have been in the industry sitting in, in your seats for valuing mines and valuing mining companies for over 32 years, the last 15 with Wheaton Precious Metals. So if anyone can understand what you guys have to do, it's definitely me at this point. We do appreciate you guys being here.

Wheaton's approach has never been to be the biggest streaming company. It's always been to be the best driven company. What does that mean? That means looking at the highest quality assets, the lowest cost, the longest life, strongest partners and a pure precious metals focus. That disciplined approach to acquisitions that's what creates value for our stakeholders. And when I say stakeholders, we're looking at our shareholders who have been with us some for almost 2 decades, our partners who have come back to us for repeat business on a regular basis, we've had in the last 10 years alone over 2/3 of our partners have been -- of our business has been a repeat business or people we've dealt with in the industry that understand that Wheaton will treat them fairly.

And last and definitely just as important is our neighbors. We give back significantly to the communities in and around where the mines where we get our streams and where we live and operate. And that's incredibly important to us. We've given over -- and I think Patrick is going to go through this close to $60 million since inception back to these types of things. A lot of bullet points on this slide. I think the only thing I want to highlight is -- I'll highlight 4 of them. The first one is $4.6 billion. We have committed $4.6 billion into assets this year alone. And you'll hear me throw out some numbers over the next few slides. But on average, we're probably somewhere closer to $900 million to $1 billion on annual committed towards new streams. That $4.6 billion has been some very incredibly high-quality assets that we've added with some new jurisdictions as well, and we'll talk more about that a little bit later. 2/3 of the transactions have been completed, as I said, over the last decade with repeat customers. That's people who know us and recognize that Wheaton is going to provide a fair transaction for them. $3 billion. You see the top right, that $3 billion, we are going to be generating, given our growth profile, our current spot price is close to $3 billion a year in annual cash flows. That's $3 billion we have to continue to deploy in this environment, which we're incredibly excited to do. And we'll go through some of our balance sheet and give you an idea of how much our capacity is going forward. But where we -- at this point, we have close to $2.5 billion to $3 billion in additional capacity that we can continue to deploy even after doing a $4.3 billion at the mainstream.

And the last thing I would say is sustainability, and Patrick is going to do a lot of justice. But I will say we are the sector leading -- one of the sector leading companies in sustainability, and we're incredibly proud of where that's going. There's 3 different things to focus on here. The first is our precious metals exposure. We derive 99% of our revenues from precious metals. And that is a focus going forward. That was between 2026 and 2030, it's going to be slightly gold weighted with the growth profile that we have going forward. You're going to see significant increases in revenues over and above, and I'll tell you a slide after this, where we are right now.

Life of the asset. We are currently sitting at 23 years of reserves. That 23 years of reserves is complemented with an additional 15 years of M&I, another 23 years of resource. That's over 60 years of existing mine life based on assets that we have in our portfolio right now. So something we're incredibly proud of. And as I said, we've -- in the last decade, we've deployed close to $900 million. This year was a bit of an anomaly, obviously, with the big Antamina deal, but we've deployed close to $900 million or committed close to $900 million a year over the last decade, and that's something we continue to go forward. But what's important is we're not just committing to any deal. We only have like 22 operating mines, which we see in a subsequent slide here, we're only focusing on the highest quality. And so the pie chart on the far right shows you that 80% of our assets -- of our production comes from assets that fall in the lowest half of the cost curve. That is the production -- those are the assets that our partners will invest back into despite what's happening in the commodity price and a decline in commodity price environment or an increased commodity price environment. Those assets that always get invested back into. So very, very proud of our portfolio that we've accumulated.

I mentioned this as a comparison to some of our peers here. Our revenue stream right now is looking incredible. And the key is it's 99% precious metals, and it's greater than any of our competitors. And this is just based on 2025. Obviously, we've seen significant increases in commodity prices in 2025. And we've got a phenomenal growth profile, which we'll highlight here shortly, which is going to continue to drive that forward. This chart is a 5-year trailing chart that shows how we've performed relative to metal prices relative to various indices relative to mining companies and relative to our peers. And as you can see, we have had one of the strongest performances over the last 5 years with stock up close to 247%.

This slide shows you how diversified we are. We're not just focused in one specific jurisdiction. You can see we're north, south, Europe, Africa. We've expanded into 2 continents in the last year or 2 in Australia and a little bit in Japan on the royalty front, just to try to dip our toe in the water there. This is the key with Wheaton. The diversification continues to reduce the risk that our investors face. And it's not that we're just diversified, we're diversified into the highest quality assets in the world.

This slide highlights the fact that streaming works for almost any company out there, whether it's the largest company in the world or some of the smart companies in the world. And the key is it works in any environment and has -- is going to accomplish several things. One is deleveraging; two, it provides capital sometimes to get you from earlier-stage scoping studies all the way through the end of feasibility; three, it actually can be utilized to continue to strengthen your balance sheet when you're looking at acquisitions; four, we've used it in M&A and supported partners, one of them which is here today as they have been looking to acquire companies; and five, for development projects at a time over the last decade where we found that equity prices were rather depressed and a significant number of our partners here and other parties out there we're looking for ways to grow their companies. That's where streaming actually worked well. Since 2004 is when the streaming model developed, when we actually created the streaming model, I would say, there's been close to $38 billion invested in the precious metal stream in the last 22 years, and Wheaton has been successful in deploying capital for almost half of those, close to 49% of that. And right now, if you look at it, there's probably close to -- we say 20-plus streaming first. But if you factor in royalty companies and streaming -- it's well in excess of 30 different companies out there. So this is an incredibly competitive environment. So our ability to continue to deploy that capital is what makes us different and deploy it accretively and that's the key.

The other thing I'll mention is on this slide here is we have not only continue to deploy capital, but we've deployed it into some of the best assets in the world. Those assets are the assets that the investors, analysts, et cetera, would love to have in our portfolio. And as you can see, there's some repeat business there. And those -- that repeat business is what differentiates us, is people coming back, our partners coming back, people who knows the industry coming to us coming in and saying, we don't want to have a process. We want -- give us a competitive bid, and we're happy to move forward with you. And that's what makes Wheaton a little different is that we treat people incredibly well with respect fairly and so that they don't have to run processes.

This is probably one of my favorite slides because this really highlights everything we've accomplished over the last, I'd say, 22 years. But specifically in the last, I would say, decade. We've had a significant focus on development-stage opportunities. We realize that with commodity prices rising, not everybody is always going to need streaming. So we tried to -- we're always trying to think ahead is where can the next avenue of streams come from. So we locked into significant -- a bunch as you can see there, it's at least 9 there, and there's at least another 15 on top of that, development stage opportunities that we could actually help fund. And the key is, last year, we produced close to 804,000 gold equivalent ounces. We're expecting by 2030 to be at 1.2 million gold equivalent ounces of production to our account. Now what's interesting about that, that's not just a goal that's actually happening. 6 of those 9 projects that you see in green in the middle column are already in construction and several are approaching commercial production. The other 3 are immediately going to be starting construction. So this is certain growth that you're seeing. That's 5% growth.

In terms of magnitude of growth, that's 400,000 ounces of growth that we're expecting to see in the next 4 years alone -- that's greater than -- from a magnitude greater than any of our competitors and greater any of our -- a lot of the mining companies out there that are looking to grow as well. And I will say this is pretty conservative growth. And one of the things I'll highlight is a significant number of these in -- on the left under operating and in development have already outlined plans to continue to expand their existing portfolios. And I won't go into a lot of detail, but I can tell you, there's expansions coming at Marmato, expansions coming at Kone, expansions coming at Phoenix, potentially Kurmuk, these are all not factored into that 1.2 million ounces so this is a lot of organic growth within our rate growth that we're very excited about as well. And this could not have been accomplished without the experienced team that you see here in front of you with technical capabilities, it's creativity and structuring transactions and its financial excellence that is incredibly important as we're actually looking at new transactions.

We're not just looking to do deals. As you saw, we only got -- we only have 22 operating mines. We -- theoretically, we could do a lot more than that, but we only do the best deals and deals that are accretive to our shareholders. And that's one of the most important things to highlight here. This last slide just highlights what we view as the Wheaton business. We've shown some slide previously that showed our outperformance relative to our peers and relative to the indices and relative to the commodities. And the question is obviously, why? Why has Wheaton done so well over this period of time? And the key is not all streams are created equal. Keep that in mind. What separates them is the discipline, and that's what we term the Wheaton difference. So there's 2 reasons why our streams outperform in the long run. First, we invest in the right assets. We have a technical team that does deep dives comes up with their own mine plans, own reserves, own resources and vets that against the existing plants. And if we don't like what we see, we use our models in our valuations. Secondly, we're extremely selective. We look at -- we probably scan over 100 opportunities a year, and we do maybe 3% to 5%. So less than 5% of those opportunities is what we actually focus on the highest quality opportunities we see with the most potential the most growth, the strongest management team, the highest quality. That's what we focus on.

And lastly, I would say the second point will be creating the right structure. Finding the asset is only half the challenge. Structure, we enhance the upside while limiting risks that come from the downside. And we're going to go into a little bit more detail on that here going forward. But we have no cost exposure, which gives us very high margins. We've got exploration upside on our area of interest at no extra cost, almost on all our projects, and we've got security and parent company guarantees on the majority of them, too, which gives you the comfort and shareholders of the comfort that these streams are going to be around for a very long time.

In conclusion, the right assets with the right structure, that's what we term the Wheaton difference. That's what turns a good business model into outsized returns for our shareholders and compounds. The structure keeps delivering long after the deal closes. Throughout this next couple of hours, we're going to be highlighting certain areas that we really are very proud of as we enter into this new transactions and how we structure our company.

Neil Burns will be talking about the technical due diligence and why we say no to over 95% of the opportunities. Curt Bernardi and Vincent Lau, they're going to talk about the creativity and the discipline that goes into structuring a Wheaton stream and what makes a Wheaton stream different from some of the other parties that are out there.

With that, I'd like to introduce you to Neil Burns, our VP of Corporate Development, and thank you all again for being here.

Good morning, everyone. As Haytham mentioned, I'm going to be walking you through our approach to technical due diligence. Right from the beginning of Wheaton, it was recognized the importance of having an internal technical team rather than relying on consultants. I joined the company in 2008 as the company's first geologist. At that time, our technical -- our corporate development team was a team of 3, led by Randy Smallwood. Over the years, as the streaming model was endorsed, the number of opportunities has grown. And so as our technical team, as shown here on the screen. You can see by their titles that they are experts in geology, mining engineering, metallurgy and social science. They've gained international experience in both exploration, operations and consulting roles, and they've got an average of 27 years in the industry. I think that's evidenced by a bit of gray hair, you can see from the [indiscernible].

This depth of experience is extremely important in allowing us to sift through, as Haytham mentioned, these large volumes of opportunities and filtered down to the key high-quality assets that fit the Wheaton portfolio. Over the years, we've gained a good reputation for the quality and strength of our technical review, and that is something that we take extremely seriously. We refer to our endorsement of a project as the Wheaton stamp of approval. And that could be especially important for smaller companies that haven't yet gained the recognition in the market that they deserve. Our approach to due diligence is to review the entire buildup investments right from the exploration data through to final payable metal. These boxes highlight the various disciplines that we cover. And our review looks to identify not just the risks but also the upside that our partner has not yet been able to quantify. And then upside can come from a whole host of different areas, such as a view that the resource grades are perhaps understated maybe there is room for higher process recoveries and potential for plant expansion.

I will say we also put a lot of effort into exploration upside. Ore bodies are only drilled off to a critical mask. So we really look at what is the potential beyond what's currently defined. Each of our conclusions gets incorporated into our Wheaton profile and valuation model. To give you a sense of how this works in practice, I'll walk you through our approach to resource review over the next few slides. Data quality is the starting point and getting comfortable with historic data and QA/QC are 2 key aspects. A lot of old projects were not previously economic are getting a new life in this higher metal price environment. These projects may have not have had the attention to data quality that we expect today. So we need to be comfortable that steps have been taken to verify this historic data. On the QA/QC side, programs must be in place to validate the assay data and ensure that it's both accurate, precise and free of contamination. An issue that we occasionally see, which is quite surprising is the companies have a good program in place, but no one is actually monitoring it. Results are coming in that suggest problems and issues that should be followed up on, but no one is doing it. In fact, recently, we looked at a project where the CRM results were coming in similar to the slide, the graphs you see in the bottom right here, where the results are high. That's an indication that perhaps your lab is actually reporting higher results than it should. And in this case, no one was following up on it, sleep at the wheel. So we passed on this opportunity for a host of different reasons, but the largest one was really that lack of attention to data quality.

The geological interpretation is worth discussing. It's really the backbone of resource estimation and it's the point where science and art really do need to meet. Too often, we see what we call connect the dots interpretations. These are very simple interpretations that only look at the grade intervals. The figure here shows 3 different interpretations drawn from the exact same drill holes. And this is just a schematic but the point is that interpretation is subjective. You need to look at all the available geological data and build interpretation that adheres to all of that. Perhaps the data is showing that interpretation B is most appropriate, but the geologists may realize that, well, if I go with A or C, I produce a larger resource. Not only does interpretation result in different quantities of metal but it also results in a different location of that metal. You get underground, and it's not where we expect it to be. Also can be oriented in a different position, which can flow through to your stope designs and even through to your mining method.

An issue that we most commonly see is where companies really try and stitch together the highest grades in their drill intervals without really looking at the geology to see that it's supportive of that. Where we dispute with our partners' approach, we build our own interpretation. On this slide here, on the left-hand portion, you can see there's a lot of components that go into a block model. And our team does a deep dive on all of these. And we come up with our own Wheaton block model that's based on perhaps our interpretation, if we're not happy with the partners and our view on what the estimation parameters should be. An issue we often find is that the treatment of extreme grades in the interpretation have not been properly accounted for. They haven't actually been controlled, resulting in a resource, which has got elevated grades that we're not comfortable, we do not support. As the figure on the right shows, the Wheaton block model can actually come up with values and results that differ from the partners. We take our results and our view and exploration potential, and we fit into the Wheaton profile evaluation.

I will say at Wheaton, we celebrate not just the deals that we do, but also the flow projects that we successfully avoid. Over the years, we've evaluated many projects feeding a wide range of challenges, be it technical deficiencies, environmental concerns, permitting hurdles or a lack of community support. Without naming the project, I'd like to take you through one here, which a few years ago, failed on a topic I discussed a few slides ago, a flaw geological model. This is a single asset developer that went out for construction financing, and we participated in the process. At the onset, we thought it actually looked quite attractive. But as we dug into it, we found the geological model was assuming a continuity that the data simply did not support. The resulting Wheaton block model based on our interpretation produced less than half of the ounces that the partner had. We decided not to bid on the opportunity, and one of our competitors actually acquired a stream. But a year later, the mine went into production and shortly thereafter, underground operations were halted because the geology was not hanging together. An independent group has brought into a resource estimate and surprisingly, their results matched ours very closely. I never achieved commercial production shortly thereafter, the company with bankrupt.

Now that's not an outcome that we took any pleasure. It's not good for anyone associated with mind to have a mine shut down and certainly not a good outcome from our -- for our industry. However, we did feel validated that our conclusions on the viability of the project were correct and successfully avoiding a bad investment is exactly the type of worth -- exactly the type of result that's worth celebrating. I'll help us quick walk through the due diligence process has provided a sense of not only our level of rigor, but also our selectivity. To put our discipline into perspective, over the last 12 months, we've looked at, as Haytham mentioned, over 100 opportunities. I do admit quite a number of those upon a very quick screening, just not a fit for the company. Of those 100 that we looked at, you can see the steps we went through in terms of submitting IVs, site visits. We only transactioned on 5. Our deal with BHP on Antamina, the Hemlo Mine, Spring Valley, Gervis, Spanish Mountain for a total of $5.5 billion. This concept of a funnel is an accurate analogy of our process, where detailed due diligence eliminates the large majority of opportunities that we see and capitalists only deployed to the most compelling opportunities.

Our objective in every transaction is to land under value, that's both fair and structured well for both us and the counterparty. We're looking for win-win situations. Market performance provides a valuable indication on whether we've achieved this outcome. This table here shows the share price performance of a number of our peers after recent transactions. And you can see on the far right column how they performed relative to their peers, dramatically outperforming. I believe that the Wheaton stamp of approval had a role, played a role, I should say, in the smaller market cap company's performance, such as KGL and Spanish Mountain. This level of market support reinforces the value of streaming as an attractive nondilutive source of capital and validates the choice of choosing Wheaton as a partner. Another indication that our approach is working is repeat business. As Haytham mentioned, since 2014, more than 70% of our transactions have been with counterparties that we've worked with in the past. Partners who have every financing option in front of them, keep choosing to come back. That's the clearest evidence that our focus on win-win structures and all the benefits we bring beyond the initial check is working.

With that, I'd like to hand things over to Curt and Vincent to go through our structure.

Good morning, everybody. As Neil has said, asset selection is so important to Wheaton and certainly, asset quality is the foundation of our business, but that's only part of the equation. The asset quality really determines the opportunity that we have in front of us. It's the deal terms, it's the deal provisions, deal structure that we layer on top of that asset that really determine how much of that opportunity accrues to Wheaton and Wheaton shareholders. And while there's a number of deal terms and number of deal protections that we look to get, we're going to focus today on a couple key categories. There we go. A couple of key categories. And we've grouped them into 2 groups. One is deal terms that can really enhance the upside of the deal when things go well. Neil talked about mine life expansions, improvement in recoveries, improvement in grades, metal price going up. How do we enhance that upside if and when that does happen? And the second category of deal terms is going to be things sometimes go wrong. Even on a Wheaton stream, there will be -- it's a 40-year term. Things may go wrong from time to time. And what do we do to help mitigate the downside when that does happen. Vince is going to talk about that in a few minutes here.

Some of these deal terms may not attract much attention when Neil first announced. You won't see it in the press release here. I was just talking to someone before this started about this. And it's difficult to discern a deal where you have these protections in a deal where you don't. It's not a focus on day 1. But over time, these elements can make a profound impact on the value of that stream going forward. At its core, our philosophy is that our mandate -- and Haytham talked about this, but our mandate to shareholders is to provide long-term exposure to both price and growth optionality on precious metals. It's that simple. Everything else we do flows from that principle.

So let's talk about a couple of those elements, drop-downs. Our approach on drop-downs is to limit it to 1/3 of the original stream size. So we always retain at least 3 of the original stream that we entered into. And that drop down, we came in hopping around once we've gotten back substantial return of our upfront investment. You will see some streams that have a bigger drop-down and Kone, which we'll hear about later as an example of that. But in those situations, not only have we gotten a return of our investment or seek to have a return of our investment at the time of the drop-down. We also look to have some protection for any delays and deliveries that might have happened relative to our original investment production profile. And if we don't have that element, again, we just -- generally, our standard is a 1/3 drop down at most.

On buybacks, we don't agree to buybacks except in very limited circumstances. If we have a single-asset developer that is looking to have a feature that potential acquirer might find attractive, will it get to it then. But even in that limited circumstance the buyback will be limited for a period of time. It's limited to only 1/3 buyback at most and only on a change in control. Now why this discipline around drop-downs and buybacks. Our investment in stream is not static. The value drivers on stream are going to be long term. They're going to happen over a very long period and having drop-downs and buybacks, in our view, really limits that potential upside that the streamer will have.

So let's walk through an example to illiterate the point here on drop-downs. On day 1, we have 2 streams here. The gold stream is the leading stream. It has our standard 1/3 drop-downs, you retained 2/3 of the original stream. The blue stream is -- has a one quarter of the original size of the stream. On day 1, both those instruments look very similar. They look remarkably similar. They both have the same IRR. They both have the same upfront payment. Year 6, there's -- the stream with the smaller drop down, of course, has a higher value, still retained. In this particular example, more value. But what's interesting here is that if in year 6 gold prices increased, and this is the third bar -- set of bars over and we have gold price doubling here. While it's still 20% more valuable in the stream with the smaller drop, the gold stream, a smaller drop down. That shaded area, the magnitude of the difference has actually doubled in absolute quantum number. So that's kind of key here. And then that difference only widens if there's asset improvement. So in this example, the [indiscernible] has been extended by 10 years, and that shaded area has grown.

Again, the key point here is that 2 streams, very similar on day 1. As time goes by, there's assets improvements as metal price may increase, that difference in optionality, having that bigger tail bodes well for the stream buybacks. Why don't we agree to buybacks? If there's one thing that can really let your upside to the asset it's having a fixed price or a fixed return buyback. Let's walk through an example here again. Gold stream, the Wheaton stream does not have a buyback, the blue stream has a buyback in year 3. Again, day 1, both look to be very similar. They both have the same IR, they both have the same upfront payment. $100 goes in at the front end, the mine is built and on -- at the start of production, this buyback comes up. If there's been no change to the mine plan and if gold price has stayed at 4,000 that stream -- both streams have grown from $100 to be $126, which is just the future value of $100 at the assumed 8% IRR. That buyback won't get exercised. It's out of the money. So both streams will stay at $126. But if gold prices doubled by way of example, that buyback is very much in the money. It's $100 in the money. It will get exercised. So you've just -- by having the buyback, you've capped off that upside potential. And again, that difference is only magnified to the extent the asset is approved, whether through mine life expansions or otherwise.

Here, we've done a 10-year mine life expansion and you can see that difference growth. Even in situations where we -- actually, all you have done here really is finance to mine during its -- what is arguably its most risky phase, which is its construction phase. You've taken all the risk of that mine, but you've captured upside if things go well. You've capped that in this example, $152. So even in those limited circumstances that I said before, we do a buyback, the 1/3 buyback with a single developing company on a change of control. Even in those situations, we put a price adjustment clause in that tries to capture that value that you see in that second last bar. And let's walk through an example, a real life example, Congrejos. Congrejos was acquired by -- or Lumina was acquired by CMOC. We had a stream in place, which gave rise to a 1/3 buyback, as I mentioned. Had we just had the 15% rate of return on our investment. We put in $16 million of the total $300 million stream, we would have gotten a $4 million return on that. But because of this price petition clause, gold price went up 66% from the day we did the deal, to the day the stream bought back, that gave rise to an $82 million price adjustment for a total buyback price of $102 million. Why do we do that? Again, we've bought the gold. We want that price optionality. We want that exposure for our shareholders. So we insist on having that price adjustment clause.

All right. My last slide here is to talk about the area of interest. When we negotiate a stream, we do try to get as big an area of interest as we can. On the screen here, you have Antamina as an example of that. We will -- as Neil said, we will factor in on a discounted basis, we'll factor in exploration potential. We'll factor in blue sky potential even so that if there is a discovery made in this expansive area, we'll participate as well as the mining operator. Again, throughout this entire presentation as -- it's a recurring theme. Our mandate is not to invest in today's mine plan is to provide that growth optionality, that price optionality for years to come.

So with that, I'll turn it over to Vince to talk about the flip side of that, things don't go so well.

Thanks, Curt, and good morning. Protecting the downside is just as important as the upside. If your stream does not survive, you have no cash flows going forward. And that's why we look for a few core protections in our streams. The first is a parent guarantee, and 90% of our streams have this protection. A parent guarantee ensures the stream is backed by the full financial wherewithal of the counterparty. So you're not relying on a single asset or a shell company to deliver ounces to you. The second protection is security and limits on distribution and debt. And this is especially important for noninvestment-grade rated counterparties, and 80% of our streams have these protections. The limits are really there for prevention to ensure the counterparty doesn't get over-levered or cash gets distributed out that they need for day-to-day needs. A counterparty that's in distressed is one that can't deliver metal to you. The security is there when prevention was not enough. It gives us a direct claim on the assets itself it puts us in front of unsecured creditors and gives us a say on the outcome of the structuring.

The third protection is really against timing risk. And this is especially important for development-stage assets. And 90% of our streams have these protections, and I'll come back to this in a bit. The fourth protection is enforceable delivery obligations, and nearly all our streams have these protections. Our agreements spell out exactly what metal is owed to us. and how it gets delivered to us. So payable rate is a good example. Payable rate is something that's negotiated between the counterparty and the offtaker. And that's a negotiation that we're typically not a part of. But to mitigate that risk, we fix the payable rate so that the economic outcome back to us is not impacted by a negotiation that we're not a part of. That might seem like a small detail, but over the life of the asset, that's meaningful value. A lot goes into putting together a well-protected stream.

The list on this slide gives you the broad categories of protections we look for. We really strive to tailor-make each stream to fit each asset and partner. And what's consistent with all these protections is that it sits in the background, and it doesn't interfere with the day to the operations of our partners. But if material risks do arise, these do emerge and protect us. And that's why partners have granted us these protections. And if they do run into difficulty, we have a long history of working alongside our partners to find solutions together with them. And that's why we're considered a partner of choice, like Neil has suggested earlier. I want to spend a bit of time on credit risk. This is often a risk that's overlooked in our space. If you look at the bond market, you would never value investment-grade bond the same as you would a noninvestment grade. But in our world, each and every single stream is valued using a flat 5% discount rate irrespective of who the counterparty is.

Consider 2 streams, exact same cash flows, but one has a much better creditworthy counterparty. So for that one, you use a 5% discount rate, and you come up with a $100 million stream value. And then the second stream, it's a higher credit risk, so you add 4% to that discounting, 9%. That $100 million value is now only $74 million. That's a 26% haircut just factoring in credit risk. 75% of our production comes from investment-grade-rated counterparties. And that's a materially lower risk profile than the average peer. So that's why we spend so much time on credit risk, making sure we price it properly and structure it well to protect us. And when you put that lens on our portfolio should be valued meaningfully higher than the average peer.

Coming back to timing risk. So this is a key risk for development-stage assets, as I said earlier. And we work very hard to mitigate that risk. For one, we typically do not fund the majority of our upfront payment until permits are in hand. And that largely takes permitting risk off the table. When we do fund at construction we only fund if the counterparty is fully financed and have all their permits, and we drip-feed that over the time of the construction. And our contracts also spell out exactly when completion of the project needs to be achieved. And if it's not by a certain date, we get compensation. And that could be in various forms. It could be delay ounces that we get in the interim or the stream percentage drop down the road gets pushed out. So we get more ounces for a longer period. or we get a portion of our upfront payment back. You contrast this to a stream with no protection where all your money goes out before permits. Well, every month of delay is an erosion to your return with no mechanism to get it back.

Think about a stream with a target IRR of 15%. A stream with no protection. If there's a 10-year delay, well, your 15% is now dropping half to 7%. But a Wheaton stream with that same 10-year delay, you're still left with a solid double-digit IRR. So the gap between these 2 lines is what we're talking about. Structure is not a legal formality. It comes back to returns to shareholders. The value of structure, like Curt said earlier, it doesn't leap off the page when you first announced the deal. It only shows up when things get difficult, and we've been there. At San Dimas, the previous operator overlevered the company and became financially distressed. But because we had a senior ranking security position, we were able to restructure the stream keep the mind going and put it into the hands of a stronger mine operator. That allowed us to retain $1.3 billion of value compared to our original investment of $300 million. We invented streaming over 20 years ago. We have seen mine operators fail, run in of money, mines shut down. But each and every one of these lessons that we've learned, we have now applied to the new streams that we're putting together. And this is what, 20 years of experience gives us. We know what to ask for and what to put in our contracts to protect us.

So to sum up, structure matters. And this great analysis from well-respected equity research analysts, I think, gives us a glimpse as to what that might be worth. So the IRR multiplier, it's what your today actual realized IRR is of a stream compared to what the original expected IRR was at the deal announcement date. So our peers have achieved a 0.9 to 2.6x IRR multiplier. Well, we have achieved 3.2x. We have tripled the original expected IRR. Like, of course, metal prices have something to do with this, but we've all had the same tailwind. But clearly, the outcomes are not the same. And I'd like to think it comes back to how we pick our assets and how we structure our deals to minimize the downside risk and preserve the upside gain. I know it's very difficult to value what structure is I totally get it from your side of the fence. These details are in these agreements, a lot of which you don't even have access to. There's no concrete number you can point to like throughput or grade. There's no line item for structure. But hopefully, our track record is evidence that structure does matter and a portfolio put together the right way should be valued meaningfully higher than one that isn't. So hopefully, this section has given you some insight into how we pick our assets and how we structure our deals to create long-term shareholder value.

And with that, I'll pass it to Wes to talk about growth.

Thanks, Vincent. Curt and Vincent business just walked you through how we build the stream so that holds up over the long term. My job over the next 15 minutes really is to tell you what happens once think drives and how we stay close to these assets. And really why that closeness is what makes the growth in your budget to see something you can really count on. We'll start with really a look back at the last few years because this is really what we're building on. This is our attributable gold production measured against the guidance range we published at the start of each year. In 2023, we came in inside the range. In 2024, we exceeded the range. And in 2025, we beat the top end of that again. This year, we're guiding 860,000 to 940,000 ounces, and we're tracking inside that range. 2026 is weighted strongly towards that second half with approximately 46%, 54%, and we were at 415,000 ounces at the end of June. That's really driven by our partners' mine plans, the addition of the BHP stream on Antamina and the ramp-up of several new assets.

The important point here is that the streaming companies guidance is really the sum of our partners' mine plans. We do not operate these mines. And we're only ever as good as the access to the people who do. And that access is not something you can write into a contract, you have to earn it, which brings me to my next slide. So let me answer the obvious question. If we don't operate these mines, how do we get comfortable with the production we're forecasting? The answer is we're on site with the operators year after year. Over the past 12 months, we've been on site at 12 partner operations in 8 countries across 4 continents. 92% of our attributable production came from operations we physically visited. And I think it's important to be clear about what these site visits are. We're not there to audit or oversee our partners or tell them how to run their minds. They know their operations better than anyone. We know that they were there to understand the assets and spend the time with the people running them and learn from each other. What we have is a fairly unique vantage point. We see operations across 4 continents. So when we walk through a plant in Peru and see a challenge that we've seen addressed at a mine in Sweden, we can share that experience and where it makes sense to connect those teams. And just as importantly, we're constantly learning from our partners, carrying those lessons across our portfolio.

Over time, these site visits have become much more than an opportunity for us to understand the assets. They have become a genuine exchange of ideas with our partners. This is one of the key reasons we are a partner of choice, and I'll come back to the value of that at the end of my section. That partnership also extends beyond the mine site through our partner community investment program. We invest alongside Vale, Antamina, Hudbay and others in communities that host our operations. Patrick will talk more about that program later this morning. But importantly, we make those investments, whether or not there's a transaction in front of us. All of that engagement gives us a much deeper understanding of these assets and where they are going. So when I talk about the growth profile on the next slide, it is grounded in what we are seeing at these operations and in the plans we are discussing directly with our partners. As you saw from Haytham earlier, this is -- our 50% growth, 806,000 ounces to 1.2 million ounces by 2030. What I want to do is break down where that growth actually comes from. So there's 3 buckets. 140,000 ounces of that growth comes from assets that are already operating today, and these are producing mines that are expanding. 160,000 ounces from assets that are under construction or ramping up with the majority of our funding already deployed and about 90,000 ounces from assets that are financed and progressing through development.

There are 3 things that this growth does not depend on. We do not need to deploy any incremental Wheaton capital to get to that 1.2 million ounces. We do not need exploration success to get there. and we are not dependent on any single permitting major milestone. Every ounce of that 50% comes from an asset we have already underwritten and in most cases, already funded. That is an unusual position to be in for a growth company of any kind. 1.2 million ounces doesn't depend on us finding the next deal. It depends on our partners executing plans that are already underway. It's another important feature in Wheaton's growth as the portfolio gets larger, it also becomes more diversified. Today, Salobo represents about 37% of our production. By 2030, that falls to 26%, not because Salobo is producing less, but because the rest of the portfolio is growing around it. Antamina moves to about 12% from 18% -- from 12% to 18% and a much broader group of assets makes up the balance. I would frame that as resilience rather than scale. By 2030, we have fewer single points of failure than we have today.

For a business built on other people's operating performance, that matters even more than the headline production number. And a number of assets are driving that growth. And after we break, we're going to hear from 3 of them from people who actually run them, Montage on Kone, Vale on Salobo, which is our largest asset and Hemlo Mining on Hemlo. I don't want to stand between you and that. So I've picked a couple of the largest assets that contribute to our growth that no partners presenting today, which are Antamina and Blackwater. Following the addition of the BHP stream that's earlier this year, Antamina is the single largest contributor to our near-term growth. We now receive 67.5% of the payable silver from Antamina. That's expected to contribute around 12 million ounces of silver annually for the next 5 years. And I would argue that this transaction is some of the clearest evidence of the point I made earlier. BHP had every financing option available to them. They chose a stream and they chose us. That is not a company solving a funding problem. It's a company choosing a partner. And I think that, that says a great deal about the streaming model and the relationships that we have built.

Behind the stream is one of the world's great copper zinc mines. Antamina is owned by BHP, Glencore, Teck and Mitsubishi. Few mining assets anywhere have that depth of ownership behind them. and that their long-term commitment is what matters to us from Antamina. It mitigates more than credit risk. It gives us confidence in the future of that asset. I was at Antamina in June with our team and the commitment you can see is on the ground. The owners are investing approximately $2 billion over the next several years, and the mine is permitted through 2036, with multiple expansion opportunities well beyond that current plan.

What also strikes me every time I visit the site really is the sheer scale of the ore body and the opportunity that remains there. Antamina has a long history of growing through exploration. And when I spend time on site, you can really appreciate the quality and longevity of that asset. Blackwater is a very different story and another important contributor to our growth. Blackwater first port gold in January 2025 reached commercial production that may and the next stage of expansion are already underway. That progression is significant. Throughput increases from 6 million tonnes a day this year to 8 million tonnes with Phase 1a and ultimately to 21 million tonnes with Phase 2 in 2028, more than tripling throughput in just a few years. And what makes that growth particularly compelling for Wheaton is how the expansion is being funded. The approximately CAD 1.6 billion program is fully funded by Artemis through their operating cash flow with no additional capital required from Wheaton. I visited Blackwater late last year and was impressed with how deliberately the mine was designed for growth. Phase 2 is not a retrofit of the existing plant. It's a stand-alone second plant built alongside the operation, allowing Phase 1 to continue to run as the new capacity is brought online. It also means that what we've been able to see is that they are applying those lessons learned from Phase 1 directly to the Phase 2 design. Execution is progressing well, and Phase 1a is making excellent progress and major long lead items for Phase 2 are already ordered. Most importantly, the operation has surpassed 8 million hours worked without a lost time injury.

What I like about the Blackwater story is how quickly it has evolved. Artemis was a developer when we first backed them. And today, they're an operator, generating cash flow and funding that next stage of growth, and we're growing along beside them. Everything I've shown you so far sits inside of our guidance. Everything on this slide sits above it. As Haytham mentioned earlier, there's a number of assets that are not conceptual opportunities. This is work in progress in our portfolio. At Salobo, Vale is advancing, the course, particle flotation and further debottlenecking opportunities, which could increase the throughput beyond its current capacity. At Kurmuk, Allied is already looking beyond the 6 million tonne design with the potential to meaningfully increase throughput. At Phoenix, Rio2 is studying access to additional water, which will ultimately allow them to expand from 20,000 tonnes a day up to as much as 80,000 tonnes a day. And a goose B2Gold is looking to the addition of a SAG mill, which could further increase throughput there as well. We also have further production from [indiscernible], which could contribute up to 15,000 gold equivalent ounces by 2030 and to Peru, which could add another 25,000 ounces if it advances. None of that is in the current 1.2 million forecast.

But what we can see is taking shape today. We see the studies. We see the expansion plans. We are on site with the teams working through them. And in many cases, we're part of those conversations years before the additional production shows up in our guidance. And that's the value of the access and engagement that I described earlier. And that's what being a partner of choice is actually worth measured and ounces. Which brings me where I want to finish and to the slide that brings really the whole morning together. You've seen this statistic from both Neil and from Haytham earlier. And really, you've heard from kind of 4 parts of the business today, and I want to kind of pull that together before we break here. Haytham really opened with the strength of the streaming model and the growth it can deliver. Neil showed you where those deals actually come from. Curt and Vincent showed you how we structure these transactions to create value through the cycle. And I have spent the last 15 minutes or so on what happens in the years after that initial investment is made. Those are different parts of the business, and they're built on the same foundation, the relationships that really we build with our partners.

And this chart really is the evidence of that. More than 70% of the transactions since 2014 are with counterparties that we worked with before. not a marketing statistic. It really is people choosing to work with us a second and a third time, and they had lots of other options in the market open to them. Providing capital really is only the beginning. In many ways, righting the check is the easy part. What really distinguishes us is the 10, 15, 20 years that come after that. It stay engaged as these assets change. It's finding ways to create value beyond the original transaction. and it's investing alongside our partners in their communities, and it is having technical people who know the assets and know the people running them. None of that is contractual, but all of it is why partners choose to work with us again. And it's why BHP, when they had the entire financing market available to them, chose a stream and chose to work with us. That's what being a partner of choice means to us. And I think the best evidence of that is what we've got coming next.

You've kind of heard our view on these assets. After the break, you're going to hear directly from the people that actually run them. Three of our partners have agreed to present our own asset -- their own assets here today in their own words. They know these mines far better than I ever will. And the fact that they're willing to speak directly to our shareholders really about their operations, about their plans for the future really says a lot about those relationships really more than I ever could. Before that, we're going to take a short break here. So we've got about 5 minutes that we're going to just step away and when to come back, Haytham is going to come and introduce the first presenter. Thank you.

[Break]

Our next presenter will be one of our newer partners, Martino De Ciccio from Montage Gold, CEO of Montage Gold. He, unfortunately, couldn't be here in person because he's building a mine. So we understand that. But he has recorded a video, and he'll be available for questions right after the video. So just to give you a bit of background. It's a recent addition to our portfolio. It is one of those opportunities where we had the ability to fund the majority of the funding on this, and we were very excited to do so. Since they've started in Cote d'Ivoire, they have demonstrated some incredible exploration upside and also some strong potential for production growth. So I'm sure Martin will be talking more about that.

So with that, we'll start the video and then turn it over to Martino.

Hi, everyone. I'm Martino De Ciccio, CEO of Montage Gold. As a quick overview of Montage, construction is nearing completion at our Kone project in Cote d'Ivoire, on which Wheaton has a gold stream. In fact, in order to execute on our strategy of creating a multi-asset premier African gold producer, we're also working on fast-tracking our DD project. In parallel, we're also focused on sourcing next project organically through our ability to stake and explore grounds. Our recent success at Wende is a great example of that. So at Montage, as you can see, we have been rapidly executing on our strategy. In fact, it's now been just over 2.5 years on the job, and it's super exciting to be so close to the first gold port. The reason we were so keen to participate in this event in whatever shape or form is to take the opportunity to highlight the collective effort, which underpins our rapid execution. Because all our success would not be possible without the relentless dedication of our employees, our stakeholders, suppliers, contractors and of course, our financial partners such as within precious metals. By way of background, we had over 16 offers to fund ourselves. So needless to say that it was a competitive process.

Beyond IRR calculations and NPV per share scenarios and trust me with the tons of those what ultimately led us to partner with Wheaton was the innovative stream features, which I'll detail later, and the softer aspects. As a starter, when we were just starting our discussions and I presented our suggested timetable to hate and in Curt, they paused, I realized that we were serious and said, okay, well, how quick can we get the sites so we can work on due diligence and parallel to negotiating terms. They also mentioned that they'll never get in the way of a team that wants to execute quickly. And to this day, that statement remains true. And in fact, this is probably the right time to squeeze in the things or maybe a sorry to the Wheaton team for all the late nights, weekend and holiday work and for the quick turnaround requirements.

For us, our true partnership means that the relation is important for both sides and that we have a shared culture. Wheaton is, of course, our largest funding here, but Kone represents Wheaton's largest investment in Africa and one of the largest contributors to its 5-year growth profile. So let me dig a little bit deeper into why both we and wheat and Wheaton chose West Africa as a region and the Kone project. For me, the stock that sums it up well is the fact that West Africa is now the #1 gold producing region globally, just like that [indiscernible] a bit. Last year, 16 million ounces were produced in the region, surpassing China, Russia and Australia. That's because production is up circa 400% in the last decade, and I think that will keep going at the same pace because of 2 important factors. First, because over 70 million ounces have been discovered in the region since 2010. And by the way, Côte d'Ivoire was the largest contributor. And second, because on average, in West Africa, it takes about 10 years to go from first discovery to production, which is the crisis globally.

I'd like to think that my colleagues and I actually have something to contribute to those stats as we have spent most of our careers developing gold projects in West Africa. For most of us, Kone will mark the fifth mine we built in the region, 3 of which in Cote d'Ivoire. Kone, by the way, will be the 9th mine in Cote d'Ivoire, whereas when I started my career, we had the only gold mine in the country, and I was actively trying to convince investors to come to Cote d'Ivoire. Another impressive stat is that the team we have in Montage has been directly responsible for 20 million ounces of discoveries in the region over the last 15 years. So in addition to the geological potential, what drew us to Cote d'Ivoire is its diversified economy, which underpins the fact that it has one of the highest credit ratings in Africa. And that's very important because if a country itself is investable, it means that companies like ourselves can more easily obtain financing for projects. In addition, Cote d'Ivoire has spent the last 20 years building its infrastructure, and you can see now with the quality of its ports, roads and electric grid.

And lastly, the mining code has been stable and the country is safe. All these factors make a difference. Now let's talk a little bit about our Kone project. First off, its location is great, and it has 3 key ingredients: strong geological potential, good infrastructure and available human capital. On the geology side, our project is located where 3 mineralized trends converge. That's why we have so many deposits and targets. As for infrastructure, we are 20 kilometers away from the high-voltage power line and a sealed road that goes straight to site. And of course, in order to build, you need people in proximity. We now have over 3,600 people on site, and we are proud to say that over 95% are nationals, thanks to our trading programs. Not sure if you can grasp this next at but we have already worked over 13 million hours on site. That might be enough to build 2 or 3 smaller projects. In fact, Kone will be one of the largest mills in the region with a capacity of over 11 million tonnes per year. Today, it's probably one of the largest mines being built globally and by far, the largest in a single asset company.

I don't think people fully understand the skill of the operation until they come to site. And the Wheaton and team are, of course, well aware given they have routinely visited the site. It's actually awesome when they come because they end up being great spokespersons for the asset to the investment community. On the construction side, as I mentioned earlier, we have never been so close to the first gold port . All major processing infrastructure necessary for the oxide circuit have been completed, including the TSAs and the water storage facilities. The oxide sizer, the ball mill, classification area, CIL tanks and the gold room were all done. We were connected to the grid earlier this summer, and we've begun meaning activities last month. And lastly, we are well progressed on commissioning activities. But initially, we were saying the first gold port would be by Q2 2027. Then we brought it forward to late Q4 2026 through the oxide start-up. And within the last published project update, we reiterated that production should start within the fourth quarter. Now I'm not sure how much production we can put into our 2026 guidance from Kone, but hopefully, we can start contributing sooner than later.

Talking about our production profile, the last published numbers are based on the 2024 feasibility study. There were only 2 deposits in that study, which was robust enough for us to make our construction decision and for Wheaton to make your investment decision, that gold production profile is expected to materially improve because we now have 12 deposits rather than 2. The resource base has significantly grown as we started with 5 million ounces, and now it's not so difficult to see how this can potentially attain a 10 million-ounce endowment. Today, we have 6.3 million ounces of indicated resources and 2 million ounces of deferred resources. But most importantly, all the new discoveries made are at least 85% higher grade compared to the initial Kone grade. This means that we can displace lower grade material to boost production from the onset. We've now drilled more than 340,000 meters since the 2024 feasibility study was published, and we have about 130,000 meters ongoing for this year. This is why we are so eager to publish a new life of mine plan once the drilling program wraps up. It's quite rare to be able to explore while building and thanks to the weakened stream put in place we're all incentivized to make the asset even better.

In contrast, traditional debt would have earmarked every dollar for the build and restricted our ability to aggressively explore to after the first gold port. In our current setup, if we find and produce higher grade ounces upfront, then our production goes up, so we benefit, but it also means that we can get their ounces quicker and hence, boost their IRR. Given the strong exploration potential we saw in the asset and the fact we were just starting on it, a unique feature of the stream is that the area of interest is limited to only the 2 deposits that were in the study, plus 500 meters. So we're able to keep most of the exploration upside as we now have those 12 deposits. When I take a step back and reflect on everything we've accomplished thus far, which tracks me the most is the legacy we will leave behind and the positive social and economic impact we are already having on thousands of people near our mind. In fact, given our shared values, we look forward to partnering with Wheaton on joint initiatives that will continue to make a real difference.

So to conclude, I'd like to thank the Wheaton team for the invitation to present and their continued support. Given the rapid progress achieved, we are confident that we'll be able to quickly unlock value for Wheaton and for all our other stakeholders as we continue to execute on our goal of creating a premier African gold producer.

Thank you, Martino, for that video. We really appreciate it. You're live here in the room in Toronto. So anyone here can go ahead in the audience and ask a question. We'll bring the microphone around for those on the webcast, you're welcome to type into the box, and we'll read it out in the room. But I'll turn it over to live audience here. If anyone has a question, just raise your hand. Thanks, Derick.

Martino, Derick Ma from TD. I want to talk about the exploration potential that you've highlighted in the video, but also the potential for expansions at the operations as you look to ramp up Kone.

Great. Well, first off, again, thanks for the opportunity for the Wheaton team to present today, and apologies for not being able to make it in person. On the exploration side, we're on the bid we're very excited with what we've done so far this year. And since we've joined, so the resource has grown from 5 million ounces to 8.3 million. We're going back to all those ounces found the off higher grade with at least 85%. So this allows us to push out lower grade material, so push up 0.6 gram and replace that with 1 gram and above. In fact, some of the deposits being found or closer to 2 grams. So we're very excited with that. We'll publish a new mine plan earlier next year to be able to show how those deposits are being converted. So what we see today is the ability to continue to grow the current deposits found. So we're working on Gbongogo, Gbongogo Main and Koban, but also finding new deposits. So on the property, there were 50 targets that had identified. So far, we've joked half of them, and they all came back with hybrid intercepts. So our goal in order to in order to be very careful to how we allocate our exploration dollars has been drill out a starter resource. It doesn't matter how big or small is more a question of assessing the great profile. And then based on knowing the grade in a few step-out holes we've done, we've been able to see how we prioritize the exploration efforts.

So today, out of the 12, we really only drilled out about 4 or 5 of that infill and then step out and the other ones remain to be done. And that's why -- and when I go back to some of the comments made in the video, it's not so difficult now to see how this can become a 10 million-ounce endowment. As for expansions, Look, it's still early days to, I think, to talk about expansions because we have to see how the mill performs. And given the changes we've done in the flow sheet prior to launching construction, we would expect to be able to push more times in the mill than the nameplate suggests.

Thanks, Martino. Just one that came on online is -- and you just said it's too early to talk about expansion. So maybe this isn't as relevant, but the question was Will you be able to fund future expansions through cash flow from ops? Or do you see a need for any additional funding externally?

Our priority once we get into production, is to look to fast-track the next development which is our DDV project, also in Cote d'Ivoire that came through the African Gold transaction. So given the strong returns and the way the stream measure put in place allows us to be able to build up the balance sheet and be able to fund our organic growth. So this is obviously the preference for us.

Congratulations, Martino, on getting your -- the production profile coming up sooner than previously expected. Just wanted to ask, in terms of the higher grades that you're seeing and if you are to be able to bring them up to the front of the mine plan. First of all, like in terms of recoveries, how do you see those -- the recoveries from the higher grade, which will be coming in replacing the low grade. So then how could that change the -- the production profile at the beginning of the mine plan?

On the recovery rate, we have no nasties. And given the higher grade deposits, we expect slightly higher recoveries in some of those high-grade satellites than on Kone itself, which is a little great, but we see low strip. Our goal rather than just boosting production in the first year and then having a declining production profile. Our goal is to increase production in plateaus. So we're targeting to lock in our first production profile of at least 350,000 ounces plus over 10 years and then look at how we bring forward production for the first 5 years to be able to again, plateau that even higher.

Martino, this is Lily Liu from CIBC. I guess since we were at the Wheaton Precious Metals Investor Day, can you talk about how you feel Wheaton's different from its peers as a streamers perspective. You did mention earlier, this is one of the largest investment for Wheaton Precious Metals metals as well as Africa. So what makes you think they're a great partner in this case and what made them stand out?

Great. I guess for us, there was 2 factors, right? It's not 3. Obviously, you have to be competitive on a cost of capital perspective, and that goes without saying. But given the many offers we had, all the -- the cost of capital is end up being very similar. So then you have to look at the softer aspects, which is speed of execution. And as I mentioned in the video, the Wheaton team were very active and that's allowed us to be able to fast track the development of of Kone. In addition, where it was very different this was essentially almost a fully funded deal on shop stop with Wheaton. And again, simplicity sometimes is better and allows you to go more quickly. And after that, the Wheaton team have been very available and reactive. And I think when you're looking to build a business almost from scratch as what we did. Do you want to surround yourself with the right partners that you're able to build a multi-asset business out of. And on the shareholder side, I couldn't think of better shareholders with the key shareholder being the Lundin family. We surround ourselves with robust financial partners that are able to continue to support us as we look to grow the business.

Just scanning the room here for any final questions. But I think we might be covered. So thank you so much, Martino, for attending and for sending through the video. We appreciate the partnership.

Great. Thank you.

Thank you.

Our next presenter will be Alfredo Santana, COO of North Atlantic Operations for Vale-based mills. Obviously, Salobo is one of the most important projects in our portfolio, but -- but I would also say Salobo is the largest copper project ever discovered in Brazil. And Vale has been an incredible partner and the fact that we've done 3 different streams of the Vale just on Salobo alone, demonstrates the strong relationship that the team has built there.

So with that, I'll hand it over to Alfredo Santana, who's going to be joining us by video.

Just having some audio difficulties hearing you, Alfredo.

I can hear you well.

Perfect. There you go. Now we can hear you. Thank you.

Can you hear me well?

Yes.

Okay.

Alfredo, we've gone ahead and done the introduction already. So please feel free to start.

Okay. I hope you guys are hearing me well, and good morning and good afternoon to everyone. I'm excited to be joining you at Wheaton Precious Metals Investor Day again this year. So Haytham, thank you for inviting us. And it will be a pleasure to take some time to get you guys through everything that's going on in VBM and very exciting news to everyone, right? So just a quick -- I don't know if my slides are moving properly. Here to second.

Yes, just acknowledge our standard disclaimer. And I think I would like to start saying that Vale has had a long and trusted relationship with Wheaton. And I really would like to thank the with a team than for the opportunity to present today for all of you. As I was just introduced, my name is Alfredo Santana. I'm the CEO of Vale Base Metals. And I would also like to acknowledge that Wheaton for the recent investment in Salobo CPF project that I'm going to talk a little bit more detail further down the road than which -- it's amazing to all of us. And this collaboration demonstrates the strong relationship we have that is shared across Salobo, Voisey's Bay and Sudbury, right, focus on maximizing the value of these important assets.

I will provide more detail on each of these assets during my presentation. But first, let me provide a brief update of Vale Base Metals. So is extremely well placed for growing value as we probably are following. Our portfolio of large, high-quality vertically integrated assets in a strategically located to deliver critical minerals to diverse customer base. In our copper, nickel, cobalt growth opportunities are positioned well to take advantage of the growing demand for these commodities. We have set the framework to grow value based on optimizing risk in a responsible way. And we have rejuvenated our culture. Recently, we made a real change in our organization, empowering our people to take an onerous mindset with this decentralized model, we pushed the decision-making as close as possible to the assets, which is really the x factor of our success. And I think it's very clear that we have been demonstrating this and quarter-by-quarter, we have delivered consistent and improved performance. There is so much potential here to provide critical minerals to the world with the needs today and in the future. And we're very, very happy to be part of this and how we position today. It's a great value.

So if you look at back to our first half of 2026, you can see very, very strong results. For the first half of 2026, we have delivered $2.5 billion in EBITDA and over $0.5 billion in free cash flow. We also have a very low net debt and our balance sheet is quite strong. Operationally, we are also delivering strong results across the whole portfolio, right? But moving forward, with a bit more detail on our, I would say, operational performance and how confident we are that we're going to deliver what we committed to -- you saw this outstanding operational performance has led to growing volumes and lower costs. In July, we lifted the lower end of our production guidance range for both copper and lithium, demonstrating the confidence we have in our performance this year. We also lowered our cost guidance for both copper and nickel, reflect the strong operational performance and favorable commodity price environment despite the inflationary pressure being experienced across the whole sector, right?

But if you do another step right now, I would like to speak more about our operational performance. In VBM, I'm leading the operational team in a very clear pillars, with very clear periods, like -- so -- and these are the 3 pillars we are always talking about safe first, stable and capable and reliable best-in-class. So in my -- in my last presentation in the VBM Day in March, I outlined our ambition to transform Vale Base Metals into a high-performing, integrated operating system, delivering safe, reliable and repeatable results. And what gives me the confidence today is not only the results we are seeing, but how they are being achieved. Our operating model is producing similar outcomes across different assets geographies, commodities and everything you see in the next slide shows the system is scaling up quite quickly.

But let me start with safety. Safety remains our top priority and is the foundation of everything else. Sadly, an employee of one of our contractors best way last month following an incident in Sasebo, mining [indiscernible], the incident remains under investigation, and we continue to support the relevant process while reinforcing the critical controls across our operations. We continue to strengthen our leadership in the field and confirm our critical controls integrity and are also reinforce our chronic and is principles to all our people. So unfortunately, we had this incident with one of our contract, but this does not change anything on how we look at safety. And this is the foundation of everything we do, and we will learn from what happened and move forward and get even stronger moving forward. If you -- but if you move to Salobo, now that I think this is the biggest interest of the audience. Salobo is VBM's flagship corporate operation, representing the largest copper mine in Brazil and the second largest iron oxide copper gold de paused globally.

There has been a lot of investment in Salobo in the recent years. And I'm extremely proud of the outstanding results that we are seeing from Salobo with [indiscernible] and his team. With an annualized run rate, or muled in the first half of this year is tracking 36 million tonnes with the nominal capacity of the -- of our system there, Salobo I and II and III, and it has been the highest output ever. And with the successful completion of CPF project, these assets could reach 42 million tonnes per year by 2029 and beyond. So we are boosting our productivity and maintaining our high focus on preventive maintenance at the plant. Today, we are the benchmark of productivity of electrical excavators in Brazil, and we are pushing all the boundaries with extremely focused on safety and productivity. We are also pushing ahead with autonomous fleets, and we are increasing our mine productivity. We are upgrading our [indiscernible] systems to over 5,000 tonnes per hour to raise the capacity and dilute our costs. And there's a lot of other improvements that we are focusing on Salobo I and II as well.

So the main point here is not only that Salobo having a strong year. We are building a better asset with the best-in-class performance also in the future. So I'm extremely pleased and proud of the results that we've seen out of Salobo. If we look at the cost partial flotation that it's our critical project in Salobo right now, I would say that the participation or CPF, as we call, is a pros that removed waste rock earlier in the process plant before fine grinding. Therefore, using LAS in degrading waste rock unnecessarily, right? So by floating copper from coarser material, and I mean our test in Salobo has shown that material that we have in Salobo is extremely good for this type of process. CPF removes about 30% of the waste upfront. This frees up capacity downstream in the chain, right? What that means in that end, we expect that CPF will generate around 30,000 tonnes per year of additional copper production and 15,000 ounces of gold per year as well at the same time, reducing specific energy consumption by around 10%. So this is a great example of low capital intensity, brownfield growth, right? So we announced the approval of this project last month, which includes optimized total CapEx and an accelerated project start up in the first half of 2028.

We really appreciate Wheaton's support for this project, which reflects the strength of our long-standing relationship and share confidence in the project, right? So -- but let me move up to Canada right now with our Sudbury and Voisey's Bay operations. Sudbury, we have mine for more than a century as -- and it remains one of the most capital-efficient growth opportunities in our portfolio. There is significant value to unlock through improved underground productivity, which is our main focus, muled bottlenecking and further growth in our mineral endowment. The good news here is at Clarabelle Mill, the longer-term opportunities to reach up 9 million tonnes per year of throughput and the expansion is being implemented in Phase. Phase 1 and 2, it will be done this year. Phase 1, we just completed the last June and Phase 2 will be done by October. This will take us towards to 6 million to 7 million tonnes per year by 2028. In fact, we are expecting right now in 2026 to be around to 6 million tonnes in 2026 out of Clarabelle Mill.

We've incredible results comparing all where we are coming from, right? And this makes us really, really proud -- and this incremental throughput at very low capital intensity with immediate margin benefits, the higher value feed, right? With external feed as an optional liver, not a dependency. So -- and if you go to Voisey's Bay, Voisey's Bay is one of the best examples of our transformation in action. The underground ramp-up is largely complete, and we are now seeing the benefits of it. Mining rates or availability and operational consistency have all improved significantly Voisey's Bay will deliver its outstanding results in 2026 and move to around 2.8 million tonnes per year. that is their nominal capacity, while we prepare for the next step toward 3.8 million tonnes in the very near future. So these gains are being driven by productive monitoring, tele remote mining, continuous improvement in stronger operating discipline. So overall, the results that we've seen across the board with all our assets are quite outstanding in following a basically standard focus on safety, stability, capability and pushing our boundaries to be best-in-class operator.

If you look at our road map for the -- from now to 2035, I think this was well public to this point. We have one of the world's strongest copper growth story, support by productivity, bottlenecking and de-bottlenecking pipeline, low risk, I would say, brownfield opportunities, and we are confident in our pathway to 700,000 tonnes of copper by 2025. And Innovation and exploration are key levers here and innovation will enable us to replicate the good results to different operations, just like CPF and de-bottleneck, that's the focus of our R&D investments, right? So in if we go to do like a summary of everything that I said here and I will open up for Q&A. The accelerated transformation delivers consistent performance and positions VBM for growth. We have a diversified and resilient portfolio with polymetallic exposure, vertically integrated, strategic supplier that we are and we have a portfolio reset safe and consistent performance. We have a strong team. The company has done a huge transformation in the last 2 years.

We are safe at delivering our production and our unit cost outcomes are just showing improvements year-over-year. And in the end, we are a low risk and high return growth. We have a refreshed approach to planning project evaluation and licensing corporate growth pipeline, one of the lowest costs and higher return in the industry, our exploration program with highly prospective and growing resource, and we are self-funded supported by the net debt EBITDA below 1. So in the end, we are seeing that as a VBM, we are very well positioned to the future ahead of us, and we are demonstrating this quarter by quarter. So I will leave here with you. And I just would like, again, to thank you for the opportunity to be here today and talk with you a little bit about what we are doing in VBM. Thank you.

Thank you so much, Alfredo. Much appreciate it. I'll turn it to the room. If anyone has a question

Alfredo, it's John Tumazos. Does the 700,000-tonne 2035 guidance include Hua or what other projects?

No. The 700,000 basically include all our organic projects that we have in our pipeline. And the growth is basically focused on Carajas in Brazil, who is not part of this.

For Hua to proceed, will the tailings disposal be on land or marine or has not been decided?

It's -- there's been a discussion around tailings, but has not been decided yet. And we're still enough feasibility phase of the project at this point.

Is the concept for Hua 100,000 tonnes a day or 200 or 300 big picture?

I'm sorry, but I don't know this answer for you right now. I can check it out and revert it back to the team here with Wheaton and they can they can give that to you, if that's okay.

Thank you very much. I'm sorry, I'm too interested too fast.

No, that's fine. No problem. Thank you for your questions. .

Derick Ma from TD Cowen. I have a question on Salobo. How is the course particle flotation technology working right now? And is there a potential to apply that to Salobo I and II as well? And then a follow-on on that is, does CPF reduce the need for another processing facility at level, call it, Salobo IV?

Yes, that's a very good question. We -- we decided to do the coarse particle flotation in Salobo III right now because this is a new technology as well. We saw in our test in -- in our pilot plants. We built a pilot plant in Carajas and Sasebo the results are incredibly good at this point. The idea is to start up with Salobo and definitely, we will analyze if there is other places, not only in Salobo I and II, but maybe Voisey's Bay, for example, that this technology would be appliable, right? So this is part of our process of in R&D. But at this very moment, we are also doing some improvement work in Salobo I and II that will help us to improve the productive at that plant. And in terms of if this will, I would say, replace another expansion of Salobo that we usually call in the past at Salobo. I can't tell you at this point that it will because our resource and endowment in Salobo is abundant, right? So at this very moment, we want to move ahead with Salobo III proven the technology and then decide when and how we're going to apply this in other projects moving forward. But we are very confident that we see great results or of Salobo III with CPF.

Any final questions from the room?

Alfredo, Brian MacArthur, Raymond James. Since you mentioned CFP for Voisey's Bay. Can you just go ahead with that, do you need to change anything at Long Harbour? Or would you just be able to handle everything at Long Harbor? Do you have to integrate stuff back to Sudbury, i.e., is there a lot of other capital?

No, no, no. I think today, we have an office space that our retention and we're moving ahead with these studies and the feasibility study that we want to push Voisey's Bay to at least 3.8 million tonnes per year, which will allow us to feed long harbor 100% with Voisey's Bay, right? Today, Long Harbour has a nominal capacity of 50,000 tonnes per year. And with Voisey's Bay being 2.8 million tonnes per year. we have been able to feed Long Harbor in about 45,000 to 46,000 tonnes per year. So the idea is to push Voisey's Bay even further because we know that we have a huge potential in Voisey's Bay to keep increasing the life of the mine and have that facility delivering 3.8 million tonnes per year at minimum in the near future. I hope I answered your question.

This is David Ho from BMO. I have a question on the Clarabelle Mill expansion. The 8.5 to 9 million tonnes a year in Vint for the 2030 period.

Yes.

So what is driving that? Is it -- do you have new sources of ore coming in from your own mines? Or is it to cater for some of those offtakes, I believe you have in the region.

No, no. It's coming along with our long-term planning, right? So we are we are investing in development in the mines in suberin come back with bringing back the production that we have over there. So there are several projects in our pipeline for Sudbury as well to increase our own production in the next 5 to 10 years. And with that, we will need to expand Clarabelle Mill as we go. So just for you to have an idea, 3 years, 3, 4 years ago, we were running Clarabelle Mill in about 3.5 million tonnes per year. And this year, we will probably achieve -- we will be around 5.5 to 6 million tonnes in 2026. So this is an incredible improvement in a very short period of time and with the kind of low-intensity capital allocation to this project. So Clarabelle Mill now will be able to in 2028, be delivering around 7 million tonnes per year. And as we move with our life of business plan expansion, our goal is to bring the capacity of the mill up to 9 million tonnes. .

Yes. Just to follow up on that. How much of that capacity is for you or relative to what's available for your offtake? Just trying to get a sense of that distribution.

No, no, no, yes. I mean I do not have right on top of my head here, what's going to be the percentage in -- I mean, close to 2030. But definitely, we're improving our our own production, and we are going to focus on filling this capacity majority with our own production, but that will be some room for external feed still.

All right. I think that's it from -- for questions for Alfredo. Alfredo, thanks again so much for being here late in the evening in London. We appreciate it greatly. Have a good night.

Thank you so much. Bye-bye.

Our third and final presentation today will be Hemlo Mining and CEO; as well as the and the Chairman here today, but I think it's just one of them is going to present. We've got John and we've got Jason Kosec here as well. So with that, Hemlo Mining has been one of our recent additions where we actually helped a transaction and acquire basically an asset which was a very mature asset. And the team at Hemlo has done an incredible job of breathing new life into a mature asset.

So with that, I'll introduce Jason Kosec.

We got to slightly adjust this microphone, Haytham. Thank you all for joining. Really appreciate it. And a special thanks to the Wheaton team deals of this size don't happen without full alignment for people in the audience. This is the largest financing ever done by a shell company. It was the largest financing done ever on the TSX Venture. The Wheaton team was about 1/3 of the financing. Right from day 1, there was complete alignment from a strategy, a vision and the potential value to be unlocked from this iconic asset.

So with that, Haythem, thank you very much for your continued support and to the entire Wheaton team. I will be making forward-looking statements, so I will direct everyone to our disclaimer on the company's website. Just a quick corporate snapshot, roughly sitting around a $2.2 billion, $2.4 billion market cap company, a very healthy balance sheet of around $130 million in cash. Long-term debt of $150 million, so net debt position of around $20 million. After the first quarter of ownership, we paid down $75 million on a revolving credit facility. We're reducing that balance to 0. So we have $100 million capacity on that. a very strong shareholder base from the likes of Orion, Wheaton, Fidelity, T. Rowe Price, tremendous street coverage with an average target price of around $10.

Hemlo is an iconic Canadian asset, hence why we kept the name. It's been in production for over 40 years, and that significantly derisks our ramp-up. We know what the metallurgy is. We know what the resource conversion is. We know what the geotechnical was. So it significantly derisks our ramp-up production. Over that 40-year history, Hemlo has produced over 25 million ounces of gold. At its peak, it was 25% of Canada's global -- Canada's gold production and about 3% of Canada's GDP, okay? It sits 30 kilometers east of the town of Marathon right off the TransCanada Highway, Currently, we're sitting at about 5.7 million ounces in resources and reserves. In the first half of this year, we did about 60,000 ounces of attributable production for an average ASIC of around [ 21 57 ].

What we're showing you here in the black bars is the current technical report that Barrick commissioned, okay? Was filed on us. Obviously, that puts a base of value in what we were looking at. But through a tremendous amount of due diligence both at the -- from the Wheaton side, from our side, we're very technically focused people. I'm a structural geologist, we saw a tremendous amount of value to be unlocked by maximizing a very underutilized infrastructure. That's what we're showing you with the dotted bars is a production ramp up over the next 2 to 3 years to about 6,000 tonnes per day. The current study shows an average annual production of 138,000 ounces. Obviously, we strongly believe we can do significantly better than that or else we wouldn't have acquired the asset. Our growth strategy is clear, okay?

One of our biggest strategic assets that we have here at Hemlo is our mill. The mill's permitted capacity is 13,500, okay? The nameplate capacity is 10,000. So we've broken up our growth strategy into 3 clear phases. We're starting at 3,800 tonnes per day right now. That's what we averaged in the first half. Phase 1 is to 4,800 tonnes per day. Phase 2 is to 6,000 tonnes per day. That can be achieved solely from our underground operation. And I'll get more into the underground infrastructure in a subsequent slide. And then the growth from 6,000 to 10,000 is really predicated around a trade-off study that we're currently conducting. Whether we open the open pit back up and do a pushback or whether we take those ounces from underground in a bulk mining scenario, that work is being connected right now. All that is around a foundation around a significant resource and reserve endowment.

We most recently just put out our updated within the first 6 months of ownership, growing the resources in the M&I category by 34%. So this is the optionality that the Wheaton team was talking about, about the exploration potential of these assets and the investments that they make. Right now, we've conducted one of the largest drill programs globally for a single asset of 130 kilometers of drilling significantly more than Barrick ever did. To put it in perspective, Barrick was drilling about 10,000 meters a year. We have multiple regional targets in a district scale 44,000 hectare land package in one of the most prolific granted greenstone belts in Canada.

What we're showing you here is a long section of the mine and a significantly underutilized underground infrastructure that complements the mill, okay? We've broken out E-zone here into 9 mining zones. So each zone is responsible for production, their services, their pace and backfill. Within those mining zones, there's multiple mining fronts. And what that allows us to do is drive a much higher productivity which will equate to a much lower unit operating cost to support a lower grade cutoff. So you don't see the same type of margin compression as you would elsewhere when you lower our cutoff. You have to remember about 75% to 80% of our costs are fixed costs here at Hemlo. So cranking more tonnes is the easiest way to lower our cost profile, given the latent infrastructure that's at site. We have a shaft that's sitting at 1.3 kilometers depth that hoist can do 6,000 ore tonnes. We have a ramp that we just connected to the bottom of the pit that can handle about 4,000 ore tonnes per day. So you could be pulling 10,000 tonnes a day out of this underground infrastructure. and plenty of underground crushing capacity.

There's a few near-term opportunities and debottlenecking efforts that we're working through to maximize this production profile. One of them would be is switching the mining sequencing from a top-down approach to a bottom-up approach. And what's the significance of that? The significance of that is a significantly reduced amount of waste being hoisted to surface to lower your cost profile and breaking through to the next level to keep more of that waste underground. The second opportunity, as I highlighted earlier, is our portal haulage. The portal is not being utilized right now. And as I highlighted earlier, it's about 4,000 tonnes per day of ore capacity. There's a number of additional mining areas for our short-term opportunities that are these bulk tonnage, highly productive stopes. We're looking at an Avoca mining method. We're doing 2 test stopes this year, and these are big, big stopes. These are 70,000 to 90,000 tonnes stopes at around 2 grams, very similar to what you see at Gold X and Young-Davidson.

And more notably, which has incurred a slight delay is our Alimak area. These are very high tonnage to development ratio opportunities. I thought it would be important just to show you where we were sitting last year when Wheaton put in their $300 million gold stream to where we have gone in 2026 and where we see the future opportunities. So what we're showing you in TL is the '25 reserves in red, the '26 reserves and then in pink, the growth potential that will be unlocking over the coming years. Again, to highlight our growth program with our drilling. This is the foundation for our updated technical study that we will disclose next year in the second half of 2027. A big focus is on our resource to reserve conversion that can build the foundation for that updated technical study and life of mine plan. There's a big component of growth drilling, which is really demonstrating our geological view when we originally looked at the asset with multiple parallel zones that have not been exploited in previous years.

You have to remember, the first 17 million ounces that were taken out of Hemlo, the average gold price was $350 an ounce. So yes, they knew about these parallel zones, but when you have you see in the image on the bottom right there. When you have 20 meters of half an ounce, you're not going to go chase 10 meters of 5 grams. And then now just to really take a step back and look at the regional potential. Hemlo has been thought about and people have tried to put a genetic model around Hemlo. And it's been up for debate for 40-plus years. So we had Polson and Diccilito, both brilliant, brilliant mines, one in orogenic mine, one of [indiscernible] mine to really battle it out at site and understand the genetic model. And why that's important is we need to understand the fundamentals to go look for another Hemlo. The chances in our key and Greenstone Belt to have one-off 35 million ounces is extremely, extremely rare. So lo and behold, they came to an agreement by cross-cutting relationships in geochemistry that this is indeed in our key in porphyry system. Porphyry is dated at [ 26 93 ]. What we're highlighting here is the targets that we're slowly evaluating and doing our data compilation that we will test in the years to come. things that are quite exciting are the bags like, Page Lake, Wire Lake and let them be hold porphyry like. There are significant surface showings the porphyries are dated at the exact same time as the Hemlo porphyry, some of them are 2 to 3.5x the size of the porphyry at Hemlo proper.

So there's a significant amount of regional potential that you as Wheaton investors and potentially Hemlo investors that can be exploited over the years to come. And that talks to the exploration and the area of interest that these Wheaton streams are affected by. Quickly, just a kind of a snapshot on our corporate objectives and our time lines. Most recently, we graduated to the TSX. We are very fortunate to work with 2 great First Nations partners, Bictagong and Netomyzogomy, both IBAs are in place for the life of mine. That's a unique way to do IBAs commonly, they're renegotiated as Chief and Council get reelected every 3 to 5 years. We put out our updated resource. We've done our sector evaluation. We've done mill upgrades. We've done preventative maintenance on ground. We've kicked off a 130,000 meter drill program. We hosted a bunch of people at site because believe it or not, the last people at site were at 9/11 and all the analysts and buy-side investors were grounded. So it was good to have people back up at such an iconic asset. We will be doing an NYSE listing. We just got included into the GDX can, and there's potential for other U.S. indices to be included in.

With that, I will kick it off for questions.

Is your business strategy, Hemlo specific, or will you consider other adventures, acquisitions, other things since you have a good growth phase now?

Yes. So our real strategy is to become the next Canadian mining franchise. We're a very young and hungry entrepreneurial team and having partners like Wheaton that give us some flexibility to do interesting and accretive transactions. We will be looking at accretive M&A. As I said, we're a very technical teams. So our COO, Eric Tremblay, who built Canadian Malartic, one of the largest gold mines in Canada, has to see something different operationally. Myself and our geology team has to see something different geologically. So we do not want to be a single asset company. as everyone knows, there's a little bit of risk with a single-asset producer. So we will look at accretive M&A once we are through our Phase 2 growth plans.

Congratulations on all the success. Derick Ma, TD Cowen. With the recent substation. I was I had to ask about that edge. What impact will that have on the targeted rate up to 4,800 tonnes per day in 2027? And what are some second order impacts on other mining areas that you talked about that we could see?

Yes. So the substation that went down, unfortunately, it happened probably in the worst area. We didn't have a critical spare on site to be fully transparent. We ordered one part of our our due diligence process last year because what a critical spare is to Barrick is completely different from what a critical spare is to Hemlo. So what that really does is delays or ramp up by about 3 to 4 months. I don't think it's worth $250 million haircut, but that's besides the point. but it's a localized area within the Alimak mining area. So we've put in a bypass so we can still produce out of that area, albeit at a lower rate. So small impact and really what the impact is, is a 3- to 4-month delay.

Yes. So what we've done is we've resequenced some of the mining over the last week, but it still will have an impact because there's only enough power to to run 1 jumbo in 2 fans. So your cycle times are going to slow down. So we can still maintain our 3,800 tonne per day run rate as we were in the first half of this year. but we're delayed to execute on that 4,800 tonne per day scenario which we guided that we would hit by the end of the year. We don't have formal guidance out this right now, but we strongly believe that all we have in this business is our word. So we decided to press release that and be transparent with all of our shareholders.

I think that's everything. Thanks so much, Jason and the team.

Thank you very much.

Here we go. Good morning, everyone. My name is Patrick Drouin. I'm the President of Wheaton Precious Metals International. That's a wholly owned sub down in Grand Cayman. I'm also the Chief Sustainability Officer for the Wheaton Group, and that's how I'll be worrying today for this presentation. Ad Wheaton sustainability is woven into every aspect of our business. It's a core value that underpins how we evaluate opportunities, how we engage with our mining partners and how we create long-term value for our shareholders. Our philosophy is quite simple. Stronger our communities are, the stronger our partners are, the stronger we are. As a streaming company, our sustainability strategy does focus on the areas where we can have meaningful influence. We do align our approach with the UN sustainable development goals and focus on strong governance, responsible investment practices and community impact. These priorities help us manage risk, identify opportunities and support the long-term success of the assets that generate our cash flows.

Sustainability is embedded directly into our investment process. every opportunity we look at goes through a rigorous ESG due diligence alongside technical and financial assessments. That review can influence whether or not we proceed with an investment it can have an impact on the discount rate that we use to value an opportunity, and it may result in us including additional terms into a contract to make sure our partners are adhering to best practices. It's important to note that once we do close the transaction, our work doesn't stop. We do maintain ESG profiles for all of our operating assets. As Wes alluded to earlier, we do have regular interaction with our partners as well as doing site visits on a frequent basis. And in some cases, we will actually bring in a third-party independent evaluator to assess the performance of our partners relative to internationally recognized standards. The results of our due diligence and our engagement is meaningful. As you can see, 91% of our production does come from operations that already adhere to industry-leading standards. And 95% of our production comes from assets that adhere to the GIS TM.

For investors, this reinforces the quality of our portfolio as well as our focus on managing ESG risk in the long term. Community investment is an important part of how we create share value and one of the areas where we can have direct and measurable impact. As Haytham alluded to earlier, since 2009, Wheaton has invested over $62 million in community initiatives and that commitment continues to grow. Our budget is directly linked to our financial performance, which reflects our belief that as Wheaton succeeds the communities connected to our bed businesses should benefit as well. Our investments are structured around 4 different pillars: health and well-being, education, climate in nature and community development. These areas align with 10 different sustainable development goals, and really help address some of the most important challenges facing communities around the world. In 2025, we deployed $9.4 million into community initiatives. And you can see the budget for this year is at $14.1 million. This growth reflects both the scale and growth of our portfolio as well as our confidence that these values do indeed create value. And the strength of the program is evident both in its reach, but more importantly, an impact that we see directly.

In 2025, we supported more than 50 partner-led programs across 9 operating sites and 3 development projects in 8 different countries. In addition, we supported over 100 local organizations in Vancouver and the Cayman Islands. But what really makes an impact is that we visit these programs on a regular basis. Seeing these initiatives firsthand gives us a unique perspective to the real benefits they deliver, whether that's improved access to education and health care, stronger local economies or healthier environments. These experiences really reinforce our belief that community investment is a powerful way to create shared value to help our partners strengthen their social license to operate and to contribute to the long-term resilience of the regions in which our partners had mines and projects. By building stronger communities, we help foster this stable and supportive operating environments that are crucial for long-term mining success. In addition to the community investment, we help drive innovation across the mining industry through our future mining challenge. Each year, Wheaton awards a $1 million prize to breakthrough solutions that can improve operational efficiencies and drive environmental performance across this sector. Recent winners have focused on reducing greenhouse gas emissions by innovative milling technologies as well as turning -- transforming mining, wastewater into clean and reusable water.

For the upcoming challenges, we are targeting technologies to reduce land disturbance and minimize mining's footprint. We launched that earlier this year and have a very good number of applicants, and we're excited to be announcing that at PDAC here in Toronto early next year. Through the challenge, we're seeking to identify solutions to the industry's most sustainability challenges and help to support solutions that can potentially improve the sector as a whole and not just one operation. And I'll finish with the extra validation of our approach. Wheaton continues to be recognized as a sustainability leader by key ESG rating organizations. We are top ranked according to analytics and the global leader. We maintain a AAA rating by MSCI, we're permeated by ISS. And Corporate Knights has deemed us both one of the world's 100 most sustainable companies as well as among Canada's 50 best corporate citizens. These recognitions certainly are nice, but they're not the objective. Rather, they are evidence that our disciplined approach to governance, partner engagement and community investment is creating value and positioning Wheaton for long-term success.

Ultimately, sustainability is not just about managing risk. It's about strengthening our portfolio, enhancing resilience and supporting durable returns for our shareholders. Our goal is to ensure that Wheaton's portfolio remains the highest quality in the industry and positioned to deliver long-term value throughout the commodity price cycle.

With that, I'll hand it over to Vincent to talk about our financial strength and discipline.

Thanks, Patrick. Our streaming model works with predictable costs and high margins, our business delivers high-quality recurring cash flows. That gives us a very strong financial foundation. This foundation today and going forward is what I want to talk about. We have just deployed over $5.5 billion of upfront payments in the last 12 months. We've been through the most acquisitive period in this company's history. And yet, we're still in a very, very strong financial position. We have a net debt position of $1.9 billion, which is a leverage ratio of roughly 0.6x, very conservative level. We have $4 billion of committed debt facilities, which, together with the accordion, gives us $2.6 billion of immediate liquidity for us to pursue new streams. Even if we drew down the full $2.6 billion, our leverage ratio would only rise to about 1.5x, a very manageable level. And our financial position is only getting stronger going forward. The top chart shows our estimated operating cash flows. We're going to generate over $2.5 billion of operating cash flows in the next 12 months, which will bring us back to a net cash position by the end of next year.

Our liquidity is also growing significantly, giving us ample capacity to pursue new transactions. This is a business that self-funds its growth. Having these very strong cash flows, it makes a lot of sense to fund a portion of our growth with debt instead of equity. In the history of this company, we have used about $7 billion of debt to pay for open payments. If we had issued equity instead of debt, we would have issued 250 million more shares than it's currently outstanding. That's 55% of our current share count. Now that's dilution or shareholders did not need to experience, and that's the value of a deliberate capital structure. The debt facilities, we do have work very well for us. For one, it's an attractive cost of capital. It's less than 5% interest rate. It's penalty for repayment. We can repay it as quickly as we want and minimizing our negative carry. It's [indiscernible]. We only have one financial covenant in our revolver and it's going to give us a lot of flexibility.

And the last point, having access to capital in the streaming world is very important. When you can fund a large deal where you don't have to access new capital, that gives you speed flexibility and certainty on execution. And that's what the $2.5 billion revolver gives us. I want to switch gears a bit and talk about capital allocation. With a strong financial foundation, we have a lot of ability to return capital back to shareholders. We have a progressive dividend, one that we've increased significantly in the last 10 years. We've increased it by 370% in the last 10 years and 18% alone last year. The way we think about capital allocation is very straightforward. What gives us the highest value per share impact. And on the dividend, we'll keep increasing that just like we have in the past decade. An increase to the dividend is a statement of confidence. -- about the quality of our growth and our cash flows. And on new streams, as Haytham said, we will only pursue new accretive streams. It is always quality and value over quantity and size. The pipeline that we currently have is as robust as we've seen it. And an accretive stream is one that can compound value for decades to come. And that's the area we see the bulk of our capital going towards.

And as our cash continues to build and grow, we're going to have significant capacity to return capital back to shareholders through other means. At Wheaton, we measure everything on a per share basis, and that's how we ensure our strong financial foundation translates into long-term shareholder value.

And with that, we're going to move into a Q&A panel with our management team. I'll invite everyone to come up.

Does anyone have a question? If not, we got up here for now.

Okay. Thank you for taking the time. Globally, we're seeing rising bond yields. How does the potential for higher cost of capital to change the way you look at how you look at the balance sheet, one and how you fund transactions going forward? You just talked can you give us a flavor of how that might change your strategy going forward?

Yes. I think we look at the cost of capital of the stream through the cycles, right? We don't price things kind of off of what the spot interest rates are. That's one indicator. And that's obviously piece of competition against the stream. We always have to look at that. But when we price the stream, we really try to look at what the long-term cost of capital is, and we look at what the 10-year bonds trading at a 30-year bond and we kind of price adjust on that basis. We also look at what our own cost of capital is. There's no kind of number. But I would say with the bond yields rising, that's only to our advantage, where the stream creates even more of a value proposition for potential partners being a much lower form of cost of capital.

Let me ask one more, and I'll hand it off. Well, you've seen some large net margin royalties that are transacting recently. There could be other large ones to come. You have some royalties on the portfolio, but it's outside of Wheaton's wheelhouse, let's say, is a royalty transaction something that we didn't would consider? And how do you tune from a due diligence perspective on something where you might be taking CapEx risk?

Sure. Maybe I'll take that, and then I'll pass it over to Neil to make some comments as well on that. Just from a royalty versus stream perspective, it's always, from our perspective, better to create a stream because we can control what the existing narrative, what security, what the structure, parent company guarantees, et cetera. We have competed on royalties in the past. What we have found is a lot of those royalties don't have the structure that we actually can aggressively bid on, which is one of the reasons we don't have a lot of cash flowing royalties.

The royalties that we do have in our portfolio are royalties that we acquired because we wanted ROFRs on future financings. And that's what we have on every single one of those royalties. So that gives us the last look before they do a funding transaction for it. And that's why we acquire royalties. We're a streaming company, we'll continue to do so.

Maybe I'll pass it over to Neil, do you want to talk a little bit just about maybe just opportunities.

Sure. I was going to say on the royalties, strict NSR on precious metals opportunity, can be attractive. When you get into other royalty structures, it can be less attractive when you get the cost exposure. And then, of course, you get NSRs on base metal operations that where the precious metals portion is a much smaller component is not nearly attractive to us.

So yes, we do look at them, but not with the same enthusiasm I'd say we've put into streams. You mentioned the pipeline? Yes. I would say, just touching on that, that it's very similar to what we chatted about on our second quarter conference call. We're seeing opportunities in the $200 million to $500 million range. The pipeline is robust. There's a lot of processes on the go. They're all incomally timed, it seems around this fall in the Colorado conferences. So expect the team to have a very busy fall with travel schedule and getting back out and visiting potential sites.

Not to belabor the point too much, but when it comes to existing royalties, we do find that it might look attractive on day 1. The asset may be a great opportunity, but back to the kind of the presentation. When you layer on what we normally look for, and we look at what was actually in this document that's already been papered, like, well, we just -- a lot of the upside has been given away or all the upfront capital has been put in. It's pre-permitting. There's no protections for -- we just find that the terms and conditions aren't what we would have put together. So we struggle to get to the value that we would on our own stream.

Is that the thing for an NPI?

Even more so for an NPI. And that goes back to Neil's point about the fact that you're now taking cost risk. Not only are you taking -- you don't have all the protections that we normally look for. In addition to that, you're now taking cost risk on the operations, capital cost risk, operating cost risk. So those would definitely be something we would have to really struggle if we were going to look at that. We would definitely -- I mean, never say never, but it would have to be a very attractive project.

You have to price it almost like an equity investment, right? Like why would you buy an NPI for a much higher premium than you would buying the equity of the actual mining company. So that's the trade-off you have to look at. And there has been instances in the past where our peers have done that, and it's not something we pursued.

So that being said, it doesn't mean we won't compete on the same processes. What we typically do is we'll put in a bid that we think reflects what the value of the actual royalty is at that time. And if that forces our competitors to pay more, that's less money in their pocket and more opportunities for us to stretch on in the future.

Brian MacArthur, Raymond James. So first of all, I think this is great that you spent a lot of time talking about security drop-down buybacks and everything from your perspective. If I take the other side of that, what's the thing that people push back more on when you're trying to get these deals? Like 15 years ago, you might not have even had to do a drop-down or anything. What is the biggest sticking point you find when you lose deals? Is it drop-downs, buybacks? Is it parent guarantee? And maybe talk a little bit how that's evolved over the last number of years.

Maybe I'll just make a couple of comments, and I'll pass it over to Kurt. So the one thing you have to recognize is the streaming industry has evolved quite significantly in the last 22 years. We have -- you're right. Initially, we could enter into stream with fixed production payments. We can enter into streams for the life of mine without any drop-downs, et cetera. What we've actually -- and we evolved quickly on this front. What we've actually tried to do is provide a thoughtful approach to financing mechanisms.

So when we look at an actual streaming opportunity, we don't just look at the existing -- how much is starting out over the next 5 years. We'll look and say, okay, it's starting at x number of ounces, but the grades drop by 40% 10 years from now, and they drop by another 20% after that. So we'll structure -- that's why the drop-downs make sense because we're trying to limit how much of the margins that we take. So the stream continues to be very, very -- sorry, the asset continues to be very, very strong. And that gives -- that creativity and that thoughtful approach gives us a little bit more, I would say, credibility with the counterparty. And that's something that we look to.

Kurt, do you want to talk a little bit more about that?

Sure. I've been with Wheaton since 2008, so 18 years, coming up 18 years. And over that time, there's been various pressures on the streaming space. And so you asked over the years. Certainly, there was periods of time where buybacks were very important. There was another period of time where I remember price sharing was very important, where they said, listen, 20% of spot price.

But if silver goes above X dollars, you're going to share 50% or 70%. And we were pretty adamant that, no, no, we're going to stick with our fundamental structure. And if we lose the deal, we lose the deal. And there was a lot of pressure. It was like, well, others are doing it. We're going to lose this deal if we don't do it. And that's like that's fine. We're big enough that we should have a say in how this industry evolves. And we shouldn't just accept this is where others are doing. If they want to do it, they can do it. So that's kind of the historical context presently. I think the streaming model for the most part is now kind of accepted as to how it gets structured.

So you have a 20% production payment, you'll have the one drop down. You do see pressure at the fringes, but we resist that. I would say, but others may have different views. I would say the biggest reason we lose deals now would be either it doesn't pass our technical mustard, so we're just not interested in it or others are -- it's just a price -- the upfront dollar number. That's kind of the main gating item is we just don't see the value that others maybe see there or that we don't believe the project. We've done our own technical model. We've hampered it or we don't have -- we don't see the exploration potential. So we just won't get the on value. If we get the on value, I'd like to think we're creative enough that we can work through some of the other issues and find different solutions.

KONE was a good example of that. Martino mentioned that, right, where they had a pretty unique property. We did some really unique things there. We burned the midnight hour to get to those outcomes, but I think we got to a win-win solution where both parties are happy. But that earth hurdle is just value.

And maybe just talk a little bit about how much equity you're willing to put in versus a stream on a deal, what sort of percentage is constraint and how you view that going forward? Obviously, it's been -- equity has worked out pretty well and you used it to fund other things, but just how you think about that going forward?

One of the reasons that the streaming model works is because a lot of the counterparties that we look at want to avoid dilution at all costs. So the only time that we will actually put equity in is when they want us to put equity in. We don't ever look to say we need to have x number of dollars invested in your equity. What we do try to come up with is these fully funded structures, whereby we're coming in with a stream.

We're coming in with a working cap facility, cost over facility, whatever is required to get them there. And then after all that, if it's still not enough, rather than have them go take on some additional debt, then potentially we would look at participating in equity given that lead order that helps them get that equity financing across the line, which we've seen work time and time again. And you're right, we've made -- we've crystallized a lot of gains on our equity positions, most recently when we acquired the $4.3 billion Antamina stream.

So it pays off. We're not money managers. We're going to leave that to the smarter people in the room and on the webcast, but we will look for ways to continue to help our partners grow their assets. And if we have to put in equity because they want us to, we will be there.

This is Larry Liu from CIBC. I'll just have 2. First one towards Neil. And Neil, I apologize in advance, it could be a multipart question. I learned from the best. So one thing we started to notice is the streamers started supporting acquisitions as the main way to get financing for these parties. So I guess what makes WM stand out as a partner? I know WM is very comprehensive in terms of technical service. Is that why?

And second part to the question is Jason gave us a really good presentation earlier on the upside they see at Hemlo. What do you do to bake that into your numbers? And how much upside should we see in terms of the future as well?

Sure. Yes. Thanks for that. I mean it's interesting you mentioned Hemlo, and that was -- over the years, we have bid on and looked to assist various companies through M&A. And it just hasn't worked out. Hama was the first time we were actually involved in successfully assisting a purchaser of an asset, which was a great outcome and to have it linked to, as Jason described, one of the iconic mines in Canada was fantastic. When we went to the site, given the age of that site being 40 years old, you kind of go in and selling it, you kind of go in and expecting kind of a tired-looking asset. And what we saw was the exact opposite.

We saw a site that was very well maintained, a team that was very much engaged and really wanting to have more capacity to do more exploration. We looked at what was available within the mine. We started with what's available for resources, which haven't yet been converted to reserves. In older mines, a lot of that is usually tied up in stuff that's close to backfill and stuff that realistically is not going to be mined. What we found at Hemlo was the exact opposite. There's a lot of these remnant resources, which we felt can quite easily be converted.

When you look at the increased understanding of the geometry and folding of the ore body, there's a lot of drilling, which highlights areas to explore and Hemlo are already off to the races on that and putting out very attractive looking exploration results, it seems like every other week.

Perfect. That's good to hear. And my second question will be for you, Ham. If we look at the last few years, Weeden has done really well. You, Randy and the team has brought the company to a long-term kind of production target now to over 1 million ounces. Now you being the CEO, what's your long-term goal for the company? Is it going to be 10 million ounces? Or...

That's a good question. So our goal -- Randy's goal was 1 million ounces. We're approaching 1.2 million ounces by the end of this decade. Our objective is it's never a size. We're not trying to get to a certain number. We're trying to continue to acquire the highest quality, lowest cost assets. And that's something we're seeing. And Neil and the team have done an incredible job at looking at these assets. We're probably looking at 25 to 30 different opportunities right now, which is a pretty decent number of opportunities.

I would say, I think what I would like to see, and we've highlighted just in terms of the growth of the company, we've added 2 to 3 different positions, 2 and the third one that's coming on on the geology, operations and engineering side. And that's going to allow us to continue to look and grow the company even more. If you want an actual number, I would say I would not be surprised to see us in the next 10 years hit 1.5 million gold equivalent ounces.

It's really impressive that about half of the production is Vale, BHP, Glencore, first-class big companies. with only 22 operating assets. As you vet a new asset, for example, Montage, a new company, new mines, new country, could you walk us through how you vetted the 3 levels of newness here and maybe 1 or 2 other case studies so that we understand how you move from Salobo Vale to a new company.

Sure. Maybe I'll start just with a quick comment on some of the growth that we're seeing. Obviously, one of the big avenues of growth in 2026 is Antamina and the acquisition we did there. But if you look at what we've actually done as an organization and where we've actually entered into which continents we've gone into most recently, Africa has been one that's providing a lot of that growth in the near term.

We've been looking at assets in Africa, various parts of Africa for the last -- as long as I've been there and even before, but so over 15, 16 years, at least. And every time we look at an opportunity there, we found a very mature, deep unstable asset that has social issues, oververemployed, looking for government support, like we just weren't comfortable. And so what we ended up doing when we went into Africa finally with Platreef, obviously, with Allied Gold and with Montage is we targeted -- and we specifically targeted development projects that are brand new that will be built using North American standards that will be built by reputable companies that are out there and trying to continue to grow in a very efficient but safe way.

And that's very important for us is just having that safe growth and a team that's aligned with how we view safety and culture. you want to add anything, Neil?

Yes, I was going to say the mention of Montage, John, is interesting when we approach, especially a new jurisdiction like Cote d'Ivoire, looking at it from a risk perspective, starting with the ore body. Very quickly, we've got very comfortable with the work that have been done, and we're very pleased and the exploration upside, which was discussed this morning.

As we look beyond that, the team, their track record of building mines in Africa, very quickly, you gain this feeling that this is a group that has identified and developed a very good-looking ore body, which has got a lot of upside, and they're well equipped to deliver on it.

So on your question around how do we vet new assets that we're looking at. I think that was your question. So this helps. It kind of comes back to Neil's presentation. First and foremost is the technical aspects of that mine. how excited is the team about that asset. We sit around as a team, there's probably -- I don't know how many people in the room, 25, 20 people. Almost the entire team is in that room, and we look at our first cut of a deal and say, geology and the technical folks, the metallurgists, their slides come up first.

And I don't -- I'm no technical expert, but we're guided by how excited do they get. If they're super excited, we find solutions to other problems. If you see some raised eyebrows or people not getting too excited, you don't stretch too much. You don't work too hard to get to the finish line. You don't stretch for value. That's probably our main gating item for when we come to a new asset, how excited do we get. it's really that first meeting I think of as kind of our main gate that we look at.

I think our due diligence approach is also very in depth, right? Like for a new partner, new country, we deep dive. We figure out, well, how is this company going to actually get cash out from that country into the supplier to fund our stream. So we go to that level of detail to make sure the whole chain works. And a lot of these kind of development stage assets are single-mine companies. And we're very much kind of hand-in-hand working with them to figure out what their optimal capital structure looks like.

We don't want them to have too much debt, but we also don't want them to obviously over dilute themselves. So our stream structures in the sense, govern what that long-term capital structure looks like. So the due diligence part is very important and then also being a partner hand-in-hand designing kind of what the outlook looks like as part of the process.

And for new jurisdictions, we will turn to outside consultants if need be, who have boots on the ground. So people who have an in-depth understanding of what the jurisdiction is like. So we put a lot of work into the political risk side of things as well.

We also have -- I mean, a significant amount of experience working with companies of all sizes. I mean you look at like there's 38 different companies in our portfolio right now. So although a lot of the production is coming from those larger companies, we have a lot of experience working with smaller companies right now and small private companies.

So when you're looking at these new assets and looking at the teams on there, you can judge across that entire portfolio and across all the network that we all have the quality of the management team and the quality of the team that's actually going to take these things forward. And that's a huge part of how you actually look at how we judge the opportunity.

We've had a few questions come on the webcast. So I'll just read one. How have IRRs changed over the life of the business? And how hard is it to generate attractive IRRs in a flat commodity price environment?

I'm happy to take that question. So when we look at a transaction, obviously, it has to return -- have a meaningful return for us. Often when we first started, we were in a much smaller competitive environment. And so we were able to demand significantly higher IRRs in order to get these transactions done. It's very competitive right now. But the one thing you'll see, and this was similar to example, for example, with the BHP stream on Antamina is when we look at things, we don't just look at what's there.

And so when we're looking at our IRR, we're looking to see how much potential there is for continued expansion, not just how much the analysts are looking at based on the existing technical report that shows a reserve life of x number of years. We're looking -- and we're asking our team to share with us what the vision is. What's the potential for the resources to go into reserves?

What's the potential for these exploration targets that they've already drilled or hit up to actually be converted into resources. And we value that all into our profile, but at different discount rates, obviously, to reflect the different levels of risk. And so we're still looking just about in every single transaction at a very, very decent return to our shareholders. Throughout our life of the company, our average return has been close to 20% on an annual basis. That's for the last 22 years.

And obviously, that commodity price has something to do with that, but it's also even with taking out commodity prices, we are still have a very healthy return for our shareholders. And that's the most important thing is to return that value to our shareholders.

Another one from the webcast. Are you of the view that we are a few years away from a major CapEx cycle go and copper and thus near-term streaming opportunities are on gold projects?

Do you want to take that?

Sure. I would say, as we look at opportunities out there, the one we see the least amount of high quality in is new copper projects. Jervis is a smaller operation, but we are very excited about that one. We're very happy and pleased to be supporting them. I think with copper price where it is, the copper mines or projects that have typically been perceived as being low grade are going to get a new light. And I think there's going to be a lot of -- certainly, there's a lot of those in British Columbia, and we're pretty excited about those because they do contain, as you mentioned, a lot of precious metals.

I'll also add, we have made the statement in the past that we are entering an era of multibillion-dollar streaming transactions. It took us 5 years from the first time we approached BHP to actually do a stream on Antamina, with BHP. These -- I do think that there's some significant porphyry projects that are going to be up and running in the next 5 to 10 years, and streaming will play an important part there, but it will take time. It's not like we're seeing a lot of these come into fruition immediately. So I would hope that streaming as a competitive source of funding continues to contribute to the overall funding package for these companies.

And that actually leads nicely into the last webcast question, which is, do you think the remaining silver production balance at Antamina is streamable? And would you take on additional exposure to Antamina?

Everything is streamable. But we have had discussions with the remaining counterparty, Mitsubishi, obviously. And their objective is not to raise capital unless they have an actual financial need, a specific need that they're going to put it towards. And at this point in time, they don't have a specific need. We continue to have conversations with them, and we'll continue to do that. We've had them over the years. We'll continue to do that going forward. So we would hope that, that would be the case. Antamina is one of these projects that even if you took the last 10% of the silver that's there, because it's run by this JV, it will continue to operate efficiently despite having streams on all silver.

This is David from BMO. I have a couple of questions on capital returns. You showed a slide earlier on -- with the capital allocation framework. And I think there's a third party additional returns. Like how should we think about that over the next probably 4 years, 5 years?

Sure. Like I said, we measure everything on a per share basis. Right now, we're seeing the ability to transact on new streaming transactions on a much more accretive way than buying back shares. So that's why we're going to keep pursuing that route. But as we grow, like we're generating $3 billion of operating cash flows per year. At some point, there may be a time when there isn't a lot of capacity left to invest, right, with $3 billion of capital is a lot to deploy.

The goal there was to paint the picture that down the road, we're going to have significant capacity to return capital back to shareholders. And we have to decide at that point what generates the highest value per share. But for now, it is definitely on the dividend and the new streams.

Okay. And on new streams going forward, are we -- should we expect the same state mostly in precious metals focused?

Oh yes. We're 99% precious metals, and we'll continue to focus on that route.

100% precious metals going forward for sure.

Any further questions from the room?

I'll just ask one more, Derick Ma, TD. Talk about the multibillion-dollar transactions or potential for transactions. These are step changes for any portfolio. And I think you circle back a few years, no one thought a multibillion-dollar transaction was even on the table. So congratulations on Antamina. With those opportunities potentially on the horizon, one, where are those opportunities coming from, from your perspective?

And then two, how does that potentially change the way you prioritize the pipeline or manage the balance sheet to optimize your financial flexibility to get those opportunities when they do come to market?

I mean I'll answer the first part of the question, and I'll pass it over to Vincent. We're seeing a lot of these ot obviously come from Latin America without specifically highlighting a country. We're seeing significant, I'd say, encouraging exposure to these large porphyry copper projects and support from the government, et cetera. So I think you're going to see a lot of that going forward. And then I'll pass it over to Vincent for the second part of the question.

Yes. I think to make sure we're kind of ready to go, we upsized our revolver recently to $2.5 billion. And with the term loan, we have a lot of capacity. And with our growth profile, we're going to continue to increase our cash flows. So this is a business that's going to keep recharging its balance sheet. We're going to be back to a net cash position in the end of next year. That means we have $2.5 billion or $4 billion of capacity at that point to pursue new transactions. And that should be more than sufficient given the pipeline that we currently see.

In terms of where these opportunities are going to come from, I think BHP's press release was as good an advertisement for that as anything else. I mean they talked about the fact that they had a capital need and they were able to take this byproduct credit that wasn't being valued in their portfolio and redeploy that for their core product.

So anywhere you see a big company that has that scenario, that's, I think, really put it on the map. And that certainly, from our experience, has flushed out a number of interested parties that are saying, well, if BHP can do it, we should also look at it.

And certainly, we've been having conversations with groups that we haven't had much exposure to in the past because of that BHP deal.

Just following up, because you did a $4.3 billion print, other people are coming to you, it's like the best advertisement in the world that you can do a $4.3 billion print. But it fulfills Hayfin's guidance that there will be $1 billion deals coming down the road.

Yes. No, absolutely. And keep in mind, though, not every stream out there is a Wheaton stream. It has to have the quality. It has to be accretive. We have to be able to see the upside. And that's -- those are the ones that we will actually stretch for.

Andrew Witt from Edison. You've talked many times over the years about the discount to gold and silver prices that you use when you're valuing a potential stream. And given that gold and silver is substantially higher than the last time you held an Investor Day, could you just tell us where you are now and how you're applying those discounts and valuation in your own mind when you're looking at potentially very long-term streams?

Sure. And I can tell you that when we do look at discounting, we look at where we are in the precious metal cycle, specifically for gold and for silver. Obviously, we've had some strong runs, not so much in the silver side, for sure, but not so much on the gold side. We think the gold is still very, very conservative. So we're -- without giving you an actual number, I would say we're probably more aggressive on gold than we are on silver at this point in time.

From a fundamental perspective, we're on both, we're incredibly optimistic about the outlook for them. Specifically, you look at what's happening in the U.S. on silver, for example, or not in the U.S. on silver, just in general, we've been in the silver supply deficit for a number of years, and we expect that to continue through the rest of the decade. But you've also got growth coming from electrification, decarbonization, AI networks -- sorry, AI data centers, 5G networks. And solar seems to be picking up the last few months as well.

So you're seeing all this additional demand, but that doesn't even state the case for investment demand, which is going to be one of the biggest drivers for silver prices going forward, which is one of the reasons that we're still optimistic in looking at silver opportunities. On the gold side, obviously, gold is a safe haven metal. And what we've seen globally right now in terms of geopolitical turmoil, et cetera, that has resulted in what I would say, a lot of concern about the strength of the U.S. dollar longer term.

Obviously, we're expecting a couple of increases in terms of interest rates over the next 3 to 6 months. But longer term, with a $2 trillion federal budget deficit and the overall debt levels continue to grow, our view of the U.S. dollar is not positive, which is very positive for gold price longer term.

Unless there are any other questions in the room, I'll hand it over to Haytham for closing remarks. Going once, going twice.

Thanks, Emma. Slide 73 that you're seeing here demonstrates how this disciplined approach to capital allocation that Vincent talked about and many of us have mentioned today, consistently returns value to our shareholders and has been a better investment than investing in commodities alone or various preonals-focused indices over multiple time frames as you see, you've got the 1-year, 3-year, 5-year and tenure there.

I think as you've noticed, what we've tried to emphasize today is the Wheaton difference and why we have been and will continue to be successful. We've got a strong management team that owns the decisions. Everybody you see here as well as directors and et cetera, everybody is looking for ways to grow this company, but it has to be accretive, and we take responsibility for the decisions we make. We've got to focus on high-quality assets that have gotten us to where we are today. Not every stream is a wheaten stream. And I think you heard me say that about 3 times today.

So it's very important for you to understand that sometimes we'll bid, but again, it's not necessarily win that transaction. Sometimes it's to ensure that there's a fair price being paid for a transaction that possibly more than fair that we're not willing to pay. The importance of strong stream structures is what Kurt and Vincent highlighted to protect us and provide shareholders with comfort knowing that we've done so. We've seen some volatility on this front with some of our counterparties or our competitors.

And we're trying to protect our shareholders so they can go to sleep at night knowing that when they get up in the morning, they are protected. An organic growth profile that is second to none in the streaming industry. We've got 400,000 ounces of gold equivalent growth between now and the end of the decade, and that's very certain, very conservative growth. A continued focus on precious metals, which has gotten us to where we are today, and that's not going to change.

Somebody asked the question earlier. All these factors make Wheaton a foundation stock to own in any portfolio. And that's the one message we're trying to get across is that's not going to change.

With that, I will say thank you to our partners, our shareholders and to the investors, analysts and associates who took the time out of their busy schedules to be here today and who joined us by webcast. For those here in person, I invite you to join us for lunch and continue the conversation with the senior management team. Thank you all once again.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 Second Quarter Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Friday, August 7, 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, Julianne. 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 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 second quarter results of 2026. The second quarter closed out a record-breaking first half of the year for Wheaton. Through the first 6 months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings and cash flow. In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model.

In the first half of the year, we achieved record production of 415,000 gold equivalent ounces and record sales volumes of 390,000 gold equivalent ounces, positioning us well to achieve our 2026 production guidance range of 860,000 to 940,000 gold equivalent ounces. Production in the second quarter was bolstered by the initial contribution from our expanded Antamina silver stream and the continued realization of the company's growth strategy with incremental production realized from Hemlo, Fenix, Platreef and Goose.

Turning to corporate development. We also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio. We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed. We announced our first ever streaming transaction in Australia, a gold and silver stream on the Jervois project through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Cipango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio. 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.

As of June 30, 2026, our balance sheet remains robust with $100 million in cash on hand at quarter end and access to the undrawn portion of our $2.5 billion revolving credit facility, which, together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance as well as the capacity to pursue 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.

Importantly, Wheaton's growth is not dependent on additional transactions. Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up and optimization.

Turning to sustainability. Wheaton was once again recognized among Corporate Knights' Best 50 Corporate Citizens in Canada, a multi-sector accolade that we were proud to receive. During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector. We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrated in our recently published 2025 sustainability report.

With that, I would now 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 Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina stream, together with the new production from Fenix, Hemlo, Mineral Park, Platreef and Goose. In Q2, Salobo produced 62,100 ounces of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily the result of lower grades. Vale Base Metals disclosed that the coarse particle flotation is the key near-term growth driver at Salobo, supporting Salobo III's expansion from 12 million to 18 million tonnes per annum and targeted total throughput of 42 million tonnes per annum by 2029.

In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5% effective April 1, 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance as a scheduled July maintenance shutdown was advanced into June. The lower grades were attributable to pit sequencing with a greater portion of copper-only ore processed relative to copper-zinc ore, which contains more silver. An increase in copper-zinc ore is expected to be processed in the third quarter, which is expected to result in higher silver grades.

In Q2, Blackwater produced 100,000 ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput. On August 4, 2026, Artemis Gold provided an update on the Phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33% from 6 million to 8 million tonnes per annum. Artemis reported that the Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027.

Artemis also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget. Together, Phase 1A and EP2 are expected to expand throughput capacity by 250% from 6 million to 21 million tonnes per annum by 2028, increasing annual gold production to over 500,000 ounces. Several development projects continue to ramp up in Q2 2026, including Mineral Park, Fenix, Platreef and Goose. Construction also advanced across a number of projects, including Kurmuk, where Allied Gold reported the project remains on budget and on schedule with start of operations expected in August and first gold pour a few weeks thereafter. And Kone, where Montage Gold reported that the project remains on budget and ahead of schedule with first gold pour targeted for Q4 2026 through the oxide circuit and the hard rock comminution circuit on track for completion in Q2 2027. Production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 to 940,000 GEOs. Production is expected to be weighted to the second half of 2026, driven by mine sequencing at Salobo and Penasquito, the first full contribution from the Antamina BHP stream and the continued ramp-up of newly operating assets through 2026.

Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030 with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 through 2035. That concludes the operations overview.

And with that, I'll turn the call over to Vince.

Thank you, Wes. Production in Q2 was 202,000 GEOs, a 6% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and contributions from our newly operating assets. Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter as we drew down produced but not yet delivered ounces carried over from prior periods. Consistent with our earlier guidance, Q2 deliveries reflected 2 of the typical 3 quarterly shipments under the new BHP Antamina stream with a full quarterly contribution expected in the second half of the year.

At the end of the second quarter, the produced but not yet delivered, or PBND, balance was approximately 158,000 GEOs, representing 2.6 months of payable production. This is consistent with the preceding 4 quarters and within our guided range of 2.5 to 3.5 months. Strong commodity prices, coupled with solid production led to record quarterly revenue of $929 million, an increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price, together with a 14% increase in the number of volumes sold. Of this revenue, 46% came from gold, 52% from silver and the remainder from cobalt and palladium.

In the coming quarters, we expect the revenue split to favor gold as the new gold dominant development projects come online. Net earnings increased by 86% from the prior year to $543 million, while operating cash flow totaled $650 million, a 57% increase from last year, resulting in year-to-date records achieved across revenue, net earnings and operating cash flow. During the quarter, we generated over $650 million in operating cash flow and deployed approximately $4.5 billion in net upfront cash payments across our streaming portfolio. This was headlined by the $4.3 billion payment to BHP for the Antamina silver stream funded on April 1 and also included $156 million for Kone, $23 million for Spanish Mountain, $60 million for Jervois and $4.5 million for Cipango.

In addition, the company made 2 dividend payments totaling $171 million and made its first global minimum tax payment relative to the 2024 taxation year amounting to $109 million. After funding these commitments, we ended the quarter with a cash balance of approximately $100 million at June 30, resulting in a net debt balance of approximately $1.9 billion. This is a reduction from the approximately $2.1 billion pro forma net debt position immediately following the Antamina funding on April 1, reflecting the strength of our operating cash flow even after funding additional stream payments and dividends during the quarter.

On the Antamina acquisition, on April 1, we drew down on our new $1.5 billion term loan, together with a draw on our revolving credit facility and cash on hand. During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by $500 million to $2.5 billion and extending its maturity by 1 year to June 30, 2031.

Together with the $500 million accordion feature and our cash on hand, this provides approximately $2.6 billion of available liquidity. The strength of our production guidance and continued strong margins, we remain well positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions.

This concludes the financial summary. I'll now hand things back over to Haytham.

Thank you, Vincent. In summary, the first half of 2026 was record-breaking for Wheaton and the second quarter reflected the continued execution of our strategy. The first half of the year saw records achieved across production, sales volumes, revenue, earnings and cash flow, reflecting the strength and momentum across our portfolio. In the second quarter, we delivered record revenue and closed the Antamina silver stream with BHP, the largest streaming transaction to date, which has meaningful long-term silver exposure.

We continue to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervois transaction, our first stream in Australia. Our development pipeline continued to advance with multiple assets progressing through construction, ramp-up and optimization, supporting Wheaton's forecasted sector-leading organic growth profile of 50% by 2030. And 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 turn the call -- open the call up for questions. Operator?

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

Yes, I guess the first question, just on the sort of bridge into the second half, like how much of that uplift is the new -- sort of new assets coming online? Can you just give us a little light sense of contribution from the new ramp-ups relative to the mine sequencing? Yes, that's the first question.

Thanks for the question, Daniel. It's really mine sequencing is driving primarily. Most of the ramp-ups this year, well, all of the ramp-ups only amount to about 3% of our total production on the year. So really, the main thing is that Antamina stream being fully online and then really the shift in mine sequencing, particularly on Salobo and Penasquito to the second half of the year.

Okay. Got it. And then the second question, I suppose, is about the project pipeline and your appetite for deals while you're still digesting the shift to net debt and the Antamina acquisition. I mean, I guess, yes, we've seen a pullback in asset values with the gold price a little bit. Has that made the pipeline more active is the first part of the question.

Second, I see you've engaged in a couple of royalty transactions. You've historically been less active in this space relative to your peers. Are you seeing opportunities for transactions in third-party royalties? And third part, are you seeing any movement on the copper project pipeline, prices of $14,000? Is that pipeline looking like we might see some more FIDs and financing requirements? I'll leave it at that.

Thank you for the question, Daniel. I'll start by saying we currently have, as Vincent outlined, almost $2.6 billion in unused capacity through our revolver, and we're generating in excess of $200 million of free cash flow every month. So we feel very, very comfortable continuing to transact on whatever we see out there in the market. That would be an accretive transaction for Wheaton.

In terms of the royalty transactions we've done lately, it's -- I think you have to look at it differently. We're not just entering into royalties because you're right, royalties won't really move the needle. What we're doing is we're entering into royalties that have ROFRs, so right of first refusal on future financings. And that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there to finance. So that's very important.

On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development.

Sure, Daniel. You mentioned the drop in metal prices. Coming off the highs that we saw in the first quarter, moderation in metal prices did contribute to a bit of a softening in the equity markets. And I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment. We do see the mix still weighted towards gold, as Haytham has said, and generally in the same range of about $200 million to $500 million as we've been messaging.

Yes, just whether there's any color on any -- the high-level color on the deal pipeline or potential in the copper industry, whether you're seeing any more movement there on the projects?

Well, I mean, the copper industry itself, there are some large projects out there in the copper industry, but they will take time to come to fruition. There's nothing imminent within the next, I would say, year or 2 that requires financing. But looking out, call it, 3 to 8 years, there is a large -- there are a number of large porphyry copper deposits that will require big funding, and we would hope to be involved in that. In the meantime, we're not just sitting by, obviously, waiting for those to happen. We're constantly looking -- our team is constantly looking at ways to continue to expand our portfolio through accretive transactions. And as you've seen, we've entered into a stable jurisdiction. We've looked at -- in Australia, we were looking at several other jurisdictions. Obviously, North America, a lot's going on there. So we're very excited about the way things are looking here over the next little while.

Our next question comes from Tanya Jakusconek from Scotiabank.

Congrats on the strong quarter as well. Can I come back to just the second half of the year, you're going to see stronger production mainly from the operating assets. Maybe some guidance on the sales because sales came in higher than we expected. So I'm kind of wondering how sales and production is going to look for the second half of the year.

Tanya, it's Vince here. Yes. So our PBND balance really drives that. At the end of Q2, we're sitting at about 2.6 months. We typically see it range anywhere between 2.5 to 3.5 months. So I would say there is a higher likelihood that there will be a little bit of a buildup in the PBND towards year-end than a drawdown. So I would forecast it to be flat or rising a little bit, but nothing dramatic.

Okay. If that's the case, then you're thinking that production and sales could be close to each other. Is that how we should be thinking about it?

That's how I would think about it.

That's helpful. Maybe I can get my numbers right next time with that guidance. Just turning over to just the deal pipeline. I have 2 questions on the deal pipeline and whoever wants to take that and maybe Haytham as well. From understanding this pipeline -- the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range seem to be further out like that 3- to 8-year time frame. Would that be a fair statement?

I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of $1 billion, could be as high as $2 billion. But again, those take time to gestate. And so it will be, I would say, majority of opportunities are focused on sub-$500 million, but there is the odd $1 billion or $2 billion transaction that could come out sooner than the 3- to 7-year time line I mentioned.

Okay. And are those in gold or silver?

Those are primarily focused towards gold.

And then, Haytham, are you seeing any changes to the structure of the deals in that $200 million to $500 million range? Is it still the same sort of project financing that requires either a stream plus an equity and a debt component? Has anything changed in that?

Yes. That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward. Like you've seen us put in working capital facilities. You've seen us put in equity where needed. What we're trying to do is do what's best for the company, provide the company with the flexibility to structure the transaction that is most efficient for them without diluting their existing shareholders. That creates a win-win transaction.

Okay. And then my last question really comes back to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there, unfortunately, quality of contractors isn't what it used to be. So maybe, Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously, trying to bake in contractors is not optimal at this point anymore.

Yes, absolutely. Internally, we're a total of 45, 46 people, and we have 2 new hires coming on to expand our engineering team and our operations team. The more opportunities and more streams we lock in, obviously, the more there is to do. And it's important for us to stay on top of everything. Also want to ensure that our team is able to look at all these opportunities without burning themselves out. So we are adding -- it doesn't sound like a lot, but we're adding 2 to 3 people over the next 3 or 4 months. And we probably, over the next 5 years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed. And I'm sorry.

We do the majority of our reviews and opportunities with internally. So we're not relying on externals.

And can you just remind me of the technical expertise that you currently have in-house and the one that you...

Absolutely, absolutely. We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers. I don't think I've missed anything. Geotechnical engineers, social scientists. So we have a wide variety of expertise internally. I can tell you, we haven't used an external consultant in -- it's got to be at least a couple of years.

And what areas do you need to add, Haytham?

We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. So that size doesn't matter. We're not restricted to looking at small risk, we can look at everything and operations to assist Wes in monitoring our development projects.

Our next question comes from Cosmos Chiu from CIBC.

That's a lot of engineers. I guess you're missing an aerospace engineer. But beyond that, so maybe my question is on Antamina. As you mentioned, Q2 was a bit impacted by the split between copper and copper-zinc concentrate. So how does it work usually? Is it based on -- was that due to higher copper prices? So there was preference in terms of the Antamina selling more copper-only concentrate? Or is that not correlated? And Wes, as you mentioned, it seems like there is going to be a bit more copper, zinc concentrate in Q3. So that's going to help. But usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3?

Thanks for the question, Cosmos. I would say there isn't really the ability to selectively feed ore based on what's happening in the commodity prices. This really is truly pit sequencing. So we were just on site at the end of June and got a great review with the team down there. And really, the copper-zinc ore tends to be just in different areas of the pit and it just depends on where they're going. And the primary area where you're going to see that higher silver grade come out, and we've been talking about this for the last year or so here is around where that old primary crusher was in the bottom of the pit.

And there's quite a bit of not just copper-zinc, but copper bornite ore in that area as well. And that's taken a little bit longer to kind of get to than what was expected. We were expecting to see that kind of earlier in the year. But they are well progressed on that, and we'll see that come in over the next little while here and into next year as well. But we're certainly expecting to see those higher silver grades come in later in the year and kind of continue over the next kind of 12 to 18 months.

Good. That's good to hear. Maybe sticking with Antamina and certainly great to see that you've added to that stream. But I guess my question is the latest transaction was transacted when silver prices were slightly higher. It's come down a little bit now. It's gone back up again, but it's still lower than where you had it when you transacted the acquisition. So I guess my question is, are there any concerns in terms of potential write-downs? Or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream, whereby the risk of any kind of write-down will be much less?

Cosmos, it's Vince here. From an accounting perspective, the Glencore and the BHP streams are separate, what's called CGUs. So we need to look at them separately. But from a value perspective, when we did the Antamina transaction with BHP, spot prices were higher, but we definitely did not use the spot prices at that time from a long-term perspective, the value of that stream. And from our perspective, long-term silver prices still have strong fundamentals, and there's no indicators of impairment at this point. So we're comfortable with the carrying value at where it is. Yes, that's kind of what we are looking at.

Yes. And there's no triggering event at this point, as you mentioned?

No. I mean -- the asset is performing as expected. Prices are going to be volatile, but we take a long-term view in terms of what the value is.

Understood. And maybe one last question. Haytham, as you mentioned, you've made your first investment into Australia. But I guess my question is more on Japan. I see that you've made your first investment or maybe not your first, but one of a few investments into Japan. I didn't think it was a big sort of mining jurisdiction, but now you've made investment to Cipango. So maybe if you can talk about that investment and how you see Japan as a jurisdiction.

Sure. I'll pass it over to Neil. Go ahead, Neil.

Thanks for the question. Japan is quite unique in both geology with its location along several plate margins. It's great breeding ground for creating great ore bodies and also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the Army from the mines. And they never really got back to mining. Their focus shifted towards smelting and refining. So it remains to be a jurisdiction that has great potential and extremely underexplored. Cipango has got a number of projects, which our NSR applies to, 5 of their current ones they have 100% ownership on and 2 that they're earning into. And the ROFR that Haytham mentioned earlier covers actually 16 projects in the country. So we have huge optionality on discovery.

Great. Yes. I know it's not producing yet, but if you ever have a mine tour going to Japan, let me know, I'm in...

Our next question comes from Brian MacArthur from Raymond James.

My questions have to do with the early deposits because I haven't actually looked at these in detail. I see Toroparu, Cotabambas, the deals were done a long time ago. But when I look at when you expect to spend on these, it's post 2030. So I have a couple of questions. One, the way these things work that those payments you have left, are those onetime payments or at a stage?

And my second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? And three, there's all these buydown options in here. Are those just onetime things that basically kicked this whole process? If you can just go through how you're thinking about those, specifically the Toroparu and Cotabambas, which are 2 of the bigger ones that look like you're making some progress now.

Sure. Why don't I just answer your first question first. So these payments for starters, we put up very, very little at the time. So we've committed very little dollars initially. And so the majority of the actual capital goes in as these projects are derisked. And to answer your second question, the payments are staged based on levels of completion. So as they complete 20 -- we put in some capital as they complete the first 25%, we put additional capital, et cetera. That's the majority of the structures look like that. Trying to remember the third question.

Well, more importantly, we don't provide any capital until it's permitted and in construction. And that's how we derisk it. And this allows us to achieve a significantly higher ROCE. We're not committing capital until they're actually in construction, which is very different than the royalty.

I think the other point is just that both of those are currently outside of our 10-year guidance, so both Cotabambas and Toroparu. So as you mentioned, I mean, both do seem to be getting some traction right now, and we're keeping a close eye on the traction on those. And should they start to develop further, then we would bring them into that guidance. But at this point, they're not in there.

Right. Prior to delivering a feasibility, do you put money in before the feasibility and then there's these options that kick in? Or is it like once you start, you can't reverse this whole gold stream percentage change and everything. Are these like triggered the first time you put the next payment in? Or are they sort of triggered along the way?

Yes. So it's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different. Some of these deals, they actually have to deliver us a feasibility study and then we can decide whether we want to move forward in those scenarios. In each of these cases, we're still very much -- I think the projects are very robust, and we'll likely move forward with them. And when that happens, when they have the permits and they're in construction and full financing, that's when we provide our capital to contribute to our stream.

Maybe just to answer your last question, Brian, you asked about change of control, buybacks, et cetera. Typically, on the more recent transactions, in the event of a change of control, we have allowed a partial only 1/3 buyback. I don't recall, but I don't think either of those 2 transactions had any buyback options in them in the event of change of control or otherwise.

Okay. So in very simple terms, they basically work the same as a stream, if I think of it in simple terms, they have similar securities and stuff.

Absolutely. Absolutely.

Our next question comes from Jack Baxter from Bloomberg Intelligence.

I just want to shift the focus to the long-term outlook. So it seems like we're still pretty much sticking to the 1.2 million GEOs by 2030. But obviously, at the same time, we've got new deals and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GEO outlook? Is it more positive? Or is it still broadly neutral? But if it is positive, are we -- should we be expecting a refresher in the near term?

Well, if you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed and all the 3 are in construction. Those 3 are expected to start construction within the next 12 months. So we're fairly comfortable with that number. But as you so accurately highlighted, we're a growth company. We're continuing to generate strong cash flow every year, and we're going to continue to deploy that capital into accretive transactions. So I would like to hopefully believe that, that forecast is conservative. But until we do transactions, we're going to stick with our 1.2 million ounce forecast.

Got you. And maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox, specifically focusing on Los Filos and given the land rights resolution. But at the same time, that stream from what I can tell is due to expire in 2029. Now there's plans for a sizable development on that asset sometime in the near future. I'm just wondering if there's been any discussions on extending the time line of that contract or potentially participating in any other funding opportunities that arise, obviously, noting the challenges that, that asset has had.

Yes. I would say, Jack, that there haven't been any significant discussions around those deals. This is a very small stream in our portfolio right now and not really material. At the same point, should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it. But at this point, I would say we don't have any -- we haven't had any significant discussions with them around it.

I would say -- I would add, Jack, that is only 1 of 2 assets in our entire portfolio that has a finite date on it. Everything else is life of mine, and that was an early structured transaction.

Thank you, everyone, for your time today. Wheaton's record-breaking results in the first half of 2026 reinforces our position as the premier low-risk option for exposure to gold and silver. Our strong balance sheet, diversified portfolio and compelling growth pipeline position us to continue executing on accretive opportunities and delivering long-term value for all stakeholders. I want to thank all of our stakeholders for their continued support as we build on this record first half and continue to execute on the next phase of growth for the company. 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.

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.