Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2025 Second Quarter Results Conference Call. I would now like to remind everyone that this conference call is being recorded on Friday, August 8, 2025, at 11 a.m. Eastern time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy Smallwood, Wheaton's Chief Executive Officer; Haytham Hodaly, President; Curt Bernardi, EVP, Strategy and General Counsel; Vincent Lau, SVP and Chief Financial Officer; and Wes Carson, VP of Mining Operations. For those not currently viewing the webcast, please note that a PDF version of the slide presentation is available on the Presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to Slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. With that, I'll turn the call over to Randy Smallwood.

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second-quarter results of 2025. Before we begin, I'd like to congratulate both Haytham Hodaly and Curt Bernardi for their well-deserved promotions. In June, the company announced the appointment of Haytham Hodaly, former SVP of Corporate Development to President of the company, and Curt Bernardi, formerly SVP, Legal and Strategic Development to Executive Vice President, Strategy and General Counsel. As we enter a new phase of transformative growth, the leadership of Haytham and Curt will be pivotal in driving our strategy forward. I look forward to working closely with them and the broader team to continue delivering long-term value to our stakeholders. Turning back to our results. Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings, and operating cash flow for both the second quarter and the first half of 2025. This performance underscores the effectiveness of our streaming business model in leveraging rising commodity prices while maintaining strong margins. As a result of strong performances by key assets, including Salobo and Peñasquito, the company recorded production of 159,000 gold equivalent ounces this quarter and remains well positioned to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces. We also made significant progress on our near-term growth strategy, as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. The company remains well capitalized with over $1 billion in cash on hand at quarter end and a $2 billion undrawn revolving credit facility, which, when coupled with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments as well as the capacity to acquire additional accretive mineral stream interests. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders. It's worth highlighting that our forecasted organic growth profile of 40% production growth by 2029 enables us to pursue opportunities that best complement our growth trajectory without compromising on quality or strategic fit. On the topic of sustainability, Wheaton was once again recognized among the top 10 companies on Corporate Knights' annual 50 Best Corporate Citizens in Canada, a multi-sector accolade that we are proud to receive. Following the quarter, Wheaton launched its second annual Future of Mining Challenge, with this year's exciting initiative focused on advancing sustainable water management technologies across the mining sector. The expression of interest phase is now open until August 29, and we are excited to engage with innovators who are helping shape the future of responsible mining. And if you haven't had the opportunity yet, I highly recommend exploring our recently published sustainability and climate change reports to learn more about our commitment to responsible business practices and ESG performance across all areas of our business. With that, I would like to turn the call over to Wes Carson, our Vice President of Operations, who will provide more detail on our operating results. Wes?

Thanks, Randy. Good morning, everyone. Overall production in the second quarter was 159,000 ounces, a 9% increase from the prior year, primarily due to stronger production at Salobo, coupled with commencement of production at Blackwater. In the quarter, Salobo produced 69,400 ounces of attributable gold, a 10% year-over-year increase, driven by higher throughput despite lower grades. This performance underscores the successful ramp-up of Salobo III and ongoing improvements at Salobo I and II. Vale indicates that by late July, Salobo III had fully ramped up and that the entire complex is now operating at full capacity, consistently delivering strong operational performance. Antamina produced 1.3 million ounces of attributable silver in the second quarter, marking a 31% increase compared to last year. The increase was primarily driven by higher silver grades, partially offset by lower recoveries and reduced mill throughput as operations gradually restarted following a safety-related shutdown in April. Mill feed in Q2 was primarily composed of copper-zinc ore, which contains higher silver grades relative to copper-only ore and supports stronger silver production. We expect production levels at Antamina to increase in the second half of the year due to increased recoveries and throughput as the mine returns to its typical run rate. During the quarter, Blackwater transitioned from commissioning to commercial production, producing 4,000 ounces of gold and 138,000 ounces of silver, totaling 7,000 GEOs year-to-date. The ramp-up has been both rapid and safe. Artemis Gold reports that by June, the mill was operating above design capacity, with over 5 million hours worked without a lost time incident, supporting solid steady-state production. Production output is expected to be weighted to the second half of the year as mill performance and feed grades continue to improve. Artemis Gold also reports they are fast-tracking the design and implementation of the Phase 2 expansion, and a Board investment decision is expected later in 2025. Wheaton's production outlook for 2025 remains unchanged, and we believe we will remain well on track to achieve our annual production guidance of 600,000 to 670,000 gold equivalent ounces. At Salobo, production is forecast to remain steady throughout the remainder of 2025, supported by slightly increased throughput across Salobo 1, 2, and 3. Compared to the first half, production at Antamina is forecast to increase over the remainder of the year, benefiting from expected higher silver grades and higher throughput. Production at Constancia is also expected to improve over the remainder of the year, primarily driven by higher grades until the depletion of the Pampacancha pit, which is expected in December. As mentioned by Randy, we believe that our catalyst for this year remains on track, and production from Mineral Park, Goose, Platreef, and Aljustrel continues to be forecast for the second half of 2025. That concludes the operations review. And with that, I'll turn the call over to Vincent.

Thank you. As detailed by Wes, production in Q2 was 159,000 GEOs. Sales volumes were 158,000 GEOs, an increase of 28% from last year, driven by a strong reduction in the first quarter and the drawdown of produced but not yet delivered, or PBND, due to timing differences between production and sales. At the end of Q2, the PBND balance was approximately 130,000 GEOs, which is about 2.7 months of payable production. We expect PBND levels to trend back up to the higher end of our forecasted range at 3 months for the remainder of 2025, partly due to the ramp-up of new mines, which is expected to continue through the second half of the year. Strong commodity prices, coupled with solid production, led to record quarterly revenue of $503 million, an increase of 68% compared to last year. This increase was driven mainly by a 32% increase in commodity prices and a 28% increase in sales volumes. 65% of this revenue came from gold, 33% from silver, and the rest from palladium and cobalt. With silver recently outpacing gold and reaching its highest level in over a decade, our substantial silver exposure sets us apart from our peers and positions us well to benefit from the current pricing momentum. Net earnings increased by 139% from the prior year to $292 million, while adjusted net earnings increased by 91% to reach a record $286 million. Operating cash flow increased to $450 million, a 77% increase from last year. These gains outpaced the increase in gold and silver prices during the same period, highlighting the leverage from fixed per ounce production payments, which made up 85% of our revenue. During the quarter, we made total upfront cash payments for streams of $347 million, including $156 million for Koné, $144 million for Salobo, $44 million for Kurmuk, and $3 million for Cangrejos. Following quarter end, we made an additional $156 million payment to Koné as the Montage team continues to advance construction. Overall, net cash outflows amounted to $80 million in the quarter, resulting in a cash balance of $1 billion at June 30. This cash balance, combined with the fully undrawn $2 billion revolving credit facility, plus the $500 million accordion, provides us with the highest amount of liquidity compared to our peers, and we believe positions us exceptionally well to satisfy our funding commitments while retaining flexibility to acquire additional accretive streams. That concludes the financial summary. And with that, I turn it back to Randy.

Thank you, Vincent. In summary, Wheaton delivered a strong performance in the second quarter, marked by several key achievements. We delivered record revenue, adjusted net earnings, and cash flow for both the quarter and the first half of the year. We made meaningful progress on our near-term growth strategy, with Blackwater achieving commercial production and Goose successfully delivering its first gold pour, both milestones that reflect the steady momentum of our catalyst-rich year. Our growth profile was further derisked as construction activities advanced in a number of development projects, including Mineral Park, Platreef, Koné, and Kurmuk. Our 100% streaming revenue model provides significantly greater leverage to rising commodity prices while keeping us insulated from inflationary cost pressures, resulting in some of the highest margins and strongest performance in the precious metals space. Our balance sheet remains robust, providing ample flexibility to pursue well-structured, accretive, and high-quality streaming opportunities. And finally, we take pride in our leadership amongst precious metal streamers and have always and will always support both our partners and the communities where we live and operate. With that, I would like to open up the call for questions. Operator?

Your first question comes from the line of Matthew Murphy from BMO Capital Markets.

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

Thanks for the question, Matt, and the kind words at the beginning. I will say that we focus on accretive transactions that will maintain our strong security structure. We've always done that. That hasn't changed just because we've got a great organic growth profile. We believe this will provide our shareholders with the safest precious metals exposure in the mining industry with, as Randy mentioned, over 40% growth over the next 5 years. We're looking at lots of opportunities. We are probably sitting between 12 and 15 opportunities that we're looking at right now. I would say 2/3 of those are development stage opportunities, 1/3 are probably operating, and there's also some M&A opportunities in there as well. So we have a solid war chest with which to acquire additional accretive streams, and we're going to continue to try and deploy it. But again, not every stream is a Wheaton stream. It has to have certain characteristics for us to add it to our strong portfolio already.

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

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

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

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

The way the GMT functions is similar to a sweep tax, which is why there is a delay. Payments for 2024 will be made in 2026, and for 2025 in 2027, as you can deduct the taxes paid on your revenue in the immediate year following the revenue. This results in a staggered payment schedule, always occurring two years after the actual revenue date.

Your next question comes from Brian MacArthur from Raymond James.

There is currently a discussion about tariffs in the United States affecting gold imports, similar to what we've seen with copper. Can you explain if you take your deliveries in kind? If the COMEX price significantly differs from the LME price, are you able to sell it and potentially benefit from that difference? I understand that tariff bars are not the same as ingots from a mine, but if you are taking it in kind, is there anything in your contract that restricts you from selling it elsewhere? Would you be able to capitalize on any arbitrage opportunities if they arise?

Vince, do you want to take it?

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

It's quite volatile, Brian. This situation has emerged unexpectedly for everyone. We, along with the industry, are seeking more clarification. So far, it appears to be related to refined gold from Switzerland, but we're unsure how that impacts imports into the United States. The tariffs apply only to the American entity importing it or anyone bringing it into the country. This doesn't affect us directly since our business focuses on selling in the broader gold market. As Vincent mentioned, we are insulated from this issue. However, if the situation persists, there could be some price differentials. We have a team in the Cayman Islands continually looking for opportunities to capitalize on that. It's still new, so it's challenging to predict any opportunities that may arise, but we will certainly be monitoring the situation.

Great. That's very clear. I just wanted to confirm that there wasn't anything in your contracts regarding an LME versus the COMEX that would hinder you from taking any actions, and it seems like there isn't.

No, there isn't.

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

Congratulations again, Haytham. I want to circle back to the transaction opportunities. You mentioned having 12 to 15 potential opportunities. Given the interest from several players in these similar opportunities, are you finding that the terms are becoming more restrictive compared to what you usually prefer? I ask this to understand if the current opportunities are increasingly limiting in terms, especially considering your preference for parent guarantees.

We will definitely be more competitive with the terms, Tanya. At this point, given the opportunities we are exploring and how we structure our transactions, we feel quite confident in moving forward and bidding on all of them. There are some recent opportunities in the marketplace that do not fit the structure we prefer. While they are still good opportunities, we would seek different types of structures if we pursued them. We were the successful bidders there.

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

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

And then, Haytham, you mentioned that you didn't specify the size range previously. In the last conference call, you noted that you were primarily working in the $100 million to $350 million range, with a few in the $500 million to $1 billion range. Can you clarify the current ranges you are seeing?

We're likely still on target there, Tanya. I believe around 80% are in the sub $400 million range. There are also a few transactions that fall between $750 million and over $1 billion.

Okay. And then you mentioned that two-thirds were developing and one-third were operating and exploring M&A opportunities. So when you refer to M&A opportunities, are you discussing corporate transactions?

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

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

No, no, absolutely. Yes.

I have a question regarding the guidance for the year. You have performed well in the first half. Previously, the guidance indicated a 47%-53% production profile, weighted towards the second half. I'm curious if that perspective still holds and if there is an expectation for improvement in the fourth quarter compared to the third quarter for these assets.

Yes, thanks, Tanya. It is definitely still at 47%-53%. I would say that there is a slight bias toward the fourth quarter as all of these properties start to ramp up. We are seeing strong growth as the other operations come online in the second half of the year. Goose is just starting up, and we will see a bit of the Platreef. Mineral Park will start up in the third quarter and will really ramp up in the fourth quarter. I think we will see slightly stronger production in the fourth quarter, but that 47%-53% estimate is still accurate.

I noticed that Newmont had robust silver production from Peñasquito and they're predicting a decline in Q3 but stronger performance in Q4. Should I expect that the second half of your silver forecast will be relatively stable, with an increase in Q4 leading into Q1 of 2026?

Yes. That's accurate.

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

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

Your next question comes from Daniel Major from UBS.

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

That's correct, Dan. The payment is $120 million, or more precisely, $112 million is the figure listed on our balance sheet. That would be the amount I would reference for 2026.

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

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

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

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

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

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

Precious metals is a diversified base metal producer, and one-third is from a precious metals producer. Given the strong margins, we are not expecting the same margins we've seen over the past 15 years. Gold prices have doubled in the last few years, leading to some very strong margins.

Okay. And then just one last question on capital allocation. You mentioned that you want to keep focusing on effective ways to deploy capital. The consensus does not foresee much growth or dividends in the future. Should we anticipate any increase in the growth rate and dividends considering the rise in cash generation due to the gold price, or will it still be more about gradual growth in dividends over the next couple of years?

We are committed to both growth and the dividend. The extent of that growth will depend on how effectively we invest capital back into growth opportunities. If we don’t find well-structured, accretive agreements to expand our portfolio, we will return more cash to shareholders through the dividend. Higher annual growth will occur if we successfully identify high-margin, quality opportunities to add to our portfolio. The best way to assess this is to observe our balance sheet at the end of each year and whether we are actively making new investments. It’s important to remember we have capital commitments, and our growth pipeline will be funded through our cash flows in the near future. If there are no significant transactions this year, a higher growth rate in the dividend can be expected. Conversely, if we engage in several major agreements or acquisitions, there will be less capacity to grow the dividend. This balance reflects the market conditions at the time.

Your last question comes from Cosmos Chiu from CIBC.

Congratulations to Haytham and Curt on their well-deserved promotions. My first question is about your sales in the quarter. Sales appeared to be higher compared to production, although not significantly so. Typically, we see a decline in Q4 rather than in Q2. Was the increase in sales relative to production in Q2 anticipated? Additionally, Vincent, you mentioned that you expect inventory levels of produced but not delivered goods to rise for the remainder of 2025. How much insight do you have from the operators regarding this? Were you surprised by the sales versus production figures in Q2? Also, how much visibility do you have moving forward?

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

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

Yes, the acceleration is not currently included in our long-term guidance. If you look back at their feasibility study, they had a Phase 2 and a Phase 3 included in that study, and that's what we have factored into our long-term guidance at this time. We are in regular communication with them and are certainly excited about the possibility of them accelerating Phase 2. However, that is not part of anything we are accounting for at the moment.

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

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

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

The Phase 2 production will be doubled, and then Phase 3 will increase it to around 30,000. In Phase 3, we expect production to reach about 55,000 to 60,000. Currently, there is a discussion about potentially accelerating Phase 2 and possibly merging it with Phase 3, which would lead to a larger initial increase. The exciting part is that this can happen much sooner than originally planned.

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

Yes, we will ultimately need silver to perform better so that the silver-gold ratio approaches 70. Additionally, it must remain at that level for about six months before we see a shift in the conversion ratio. Recently, silver has been outperforming gold, and if this trend continues, we're not dismissing that possibility. However, as you know, I have a stronger bullish outlook on silver compared to gold. If my intuition proves to be correct, we may be able to see a reversal.

We have benefited from the higher rate for the last six months, and we've been receiving payment at 70:1. However, it must remain below 70:1 for a period of six months to revert back to that ratio.

Okay. So sometime in next 2027.

Yes. And that's what I think.

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

Thank you, Cosmos, and thanks, everyone, for dialing in today. The strength demonstrated in the first half of this year does reinforce Wheaton's position as a premier low-risk choice for investors who are seeking exposure to gold and silver. Our high-quality portfolio, sector-leading growth profile, and strong commitment to sustainability provides shareholders with a compelling outlook and what we believe is one of the most effective vehicles for investing in gold and silver. We'd like to thank all of our stakeholders for their continued support as we enter this exciting period of sustained organic growth. We look forward to speaking with you all again very soon. Thank you.

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