3/12/2021

speaker
Operator
Conference Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2020 fourth quarter and full year results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would like to remind everyone that this conference call is being recorded on March 12, 2020 at 11 a.m. Eastern Time. I will now turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations. Please go ahead.

speaker
Patrick Drouin
Senior Vice President, Investor Relations

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 Precious Metals President and Chief Executive Officer, Gary Brown, Senior Vice President and Chief Financial Officer, and Haytham Hodaly, Senior Vice President, Corporate Development. I'd like to bring to your attention that some of the commentary on today's call may contain forward-looking statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition to our financial results cautionary note regarding forward-looking statements, please refer to the section entitled Description of the Business Risk Factors in Wheaton's Annual Information Form and the risk identified under Risk and Uncertainty in Management's Discussion and Analysis for the year ended December 31, 2020, both available on CDAR and in Wheaton's Form 40F and Wheaton's Form 6K, both available on EDGAR. These documents in the press release from last night set up the material assumptions and risk factors that could cause actual results to differ, including, among others, fluctuations in the price of commodities, impacts on Wheaton or mining operations from which Wheaton purchases precious metals as a result of an epidemic, Thank you, Patrick, and good morning, ladies and gentlemen. Thank you for joining us today.

speaker
Randy Smallwood
President and Chief Executive Officer

to discuss Wheaton's fourth quarter and year-end results of 2020. I do hope everyone has been keeping healthy and safe since our last quarterly conference call. As we near the one year mark of the COVID-19 pandemic, our top priority at Wheaton remains the welfare of our employees, our mining partners, and the communities in which we operate. Despite the challenges posed by this pandemic, 2020 was a very productive year. and we were successful in delivering value back to our shareholders on so many fronts. I am pleased to announce that in 2020, Wheaton's high quality portfolio of assets generated revenue of over $1 billion and operating cash flow of over $765 million, both records for the company. And given Wheaton's innovative dividend policy, This strong cash flow has resulted in a 30% increase to our minimum quarterly dividend relative to last year. In addition, we were pleased to execute on our growth strategy, announcing two accretive transactions in 2020 on the Mermato mine located in Colombia and the Cozumel mine located in Mexico. Our confidence in our ability to deliver continued long-term organic growth from our portfolio has also led us to introduce 10-year production guidance for the first time, in addition to our usual one- and five-year forecasts. I will provide more details on our growth profile later in this call, but I would first like to turn the call over to Gary Brown, Senior Vice President and Chief Financial Officer, who will provide more details on our results. Gary.

Disclaimer

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