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11/5/2021
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Wheaton Precious Metals 2021 Second Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will 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, please press star, then the number two. Thank you. I would like to remind everyone that this call is being recorded on Friday, November 5th, 2021 at 11 a.m. ET. I will now turn the conference over to Mr. Patrick Durin, Senior 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 Precious Metals President and Chief Executive Officer, Gary Brown, Senior Vice President and Chief Financial Officer, Haytham Holey, Senior Vice President, Corporate Development, and Wes Carson, Vice President of Mining Operations. Please note that for those not currently on the webcast, the slide presentation accompanying this conference call is available in PDF format on the presentations page of the Wheat and Precious Metals website. I'd like to bring to your attention that some of the commentary on today's call may contain forward-looking statements, and I would direct everyone to review slide two of this presentation, which contains important cautionary notes regarding forward-looking statements. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. Now I'd like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.
Thank you, Patrick, and good morning, ladies and gentlemen. Thank you for joining us today to discuss Wheaton's third quarter results of 2021. I am pleased to announce that Wheaton's diversified, high-quality portfolio continues to deliver strong results. including record revenue, earnings, and cash flow for the first nine months of 2021. In the third quarter of 2021, we produced approximately 86,000 ounces of gold, 6.4 million ounces of silver, 5.1 thousand ounces of palladium, and 370,000 pounds of cobalt. From a financial perspective, Wheaton generated over $200 million of operating cash flow and $268 million of revenue in the third quarter. Given our strong underlying financials, Wheaton remains committed to returning capital to shareholders and declared a $0.15 dividend representing a 25% increase relative to the third quarter of 2020. We continued to execute on our growth strategy, signing a non-binding term sheet with Rio2 in connection with the Phoenix Gold project located in Chile, a transaction we expect to close in the coming weeks. And we are actively trying to put our strong balance sheet to work, looking at a number of precious metal streaming opportunities. Strong production in the first nine months of the year has allowed us to tighten the range of our production guidance. which is now 735,000 to 765,000 gold equivalent ounces, in line with the midpoint of our original guidance. Lastly, following ratings updates in this quarter, we are pleased to announce that Wheaton's demonstrated leadership in ESG continues to be met with sector-leading scores, including a AA rating from MSCI and a number one ranking in the precious metal space by Sustainalytics. I would now like to turn the call over to Gary Brown, our Senior Vice President and Chief Financial Officer, who will provide more details on our results. Gary.
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