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3/11/2022
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2021 Fourth Quarter and Year-End Results Conference Call. Note that 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 number one on your telephone keypad or type your question in the Q&A box of the webinar. And if you would like to withdraw your phone question, please press start and number two. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, March 11, 2022 at 11 a.m. Eastern Time. And I would like to turn the conference over to Mr. Patrick Drouin, Senior Vice President of Sustainability and Investor Relations. Please go ahead, sir.
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, Hazem 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 Wheaton Precious Metals website. I'd like to bring to your attention that some of the commentary in today's call may contain forward-looking statements, and I would like to direct everyone to review slide two of the 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. In addition, reference to Wheaton or Wheaton Precious Metals on this call include Wheaton Precious Metals Corp. and or its wholly owned subsidiaries as applicable. 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 fourth quarter and year end results of 2021. 2021 was another record year for Wheaton, driven by a strong quarter to close out the year. In the fourth quarter of 2021, we produced over 186,000 gold equivalent ounces, giving us a total of 753,000 gold equivalent ounces for all of 2021. This was slightly above the midpoint of our previously announced guidance. From a financial perspective, Wheaton had another solid quarter, resulting in record annual revenue, cash flow and earnings, as Gary will discuss shortly. This solid performance reflects the underlying strength of our diversified, high-quality portfolio and has resulted in a 23% increase to the quarterly dividend relative to the fourth quarter of 2020. In the fourth quarter, we continued to execute on our growth strategy, announcing three new streams on two assets located right here in Canada, Artemis Gold's Blackwater project and Generation Mining's Marathon project. And we weren't done as the corporate development momentum continued into 2022. We have already announced two additional streams since the beginning of the year, one on Adventus Mining's Curapamba project and the other on Sabina Gold and Silver's Goose project. Including these projects, Wheaton has added eight new streams in the past 15 months, which have brought immediate production as well as medium and longer term growth to our already best in class portfolio of assets. With the addition of these new streams coupled with recent exploration success at some of our existing mines, Wheaton's overall proven and probable mineral reserves grew by 13% on a gold equivalent basis, driven by a 20% increase in gold reserves alone. We are excited about how this expanded base will translate into production growth over the next 5 to 10 years. Specifically, we now forecast annual production to average 910,000 ounces of gold equivalent production over the next 10 years, with some of those years getting very close to 1 million gold equivalent ounces in the year. Lastly, following ratings updates late last year, 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 true number one rating in precious metals 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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