Wheaton Precious Metals Corp

Good morning ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2022 second quarter 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 or type your question in the Q&A box of the webinar. If you would like to withdraw your question, press star, then the number two. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, August 12, 2022, at 11 a.m. Eastern Time. I will now turn the conference over to Mr. Patrick Druin, Senior Vice President of Investor Relations and Sustainability. 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, Hatem Holey, Senior Vice President, Corporate Development, and Wes Carson, Vice President, 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 presentation page of the Wheaton 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 the presentation, which contains important cautionary notes regarding forward-looking statements. I should note that all figures referred to on today's call are in U.S. dollars and less otherwise noted. In addition, reference to Wheaton or Wheaton Precious Metals on this call includes Wheaton Precious Metals Corp. and 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, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2022. I am pleased to say that our portfolio once again delivered solid revenue, earnings, and cash flow in the first half of 2022, as Gary will discuss later. This solid performance reflects the resiliency of the streaming model to inflationary pressures currently being felt across the global economy, and especially amongst the traditional miners. In fact, our average cost cash cost per gold equivalent ounce actually decreased in the first half of 2022 relative to the first half of 2021. While we continue to actively pursue a number of new opportunities in the second quarter, we also showed our willingness to strategically identify opportunities both inside and outside of our portfolio that create value for our shareholders. To that end, in the quarter, we announced the proposed termination of the Keno Hill stream for $135 million, which, when completed, will ultimately result in an absolute return on our Keno Hill investment of over 300%. However, the termination of the stream, combined with severe weather events at Stillwater and lower-than-expected throughput from Salobo, have resulted in Wheaton having to lower its 2022 production guidance. Wes will provide more information later in the call. Despite this, given our strong balance sheet, liquidity available for investment, the production growth at our key producing assets, and our diverse development portfolio, we are on track to generate sustained long-term production and strong growth over the next four years. Lastly, we once again demonstrated our leadership in sustainability and value creation for all stakeholders by publishing our third annual sustainability report and announcing a sustainability-linked element in connection to the renewal of our existing undrawn $2 billion revolving credit facility. 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.