Wheaton Precious Metals Corp

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2022 fourth 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 2. Thank you. I would like to remind everyone that this conference is being recorded on Friday, March 10, 2023 at 11 a.m. Eastern Time. I will now turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations and Sustainability. 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 Hodaly, 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 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 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 on U.S. dollars and less otherwise noted, and in addition, reference to Wheaton or Wheaton Precious Metals on this call includes 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, everyone. Thank you for joining us today to discuss Wheaton's fourth quarter and year end results for 2022. During 2022, we remained extremely active as we added more streams, optimized our current portfolio and made several industry leading commitments on the sustainability front. While gold held historically high levels throughout the year, Inflationary pressures had a significant impact on traditional miners, resulting in their margins being compressed. Wheaton, however, continued to deliver cash operating margins of 75% in the fourth quarter, reflecting the resilience of our business model. From a financial perspective, in the fourth quarter, Wheaton generated $236 million in revenue, $172 million in operating cash flow, and $166 million in net earnings, as Gary will discuss shortly. This solid performance contributed to our record annual dividend distribution of $237 million to shareholders. As we continue to see a healthy appetite for streaming as a source of capital for the mining industry, we are actively pursuing a number of new accretive opportunities. Furthermore, we have demonstrated our continued willingness to identify strategic opportunities both externally and within our portfolio that create value for our shareholders. To that end, in the quarter, we completed the previously announced sale of the Yaliaku Stream back to Glencore for $132 million, a continuation of our portfolio optimization efforts. The sale of Yaliaku and Kino Hill Streams contributed to the overall quality of our portfolio, where now 93% of Wheaton's production comes from assets that fall in the lowest half of the cost curve. In addition, the sale of these assets positions Wheaton with one of the strongest balance sheets in the industry. and we enter 2023 exceptionally well positioned to deliver long-term shareholder value through the significant organic growth profile that is already embedded into our portfolio, as well as through additional accretive acquisitions. We can continue to demonstrate our leadership in sustainability with sector leading scores, including a AA rating from MSCI, and a genuine number one rating in precious metals from 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.