Wheaton Precious Metals Corp

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Read In Precious Metals 2025 Third 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, or type your answer in the Q&A box of the webinar. If you would like to withdraw your question, please press star 2. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, November 7, 2025, at 11 a.m. Eastern Time. I will now turn the conference over to Emma Murray, 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's Chief Executive Officer, Hazem Hodale, President, Kurt Bernardi, EVP Strategy and General Counsel, Vincent Lau, Chief Financial Officer, Wes Carson, BP Mining Operations, and Neil Burns, BP Corporate Development. For those not currently viewing the webcast, please note that a PDF version of this slide presentation is available on the presentations page of our website. Some of the comments on today's call may include forward-looking statements. please refer to slide two for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. With that, I'll turn the call over to Randy Smallwood.

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's third quarter results of 2025. We are pleased to announce that our portfolio of long-life, low-cost assets has once again delivered strong results this quarter. enabling us to achieve record revenue, earnings, and operating cash flow for the first nine months of 2025. This performance underscores the streaming model's unique ability to generate predictable levered cash flows while maintaining a deferred payment schedule, an advantage not offered by the traditional royalty model, which requires full upfront payments and lacks embedded leverage. And of course, 100% of Wheaton's revenue comes from streams, providing a competitive advantage amongst others in the space. As a result of strong performances by key assets, including Salobo and Antamina, coupled with the ramp-up of production at Blackwater and Goose, we recorded production of 173,000 gold equivalent ounces this quarter and are firmly on track to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces. And with over $1.2 billion in cash, an undrawn $2.5 billion revolving credit facility in Accordion, and strong growing projected cash flows, the company remains well positioned to meet all funding commitments and pursue new and creative opportunities, and continuing to grow our competitive dividend. Based on this strong financial foundation, Wheaton also continues to invest in innovation across the mining sector. as well as community initiatives alongside our mining partners. During the quarter, Wheaton launched its second annual Future of Mining Challenge, which this year focuses on advancing sustainable water management technologies. Following the close of Expressions of Interest phase, 17 proposals have been selected to advance, with the winner to be announced at the PDAC conference in March of 2026.