5/8/2026

speaker
Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals' 2026 First 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 questions in the Q&A box of the webinar. If you would like to withdraw your question, please press star one again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, May 8th, 2026 at 11 a.m. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

speaker
Emma Murray
Vice President, Investor Relations

Thank you, Operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Haytham Hodelay, Wheaton Precious Metals President and Chief Executive Officer, Vincent Lau, Chief Financial Officer, Wes Carson, Vice President, Mining Operations, and Neil Burns, Vice President, Corporate Development. Please note, for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the presentation 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'd like to turn the call over to Hatem Hodole, Wink's President and Chief Executive Officer.

speaker
Haytham Hodelay
President and Chief Executive Officer

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's first quarter results of 2026. I'm very pleased to be speaking with you today on my first quarterly conference call as President and Chief Executive Officer of Wheaton Precious Metals. Wheaton delivered a strong start to 2026, with Salobo and Penasquito outperforming expectations and contributing to record quarterly revenue, earnings, and cash flow. we continued to build on our track record of disciplined capital allocation, announcing several transactions that further enhanced the quality, diversification, and long-term growth profile of our portfolio. Most notably, during the quarter, we announced the Antemina Silver Stream with BHP, the largest transaction in weakness history and the largest fresh-smell streaming transaction ever completed. Antamina is one of the world's premier base metal operations, with a long track record of strong performance, significant exploration potential, and a demonstrated ability to replace reserves and extend mine life. The transaction meaningfully increases our exposure to high-quality silver production and reinforces Wheaton's position as one of the largest companies globally. Subsequent to the quarter, we were also pleased to announce the Jervis stream with KGL Resources, marking Wheaton's first stream in Australia. In addition, we announced a royalty on the Spanish Mountain project in British Columbia, which Neil will outline shortly. Collectively, these transactions further strengthen our portfolio, expand our geographic reach, and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton's success. Looking ahead, we continue to see strong interest in streaming as a financing solution across the mining industry. Our corporate development team remains active in evaluating opportunities, and we will continue to focus on transactions that are accretive, well-structured, and aligned with Wieden's long-term strategy. Importantly, Wieden's growth is not dependent on additional transactions. Our existing portfolio already provides a strong organic growth profile of 50% by 2030, supported by multiple development assets advancing through construction, ramp-up, and optimization. We believe that Wheaton is in a position of exceptional strength, supported by a high-quality portfolio of long-life assets, a robust pipeline of significantly de-risked growth projects, and a business model that is continuing to deliver strong margins and meaningful exposure to precious metals. With that, I would like to turn the call over to Wes Carson, our Vice President of Mining Operations, who will provide more detail on our operating results. Wes?

Disclaimer

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Investor presentation