Q1 2026 Wheaton Precious Metals Corp Earnings Call

May 8, 2026

Operator 2: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals' 2026 Q1 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 1 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 1 again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, 8 May 2026 at 11:00 AM Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Operator: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals' 2026 Q1 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 1 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 1 again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, 8 May 2026 at 11:00 AM Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Speaker #2: After the speakers' 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 1 on your telephone keypad.

Speaker #2: Or type your questions in the Q&A box of the webinar. If you would like to withdraw your question, please press star 1 again. Thank you.

Speaker #2: I would like to remind everyone that this conference call is being recorded on Friday, May 8th, 2026, at 11:00 AM Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations.

Speaker #2: 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 Haytham Hodaly, 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.

Emma Murray: Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Haytham Hodaly, Wheaton Precious Metals Corp. 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 presentations page of our website. Some of the comments on today's call may include forward-looking statements. Please refer to slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in US dollars unless otherwise noted. With that, I'd like to turn the call over to Haytham Hodaly, Wheaton's President and Chief Executive Officer.

Speaker #2: Please note, for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the presentations page of our website.

Speaker #2: Some of the comments on today's call may include forward-looking statements. Please refer to slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in US dollars unless otherwise noted.

Speaker #2: With that, I'd like to turn the call over to Haytham Hodaly, Wheaton President and Chief Executive Officer.

Speaker #3: 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.

Haytham Hodaly: Thank you, Emma. Good morning, everyone. Thank you for joining us today to discuss Wheaton's Q1 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 enhance the quality, diversification, and long-term growth profile of our portfolio. Most notably, during the quarter, we announced the Antamina Silver Stream with BHP, the largest transaction in Wheaton's history and the largest precious metals streaming transaction ever completed.

Speaker #3: Wheaton delivered a strong start to 2026 with Salobo and Penasquito outperforming expectations and contributing to record quarterly revenue earnings and cash flow. We continue to build on our track record of disciplined, capital allocation, announcing several transactions that further enhance the quality diversification and long-term growth profile of our portfolio.

Speaker #3: Most notably, during the quarter, we announced the Antamina Silver Stream with BHP, the largest transaction in Wheaton's history and the largest precious metals streaming transaction ever completed.

Speaker #3: 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.

Haytham Hodaly: 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 Jervois 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.

Speaker #3: 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, making marking Wheaton's first stream in Australia.

Speaker #3: In addition, we announced the 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.

Speaker #3: 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 Wheaton's long-term strategy.

Haytham Hodaly: Our corporate development team remains active in evaluating opportunities. We will continue to focus on transactions that are accretive, well-structured, and aligned with Wheaton's long-term strategy. Importantly, Wheaton'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 has continued 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?

Speaker #3: Importantly, Wheaton'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.

Speaker #3: 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 has continued to deliver strong margins and meaningful exposure to precious metals.

Speaker #3: 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.

Speaker #3: Wes?

Speaker #4: Thanks, Haytham. Good morning, everyone. Overall production in the first quarter was 212,000 GEOs, a 22% year-over-year increase, primarily driven by stronger performance from Salobo and Penasquito.

Wes Carson: Thanks, Haytham. Good morning, everyone. Overall production in Q1 was 212,000 GEOs, a 22% year-over-year increase, primarily driven by stronger performance from Salobo and Penasquito. Salobo delivered 69,000 ounces of attributable gold production in Q1, a decrease of approximately 3% year-over-year, primarily driven by lower grades and partially offset by higher throughput and recoveries. As highlighted in Vale Base Metals' recent public disclosure, coarse particle flotation is the main near-term growth driver at Salobo, supporting the expansion of Salobo 3 from 12 million to 18 million tons per annum, targeting a total throughput of 42 million tons per annum by 2029. Vale Base Metals noted that studies and permitting are underway, with construction expected to begin in 2027 and implementation by 2029.

Speaker #4: Salobo delivered 69,000 ounces of attributable gold production in Q1, a decrease of approximately 3% year-over-year, primarily driven by lower grades and partially offset by higher throughput and recoveries.

Speaker #4: As highlighted in valet base metals' recent public disclosure, coarse particle flotation is the main near-term growth driver at Salobo, supporting the expansion of Salobo 3 from 12 million to 18 million tons per annum.

Speaker #4: Targeting a total throughput of 42 million tons per annum by 2029. Vale Base Metals noted that studies in permitting are underway, with construction expected to begin in 2027 and implementation by 2029.

Speaker #4: In addition, valet base metals indicated that it continues to advance a series of growth-focused initiatives to enhance efficiency and support medium to long-term production growth across the Salobo complex.

Wes Carson: In addition, Vale Base Metals indicated that it continues to advance a series of growth-focused initiatives to enhance efficiency and support medium to long-term production growth across the Salobo complex. In Q1, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to Q1 2025, primarily due to higher grades and improved recoveries. Attributable production to Wheaton is expected to increase significantly starting in Q2 2026, reflecting the addition of the new BHP stream, which became effective on 1 April and supported by higher throughput and stable grades and recoveries. Penasquito produced 2.6 million ounces of attributable silver in Q1, representing a 46% increase year-over-year, supported by higher grades and improved recoveries.

Speaker #4: In Q1, Antamina produced 1.6 million ounces of attributable silver, an increase of approximately 48% relative to Q1 of 2025, primarily due to higher grades and improved recoveries.

Speaker #4: Attributable production to Wheaton is expected to increase significantly starting in Q2 of 2026, reflecting the addition of the new BHP stream, which became effective on April 1st.

Speaker #4: And supported by higher throughput and stable grades and recoveries. Penasquito produced 2.6 million ounces of attributable silver in Q1, representing a 46% increase year-over-year, supported by higher grades and improved recoveries.

Speaker #4: After a strong Q1 performance from Penasquito, we anticipate attributable production to be lower in Q2, reflecting reduced grades and lower throughput due to planned maintenance.

Wes Carson: After a strong Q1 performance from Penasquito, we anticipate attributable production to be lower in Q2, reflecting reduced grades and lower throughput due to plant maintenance. Blackwater produced 129,000 ounces of attributable silver and 5,000 ounces of attributable gold in Q1. During the quarter, Blackwater experienced a 7-day unplanned mill shutdown due to a ball mill gear box failure. Artemis noted that strong grades helped offset the lower throughput resulting from the interruption, and they are maintaining their full-year production guidance, with plans to recover the lost production over the balance of the year. Several development projects are in the process of ramping up production, including Mineral Park, Phoenix, Goose, and Platreef, all of which reached initial production in the last 8 months.

Speaker #4: Blackwater produced 129,000 ounces of attributable silver and 5,000 ounces of attributable gold in Q1. During the quarter, Blackwater experienced a seven-day unplanned mill shutdown due to a ball mill gearbox failure.

Speaker #4: Artemis noted that strong grades helped offset the lower throughput, resulting from the interruption. And they are maintaining their full-year production guidance. With plans to recover the lost production over the balance of Wheaton.

Speaker #4: Several development projects are in the process of wrapping up production, including Mineral Park, Phoenix, Goose, and Platte Reach, all of which reached initial production in the lab last eight months.

Speaker #4: Construction activities advanced on a number of development projects, including the Coney project, where montage reported the project remains on track for first gold pour by the end of the year via the oxide circuit with hard rock comminution circuit expected to be completed in Q2 of 2027.

Wes Carson: Construction activities advanced on a number of development projects, including the Koné project, where Montage reported the project remains on track for first gold ore by the end of the year via the oxide circuit, with hard rock combination circuit expected to be completed in Q2 of 2027. Wheaton's production outlook for 2026 remains unchanged, with attributable production expected to fall between 860,000 and to 940,000 GEOs. Production is expected to be weighted to H2 of the year, with approximately 45% in H1 and 55% in H2, driven by mine sequencing at Salobo and Penasquito, start of the Antamina's BHP contract in Q2, as well as the ramp-up of the newly operating assets throughout 2026.

Speaker #4: Wheaton's production overlook for 2026 remains unchanged, with attributable production expected to fall between 860 and 940,000 GEOs. Production is expected to be weighted to the second half of the year, with approximately 45% in the first half and 55% in the second half.

Speaker #4: Driven by mine sequencing at Salobo and Penasquito, the start of the Antamina's BHP contract in Q2, as well as the ramp-up of the newly operating assets throughout 2026.

Speaker #4: Production at Salobo is expected to increase through the remainder of 2026 with improved grades as per the mine plan and consistent throughput and recoveries across Salobo 1, 2, and 3.

Wes Carson: Production at Salobo is expected to increase through the remainder of 2026 with improved grades as per the mine plan and consistent throughput and recoveries across Salobo 1, 2, and 3. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030. From 2031 to 2035, attributable production is currently forecast to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional pre-development assets. That concludes the operations overview, and with that, I'll turn the call over to Vincent.

Speaker #4: Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030. From 2031 to 2035, attributable production is currently forecast to average approximately 1.2 million GEOs annually, supported by incremental contributions from additional pre-development assets.

Speaker #4: That concludes the operations overview, and with that, I'll turn the call over to Vincent.

Speaker #3: Thank you. As detailed by Wes, production in Q1 was 212,000 GEOs, a 22% increase year-over-year. Sales volumes were 182,000 GEOs, a decrease of 3% from last year, due to an increase in produced but not yet delivered, or PBND, due to timing differences between production and sales.

Vincent Lau: Thank you. As detailed by Wes, production in Q1 was 212,000 GEOs, a 22% increase year-over-year. Sales volumes were 182,000 GEOs, a decrease of 3% from last year due to an increase in produced but not yet delivered or.First, we closed the previously announced transaction on Antamina with BHP, and we expect Q2 deliveries to include two of the typical three quarterly shipments with a full quarter contribution expected thereafter. At the end of Q1, the PBND balance was approximately 184,000 GEOs, representing 2.8 months of payable production.

Speaker #3: On April 1st, we closed the previously announced transaction on Antamina with BHP. And we expect Q2 deliveries to include two of the typical three-quarterly shipments with a full-quarter contribution expected thereafter.

Vincent Lau: First, we closed the previously announced transaction on Antamina with BHP, and we expect Q2 deliveries to include two of the typical three quarterly shipments with a full quarter contribution expected thereafter. At the end of Q1, the PBND balance was approximately 184,000 GEOs, representing 2.8 months of payable production. We continue to expect PBND levels to remain between 2.5 and 3.5 months for the remainder of 2026, with a higher end of the range reflecting the potential impact of ramp-up activities at new mines throughout the year. Strong commodity prices coupled with solid production led to record quarterly revenue of $901 million, an increase of 92% compared to last year. Driven primarily by a 98% increase in the average realized gold equivalent price.

Speaker #3: At the end of Q1, the PBND balance was approximately 184,000 GEOs, representing 2.8 months of payable production. We continue to expect PBND levels to remain between 2.5 and 3.5 months for the remainder of 2026, with a higher end of the range reflecting the potential impact of ramp-up activities at new mines throughout the year.

Vincent Lau: We continue to expect PBND levels to remain between 2.5 and 3.5 months for the remainder of 2026, with a higher end of the range reflecting the potential impact of ramp-up activities at new mines throughout the year. Strong commodity prices coupled with solid production led to record quarterly revenue of $901 million, an increase of 92% compared to last year. Driven primarily by a 98% increase in the average realized gold equivalent price.

Speaker #3: Strong commodity prices coupled record quarterly revenue of 901 million dollars, an increase of 92% compared to the last year and driven primarily by a 98% increase in the average realized gold equivalent price.

Speaker #3: 51% of this revenue came from gold, 47% from red silver, and the rest from palladium and cobalt. Net earnings increased by 129% from the prior year to a record 582 million dollars, while adjusted net earnings increased by 132% to a record 583 million dollars.

Vincent Lau: 51% of this revenue came from gold, 47% from silver, and the rest from palladium and cobalt. Net earnings increased by 129% from the prior year to a record $582 million, while adjusted net earnings increased by 132% to a record $583 million. Operating cash flow increased to $766 million, representing another quarterly record and a 112% increase from last year. During the quarter, we made total upfront cash payments for streams of $90 million, including $50 million for Spring Valley and $40 million for Marmato, as our portfolio of development assets continued to advance toward production.

Speaker #3: Operating cash flow increased to $766 million, representing another quarterly record and a 112% increase from last year. During the quarter, we made total upfront cash payments for streams of $90 million, including $50 million for Spring Valley and $40 million for Mamato, as our portfolio of development assets continued to advance toward production.

Speaker #3: Partially offsetting these disbursements, we received a repayment of 30 million dollars relative to the upfront payment for Santa Domingo, with the amount to be readvanced at a later date.

Vincent Lau: Partially offsetting these disbursements, we received a repayment of $30 million relative to the upfront payment for Santo Domingo, with the amount to be re-advanced at a later date. We strategically monetized a portion of our long-term investment portfolio, generating $323 million in proceeds and a $150 million gain, and redeployed the capital into our core streaming business to support funding of the Antamina BHP stream, which closed on 1 April. Overall, net cash inflows amounted to a record $1 billion in Q1, resulting in a cash balance of $2.2 billion at 31 March. On 1 April, following the Q1 end, we funded the $4.3 billion upfront payment for BHP for their 33.75% portion of the silver produced at the Antamina mine.

Speaker #3: We strategically monetized a portion of our long-term investment portfolio, generating $323 million in proceeds and a $150 million gain, and redeployed the capital into our core streaming business to support funding of the Antamina BHP stream, which closed on April 1st.

Speaker #3: Overall, net cash inflows amounted to a record 1 billion dollars in the quarter, resulting in a cash balance of 2.2 billion dollars at March 31st.

Speaker #3: On April 1st, following the quarter end, we funded the 4.3 billion dollar upfront payment for BHP, for their 33.75% portion of the silver produced at the Antamina mine.

Speaker #3: The upfront payment was funded through a combination of the cash on hand at closing, a draw on our previously undrawn 2 billion dollar revolving credit facility, and a new 1.5 billion dollar term loan.

Vincent Lau: The upfront payment was funded through a combination of the cash on hand at closing, a draw on our previously undrawn $2 billion-dollar revolving credit facility, and a new $1.5 billion-dollar term loan. The term loan and the revolving credit facility provide flexible, non-dilutive financing that may be repaid at any time without penalty. After advancing the upfront payment, the company is now in a pro forma net debt position of $2.1 billion, which based on our annualized Q1 2026 EBITDA, represents a modest leverage ratio of approximately 0.7 times.

Speaker #3: The term loan and the revolving credit facility provide flexible, non-dilutive financing that may be repaid at any time without penalty. After advancing the upfront payment, the company is now in a pro forma net debt position of 2.1 billion dollars.

Speaker #3: Which, based on our annualized Q1 2026 EBITDA, represents a modest leverage ratio of approximately 0.7 times. With the strength of our production guidance outlined by Wes, we believe we are well positioned to generate strong operating cash flow through 2028 under base case commodity price assumptions, supporting accelerated debt repayment over a relatively short period of time while continuing to build and grow our already strong capacity to fund existing commitments and potential future stream acquisitions.

Vincent Lau: With the strength of our production guidance outlined by Wes, we believe we are well positioned to generate strong operating cash flow through 2028 under base case commodity price assumptions, supporting accelerated debt repayment over a relatively short period of time, while continuing to build and grow our already strong capacity to fund existing commitments and potential future stream acquisitions. This concludes the financial summary. I'll now hand things over to Neil to walk through the details of our recent corporate development activities.

Speaker #3: This concludes the financial summary. I'll now hand things over to Neil to walk through the details of our recent corporate development activities.

Speaker #4: Thanks, Vincent. It's been a busy start to the year for the corporate development team, and I'm pleased to provide an overview of our two most recent deal announcements, which further reinforce we've already sector-leading growth profile.

Neil Burns: Thanks, Vincent. It's been a busy start to the year for the corporate development team, and I'm pleased to provide an overview of our two most recent deal announcements, which further reinforce Wheaton's already sector-leading growth profile. On 1 April, we entered into a definitive agreement with KGL Resources for a portion of the gold and silver production at the Jervois project located in Australia. The Jervois project represents an important milestone for Wheaton as our first streaming transaction in Australia, one of the world's leading mining jurisdictions. This fully permitted copper project is positioned to commence construction imminently with a concentrator designed to process 2 million tons per year, producing a copper concentrate with silver and gold byproducts. In addition, we believe the project holds significant exploration potential.

Speaker #4: On April 1st, we entered into a definitive agreement with KGL Resources for a portion of the gold and silver production at the Jervis Project located in Australia.

Speaker #4: The Jervis Project represents an important milestone for Wheaton, as our first streaming transaction in Australia, one of the world's leading mining jurisdictions. This fully permitted copper project is positioned to commence construction imminently with a concentrator designed to process 2 million tons per year producing a copper concentrate with silver and gold byproducts.

Speaker #4: In addition, we believe the project holds significant exploration potential. Under the agreement, Wheaton will purchase 75% of the payable gold and silver until a total of 45,000 ounces of gold and 4.3 million ounces of silver have been delivered.

Neil Burns: Under the agreement, Wheaton will purchase 75% of the payable gold and silver until a total of 45,000 ounces of gold and 4.3 million ounces of silver have been delivered. At which point, Wheaton will purchase 37.5% of the payable gold and silver until an additional 15,000 ounces of gold and 1.7 million ounces of silver has been delivered. After which, Wheaton will purchase 25% of the payable gold and silver for the remaining life of mine. In return, Wheaton will make ongoing payments for the gold and silver ounces delivered equal to 20% spot price. Each of the drawdown thresholds will be subject to adjustment if there are any delays in deliveries relative to an agreed-upon schedule. This is a mechanism that aims to mitigate timing risk.

Speaker #4: At which point, Wheaton will purchase 37.5% payable gold and silver until an additional 15,000 ounces of gold and 1.7 million ounces of silver has been delivered.

Speaker #4: After which, Wheaton will purchase 25% of the payable gold and silver for the remaining life of mine. In return, Wheaton will make ongoing payments for the gold and silver ounces delivered equal to 20% spot price.

Speaker #4: Each of the drop-down thresholds will be subject to adjustments if there are any delays in deliveries. Relative to an agreed-upon schedule, this is a mechanism that aims to mitigate timing risk.

Speaker #4: The known resources at Jervis Project are spread across multiple prospects that extend along a 12-kilometer stripe length in the shape of a J-curve, which can be seen on this slide.

Neil Burns: The known resources at Jervois project are spread across multiple prospects that extend along a 12-kilometer strike length in the shape of a J-shaped curve, which can be seen on this slide. The tenements are underexplored and KGL is utilizing integrated 3D modeling to focus exploration on high-grade areas to expand the Jervois mineral resource and support extending mine life. The main deposits, Reward, Prospect, and Belvane, remain open along strike and at depth. High-priority targets include Reward North, Reward South, and Cochrane Find. There are more than 20 targets identified and ranked within our area of influence. We feel the project is very prospective, and we are impressed by KGL's approach to exploration.

Speaker #4: The tenements are underexplored and KGL is utilizing integrated 3D modeling to focus exploration on high-grade areas to expand the Jervis mineral resource and support extending mining.

Speaker #4: The main deposits—Reward, Prop, Phase, and Velvet—remain open along strike and at depth. High-priority targets include Reward North, Reward South, and Caucus Find, and there are more than 20 targets identified and ranked within our area of influence.

Speaker #4: We feel the project is very prospective and we are impressed by KGL's approach to exploration. On April 20th, Wheaton entered into a definitive agreement with Spanish Mountain Gold to acquire a 1.5% NSR on its Spanish Mountain project, in exchange for consideration of 55 million dollars in staged payments.

Neil Burns: On 20 April, we entered into a definitive agreement with Spanish Mountain Gold to acquire a 1.5% NSR on its Spanish Mountain project in exchange for consideration of $55 million in staged payments. The Spanish Mountain project is an attractive addition to our portfolio, located in a stable, low-risk jurisdiction, with the PEA studies projecting mine life over 20 years and a land package supporting significant exploration potential. Overall, the project's scale and long-term potential align with our disciplined approach to growth in established mining jurisdictions. We are pleased to partner with the team at Spanish Mountain to support its development. With that, I'll hand the call back over to Haytham.

Speaker #4: The Spanish Mountain project is an attractive addition to our portfolio, located in a stable, low-risk jurisdiction, with a PEA study projecting mine life of over 20 years.

Speaker #4: And the land package supporting significant exploration potential. Overall, the project's scale and long-term potential align with our disciplined approach to growth in established mining jurisdictions.

Speaker #4: And we're pleased to partner with your team at Spanish Mountain to support its development. With that, I'll hand the call back over to Hazel.

Speaker #5: Thank you, Neil. In summary, the first quarter was a strong start to 2026 and highlighted the continued execution of Wheaton's strategy. We delivered solid revenue, earnings and cash flow resulting in record quarterly performance, we completed the Antamina stream with BHP the largest transaction Wheaton's history which adds meaningful additional exposure to one of the world's premier mining assets and significantly enhances our long-term silver production profile.

Haytham Hodaly: Thank you, Neil. In summary, Q1 was a strong start to 2026 and highlighted the continued execution of Wheaton's strategy. We delivered solid revenue, earnings, and cash flow, resulting in record quarterly performance. We completed the Antamina Silver Stream with BHP, the largest transaction in Wheaton's history, which adds meaningful additional exposure to one of the world's premier mining assets and significantly enhances our long-term silver production profile. Finally, our development pipeline continued to advance, with multiple assets progressing through construction, ramp up, and optimization, supporting Wheaton's sector-leading organic growth profile. Wheaton's strategy remains clear: Stay disciplined in pursuing high quality, low risk, long life, accretive precious metal streams and deliver sustainable long-term value for all stakeholders. With that, I would now like to open up the call for questions. Operator?

Speaker #5: And finally, our development pipeline continued to advance with multiple assets progressing through construction, ramp-up, and optimization, supporting Wheaton's sector-leading organic growth profile. Wheaton's strategy remains clear: stay disciplined in pursuing high-quality, low-risk, long-life accretive precious metals streams and deliver sustainable, long-term value for all stakeholders.

Speaker #5: With that, I would now like to open up the call for questions. Operator?

Speaker #6: Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. If you would like to ask a question, please press star, then the number 1 on your telephone keypad.

Operator 2: Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, please press star, then the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. There will be a brief pause while we compile the Q&A roster. Our first question comes from Daniel Major from UBS. Please go ahead. Your line is open.

Operator: Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, please press star, then the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. There will be a brief pause while we compile the Q&A roster. Our first question comes from Daniel Major from UBS. Please go ahead. Your line is open.

Speaker #6: If you would like to withdraw your question, press star 1 again. There will be a brief pause while we compile the Q&A roster. Our first question comes from Daniel Major from UBS.

Speaker #6: Please go ahead, your line is open.

Daniel Major: Hi, Haytham, thanks very much for the questions. Yeah, first one on Salobo. You mentioned the Vale commentary around the coarse particle flotation. Can you just give us some clarification on the catalysts, in terms of permitting, expected incremental GEOs contribution from Wheaton's side and any incremental capital required from your side?

Speaker #7: Hi, Hazel, and thanks very much for the questions. Yeah, first one on Salobo. You mentioned the Vale Comanche and the coarse particle flotation. Can you just give us some clarification on the catalysts in terms of permitting, expected incremental GEOs, contribution from Wheaton's side, and any incremental capital required from your side?

Speaker #5: Yeah, thanks for the question. We're still working on kind of the capital. They're finalizing their studies right now on this project, so and the capital will kind of come out of that as we see.

Haytham Hodaly: Yeah, thanks for the question. We're still working on kind of the capital. They're finalizing their studies right now on this project. The capital will kind of come out of that as we see. We are looking at an increase of about, well, it works out to a third increase on the Salobo 3, increasing from 12 million to 18 million tons a year. Really, what's gonna be fed in there will be slightly lower grade material. We're not expecting a dramatic increase in mining as they go through, but there is quite a bit of material to be fed through. The increases that you'll see from that will really probably come out in our guidance next year, as we work through kind of what the full impact of that is.

Speaker #5: We are looking at an increase of about, well, it works out to a third increase on this level 3, so increasing from 12 million to 18 million tons a year.

Speaker #5: And really, what's going to be fed in there will be slightly lower-grade material, so we're not expecting a dramatic increase in mining as they go through, but there is quite a bit of material to be fed through.

Speaker #5: So, the increase that you'll see from that will really probably come out in our guidance next year. So, as we work through kind of what the full impact of that is.

Haytham Hodaly: Also at the same time as they're working on that coarse particle flotation, there are a number of other upgrades that they're looking at for the overall project. On the permitting side, they're pretty much in line with permits for this size for the CPF. As they go further than that, there may be additional permits required to get up to a higher rate beyond the $42 million that they're talking about right now.

Speaker #5: But also, at the same time, as they're working on that course particle flotation, there are a number of other upgrades that they're looking at for the overall project.

Speaker #5: On the permitting side, they're pretty much in line with permits. For this size, for the CPF and as they go further than that, there may be additional permits required to get up to a higher rate beyond the 42 million that they're talking about right now.

Speaker #5: And in terms of capital for Wheaton, there is no additional capital requirement from Wheaton on Wheaton's behalf.

Neil Burns: In terms of capital for Wheaton, there is no additional capital requirements from Wheaton, on Wheaton's behalf.

Vincent Lau: In terms of capital for Wheaton, there is no additional capital requirements from Wheaton, on Wheaton's behalf.

Speaker #7: Okay, thanks. That's clear. Thank you. The second one I mean, yeah, it's interesting. You've got a position in Australia now. Can you just give us a sense?

Daniel Major: Okay, thanks. That's clear. Thank you. The second one, yeah, it's interesting, you've got a position in Australia now. Can you just give us a sense, I mean, you know, relative to other regions, it's not a region where there is as much streaming exposure. Are you seeing other opportunities in the region?

Speaker #7: I mean, relative to other regions, it's not a region where there is as much streaming exposure. Are you seeing other opportunities in the region?

Haytham Hodaly: Absolutely, Daniel. This actually, you know, when we actually first went into Australia with a small royalty, that opened up a lot of doors. Now that we're actually showing that we can do streams in Australia and we can come up with a structure that makes sense for both parties, we are seeing a lot more interest in that continent, that's for sure. We do hope that we can get some more done. There is, you know, as always, we look at a lot of different opportunities, and some of them are in Australia for sure.

Speaker #5: Absolutely, Daniel. This is actually when we first went into Australia with a small royalty that opened up a lot of doors. Now that we're actually showing that we can do streams in Australia, and we can come up with a structure that makes sense for both parties, we are seeing a lot more interest in that continent, that's for sure.

Speaker #5: And so we do hope that we can get some more done. There is, as always, we look at a lot of different opportunities and some of them are in Australia, for sure.

Speaker #7: Okay, thanks. And then just final, slightly model-orientated question. Could you give us any guidance on what you would expect the finance costs spoke through the P&L in Q2 to be?

Daniel Major: Okay, thanks. Just final, slightly model-orientated question. Could you give us any guidance on what you would expect the finance costs booked through the P&L in Q2 to be, whether there's any additional costs associated with, you know, the debt drawdown, et cetera? What should we be expecting in Q2?

Speaker #7: Whether there's any additional costs associated with the debt drawdown, etc.? What should we be expecting in Q2?

Speaker #5: Yeah. Daniel, it's Vince here. The bank loan and the RCF, the debt service costs, would be about 5% interest rate. On that, we're currently about 2.1 billion dollars net debt position.

Vincent Lau: Yeah. Daniel, it's Vince here. The bank loan and the RCF, the debt service costs would be about 5% interest rate on that. We're currently about, you know, $2.1 billion net debt position, and we see, you know, repayment of that relatively quickly. You know, Q2 is a somewhat heavy quarter in terms of cash outflow going out. You know, we did make the $4.3 billion Antamina payment, and we do have two dividends that go out. Debt repayment wouldn't be as quick in Q2, but going forward, we see that rapidly coming down. In terms of setting up the term loan itself, all that cost was already incurred in Q1, so there's no additional costs.

Speaker #5: And we see repayment of that relatively quickly. Q2 is a somewhat heavy quarter in terms of cash outflow going out. We did make the 4.3 billion dollar Antamina payment, and we do have two dividends that go out.

Speaker #5: So debt repayment wouldn't be as quick in Q2, but going forward, we see that rapidly coming down. In terms of setting up the term loan itself, all that cost was already incurred in Q1.

Speaker #5: So there's no additional costs with that.

Speaker #7: Okay, so about 5% of to roughly 2.5 billion for the P&L tax charge? Would that be reasonable? 30 million or so?

Daniel Major: Okay, about 5% of, to roughly $2.5 billion for the P&L tax charge. Would that be reasonable, $30 million or so?

Speaker #5: Yeah, that's about right.

Vincent Lau: Yeah, that's about right.

Speaker #7: Okay, cool. Thank you very much.

Daniel Major: Okay, cool. Thank you very much.

Speaker #6: Our next question comes from Tanya Yakuskonek from Scotiabank. Please go ahead, your line is open.

Operator 2: Our next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Your line is open.

Operator: Our next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Your line is open.

Tanya Jakusconek: Great. Thank you. Just wanted to continue on the modeling questions, if I could. I also think you have the global minimum tax payment as well that goes out in Q2. Is that correct?

Speaker #8: Great. Thank you. Just wanted to continue on the modeling questions if I could. I also think you have the global minimum tax payment as well that goes out in Q2.

Speaker #8: Is that correct?

Speaker #5: That's right. That will be going out in June. And the amount there is about 115 million US dollars.

Haytham Hodaly: That's right. That will be going out in June. The amount there is about $150 million.

Tanya Jakusconek: Yeah. Okay. The two dividends, you've got the Antamina, and the global minimum tax. We should, as you mentioned, expect to have just, you know, your debt starts to really start paying down your debt, let's say, Q3, Q4.

Speaker #8: Yeah, okay. So it's two dividends. You've got the Antamina and the global minimum tax. So we should, as you mentioned, expect to have—just your debt, you really start paying down your debt, let's say Q3, Q4.

Speaker #5: Yeah, I think we do see some debt pay-down in Q2—not a very significant amount, but thereafter, very material repayments going forward.

Haytham Hodaly: Yeah. I think we do see some debt pay down in Q2, not a very significant amount. Thereafter, you know, very material repayments going forward.

Speaker #8: Okay. And then, you just mentioned a few mines that are going to be bringing up that production profile that I think you said was 45/55—first half, second half.

Tanya Jakusconek: Okay. You mentioned a few mines that are going to be bringing up that production profile that I think you said was 45%, 55% H1, H2. I have the mines that you mentioned that are going up, obviously Antamina with the acquisition. You said Salobo is going to do much better. That moves up in the rest of the year as well from a production standpoint. You've got your new mines that are coming on, that's great. Maybe to flag the ones that are coming off, if any.

Speaker #8: So I have the minds that you mentioned that are going up. Obviously, Antamina with the acquisition. You said Salobo is going to do much better.

Speaker #8: That moves up in the rest of the year as well from a production standpoint. You've got your new minds that are coming on. So that's great.

Speaker #8: Maybe to flag the ones that are coming off, if any.

Haytham Hodaly: Thanks, Tanya. We're gonna see Mineral Park will be ramping up through the year here. We'll see Phoenix ramping up through the year. We'll also have Goose coming back on kind of up to full production there by the end of the year. Platreef section, we'll see ramping up through this year as well, so those four.

Speaker #5: Thanks, guys. So we're going to see so Mineral Park will be wrapping up through the year here. We'll see Phoenix wrapping up through the year.

Speaker #5: We'll also have Goose coming back on kind of up to full production there by the end of the year. And I think those would be the main and Platte Reef's actually what we'll see wrapping up through this year as well, so it'll be the same.

Speaker #9: The one that would come down, Tanya, in the back half of the year is really Constancia because they were pulling they had some stockpile material from Pampa Concha in Q1 that pulled up gold grade.

Neil Burns: The one that would come down, Tanya, in H2 is really Constancia because they were pulling, they had some stockpiled material from Pampacancha in Q1 that pulled up gold grades. That's gone now, and it'll come back down.

Emma Murray: The one that would come down, Tanya, in H2 is really Constancia because they were pulling, they had some stockpiled material from Pampacancha in Q1 that pulled up gold grades. That's gone now, and it'll come back down.

Speaker #9: So that's gone now and it'll come back down.

Speaker #8: Okay. All right. Noted. Thank you. And then I don't know, Haytham or team, maybe just again on this deal market again. In terms of the opportunities that you are seeing at my office every quarter, sometimes it changes.

Tanya Jakusconek: Okay. All right. Noted. Thank you. I don't know, Haytham or team, maybe just again on this, the deal market again, in terms of the opportunities that you are seeing at every quarter, sometimes it changes. You know, like in the previous quarter, you had mentioned that most of your opportunities were in the $200 to 300 million range, and some were in the $500 million to 1 billion, all, you know, gold, silver. Is that still the sort of range I think about? Is it still focused with, you know, construction financing on these large scale copper projects and maybe gold projects as well? How should I be thinking?

Speaker #8: But in the previous quarter, you had mentioned that most of your opportunities were in the $200 to $300 million range and some were in the $500 million to $1 billion, all gold, silver.

Speaker #8: Is that still the sort of range I should think about? And is it still focused with construction financing on these large-scale copper projects and maybe gold projects as well?

Speaker #8: How should I be thinking?

Haytham Hodaly: Thanks, Tanya. I'll pass it over to Neil, who can give you a bit of an overview.

Speaker #5: Thanks, Daniel. I'll pass it over to Neil who can give you a little bit of an overview.

Speaker #10: Sure. Yeah, the range is quite similar, Tanya. Our pipeline remains very robust, around the same levels that we've seen in Q4. The opportunity mix is probably about 70% gold opportunities, or 30% silver.

Neil Burns: Sure. Yeah, the range is quite similar, Tanya. We, our pipeline remains very robust, you know, around the same levels that we've seen in Q4. You know, the opportunity mix is probably about 70% gold opportunities, 20% or 30% silver. The range, yeah, I would say is in the $200 to 500 million range. We are seeing a few that are, you know, potentially in the $1 billion range, maybe a couple. Those do take a bit longer to incubate, and they also are paid out as construction advances. There's still a few out there. You know, we are hearing rumors that there's potentially a few more asset sales out there of companies selling non-core operations.

Speaker #10: The range yeah, I would say is in the 2 to 500 million dollar range. We are seeing a few that are potentially in the billion dollar range, maybe a couple.

Speaker #10: But those do take a bit longer to incubate. And they also are page those are paid out as construction advances. M&A opportunities are still there's still a few out there.

Speaker #10: And we are hearing rumors that there's potentially a few more asset sales out there—companies selling non-core operations.

Tanya Jakusconek: Financing companies for the sale of, financing the purchasers, I guess, for the sale of. Are you also seeing any changes to the structure of the deals that you're looking at? Or are the sellers now looking for different, you know, items to be included? I'm just wondering if those are changing at all given the competition.

Speaker #8: So financing companies for the sale of financing the purchasers, I guess, for the sale of. Are you also seeing any changes to the structure of the deals that you're looking at?

Speaker #8: Or are the sellers now looking for different items to be included in the structure? I'm just wondering if those are changing at all.

Speaker #8: Given the competition.

Speaker #5: Yeah, no, we haven't really I mean, we understand what our competitors are doing. We try to stick to what has worked for us and what has worked for our counterparties that we actually stream with because it ends up being the easiest way for them to understand streaming and be able to actually deliver into the streaming agreement.

Haytham Hodaly: Yeah, no, we haven't really I mean, we understand what our competitors are doing. We try to stick to what has worked for us and what has worked for our counterparties that we actually stream with because it ends up being the easiest way for them to understand streaming and be able to actually deliver into the streaming agreement. You know, we will continue to look at security, corporate parent company guarantees, come up with, you know, the lowest risk potential structures for our shareholders, and that hasn't changed from our perspective.

Speaker #5: So we will continue to look at security, corporate parent company guarantees, come up with the lowest risk potential structures for our shareholders. And that hasn't changed from our perspective.

Speaker #8: Yeah, I was just wondering more if it's still the same sort of deal, Haytham, that we're going to see a portion of a stream, and there's equity investment, and then there's debt financing.

Tanya Jakusconek: Yeah, I was just wondering more if it's still the same sort of deal, Haytham, that we're gonna see. You know, a portion of a stream, and there's equity investment, and then there's debt financing. I'm wondering if there's another component on top of that.

Speaker #8: I'm wondering if there's another component on top of that.

Speaker #5: Well, so far, what we've done is we've you're right. We've brought in streaming. We've brought in a little bit of equity. Keep in mind, equity really only happens when they want it to.

Haytham Hodaly: Well, so far, you know, what we've done is You're right. We've provided streaming. We've provided a little bit of equity. Keep in mind, equity really only happens when they want it to. They need a lead order or something to that effect. We're not, we're not in it specifically for the equity. Then we do offer lines of credit for cost overrun facilities, et cetera. In terms of traditional debt, you know, it always makes more sense to do a stream than to expand the existing stream than to do debt. You know, we kind of stayed away from that front-end debt. I think those are the primary mechanisms that we look at at this point in time.

Speaker #5: They need a lead order or something to that effect. We're not in it specifically for the equity. And then we do offer lines of credit for cost overrun facilities, etc.

Speaker #5: In terms of traditional debt, it always makes more sense to do a stream than to expand the existing stream than to do debt. So we kind of stayed away from that front.

Speaker #5: And I think those are the primary mechanisms that we look at at this point in time.

Tanya Jakusconek: Besides Australia, Haytham, has any other jurisdiction opened for you?

Speaker #8: Besides Australia, Haytham, has any other jurisdiction open for you?

Haytham Hodaly: There has been a couple, and hopefully you'll see something soon, smaller. You know, we're trying to dip our toe into various areas, but they are very low-risk jurisdictions. Nothing that's that's gonna increase our risk profile. Definitely things that, you know, historically have been very mining-focused and may not be lately. You know, we're trying to get our foot in there again. We'll see what happens.

Speaker #5: There have been a couple. And hopefully, you'll see something soon—smaller. But we're trying to dip our toe into various areas. But they are very low-risk jurisdictions.

Speaker #5: Nothing that's going to increase our risk profile. Definitely things that historically have been very mining-focused and may not be lately. But we're trying to get our foot in there again.

Speaker #5: So we'll see what happens.

Speaker #8: Okay, so I'm hoping that the postal codes—the ones that we recognize.

Tanya Jakusconek: Okay. I'm hoping that the postal codes are ones that we recognize.

Speaker #5: Yeah, I hope so too.

Haytham Hodaly: Yeah, I hope so too.

Speaker #8: Yeah.

Tanya Jakusconek: Yeah.

Speaker #11: Our next question comes from Brian McArthur from Raymond James. Please go ahead. Your line is open.

Operator 2: Our next question comes from Brian MacArthur from Raymond James. Please go ahead. Your line is open.

Operator: Our next question comes from Brian MacArthur from Raymond James. Please go ahead. Your line is open.

Brian MacArthur: Good morning. Thank you for taking my question. It relates to the commitments going forward. A couple of questions. With Santo Domingo, obviously you got some money back, and you're gonna pay it out in the future. Are there other deals that I need to think about that potentially happening, or is that kind of a one-off in the portfolio?

Speaker #12: Hi, good morning. Thank you for taking my question. It relates to the commitments going forward. So, a couple of questions. With Santo Domingo, obviously, you got some money back and you're going to pay it out in the future.

Speaker #12: Are there other deals that I need to think about that are potentially happening, or is that kind of a one-off in the portfolio?

Speaker #5: Well, I mean, listen, we're always looking to be good partners, Brian. So if things were delayed on their side and they had an advance and they didn't need the capital, we kind of may look at it as we're giving them an opportunity to defer some of those delayed payment mechanisms they would have otherwise had to pay.

Haytham Hodaly: Well, I mean, listen, we're always looking to be good partners, Brian. If, you know, things were delayed on their side and they had an advance and they didn't need the capital, we kinda may look at it as, you know, we're giving them an opportunity to defer some of that those delayed payment mechanisms they would have otherwise had to pay. Our objective is to see this project advance as well. Not to collect delayed payment ounces. We haven't seen anybody else come to us right now looking for that. You know, I guess if somebody needed that's obviously something we would consider on a case-by-case basis.

Speaker #5: And our objective is to see this project advance as small as possible, not to collect delayed payment notices. So we haven't seen anybody else come to us right now looking for that.

Speaker #5: But I guess if somebody needed that, that's obviously something we would consider on a case-by-case basis.

Speaker #10: Yeah, this again speaks to our kind of de-risk structure. These upfront payments that we have paid relate to early deposit payments. They're typically paid before permanent payments.

Vincent Lau: Yeah. This again speaks to our kind of de-risk structure. These upfront payments that we have paid relate to early deposit payments. They're typically paid before permitting, and it's a very small portion of the ultimate upfront payment. What happened here was, you know, the permitting process got a bit delayed. We wanted to make sure we got our cost of capital. You know, Capstone had other means to satisfy that, and that's why they repaid it temporarily. It's a good outcome for both parties.

Speaker #10: And it's a very small portion of the ultimate upfront payment. So what happened here was the permitting process got a bit delayed. We wanted to make sure we got our cost of capital.

Speaker #10: Capstone had other means to satisfy that. And that's why they repaid it temporarily. So it's a good outcome for both parties.

Speaker #5: Yeah, I mean, listen, we're looking to be good partners. And we want to see the project go ahead. And we don't want to disadvantage any of our partners as they're trying to move it forward, so.

Haytham Hodaly: Yeah. I mean, listen, we're looking to be good partners and, you know, we wanna see the project go ahead, and we don't wanna disadvantage any of our partners as they're trying to move it forward.

Speaker #12: Great. Thanks. My second one just relates to Salabo. And obviously, you were talking about potential going forward. You have an $8 million ongoing payment for 10 years, which I believe is that you're in high grade.

Brian MacArthur: Great. Thanks. My second one just relates to Salobo, obviously you were talking about potential going forward. You have an $8 million ongoing payment for 10 years, which I believe is if you're in high grade. Originally you sort of didn't think you were going to pay it until 2027, but in Q4, you moved it in. Is that kind of fixed now, that $8 million starting 2027, 2028, or could that still change going forward as a result of this new stuff that's happening?

Speaker #12: And originally, you sort of didn't think you were going to pay it till '27. But in the fourth quarter, you moved it in. Is that kind of fixed now, that $8 million starting 2027, 2028?

Speaker #12: Or could that still change going forward as a result of this new stuff that's happening?

Speaker #10: Thanks, Brian. I would say that that will still change most likely. So I mean, we're constantly talking to Valet about different ways to do it.

Vincent Lau: Thanks, Brian. I would say that will still change most likely. I mean, we're constantly talking to Vale about different ways to do it. The thoughts around how that project is going to progress have really moved in a significant direction more towards the increasing the throughput and that rather than that kind of high-grade plan that we'd originally viewed. I would say that there's still likely to be movement on what those payments could be and then when they would come out.

Speaker #10: And the thoughts around how that project is going to progress. It really moved in a significant direction more towards increasing the throughput, rather than that kind of high-grade plan that we'd originally viewed.

Speaker #10: So I would say that there's still likely to be movement on what those payments could be and when they would come up.

Speaker #12: Great. Thanks. And my last question just relates a little bit of accounting. So with the second and Camina, transaction, are you going to report it as two separate streams going forward?

Brian MacArthur: Great. Thanks. My last question just relates to a little bit of accounting. With the second Antamina transaction, are you gonna report it as two separate streams going forward, or is it all gonna get put together, so we'll just have a lot higher depreciation? Secondly, is there any different in tax structures for any of that going forward when we start to look at the Q2 results? Thanks.

Speaker #12: Or is it all going to get put together? So we'll just have a lot higher depreciation. And secondly, is there any difference in tax structures for any of that going forward when we start to look at the Q2 results?

Speaker #12: Thanks.

Speaker #5: Hey, Brian. It's Vincent. We're going to treat it as one segment. So you'll see just one and Camina in our financial statements. The depletion rate will be a bit higher.

Vincent Lau: Hey, Brian, it's Vince here. We're gonna treat it as one segment, so you'll see just one Antamina in our financial statements. The depletion rate will be a bit higher. I think it'll be around $26, $27 per ounce going forward on a combined basis. In terms of tax, it's the same exact regimen as the first stream. It'll be subject to just the GMT tax. You know, we get to obviously deplete the asset from an accounting perspective, and the tax is 15% on the accounting income for our Cayman sub. So pretty straightforward.

Speaker #5: I think it will be around 26, 27 dollars per ounce going forward on a combined basis. In terms of tax, it's the same exact treatment as the first stream.

Speaker #5: It'll be subject to just the GMT tax. We get to obviously deplete the asset from an accounting perspective. And the tax is 15% on the accounting income from our Cayman sub.

Speaker #5: So pretty straightforward.

Speaker #12: Perfect. Thanks. And then last question, just updated depreciation rates. Are we going to get those next quarter for the whole all the assets?

Brian MacArthur: Perfect. Thanks. Last question, just updated depreciation rates. Are we gonna get those next quarter for all the assets?

Speaker #10: Yes. That's right.

Vincent Lau: Yes. That's right.

Speaker #12: Thank you very much for answering all my questions.

Brian MacArthur: Thank you very much for answering all my questions.

Speaker #5: Thanks, Brian. No problem, Brian.

Vincent Lau: Thanks, Brian. No problem, Brian.

Speaker #11: Our next question comes from Cosmos 2 from CIBC. Please go ahead. Your line is open.

Operator 2: Our next question comes from Cosmos Chiu from CIBC. Please go ahead. Your line is open.

Operator: Our next question comes from Cosmos Chiu from CIBC. Please go ahead. Your line is open.

Speaker #13: Thanks. Haytham and team. And congrats again on the appointment. And a solid start to 2026.

Cosmos Chiu: Thanks, Haytham and team, and congrats again on the appointment and a solid start to 2026.

Speaker #5: Thanks, Cosmos.

Haytham Hodaly: Thanks, Cosmos.

Haytham Hodaly: Thanks. Maybe my first question is on produced but not yet delivered. You know, as you mentioned, it increased again in Q1. It's actually the fifth consecutive quarter where it's increased. I understand there's a lot of new startups. I guess my question is, you know, potentially when could it reverse? When could it, you know, when could you potentially see a drawdown in that balance, the produced and not yet delivered? More specifically, I guess, I've seen it, Phoenix, you're seeing production for the first time in Q1. Platreef, you're seeing production for the first time in Q1. For those two, when could we potentially see sales come through? Would it be sometime in 2026?

Cosmos Chiu: Thanks. Maybe my first question is on produced but not yet delivered. You know, as you mentioned, it increased again in Q1. It's actually the fifth consecutive quarter where it's increased. I understand there's a lot of new startups. I guess my question is, you know, potentially when could it reverse? When could it, you know, when could you potentially see a drawdown in that balance, the produced and not yet delivered? More specifically, I guess, I've seen it, Phoenix, you're seeing production for the first time in Q1. Platreef, you're seeing production for the first time in Q1. For those two, when could we potentially see sales come through? Would it be sometime in 2026?

Speaker #13: Thanks. Maybe my first question is on produced but not yet delivered. As you mentioned, it increased again in Q1. It's actually the fifth consecutive quarter where it's increased.

Speaker #13: I understand there's a lot of new startups, but I guess my question is, potentially, when could it reverse? When could you potentially see a drawdown in that balance—the produced and not yet delivered?

Speaker #13: And more specifically, I guess, I've seen it Phoenix. You're seeing production for the first time in Q1. Plat Reef, you're seeing production for the first time in Q1.

Speaker #13: For those two, when could we potentially see sales come through? Would it be sometime in 2026?

Speaker #10: Thanks, Cosmos. Yeah, I see. I mean, the PBND moves in a reasonably predictable manner in that it does kind of build up in the first quarter and into the year.

Wes Carson: Thanks, Cosmos. Yeah, I'd say, I mean, the PP&E moves in a reasonably predictable manner in that it does kind of build up in Q1 and into the year, and then we see that drawdown in Q4 as usual. As you say, with those new streams kind of coming online, we will see that build up, and we'll see some more build up with Antamina coming on. As Vincent mentioned, we're gonna see 2 months of sales rather than the regular 3 in this next quarter. That will go up a bit with Antamina. On Phoenix, that one has a relatively short, so it'll be kind of in on the shorter end of assets there. For Platreef, it is quite a long period before we see sales on that one.

Speaker #10: And then we see that drawdown in Q4, as usual. And as you say, with those new streams kind of coming online, we will see that build up.

Speaker #10: And we'll see some more build-up with Pentamina coming on, as Vincent mentioned. We're going to see two months of sales rather than the regular three in this next quarter.

Wes Carson: As Vincent mentioned, we're gonna see 2 months of sales rather than the regular 3 in this next quarter. That will go up a bit with Antamina. On Phoenix, that one has a relatively short, so it'll be kind of in on the shorter end of assets there. For Platreef, it is quite a long period before we see sales on that one. That one's more at the kind of upper end of kind of the 5 to 6 months, whereas, you know, Phoenix will be on the lower end of, like, 1 to 2 months.

Speaker #10: So that will go up a bit with Pentamina. On Phoenix, that one has a relatively short so it'll be kind of in on the shorter end of assets there for Plat Reef.

Speaker #10: It is quite a long period before we see sales on that one. That one's more at the kind of upper end of kind of the five to six months.

Wes Carson: That one's more at the kind of upper end of kind of the 5 to 6 months, whereas, you know, Phoenix will be on the lower end of, like, 1 to 2 months.

Speaker #10: Whereas Phoenix will be on the lower end, at one to two months.

Speaker #12: Great. Thanks, Wes. Maybe my other question. I was going to ask about Australia again. But I think we have all the answers to it.

Cosmos Chiu: Great. Thanks, Wes. Maybe my other question, I was gonna ask about Australia again, but I think, we have all the answers to it. Maybe I'll ask about the other, new, royalty stream that you acquired, Spanish Mountain. I see that's a 1.5% NSR. It is a royalty. You know, historically, I believe Wheaton Precious Metals Corp. has preferred streams over royalties. Is that still the case? You know, is that just really a unique situation here in terms of Spanish Mountain being a NSR?

Speaker #12: So maybe I'll ask about the other new royalty stream that you acquired, Spanish Mountain. I see that it's a 1.5%, and I saw it is a royalty.

Speaker #12: So, historically, I believe Wheaton Precious Metals had preferred streams over royalties. Is that still the case? And Indiana is just really a unique situation here, in terms of Spanish Mountain being an NSR?

Speaker #5: No, that's absolutely the case. We still prefer streams over royalties. This is a royalty that comes through the roofer on future financings for stream financing, Cosmos.

Neil Burns: No, that's absolutely the case. We still prefer streams over royalties. This is a royalty that comes with a ROFR on future financings for stream financing, Cosmos. This is our way of locking in our position when they go to finance the larger project.

Speaker #5: So, this is our way of locking in our position when they go to finance the larger project.

Cosmos Chiu: Mm-hmm. Great. Then, maybe one last question. You know, you've disclosed this in the past, now it seems like Bill C-15, of the Budget 2025, has now been enacted as of 26 March 2026. Sounds like there's some amendments to existing transfer pricing regime under the Income Tax Act. I guess for someone that has covered Wheaton Precious Metals for a long time and has seen transfer pricing as a point of contention in the past, is this something that we need to worry about?

Speaker #12: Great. And then maybe one last question. You've disclosed this in the past. But now it seems like Bill C15 of the budget 2025 has now been enacted as of March 26, 2026.

Speaker #12: Sounds like there's some amendments to existing transfer pricing regime under the income tax act. I guess for someone that has covered Wheaton Precious Metals for a long time and had seen transfer pricing as a point of contention in the past, is this something that we need to worry about?

Speaker #5: No, not at all. We are set up in a way that's well understood now. And the settlement we did have with the CRA is applicable all the way up to 2025.

Vincent Lau: No, not at all. You know, we are set up in a way that's well understood now. The settlement we did have with the CRA is applicable all the way up to 2025. You know, going forward with this new legislation, you know, we're gonna operate the exact same way. If you look at the Antamina transaction, for example, that was all funded by our Cayman subsidiary. They borrowed the money at that level, and they have all the cash flows, and they have their own, you know, management team and board to make the decisions. It's very well-defined structure and, you know, from a tax perspective, we're gonna maintain that structure going forward and don't expect anything to change.

Speaker #5: Going forward with this new legislation, we're going to operate the exact same way. If you look at the Antamina transaction, for example, that was all funded by our Cayman subsidiary.

Speaker #5: They borrowed the money at that level. And they have all the cash flows. And they have their own management team on board to make the decision.

Speaker #5: So it's very well defined structure. And from a tax perspective, we're going to maintain that structure going forward and don't expect anything to change.

Cosmos Chiu: I guess, Vince, you know, high level, what changed with Bill C-15?

Speaker #13: So, I guess, Vince, high-level, what changed with Bill C-15?

Cosmos Chiu: I guess, Vince, you know, high level, what changed with Bill C-15?

Vincent Lau: I think the government just wants to, you know, more specifically define how transfer pricing works.

Vincent Lau: I think the government just wants to, you know, more specifically define how transfer pricing works. You know, specifically with respect to other companies that may structure their affairs differently than ours. With respect to us, it really has no impact.

Speaker #5: I think the government just wants to more specifically define how transfer pricing works—specifically, with respect to other companies that may structure their affairs differently than ours.

Vincent Lau: You know, specifically with respect to other companies that may structure their affairs differently than ours. With respect to us, it really has no impact.

Speaker #5: But with respect to us, it really has no impact.

Cosmos Chiu: Understood. Maybe one last question. In your table of cash outlays for 2026, excluding Antamina, I believe I work it out to a number of $496 million for 2026, of which you actually have paid a lot in Q1. You did Marmato, $40 million, Koné after the quarter. The two big ones that are still sort of outstanding in terms of potential commitment or cash outlays is the rest of Spring Valley and El Domo. Can you maybe just remind us what might be the trigger for these payments?

Speaker #13: Understood. And then maybe one last question. In your table of cash outlays, for 2026, excluding Antimina, I believe I work out it out to a number of $496 million for 2026, of which you actually have paid a lot in Q1.

Speaker #13: You did Marmotto—$40 million. CONE after the quarter. The two big ones that are still sort of outstanding in terms of potential commitment or cash outlays are the rest of Spring Valley and El Domo.

Speaker #13: Can you maybe just remind us what might be the trigger for these payments?

Speaker #5: Sure. El Domo is really, as they're achieving completion status, we would then fund. So, we do expect to fund El Domo potentially in Q2 or the latter half of 2026.

Vincent Lau: Sure. El Domo is really as they're achieving completion status, we would then fund. We do expect to fund El Domo, you know, potentially Q2 or latter half of 2026. Spring Valley, that one is based on achievement of obtaining key permits. We're hopeful they will achieve that, you know, in the near term here. We would look to fund that, you know, in 2026 as well. Yeah, just to be clear on the upfront payments, you know, Q2 was a heavy, or will be a heavy quarter. We're gonna disburse about $4.6 billion, including the Antamina acquisition, and then the remainder of the year is a lot lighter at about $200 million.

Speaker #5: Spring Valley, that one is based on achievement of obtaining key permits. So we're hopeful they will achieve that in the near term here. So we would look to fund that in 2026 as well.

Speaker #5: So yeah, just to be clear on the upfront payments, Q2 was a heavy or will be a heavy quarter we're going to disperse about the Antimina acquisition.

Speaker #5: And then the remainder of the year is a lot lighter at about $200 million.

Speaker #13: Great. Thanks again, Haytham, Vince, and Wes, for answering all my questions. Have a great weekend.

Cosmos Chiu: Great. Thanks again, Haytham, Vince, and Wes for answering all my questions. Have a great weekend.

Speaker #5: Thanks, Cosmos.

Haytham Hodaly: Thanks, Cosmos.

Speaker #14: Our next question comes from Richard Hatch from Barenberg. Please go ahead. Your line is open.

Operator 2: Our next question comes from Richard Hatch from Berenberg. Please go ahead. Your line is open.

Operator: Our next question comes from Richard Hatch from Berenberg. Please go ahead. Your line is open.

Speaker #15: Thanks a lot. Yeah. Hi, Haytham and team. Just a question: the Middle East conflict and the impact that's had on global markets—is that impacting your ability to write new business at all, or not?

Richard Hatch: Thanks a lot. Hey, Haytham and team. Just a question. The Middle East conflict and the impact that's had on global markets, is that impacting your ability to write new business at all or not? Thanks.

Speaker #15: Thanks.

Speaker #5: No, not at all, Richard.

Haytham Hodaly: No, not at all, Richard.

Speaker #15: Okay. Very clear. Easy. Thanks.

Richard Hatch: Okay. Very clear. Easy. Thanks.

Speaker #5: Thank you.

Haytham Hodaly: Thank you.

Speaker #14: Our next question comes from Martin Pratier from Veritas Investment Research. Please go ahead. Your line is open.

Operator 2: Our next question comes from Martin Pradier from Veritas Investment Research. Please go ahead. Your line's open.

Operator: Our next question comes from Martin Pradier from Veritas Investment Research. Please go ahead. Your line's open.

Speaker #16: Thank you. My question is, how are you changing the number for Salobo for the year? What is the expectation now with all these new things that are happening?

Martin Pradier: Thank you. My question is how are you changing the number for Salobo for the year? What is expectation now with all these new things that are happening?

Speaker #5: No, there won't be any changes on Salovo for the year. All of the upgrades that they're doing are over the next several years. And, as mentioned earlier, we'll see that baked into guidance kind of next year as these things come online, kind of in the Valley's plan.

Wes Carson: No, there won't be any changes on Salobo for the year. All of the upgrades that they're doing are over the next several years. As mentioned earlier, we'll see that baked into guidance kind of next year as these things come online, kind of in the Vale's plan. Right now, we don't expect anything different in 2026.

Haytham Hodaly: No, there won't be any changes on Salobo for the year. All of the upgrades that they're doing are over the next several years. As mentioned earlier, we'll see that baked into guidance kind of next year as these things come online, kind of in the Vale's plan. Right now, we don't expect anything different in 2026.

Speaker #5: So right now, we don't expect any difference in 2026.

Speaker #16: Perfect. Now, there was a big difference between sales and production this quarter. Especially in Salobo—Salobo, the production was down 3%, but the sales were down 30%.

Martin Pradier: Perfect. Now, there was a big difference between sales and production this quarter, especially in Salobo. Salobo, the production was down 3%, but the sales were down 30%. What should we think about that going forward?

Speaker #16: What should we think about that going forward?

Speaker #5: So that's a pretty standard one in Q1. And as entertaining as it is, the carnival in Brazil actually has a fairly significant impact on the sales and the logistics of moving that material around.

Wes Carson: That's a pretty standard one in Q1 effect.

Haytham Hodaly: That's a pretty standard one in Q1 effect. Moving that material around. We usually do see that lower sales in Q1, and there is kind of that drawdown in Q4 that you normally see. We do expect to see that build up in PBND, particularly at Salobo in Q1, this year is no different than that.

Haytham Hodaly: Moving that material around. We usually do see that lower sales in Q1, and there is kind of that drawdown in Q4 that you normally see. We do expect to see that build up in PBND, particularly at Salobo in Q1, this year is no different than that. Great. Thank you.

Speaker #5: So we usually do see that lower sales in Q1, and there is kind of that drawdown in Q4 that you normally see. So we do expect to see that build-up in PB&B, particularly at Salovo in Q1, and this year is no different than that.

Speaker #16: Great. Thank you.

Martin Pradier: Great. Thank you.

Speaker #14: Our next question comes from John Tomazos from John Tomazos. Very independent research. Please go ahead, your line is open.

Operator 2: Our next question comes from John Tumazos from John Tumazos Very Independent Research. Please go ahead. Your line is open.

Operator: Our next question comes from John Tumazos from John Tumazos Very Independent Research. Please go ahead. Your line is open.

Speaker #16: Thank you for taking my question. Looking back at the February Antamina transaction—$4.3 billion outlay—should we think of that as a unique, once-in-a-generation sort of deal, where you were already in the asset from the Glencore transaction a decade ago, you were intimately familiar, and it's a big lump of silver available right now as opposed to a developmental property?

John Tumazos: Thank you for taking my question. Looking back at the February Antamina transaction, $4.3 billion outlay, should we think of that as a unique once in a generation sort of deal where you were already in the asset from the Glencore transaction a decade ago, you were intimately familiar, and it's a big lump of silver available right now as opposed to, you know, a developmental property? Or do you think there could be more transactions like this?

Speaker #16: Or do you think there could be more transactions like this?

Speaker #5: So, the $4.3 billion Antamina deal, that is quite unique. You don't see a lot of streams that can provide that much production in a given year under a stream.

Haytham Hodaly: The $4.3 billion Antamina deal, that is quite unique. You don't see a lot of streams that can provide that much production in any given year under a stream. You know, do we think that that is opening new doors up for, you know, billion-dollar plus streams over the next few years? Absolutely. I think with BHP coming in, and again, not unlike what we've seen with some of our other partners validating the streaming model as a source of funding, I think a lot of diversifies are considering their portfolios and trying to determine whether it's time to unlock value in their portfolios or whether there's additional deleveraging required, et cetera, and streaming will be considered. We are seeing a lot of that.

Speaker #5: But do we think that that is opening new doors up for billion-dollar-plus streams over the next few years? Absolutely. I think that with BHP coming in, and again, not unlike what we've seen with some of our other partners, validating the streaming model as a source of funding, I think a lot of diversifieds are considering their portfolios and trying to determine whether it's time to unlock value in their portfolios or whether there's additional de-leveraging required, etc.

Speaker #5: And streaming will be considered, so we are seeing a lot of that. Do I think there's another $4 billion deal around the corner? No.

Haytham Hodaly: We are seeing a lot of that. Do I think there's another $4 billion deal around the corner? No. You know, as Neil had mentioned earlier, would not be surprised to see billion-dollar deals over the next few years.

Haytham Hodaly: Do I think there's another $4 billion deal around the corner? No. You know, as Neil had mentioned earlier, would not be surprised to see billion-dollar deals over the next few years.

Speaker #5: But as Neil had mentioned earlier, would not be surprised to see billion-dollar deals over the next few years.

John Tumazos: Following up, a few weeks ago, I was doodling, and I tried to compile a list of 18 or 20 silver producers and 50 developmental companies. I googled every company that had silver in their name. The producers average in enterprise value, excuse me, market value of $8 an ounce reserve and resource, including inferred. Considering the valuation of the producers, and I converted gold at 60 to 1, relative to the price you paid for Antamina, would it be cheaper just to buy a producing silver mining company? I know it's not your model, but the valuation differential is pretty large. It just struck me that it could be as good a deal, and, you know, at least they're in production, and they're out there.

Speaker #16: Following up a few weeks ago, I was doodling. And I tried to compile a list of 18 or 20 silver producers and 50 developmental companies.

Speaker #16: I googled every company that had 'silver' in their name. And the producers average in enterprise value—excuse me, market value—of US $8 an ounce, reserve and resource, including inferred.

Speaker #16: And considering the valuation of the producers, and I converted gold at 60 to 1, relative to the price you paid for Antamina, would it be cheaper just to buy a producing silver mining company?

Speaker #16: I know it's not your model, but the valuation differential is pretty large. It just struck me that it could be as good a deal.

Speaker #16: And yeah, at least they're in production and they're out there.

Speaker #5: Yeah. It's a good observation, John. I can tell you from our perspective, one of the reasons or some of the reasons that shareholders actually like Silver Wheaton is because we don't provide that additional operating risk, capital risk, oversight that's required for these larger operations, the volatility that you see the growth capital.

Haytham Hodaly: That's a good observation, John. I can tell you from our perspective, you know, one of the reasons or some of the reasons that shareholders actually like silver weakness because we don't provide that additional operating risk, capital risk, you know, oversight that's required for these larger operations, the volatility that you see, the growth capital. You know, from our perspective, it does not make sense to do that. We're gonna continue looking at streaming opportunities with good high quality partners that can actually manage their portfolios. That's really the focus, and that's not gonna change.

Speaker #5: So, from our perspective, it does not make sense to do that. We're going to continue looking at streaming opportunities with good, high-quality partners that can actually manage their portfolios.

Speaker #5: And that's really the focus, and that's not going to change.

Speaker #16: Why do you think producers trade for $8 an ounce when the price is $80? Is the market only expecting $35 long-term?

John Tumazos: Why do you think producers trade for $8 an ounce when the price is $80? Is the market only expecting $35 long term?

Haytham Hodaly: Well, because there's still costs to mine that ounce, the CapEx to develop the asset and the actual costs, whereas we are paying 20% of spot or in some cases $4. That's why we have such an impressive margin compared to the producers. I think that's the biggest missing piece in that analysis. Yeah. It's a great point. Like, on the silver side, we're close to 84% margins. On the gold side, we're close to 86% margins. You don't see that with producers, John.

Speaker #5: Oh, because they're still costs to mine that ounce. The CapEx to develop the asset and the actual costs. Whereas we are paying 20% of spot or in some cases, $4.

Speaker #5: And that's why we have such an impressive margin compared to the producers. I think that's the biggest missing piece in that analysis. Yeah. It's a great point.

Speaker #5: On the silver side, we're close to 84% margins on the gold side. We're close to 86% margins. You don't see that with producers. John.

Speaker #16: Thank you.

John Tumazos: Thank you.

Speaker #14: Our last question comes from Josh Wolfson from RBC Capital Markets. Please go ahead. Your line is open.

Operator 2: Our last question comes from Josh Wolfson from RBC Capital Markets. Please go ahead. Your line is open.

Operator: Our last question comes from Josh Wolfson from RBC Capital Markets. Please go ahead. Your line is open.

Speaker #5: Good morning, Josh.

Haytham Hodaly: Morning, Josh.

Speaker #17: Yeah. Thank you.

Josh Wolfson: Yeah. Thank you. Thank you. Good morning. Just wanted to follow up on some of these Salobo questions. I think earlier in the remarks, there was a comment about Salobo grades expected to increase through the year. You know, Q1 results were very strong from the asset. I'm wondering if you can disclose what the grade was that was processed or what any factors were that drove the outperformance there. Thank you.

Speaker #16: Thank you. Good morning. Just wanted to follow up on some of the syllable questions. I think earlier in the remarks, there was a comment about syllable grades expected to increase through the year.

Speaker #16: First quarter results were very strong from the asset. I'm wondering if you can disclose what the grade was that was processed or maybe what any factors were that drove the outperformance there.

Speaker #16: Thank you.

Speaker #5: Thanks, Josh. I'd say that the grade will improve through the year here. This is, again, pretty standard for what we see. In Q1 with Salovo, they usually try to stay out of the bottom of the pit in Q1 just due to the rainy season.

Wes Carson: Thanks, Josh. I'd say that the grade will improve through the year. This is, again, pretty standard for what we see in Q1 with Salobo. They usually try to stay out of the bottom of the pit in Q1 just due to the rainy season. That is kind of they stay up in that kind of phase 5, phase 6 that they're in, and we'll see them moving back into phase 4, which is stronger grades through the rest of the year. That's really what drives that increase over the rest of the year.

Haytham Hodaly: Thanks, Josh. I'd say that the grade will improve through the year. This is, again, pretty standard for what we see in Q1 with Salobo. They usually try to stay out of the bottom of the pit in Q1 just due to the rainy season. That is kind of they stay up in that kind of phase 5, phase 6 that they're in, and we'll see them moving back into phase 4, which is stronger grades through the rest of the year. That's really what drives that increase over the rest of the year.

Speaker #5: And that is kind of why they stay up in that kind of phase five, phase six that they're in. And we'll see them moving back into phase four, which is stronger grade through the rest of the year.

Speaker #5: So that’s really what drives that increase. So, over the rest of the year.

Speaker #17: Okay. Thank you. And then further to extend that thought, would it be reasonable to assume that production would increase over the course of the year if grade is going to be increasing?

Josh Wolfson: Okay. Thank you. Then, you know, further to extend that thought, you know, would it be reasonable to assume that production would increase over the course of the year, if grade is gonna be increasing?

Speaker #5: Yeah. Absolutely.

Wes Carson: Yeah, absolutely.

Haytham Hodaly: Yeah, absolutely.

Speaker #17: All right. Congrats on your upcoming quarterly results, then. Thank you.

Josh Wolfson: All right. Congrats on your upcoming quarterly results then. Thank you.

Speaker #5: Thanks, Josh. And thank you, everyone, for your time today. The first quarter represented a very strong start to 2026 as we continue to execute on our strategy while entering this new chapter of growth for the company.

Haytham Hodaly: Thanks, Josh. Thank you everyone for your time today. The Q1 represented a very strong start to 2026 as we continue to execute on our strategy while entering this new chapter of growth for the company. With continued geopolitical uncertainty driving increased demand for precious metals, we believe Wheaton offers one of the most attractive low-risk ways to gain exposure to gold and silver. As the purest precious metal streaming company, our pipeline continues to advance, and the strength of our cash flows provides the capacity to pursue new opportunities while maintaining our commitment to disciplined capital allocation. I'm incredibly proud to be leading Wheaton into this next phase of growth and look forward to continuing to build on the strong foundation that has made Wheaton a leader in the streaming and royalty sector and a foundational stock in any portfolio.

Speaker #5: With continued geopolitical uncertainty driving increased demand for precious metals, we believe Wheaton offers one of the most attractive, low-risk ways to gain exposure to gold and silver.

Speaker #5: As the purest precious metals streaming company, our pipeline continues to advance, and the strength of our cash flows provides the capacity to pursue new opportunities while maintaining our commitment to disciplined capital allocation.

Haytham Hodaly: As the purest precious metal streaming company, our pipeline continues to advance, and the strength of our cash flows provides the capacity to pursue new opportunities while maintaining our commitment to disciplined capital allocation. I'm incredibly proud to be leading Wheaton into this next phase of growth and look forward to continuing to build on the strong foundation that has made Wheaton a leader in the streaming and royalty sector and a foundational stock in any portfolio. Thank you again, and we look forward to speaking with you all soon.

Speaker #5: I'm incredibly proud to be leading Wheaton into this next phase of growth, and look forward to continuing to build on the strong foundation that has made Wheaton a leader in the streaming and royalty sector, and the foundational stock in any portfolio.

Speaker #5: Thank you again, and we look forward to speaking with you all soon.

Haytham Hodaly: Thank you again, and we look forward to speaking with you all soon.

Operator 2: This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

Operator: This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

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