Q2 2026 Wheaton Precious Metals Corp Earnings Call

Speaker #1: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' Q2 2026 results conference call. All lines have been placed on mute to prevent any background noise.

Operator: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 Q2 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 question in the Q&A box of the webinar. If you would like to withdraw your question, press star 1 again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, 7 August 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 #1: 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 * then the number 1 on your telephone keypad.

Speaker #1: Or type your question in the Q&A box of the webinar. If you would like to withdraw your question, press * again. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, August 7, 2026, at 11:00 a.m. Eastern Time.

Speaker #1: I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Speaker #2: Thank you, Julianne. 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 of Mining Operations; and Neil Burns, Vice President of Corporate Development.

Emma Murray: Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today's call. I am 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. 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 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 would like to turn the call over to Haytham Hodaly, 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 Q2 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, Vice President and Chief Executive Officer.

Speaker #3: Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton’s Q2 results for 2026. Q2 closed out a record-breaking first half of the year for Wheaton.

Haytham Hodaly: Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's Q2 results of 2026. The Q2 closed out a record-breaking H1 of the year for Wheaton. Through the first six months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings, and cash flow. In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model. In the H1 of the year, we achieved record production of 415,000 gold equivalent ounces and record sales volumes of 390,000 gold equivalent ounces, positioning us well to achieve our 2026 production guidance range of 860,000 to 940,000 gold equivalent ounces.

Speaker #3: Through the first 6 months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings, and cash flow.

Speaker #3: In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model.

Speaker #3: In the first half of the year, we achieved record production of 415,000 gold equivalent ounces and record sales volumes of 390,000 gold equivalent ounces, positioning us well to achieve our 2026 production guidance range of 860,000 to 940,000 gold equivalent ounces.

Speaker #3: Production in the Q2 was bolstered by the initial contribution from our expanded Antamina Silver Stream and the continued realization of the company's growth strategy with incremental production realized from Hemlow, Phoenix, Platte Reef, and Goose.

Haytham Hodaly: Production in the Q2 was bolstered by the initial contribution from our expanded Antamina silver stream and the continued realization of the company's growth strategy with incremental production realized from Hemlo, Phoenix, Flat Reef, and Goose. Turning to corporate development, we also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio. We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed. We announced our first-ever streaming transaction in Australia, a gold and silver stream on the Jervois project through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Topango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio.

Speaker #3: Turning to corporate development, we also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio.

Speaker #3: We closed the Antamina Silver Stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metals streaming transaction ever completed.

Speaker #3: We announced our first-ever streaming transaction in Australia—a gold and silver stream on the Jervis Project—through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Chipango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio.

Speaker #3: Collectively, these transactions further strengthen our portfolio, expand our geographic reach, and broaden our counterparty base, while maintaining the disciplined approach to capitalization that has underpinned Wheaton's success.

Haytham Hodaly: 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. As of 30 June 2026, our balance sheet remains robust with $100 million in cash on hand at quarter end and access to the undrawn portion of our $2.5 billion revolving credit facility, which together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance as well as the capacity to pursue additional accretive mineral stream interests. We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders. Importantly, Wheaton's growth is not dependent on additional transactions.

Speaker #3: As of June 30, 2026, our balance sheet remains robust, with $100 million in cash on hand at quarter-end and access to the undrawn portion of our $2.5 billion revolving credit facility. This, together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance, as well as gives us the capacity to pursue additional accretive mineral stream interests.

Speaker #3: We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders.

Speaker #3: Importantly, Wheaton's growth is not dependent on additional transactions. Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up, and optimization.

Haytham Hodaly: Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up, and optimization. Turning to sustainability, Wheaton was once again recognized among Corporate Knights's best 50 corporate citizens in Canada, a multi-sector accolade that we were proud to receive. During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector. We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrated in our recently published 2025 sustainability report. With that, I would now 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: Turning to sustainability, Wheaton was once again recognized among corporate night's best 50 corporate citizens in Canada, a multi-sector accolade that we were proud to receive.

Speaker #3: During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector.

Speaker #3: We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrate in our recently published 2025 sustainability report.

Speaker #3: With that, I would now 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 Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina Stream together with the new production from Phoenix, Hemlow, Mineral Park, Platte Reef, and Goose.

Wes Carson: Thanks, Haytham. Good morning, everyone. Overall production in Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina stream, together with the new production from Phoenix, Hemlo, Mineral Park, Flat Reef, and Goose. In Q2, Salobo produced 62,100 ounces of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily the result of lower grades. Vale Base Metals disclosed that the coarse particle flotation is the key near-term growth driver at Salobo, supporting Salobo 3's expansion from 12 million to 18 million tons per annum, and targeted total throughput of 42 million tons per annum by 2029. In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025.

Speaker #4: In Q2, Slovo produced 62,100 ounces of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily as a result of lower grades. Valley Base Metals disclosed that coarse particle flotation is the key near-term growth driver at Slovo, supporting Slovo 3’s expansion from 12 million to 18 million tonnes per annum and a targeted total throughput of 42 million tonnes per annum by 2029.

Speaker #4: In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5% effective April 1, 2026.

Wes Carson: The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5%, effective 1 April 2026. The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance as a scheduled July maintenance shutdown was advanced into June. The lower grades were attributable to pit sequencing with a greater portion of copper-only ore processed relative to copper zinc ore, which contains more silver. An increase in copper zinc ore is expected to be processed in Q3, which is expected to result in higher silver grades.

Speaker #4: The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance, as a scheduled July maintenance shutdown was advanced into June.

Speaker #4: The lower grades were attributable to pit sequencing, with a greater portion of copper-only ore processed relative to copper-zinc ore, which contains more silver. An increase in copper-zinc ore is expected to be processed in the third quarter, which is expected to result in higher silver grades.

Speaker #4: In Q2, Blackwater produced 100,000 ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46% respectively. Relative to Q2 of 2025, primarily the result of higher recoveries, grades, and throughput.

Wes Carson: In Q2, Blackwater produced 100,000 ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46% respectively relative to Q2 of 2025, primarily the result of higher recoveries, grades, and throughput. On 4 August 2026, Artemis Gold provided an update on the phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33%, from 6 to 8 million tons per annum. Artemis reported that the phase 1A was 57% complete at the end of Q2 2026, and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027. Artemis has also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget.

Speaker #4: On August 4, 2026, Artemis Gold provided an update on the Phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33% from 6 to 8 million tons per annum.

Speaker #4: Artemis reported that the Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027.

Speaker #4: Artemis also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget. Together, Phase 1A and EP2 are expected to expand throughput capacity by 250% from 6 to 21 million tons per annum by 2028, increasing annual gold production to over 500,000 ounces.

Wes Carson: Together, phase 1A and EP2 are expected to expand throughput capacity by 250%, from 6 to 21 million tons per annum by 2028, increasing annual gold production to over 500,000 ounces. Several development projects continued to ramp up in Q2 2026, including Mineral Park, Phoenix, Flat Reef, and Goose. Construction also advanced across a number of projects, including Kurmuk, where Allied Gold reported the project remains on budget and on schedule, with start of operations expected in August and first gold pour a few weeks thereafter. Koné, where Montage Gold reported that the project remains on budget and ahead of schedule, with first gold pour targeted for Q4 2026 through the oxide circuit and the hard rock combination circuit on track for completion in Q2 2027. Wheaton's production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 to 940,000 GEOs.

Speaker #4: Development projects continue to ramp up in Q2 2026, including Mineral Park, Phoenix, Platte Reef, and Goose. Construction also advanced across a number of projects, including Kermuk, where Allied Gold reported the project remains on budget and on schedule, with start of operations expected in August and a fresh gold pour a few weeks thereafter.

Speaker #4: And Kone, where montage gold reported that the project remains on budget and ahead of schedule with fresh gold pour targeted for Q4 2026. Through the oxide circuit, and the hard rock combination circuit on track for completion in Q2 2027.

Speaker #4: Wheaton's production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 to 940,000 GEOs. Production is expected to be weighted to the second half of 2026, driven by mine sequencing at Slovo and Perisquito, the first full contribution from the Antamina BHP stream, and the continued ramp-up of newly operating assets through 2026.

Wes Carson: Production is expected to be weighted to H2 2026, driven by mine sequencing at Salobo and Peñasquito, the first full contribution from the Antamina BHP Stream, and the continued ramp-up of newly operating assets through 2026. Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030, with average annual production forecast to remain at approximately 1.2 million GEOs through 2031 through 2035. That concludes the operations overview, and with that, I'll turn the call over to Vince.

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, with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 through 2035.

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

Speaker #2: Thank you, Wes. Production. Q2 was 202,000 year-over-year driven primarily by the addition of the BHP Antamina Stream and contributions from our newly operating assets.

Neil Burns: Thank you, Wes. Production in Q2 was 202,000 GEOs, a 6% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and contributions from our newly operating assets. Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter as we drew down produced but not yet delivered ounces carried over from prior periods. Consistent with our earlier guidance, Q2 deliveries reflected 2 of the typical 3 quarterly shipments under the new BHP Antamina stream, with a full quarterly contribution expected in H2. At the end of Q2, the produced but not yet delivered, or PBND, balance was approximately 158,000 GEOs, representing 2.6 months of payable production. This is consistent with the preceding 4 quarters and within our guided range of two and a half to three and a half months.

Speaker #2: Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter, as we drew down produced but not yet delivered ounces carried over from prior periods.

Speaker #2: Consistent with our earlier guidance, Q2 deliveries reflected two of the typical three-quarterly shipments, under the new BHP Antamina Stream. With a full quarterly contribution expected in the second half of the year.

Speaker #2: At the end of the second quarter, the produced but not yet delivered or PBND balance was approximately 158,000 GEOs, representing 2.6 months of payable production.

Speaker #2: This is consistent with the preceding four quarters and within our guided range of 2.5 to 3.5 months. Strong commodity prices, coupled with solid production, led to record quarterly revenue of $929 million.

Neil Burns: Strong commodity prices, coupled with solid production, led to record quarterly revenue of $929 million, an increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price, together with a 14% increase in the number of volumes sold. Of this revenue, 46% came from gold, 52% from silver, and the remainder from cobalt and palladium. In the coming quarters, we expect the revenue split to favor gold as the new gold-dominant development projects come online. Net earnings increased by 86% from the prior year to $543 million, while operating cash flow totaled $650 million, a 57% increase from last year, resulting in year-to-date records achieved across revenue, net earnings, and operating cash flow. During the quarter, we generated over $650 million in operating cash flow and deployed approximately $4.5 billion in net upfront cash payments across our streaming portfolio.

Speaker #2: An increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price together with a 14% increase in the number of volumes sold.

Speaker #2: Of this revenue, 46% came from gold, 52% from silver, and the remainder from cobalt and palladium. In the coming quarters, we expect the revenue split to favor gold, as the new gold-dominant development projects come online.

Speaker #2: Net earnings increased by 86% from the prior year to 543 million dollars, while operating cash flow totaled 650 million dollars, a 57% increase from last year.

Speaker #2: Resulting in year-to-date records achieved across revenue, net earnings, and operating cash flow. During the quarter, we generated over 650 million dollars in operating cash flow, and deployed approximately 4.5 billion dollars in net upfront cash payments across our streaming portfolio.

Speaker #2: This was headlined by the 4.3 billion dollar payment to BHP for the Antamina Silver Stream, funded on April 1, and also included 156 million dollars for Kone, 23 million dollars for Spanish Mountain, 60 million dollars for Jervis, and 4.5 million dollars for Chepango.

Neil Burns: This was headlined by the $4.3 billion payment to BHP for the Antamina silver stream funded on 1 April and also included $156 million for Koné, $23 million for Spanish Mountain, $16 million for Jervois, and $4.5 million for Cipango. In addition, the company made two dividend payments totaling $171 million and made its first global minimum tax payment relative to the 2024 taxation year, amounting to $109 million. After funding these commitments, we ended the quarter with a cash balance of approximately $100 million at 30 June, resulting in a net debt balance of approximately $1.9 billion. This is a reduction from the approximately $2.1 billion pro forma net debt position immediately following the Antamina funding on 1 April, reflecting the strength of our operating cash flow even after funding additional stream payments and dividends during the quarter.

Speaker #2: In addition, the company made two dividend payments totaling $171 million, and made its first global minimum tax payment relating to the 2024 taxation year amounting to $109 million.

Speaker #2: After funding these commitments, we ended the quarter with a cash balance of approximately 100 million dollars at June 30. Resulting in a net debt balance of approximately 1.9 billion dollars.

Speaker #2: This is a reduction from the approximately 2.1 billion dollars pro forma net debt position immediately following the Antamina funding on April 1. Reflecting the strength of our operating cash flow, even after funding additional stream payments and dividends during the quarter.

Speaker #2: Fund the Antamina acquisition on April 1, we drew down on our new 1.5 billion dollar term loan. Together with a draw on our revolving credit facility and cash on hand.

Neil Burns: Funding the Antamina acquisition on 1 April, we drew down on our new $1.5 billion term loan, together with a draw on our revolving credit facility and cash on hand.

Speaker #2: During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by 500 million to 2.5 billion dollars, and extending its maturity by one year to June 30, 2031.

Vince Lau: During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by $500 million to $2.5 billion, and extending its maturity by one year to 30 June 2031. Together with the $500 million accordion feature and our cash on hand, this provides approximately $2.6 billion of available liquidity. The strength of our production guidance and continued strong margins, we remain well-positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period, while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions. This concludes the financial summary. I'll now hand things back over to Haytham.

Speaker #2: Together, with the 500 million dollar accordion feature and our cash on hand, this provides approximately 2.6 billion dollars of available liquidity. The strength of our production guidance and continued strong margins we remain well positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period, while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions.

Speaker #2: This concludes the financial summary. I'll now hand things back over to Haytham.

Speaker #1: Thank you, Vincent. In summary, the first half of 2026 was record-breaking for Wheaton, and the second quarter reflected the continued execution of our strategy.

Haytham Hodaly: Thank you, Vincent. In summary, H1 2026 was record-breaking for Wheaton, and Q2 reflected the continued execution of our strategy. H1 saw records achieved across production, sales volumes, revenue, earnings, and cash flow, reflecting the strength and momentum across our portfolio. In Q2, we delivered record revenue and closed the Antamina silver stream with BHP, the largest streaming transaction to date, which adds meaningful long-term silver exposure. We continue to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervois transaction, our first stream in Australia. Our development pipeline continued to advance with multiple assets progressing through construction, ramp-up, and optimization, supporting Wheaton's forecasted sector leading organic growth profile of 50% by 2030.

Speaker #1: The first half of the year saw records achieved across production, sales volumes, revenue, earnings, and cash flow, reflecting the strength and momentum across our portfolio.

Speaker #1: In the second quarter, we delivered record revenue and closed the Antamina Silver Stream with BHP the largest streaming transaction to date, which adds meaningful long-term silver exposure.

Speaker #1: We continue to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervis transaction, our first stream in Australia.

Speaker #1: Our development pipeline continued to advance with multiple assets progressing through construction, ramp-up, and optimization, supporting Wheaton's forecasted sector-leading organic growth profile of 50% by 2030.

Speaker #1: And 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 to all stakeholders.

Haytham Hodaly: 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 to all stakeholders. With that, I would now like to open the call up for questions. Operator?

Speaker #1: With that, I would now like to turn the call open the call up for questions. Operator?

Speaker #3: 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: 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, please 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 #3: If you would like to withdraw your question, please press star 1 again. There will be a brief pause while we compile the Q&A roster.

Speaker #3: Our first question comes from Daniel Major from UBS. Please go ahead. Your line is open.

Speaker #4: Hi. Can you hear me okay?

Daniel Major: Hi. Can you hear me okay?

Speaker #1: Yeah. Good morning, Daniel.

Haytham Hodaly: Yeah. Good morning, Daniel.

Speaker #4: Okay, great. Thank you, and thanks for the questions. Yeah, I guess the first question is just on the sort of bridge into the second half.

Daniel Major: Okay, great. Thank you, and thanks for the questions. Yeah, I guess the first question, just on the sort of bridge into the H2, how much of that uplift is the new sort of new assets coming online? Can you just give us a little sense of contribution from the new ramp-ups relative to the mine sequencing? Yeah, that's the first question.

Speaker #4: How much of that uplift is the new sort of new assets coming online? Can you just give us a little sense of contribution from the new ramp-ups relative to the mine sequencing?

Speaker #4: Yeah. That's the first question.

Speaker #1: Yeah. Thanks for the question, Daniel. It's really mine sequencing is driving primarily. Most of the ramp-ups this year well, all of the ramp-ups, only amount to about 3% of our total production on the year.

Haytham Hodaly: Yeah. Thanks for the question, Daniel. It's really mine sequencing is driving primarily most of the ramp-ups this year. Well, all of the ramp-ups only amount to about 3% of our total production on the year. Really, the main thing is that that Antamina stream being fully online and then really the shift in mine sequencing, particularly on Salobo and Peñasquito to the H2.

Speaker #1: So really, the main thing is that Antamina stream being fully online, and then really the shift in mine sequencing, particularly on Salobo and Peñasquito, to the second half of the year.

Speaker #4: Okay. Got it. Thanks. Yeah. And then the second question, I suppose, about the project pipeline and your appetite for deals while you're still digesting the shift in net debt and the Antamina acquisition.

Daniel Major: Okay. Got it. Thanks. Yeah, the second question, I suppose, is about the project pipeline and your appetite for deals while you're still digesting the shift in net debt and the Antamina acquisition. I guess, yeah, we've seen a pullback in asset values with the gold price a little bit. Has that made the pipeline more active, as the first part of the question? Second, I see you've engaged in a couple of royalty transactions. You've historically been less active in this space relative to your peers. Are you seeing opportunities for transactions in third-party royalties? Third part, are you seeing any movement on the copper project pipeline, prices at $14,000? Is that pipeline looking like we might see some more FIDs and financing requirements? I'll leave it at that.

Speaker #4: I mean, I guess, yeah, we've seen a pullback in asset values with the gold price a little bit. Has that made the pipeline more active as the first part of the question?

Speaker #4: Second, I see you've engaged in a couple of royalty transactions. You've historically been less active in this space relative to your peers. Are you seeing opportunities for transactions in third-party royalties?

Speaker #4: And third part, are you seeing any movement on the copper project pipeline prices at 14,000? Is that pipeline looking like we might see some more FIDs and financing requirements?

Speaker #4: I'll leave it at that.

Speaker #1: Thank you for the question, Daniel. I'll start by saying we currently have, as Vincent outlined, almost 2.6 billion dollars in unused capacity through our revolver, and we're generating in excess of 200 million dollars of free cash flow every month.

Haytham Hodaly: Thank you for the question, Daniel. I'll start by saying, we currently have, as Vince outlined, almost $2.6 billion in unused capacity through our revolver, and we're generating in excess of $200 million of free cash flow every month. We feel very, very comfortable continuing to transact on whatever we see out there in the market that would be an accretive transaction for Wheaton. In terms of the royalty transactions we've done lately, I think you have to look at it differently. We're not just entering into royalties, because you're right, royalties won't really move the needle. What we're doing is we're entering into royalties that have ROFRs, so right of first refusals on future financings, and that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there to finance.

Speaker #1: So we feel very, very comfortable continuing to transact on whatever we see out there in the market. That would be an accretive transaction for Wheaton.

Speaker #1: In terms of the royalty transactions we've done lately, it's I think you have to look at it differently. We're not just entering into royalties because you're right, royalties won't really move the needle.

Speaker #1: What we're doing is we're entering into royalties that have rovers. So right of first refusals on future financings. And that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there for finance.

Speaker #1: So that's very important. On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development.

Haytham Hodaly: That's very important. On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development.

Speaker #2: Sure. Daniel, you mentioned the drop in metal prices. Coming off the highs that we saw in the first quarter, moderation in metal prices did contribute to a bit of a softening in the equity markets.

Neil Burns: Sure, Daniel. Yeah, you mentioned the drop in metal prices. Coming off the highs that we saw in Q1, moderation in metal prices did contribute to a bit of a softening in the equity markets. I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment. We do see the mix still weighted towards gold, as Haytham has said, and generally in the same range of about $200 to $500 million as we've been messaging.

Speaker #2: I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment.

Speaker #2: We do see the mix still weighted towards gold, as Haytham has said, and generally in the same range of about $200 million to $500 million.

Speaker #2: As we've been messaging.

Speaker #1: Is that also the same question?

Haytham Hodaly: Is that all?

Daniel Major: Okay, thanks.

Haytham Hodaly: Any other questions, Neil?

Speaker #4: Okay. Yeah. Just whether there's any color on any the high-level color on the deal pipeline or potential in the copper industry where you're seeing any more movement there on the projects.

Daniel Major: Yeah, just whether there's any high level color on the deal pipeline or potential in the copper industry, whether you're seeing any more movement there on the projects?

Speaker #1: Well, I mean, the copper industry itself, there are some large projects out there in the copper industry, but they will take time to come to fruition.

Haytham Hodaly: Well, the copper industry itself, there are some large projects out there in the copper industry. They will take time to come to fruition. There's nothing imminent within the next, I would say, year or two that requires financing. Looking out, call it three to eight years, there are a number of large porphyry copper deposits that will require big funding, and we would hope to be involved with that. In the meantime, we're not just sitting by, obviously, waiting for those to happen. Our team is constantly looking at ways to continue to expand our portfolio through accretive transactions. As you've seen, we've entered into a stable jurisdiction. We've looked at in Australia, we were looking at several other jurisdictions. Obviously North America, lots going on there. We're very excited about the way things are looking here with Nexa Resources.

Speaker #1: There's nothing imminent within the next, I would say, year or two that requires financing. But looking out, call it three to eight years, there are a number of large, porphyry copper deposits that will require big funding.

Speaker #1: And we would hope to be involved with that. In the meantime, we're not just sitting by. Obviously, waiting for those to happen. We're constantly looking our team, that is, is constantly looking at ways to continue to expand our portfolio through accretive transactions.

Speaker #1: And as you've seen, we've entered into a stable jurisdiction. We've looked at in Australia, we were looking at several other jurisdictions. Obviously, North America, lots going on there.

Speaker #1: So we're very excited about the way things are looking here over the next little while.

Speaker #4: Great. Thank you. Have a nice weekend.

Daniel Major: Great. Thank you. Have a nice weekend.

Speaker #1: Thank you, Daniel.

Haytham Hodaly: Thank you, Dan.

Speaker #3: Our next question comes from Tanya Yakuskanek from Gotcha Bank. Please go ahead, your line is open.

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

Speaker #5: Oh, great. Good morning, everyone. Thank you so much for taking my questions. Congrats on a strong quarter as well. Can I come back to the second half of the year? You're going to see stronger production?

Tanya Jakusconek: Oh, great. Good morning, everyone. Thank you so much for taking my question. Congrats on the strong quarter as well. Can I come back to just the H2, you're going to see stronger production. Thank you, mainly from the operating assets. Maybe some guidance on the sales, because sales came in higher than we expected. I'm kind of wondering how sales and production is going to look for the H2.

Speaker #5: Thank assets. Maybe some guidance on the sales, because sales came in higher than we expected. So I'm kind of wondering how sales and production is going to look for the second half of the year.

Speaker #1: All right, Daniel. It's Vincent here. Yeah. So our PBND balance really drives that. At the end of Q2, we're sitting at about 2.6 months.

Vince Lau: Hi, Tanya, it's Vince here. Yeah. Our PB&D balance really drives that. At the end of Q2, we're sitting at about 2.6 months. We typically see it range anywhere between two and a half to three and a half months. I would say there is a higher likelihood that there will be a little bit of a buildup in the PB&D towards year-end than a drawdown. I would forecast it to be flat or rising a little bit, but nothing dramatic.

Speaker #1: We typically see it range anywhere between two and a half to three and a half months. So I would say there is a higher likelihood that there will be a little bit of a build-up in the PBND towards year-end than a drawdown.

Speaker #1: So I would forecast it to be flat or rising a little bit. But nothing dramatic.

Speaker #5: Okay. If that's the case, and you're thinking that production and sales could be close to each other, is that how I should be thinking about it?

Tanya Jakusconek: Okay. If that's the case, you're thinking that production and sales could be close to each other. Is that how I should be thinking about it?

Vince Lau: That's how I would think about it.

Speaker #1: That's how I would think about it.

Speaker #5: Okay, that's helpful. Thank you so much. Maybe I can get my numbers right next time with that guidance. Just turning over to the deal pipeline.

Tanya Jakusconek: Okay. That's helpful. Thank you so much. Maybe I can get my numbers right next time with that guidance. Just turning over to just the deal pipeline. I have two questions on the deal pipeline and whoever wants to take that, and maybe Haytham as well. From understanding the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range, seem to be further out, like that three-to-eight-year timeframe. Would that be a fair statement?

Speaker #5: I have two questions on the deal pipeline, and whoever wants to take that—and maybe Haytham as well. From understanding the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range, seem to be further out, like that three- to eight-year timeframe.

Speaker #5: Would that be a fair statement?

Speaker #1: I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of a billion dollars, could be as high as $2 billion.

Haytham Hodaly: I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of $1 billion, could be as high as $2 billion. Again, those take time to gestate. It will be, I would say majority of opportunities are focused on sub $500 million, but there is the odd $1 or $2 billion transaction that could come out sooner than the 3 to 7-year timeline I mentioned.

Speaker #1: But again, those take time to gestate. And so it will be I would say majority of opportunities are focused on sub-500 million. But there is the odd one or two billion dollar transaction that could come out sooner than the three to seven-year timeline I mentioned.

Speaker #5: Okay. And are those in gold or silver?

Tanya Jakusconek: Okay. Are those in gold or silver?

Speaker #1: Those are primarily focused toward gold.

Haytham Hodaly: Those are primarily focused towards gold.

Speaker #5: Okay. And then, Haytham, are you seeing any changes to the structure of the deals in that 200 to 500 million range? Is it still the same sort of project financing that requires either a stream plus an equity and a debt component?

Tanya Jakusconek: Okay. Haytham, are you seeing any changes to the structure of the deals in that $200 to 500 million range? Is it still the same sort of project financing that requires either a stream plus an equity, and a debt component? Has anything changed in that?

Speaker #5: Is anything changed in that?

Speaker #1: No. That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward, like you've seen us put in working capital facilities.

Haytham Hodaly: That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward. You've seen us put in working capital facilities, you've seen us put in equity where needed. What we're trying to do is do what's best for the company, provide the company with the flexibility to structure the transaction that is most efficient for them without diluting their existing shareholders. That creates a win-win transaction for us.

Speaker #1: You've seen us put in equity where needed. What we're trying to do is what's best for the company—provide the company with the flexibility to structure the transaction that is most efficient for them, without diluting their existing shareholders.

Speaker #1: That creates a win-win transaction for them.

Speaker #5: Okay. And then my last question really comes on to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there, unfortunately, quality of contractors isn't what it used to be.

Tanya Jakusconek: Okay. My last question really comes on to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there. Unfortunately, quality of contractors isn't what it used to be. Maybe, Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously trying to take in contractors is not optimal at this point anymore.

Speaker #5: So, maybe, Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously, trying to take in contractors is not optimal at this point anymore.

Speaker #1: Yeah. Absolutely. Internally, we're a total of 45, 46 people, and we have two new hires coming on to expand our engineering team and our operations team.

Haytham Hodaly: Absolutely. Internally, we're a total of 45, 46 people, and we have two new hires coming on to expand our engineering team and our operations team. The more opportunities and more streams we lock in, obviously the more there is to do, and it's important for us to stay on top of everything. Also want to ensure that our team is able to look at all these opportunities without burning themselves out. We are adding, doesn't sound like a lot, but we're adding two to three people over the next three or four months, and we probably over the next five years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed.

Speaker #1: The more opportunities and more streams we lock in, obviously, the more there is to do. And it's important for us to stay on top of everything.

Speaker #1: Also, I want to ensure that our team is able to look at all these opportunities without burning themselves out. So we are adding it doesn't sound like a lot, but we're adding two to three people over the next three or four months.

Speaker #1: And we probably over the next five years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed.

Speaker #5: And sales? I'm sorry. Go ahead.

Neil Burns: We also, Tanya, that we-

Tanya Jakusconek: I'm sorry, go ahead

Speaker #4: We do the majority of our reviews and opportunities internally, so we're not relying on externals.

Neil Burns: We do the majority of our reviews and opportunities internally, so we're not relying on externals.

Speaker #5: And can you just remind me of the technical expertise that you currently have in-house? And the one that you?

Tanya Jakusconek: Can you just remind me of the technical expertise that you currently have in-house and the one that?

Haytham Hodaly: Absolutely.

Speaker #1: Absolutely. Absolutely.

Speaker #5: To yeah.

Tanya Jakusconek: Yeah.

Speaker #1: We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers, I don't think I've missed anything. Geotechnical engineers. Social scientists. So we have a wide variety of expertise internally.

Haytham Hodaly: We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers. I don't think I've missed anything. Geotechnical engineers.

Neil Burns: Social science.

Haytham Hodaly: Social scientists.

Wes Carson: We have a wide variety of expertise internally. I can tell you, we haven't used an external consultant in, it's got to be at least a couple of years.

Speaker #1: I can tell you we haven't used an external consultant in—it's got to be at least a couple of years.

Speaker #5: And what areas do you need to add, Haytham?

Tanya Jakusconek: What areas do you need to add, Haytham?

Speaker #1: We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. So at size doesn't matter. We're not restricted to looking at small versus big.

Haytham Hodaly: We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. Size doesn't matter. We're not restricted to looking at small risk. We can look at everything. Operations to assist Wes in monitoring our development projects.

Speaker #1: We can look at everything. And operations to assist Wes in monitoring our development projects.

Speaker #5: Okay. Thank you so much for taking my questions.

Tanya Jakusconek: Okay. Thank you so much for taking my question.

Speaker #1: Thank you, Tanya. Have a great weekend.

Haytham Hodaly: Thank you, Jenny. Have a great weekend.

Speaker #5: Yeah. You as well.

Tanya Jakusconek: Yeah, you as well.

Speaker #2: Our next question comes from Cosmos 2 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 #3: Great, thanks. Hey Haytham, how are you doing? Thanks for taking my questions. And that's a lot of engineers. I guess you're missing an aerospace engineer.

Haytham Hodaly: Great-

Haytham Hodaly: Hey, Cosmos.

Haytham Hodaly: Thanks. Hey, Haytham, how are you doing? Thanks for taking my questions. That's a lot of engineers. I guess you're missing an aerospace engineer. Beyond that, maybe my question is on Antamina. As you mentioned, Q2 was a bit impacted by the split between copper and copper-zinc concentrate. How does it work usually? Was that due to higher copper prices, so there was preference in terms of the Antamina selling more copper-only concentrate, or is that not correlated? Wes, as you mentioned, it seems like there is going to be a bit more copper-zinc concentrate in Q3, so that's going to help. Usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3?

Speaker #3: But beyond that, maybe my question is on and to Mina. As you mentioned, Q2 was a bit impacted by the split between copper and copper zinc concentrate.

Speaker #3: So how does it work usually? Is it based on was that due to higher copper prices so there was preference in terms of the antimona selling more copper-only concentrate, or is that not correlated?

Speaker #3: And Wes, as you mentioned, it seems like there is going to be a bit more copper zinc concentrate in Q3. So that's going to help.

Speaker #3: But usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3?

Speaker #1: That's actually the question, guys. Well, I would say there isn't really the ability to selectively feed or based on what's happening in the commodity prices.

Wes Carson: Thanks for the question, Cosmos. I would say there isn't really the ability to selectively feed ore based on what's happening in the commodity prices. This really is truly pit sequencing. We were just on site at the end of June and got a great review with the team down there. Really, the copper-zinc ore tends to be just in different areas of the pit, and it just depends on where they're going. The primary area where you're going to see that higher silver grade come out, and we've been talking about this for the last year or so here, is around where that old primary crusher was in the bottom of the pit. There's quite a bit of not just copper-zinc, but copper bornite ore in that area as well. That's taken a little bit longer to get to than what was expected.

Speaker #1: This really is truly pit sequencing. So we were just on site at the end of June and got a great review with the team down there.

Speaker #1: And really, the copper-zinc ore tends to be just in different areas of the pit, and it just depends on where they're going. The primary area where you're going to see that higher silver grade come out, and we've been talking about this for the last year or so here, is around where that old primary crusher was, in the bottom of the pit.

Speaker #1: And there's quite a bit of not just copper-zinc, but copper-bornite ore in that area as well. And that's taken a little bit longer to kind of get to than what was expected.

Speaker #1: We were expecting to see that kind of earlier in the year, but they are well progressed on that, and we'll see that come in over the next little while here.

Wes Carson: We were expecting to see that earlier in the year, they are well progressed on that, and we'll see that come in over the next little while here and into next year as well. We're certainly expecting to see those higher silver grades come in later in the year and continue over the next 12 to 18 months.

Speaker #1: And into next year as well. But we're certainly expecting to see those higher silver grades come in later in the year and kind of continue over the next kind of 12 to 18 months.

Speaker #3: Good. That's good to hear. Maybe sticking with antimona and certainly great to see that you've added to that stream. But I guess my question is, the latest transaction was transacted when silver prices were slightly higher.

Cosmos Chiu: Good. That's good to hear. Maybe sticking with Antamina, certainly great to see that you've added to that stream. I guess my question is, the latest transaction was transacted when silver prices were slightly higher. It's come down a little bit now. It's gone back up again, but it's still lower than where you had it when you transacted the acquisition. I guess my question is, are there any concerns in terms of potential write-downs, or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream, whereby, the risk of any kind of write-down would be much less?

Speaker #3: It's come down a little bit now. It's gone back up again, but it's still lower than where you had it when you transacted the acquisition.

Speaker #3: So I guess my question is, are there any concerns in terms of potential write-downs or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream whereby the risk of any kind of write-down would be much less?

Speaker #1: Hey, Cosmos. It's

Vince Lau: Hey, Cosmos, it's Vince here.

Speaker #4: Vince here.

Speaker #3: Hi, Vince.

Cosmos Chiu: Hi, Vince.

Speaker #1: From an accounting perspective, the Glencore and the BHP streams are separate—what's called CGUs—so we need to look at them separately. But from a value perspective, when we did the Antimona transaction with BHP, swap prices were higher, but we definitely did not use the swap prices at that time from a long-term perspective.

Vince Lau: From an accounting perspective, the Glencore and the BHP streams are separate, what's called, CGUs. We need to look at them separately. From a value perspective, when we did the Antamina transaction with BHP, spot prices were higher, but we definitely did not use the spot prices at that time from the long-term perspective, the value of that stream. From our perspective, long-term silver prices still have strong fundamentals, and there's no indicators of impairment at this point. We're comfortable with the carrying value at where it is. Yeah. That's kind of-

Speaker #1: The value of that stream. And from our perspective, long-term silver prices are still have strong fundamentals, and there's no indicators of impairment at this point.

Speaker #1: So we're comfortable with the carrying value at where it is. Yeah. That's kind of how we are looking at it.

Vince Lau: Great

Vince Lau: how we are looking at it.

Speaker #3: Yeah. And there's no triggering event at this point. As you mentioned.

Cosmos Chiu: Yeah. There's no triggering event at this point, as you mentioned?

Speaker #1: No. I mean. The asset is performing as expected. Prices are going to be volatile, but we take a long-term view in terms of what the value is.

Vince Lau: No. I mean.

Cosmos Chiu: Okay

Vince Lau: The asset is performing as expected.

Vince Lau: Okay.

Vince Lau: Prices are going to be volatile, but we take a long-term view in terms of what the value is.

Speaker #3: Understood. And maybe one last question, Haytham, as you mentioned, you've made your first investment into Australia. But I guess my question is more in Japan.

Vince Lau: Understood. Maybe one last question, Haytham, as you mentioned, you've made your first investment into Australia. I guess my question is more on Japan. I see that you've made your first investment, or maybe not your first, but one of a few investments into Japan. I didn't think it was a big mining jurisdiction, but now you've made investment to Cipango. Maybe if you can talk about that investment and how you see Japan as a jurisdiction.

Speaker #3: I see that you've made your first investment or maybe not your first, but one of a few investments into Japan. I didn't think it was a big sort of mining jurisdiction, but now you've made investment into Chipango.

Speaker #3: So maybe if you can talk about that investment and how you see Japan as a jurisdiction.

Speaker #1: Sure. I'll pass it over to Neil. Go ahead, Neil.

Haytham Hodaly: Sure. I'll pass it over to Neil. Go ahead, Neil.

Speaker #4: All right, Cosmos. Yes, just a question. Japan is quite unique in both geology, with its location along several plate margins. It's a great breeding ground for creating great ore bodies.

Neil Burns: Sure.

Neil Burns: Morning, Cosmos.

Neil Burns: Yeah, thanks for the question. Japan is quite unique in both geology, with its location along several plate margins. It's great breeding ground for creating great ore bodies. Also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the army from the mines, and they never really got back to mining. Their focus shifted towards smelting and refining. It remains to be a jurisdiction that has great potential and extremely under-explored. Cipango's got a number of projects which our NSR applies to. Five of their current ones they have 100% ownership on, and two that they're earning into. The rule for that, Haytham mentioned earlier, covers actually 16 projects in the country. We have huge optionality on discovery.

Speaker #4: And also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the army from the mines.

Speaker #4: And they never really got back to mining. Their focus shifted towards smelting and refining. So it remains to be a jurisdiction that has great potential and extremely under-explored.

Speaker #4: Chipango's got a number of projects which are NSR applies to. Five of their current ones, they have 100% ownership on. And two that they're earning into.

Speaker #4: And the rule for that, Haytham mentioned earlier, covers actually 16 projects in the country. So we have huge optionality on discovery.

Speaker #3: Great. I know it's not producing yet. Yeah. I know it's not producing yet, but if you ever have a mine tour, go into Japan, let me know.

Cosmos Chiu: Great. I know it's not producing yet. If you ever have a mine tour going to Japan, let me know. I'm in. Have a good weekend.

Speaker #3: I'm in. But have a good weekend and we're all going to hang out. But have a good weekend and thanks for answering all my questions.

Haytham Hodaly: I'll hang out with you. Don't worry.

Cosmos Chiu: We're all go hang out. Have a good weekend and thanks for answering all my questions.

Speaker #1: Thanks, Cosmos. Have a great weekend.

Haytham Hodaly: Thanks, Cosmos. Have a great weekend.

Speaker #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.

Speaker #5: Good morning. And thanks for taking the questions. My questions have to do with the early deposit because I haven't actually looked at these in detail.

Brian MacArthur: Good morning and thanks for taking my questions.

Haytham Hodaly: Good morning, Brian.

Brian MacArthur: My questions have to do with the early deposits, because I haven't actually looked at these in detail. I see Toroparu, Cotabambas, the deals were done a long time ago, but when I look at when you expect to spend on these, it's post-2030. I have a couple of questions. One, the way these things work, that those payments you have left, are those one-time payments or are they staged? My second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? Three, there's all these buy-down options in here. Are those just one-time things that basically kick this whole process? If you can just go through how you're thinking about those, specifically the Toroparu and Cotabambas, which are two of the bigger ones that look like they're making some progress now.

Speaker #5: But I see Tora Paro, Cota Bombas—the deals were done a long time ago. But when I look at when you expect to spend on these, it's post-2030.

Speaker #5: So, I have a couple of questions. One, the way these things work, those payments you have left—are those one-time payments or are they staged?

Speaker #5: And my second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? And three, there's all these buy-downs options in here.

Speaker #5: Are those just one-time things that basically kick this whole process? If you can just go through how you're thinking about those specifically to Tora Paro and Cota Bombas, which are two of the bigger ones that look like they're making some progress now.

Speaker #5: Sure, sure. Just to answer your first question first—so, these payments, for starters, we put up very, very little at the time. So we've committed very few dollars initially.

Haytham Hodaly: Sure. Why don't I just answer your first question first. These payments, for starters, we put up very, very little at the time. We've committed very little dollars initially, and the majority of the actual capital goes in as these projects are de-risked. To answer your second question, the payments are staged based on levels of completion. As they complete 20, we put in some capital. As they complete the first 25%, we put additional capital, et cetera. The majority of the structures look like that. I'm trying to remember the third question.

Speaker #5: And so the majority of the actual capital goes in as these projects are de-risked. And the second question, the payments are staged based on levels of completion.

Speaker #5: So as they complete 20, we put in some capital. As they complete the first 25%, we put in additional capital, etc. That's the majority of the structures—look like that.

Speaker #5: Trying to remember the third question.

Speaker #1: Or more importantly, we don't provide any capital until it's permitted and in construction. And that's how we de-risk it. And this allows us to achieve a significantly higher ROCE.

Neil Burns: Well, more importantly, we don't provide any capital until it's permitted and in construction. That's how we de-risk it. This allows us to achieve a significantly higher ROCE. We're not committing capital until they're actually in construction, which is very different than a royalty.

Speaker #1: We're not committing capital until they're actually in construction, which is very different than a royalty.

Speaker #4: And the other point is just that both of those are currently outside of our 10-year guidance—so both Cota Bombas and Tora Paru. So, as you mentioned, I mean, both do seem to be getting some traction right now.

Haytham Hodaly: The other point is just that both of those are currently outside of our 10-year guidance, both Cotabambas and Toroparu. As you mentioned, both do seem to be getting some traction right now, and we're keeping a close eye on the traction on those. Should they start to develop further, we would bring them into that guidance. At this point, they're not in there.

Speaker #4: And we're keeping a close eye on the traction on those. And should they start to develop further, then we would bring them into that guidance.

Speaker #4: But at this point, they're not in there.

Speaker #5: Right. But this, of course, prior to the delivery of the feasibility, do you put money in before the feasibility and then there's these options that kick in or is it like once you start, you can't reverse this whole gold stream percentage change and everything?

Neil Burns: Right. This is.

Neil Burns: I think the second-

Brian MacArthur: Prior to the delivery-

Haytham Hodaly: Sorry, go ahead

Brian MacArthur: feasibility. Do you put money in before the feasibility and then there's these options that kick in? Is it like once you start, you can't reverse this whole gold stream percentage change and everything? Are these triggered the first time you put the next payment in or are they sort of triggers along the way?

Speaker #5: Are these like triggered the first time you put the next payment in or are they sort of triggers along the way?

Speaker #1: Yeah. So it's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different. Some of these deals, they actually have to deliver us a feasibility study and then we can decide whether we want to move forward.

Neil Burns: Yeah. It's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different. Some of these deals, they actually have to deliver us a feasibility study, and then we can decide whether we want to move forward in those scenarios. In each of these cases, we still very much think the projects are very robust, and we'll likely move forward with them. When that happens, when they have the permits and they're in construction and have full financing, that's when we provide our capital to contribute to our stream.

Speaker #1: And in those scenarios, in each of these cases, we still very much think the projects are very robust, and we'll likely move forward with them.

Speaker #1: And when that happens, when they have the permits and they're in construction and full financing, that's when we provide our capital. To contribute to our stream.

Speaker #5: Okay.

Speaker #3: Maybe just to answer your last question, Brian, you asked about change of control buybacks, etc. Typically on the more recent transactions in the event of a change of control, we have allowed a partial only one-third buyback.

Haytham Hodaly: Maybe just to answer your last question, Brian, you asked about change of control, buybacks, et cetera. Typically, on the more recent transactions, in the event of a change of control, we have allowed a partial only one-third buyback. I don't recall, but I don't think either of those two transactions had any buyback options in them in the event of change of control or otherwise.

Speaker #3: I don't recall, but I don't think either of those two transactions had any buyback options in them. In the event of a change of control or otherwise.

Speaker #5: Right. Okay. So it's very simple terms. They basically work the same as a stream. If I think of it in a simple terms, and they'd have similar securities and stuff.

Brian MacArthur: Right. Okay. In very simple terms, they basically work the same as a stream, if I think of it in simple terms, and they'd have similar securities and stuff.

Speaker #3: Oh, absolutely. Absolutely.

Haytham Hodaly: Oh, absolutely.

Speaker #5: Okay. Thank you very much.

Brian MacArthur: Okay. Thank you very much.

Speaker #3: Thank you, Brian.

Haytham Hodaly: Thank you, Brian.

Speaker #2: Our next question comes from Jack Baxter from Bloomberg Intelligence. Please go ahead and your line is open.

Operator: Our next question comes from Jack Baxter from Bloomberg Intelligence. Please go ahead. Your line is open.

Speaker #6: Good morning, team. I just want to shift the focus to the long-term outlook. So, it seems like we're still pretty much sticking to the 1.2 million GOs by 2030.

Jack Baxter: Good morning, team. Just want to shift the focus to the long-term outlook. It seems like we're still pretty much sticking to the 1.2 million GEOs by 2030. Obviously, at the same time, we've got new deals, and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GEO outlook. Is it more positive, or is it still broadly neutral? If it is positive, should we be expecting a refresher in the near term?

Speaker #6: But obviously, at the same time, we've got new deals and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GO outlook.

Speaker #6: Is it more positive, or is it still broadly neutral? But if it is positive, should we be expecting a refresher in the near term?

Speaker #3: Well, if you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed, and—all but three—are in construction.

Haytham Hodaly: Well, if you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed, and all but three are in construction, and those three are expected to start construction within the next 12 months. We're fairly comfortable with that number. As you so accurately highlighted, we're a growth company. We're continuing to generate strong cash flow every year, and we're going to continue to deploy that capital into accretive transactions. I would like to hopefully believe that that forecast is conservative, but until we do transactions, we're going to stick with our 1.2-million-ounce forecast.

Speaker #3: And those three are expected to start construction within the next 12 months. So we're fairly comfortable with that number. But as you so accurately highlighted, we're a growth company.

Speaker #3: We're continuing to generate strong cash flow every year. And we're going to continue to deploy that capital into a creative transaction. So I would like to hopefully believe that that forecast is conservative.

Speaker #3: But until we do transactions, we're going to stick with our 1.2 million ounce forecast.

Speaker #6: Got you. And maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox specifically focusing on loss fee loss.

Jack Baxter: Got you. Maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox, specifically focusing on Los Filos, given the land rights resolution. At the same time, that stream, from what I can tell, is due to expire in 2029. There's plans for a sizable development on that asset sometime in the near future. I'm just wondering if there's been any discussions on extending the timeline of that contract or potentially participating in any other funding opportunities that arise, obviously noting the challenges that that asset has had.

Speaker #6: Given the land rights resolution but at the same time, that stream from what I can tell is due to expire in 2029. Now, there's plans for a sizable development on that asset.

Speaker #6: Sometime in the near future. I'm just wondering if there's been any discussions on extending the timeline of that contract or potentially participating in any other funding opportunities that arise.

Speaker #6: Obviously, noting the challenges that that asset has had.

Speaker #4: Yeah. I would say, Jack, that there haven't been any significant discussions around those fee losses. This is a very small stream in our portfolio right now.

Haytham Hodaly: I would say, Jack, that there haven't been any significant discussions around Los Filos. This is a very small stream in our portfolio right now and not really material. At the same point, should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it. At this point, I would say we haven't had any significant discussions with them around it.

Speaker #4: And not really material at the same point. It should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it.

Speaker #4: But at this point, I would say we don't have any we haven't had any significant discussions with them around it.

Speaker #3: I would say I would add, Jack, that is only one of two assets in our entire portfolio that has a finite date on it.

Neil Burns: I would add, Jack, that is only one of two assets in our entire portfolio that has a finite date on it. Everything else is life of mine, that was an early structured transaction.

Speaker #3: Everything else is life of mine. And that was an early structured transaction.

Speaker #6: Thank you. All clear, and I look forward to talking again in September.

Jack Baxter: Thank you. All clear, and look forward to talking again in September.

Speaker #3: Thanks, Jack. Have a great weekend.

Haytham Hodaly: Thanks, Jack. Have a great weekend. Thank you, everyone, for your time today. Wheaton's record-breaking results in the H1 2026 reinforces our position as the premier low-risk option for exposure to gold and silver. Our strong balance sheet, diversified portfolio, and compelling growth pipeline position us to continue executing on accretive opportunities and delivering long-term value for all stakeholders. I want to thank all of our stakeholders for their continued support as we build on this record H1 and continue to execute on the next phase of growth for the company. Thank you again, and we look forward to speaking with you all soon.

Speaker #5: Thank you, everyone, for your time today. Wheaton's record-breaking results in the first half of 2026 reinforce our position as the premier low-risk option for exposure to gold and silver.

Speaker #5: A strong balance sheet diversified portfolio and compelling growth pipeline position us to continue executing on a creative opportunities and delivering long-term value for all stakeholders.

Speaker #5: I want to thank all of our stakeholders for their continued support as we build on this record first half and continue to execute on the next phase of growth for the company.

Speaker #5: Thank you again. We look forward to speaking with you soon.

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