Wheaton Precious (WPM) Q3 2026 Earnings Call Transcript

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DATE

Friday, Nov. 6, 2026

CALL PARTICIPANTS

• Vice President, Investor Relations-Emma Murray
• President and Chief Executive Officer-Haytham Hodaly
• Chief Financial Officer-Vincent Lau
• Vice President, Mining Operations-G. Wesley Carson
• Vice President, Corporate Development-Neil Burns

TAKEAWAYS

• Revenue -- $772 million, representing a 62% increase driven by a 36% rise in realized gold equivalent prices and a 19% increase in gold equivalent ounces sold.
• Net Earnings -- $410 million, reflecting an 11.7% increase compared to the $367 million reported in the third quarter of 2025.
• Adjusted Net Earnings -- $410 million, representing a 46% increase from the prior year primarily due to increased gross margins.
• Operating Cash Flow -- $645 million, compared to $383 million in the prior year, driven by higher realized prices and sales volumes.
• Gold Equivalent Production -- 231,000 ounces, an increase of 13% resulting from the addition of the BHP Antamina stream and new production from Fenix, Hemlo, Mineral Park, and Platreef.
• Gold Sales Volume -- 91,969 ounces, representing a 16.5% increase year over year.
• Silver Sales Volume -- 5.8 million ounces, an increase of 21% from the prior year due to higher production and timing of shipments.
• 2026 Production Guidance -- 860,000 to 940,000 gold equivalent ounces, which management confirmed remains on track following record performance in the first nine months.
• 2030 Production Forecast -- 1.2 million gold equivalent ounces, representing a 50% organic growth target that is already embedded in the existing asset portfolio.
• Average Cash Costs -- $548 per gold equivalent ounce, compared to $452 in the third quarter of 2025.
• Cash Operating Margin -- $3,466 per gold equivalent ounce, an increase of 39% driven by significant commodity price appreciation.
• Antamina Production -- 2.7 million ounces of attributable silver, a 60% increase after the company's silver production share rose from 33.8% to 67.5% in April 2026.
• Peñasquito Production -- 3.1 million ounces of attributable silver, a 46% increase resulting from higher throughput and planned mine sequencing.
• Total Liquidity -- $3 billion, comprised of $146 million in cash on hand and approximately $2.5 billion available under the revolving credit facility.
• Net Debt -- $1.5 billion, representing a $417 million reduction from the end of the second quarter following the repayment of $372 million in debt.
• Salobo Production -- 65,800 ounces of attributable gold, a 2% decrease due to lower grades and mine sequencing in the fifth phase of the pit.
• Constancia Gold Production -- 3,200 ounces, a 75% decrease as mining in the higher-grade Pampacancha pit was completed in late 2025.
• Corporate Development Pipeline -- Over 12 opportunities, with transaction values ranging from $3 million to $600 million, primarily focused on development-stage gold streams.
• Produced But Not Yet Delivered (PBND) -- 179,000 gold equivalent ounces, representing approximately 2.6 months of payable production.
• Quarterly Dividend -- $0.195 per common share, which management indicated is part of a progressive dividend policy that has seen three increases in less than three years.
• Salobo CPF Investment -- $40 million, expected to add 6 million tonnes to the operation's annual ore processing capacity and target total throughput of 42 million tonnes per annum by 2029.

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RISKS

• Carson warned that management is "expecting to see a fairly significant decrease in silver production at Peñasquito" in 2027 as Newmont feeds more carbon-rich stockpiles.
• Carson noted that production at the Stillwater mines was "impacted by a labour dispute which lasted from Sept. 3, 2026 to Oct. 9, 2026," resulting in lower throughput and grades.
• Management warned that "due to extended rainfall, the El Domo completion date is expected to be delayed by four months," with production now targeted for Nov. 1, 2027.
• Lau noted that PBND balances are currently on the lower end of the guided range and expected to increase slightly in the fourth quarter.

SUMMARY

Wheaton Precious Metals Corp. (NYSE:WPM) reported record financial and operational results for the first nine months of the fiscal year, highlighted by record revenue, earnings, and operating cash flow. Management stated that the company is on track to achieve its 2026 production guidance and maintains a target of 50% organic growth by 2030, which is fully supported by the existing asset portfolio. The company reported a significant reduction in net debt and maintained total liquidity of $3 billion, providing flexibility for future accretive streaming transactions. Management indicated that several development assets transitioned into production during the quarter, including the Koné Gold Project in Cote d'Ivoire and the Kurmuk mine in Ethiopia.

• CEO Hodaly stated, "That growth is already embedded in our existing portfolio and is not reliant on future transactions."
• CFO Lau indicated that the company expects to return to a "net cash position in the near term" given the high margin cash flow and rapid debt repayment capability.
• VP Mining Operations Carson noted that the company expects a "significant grade improvement" at the Salobo mine in the fourth quarter as mining returns to the bottom of the pit.
• Management reported that the corporate development team has narrowed its focus to "just over a dozen" high-quality opportunities after reviewing approximately 20 potential deals.
• VP Corporate Development Burns indicated that the current weighting of the acquisition pipeline is focused toward gold streams and development projects.
• Management confirmed the first gold pour at the Koné Gold Project was achieved on Sept. 26, 2026, ahead of schedule and on budget.

INDUSTRY GLOSSARY

• GEOs: Gold-equivalent ounces, a normalized production metric used to compare different metals based on fixed price ratios.
• PBND: Produced but not yet delivered, referring to metal produced by a mining partner that has not yet been delivered or sold by Wheaton.
• Streaming: An investment where an upfront payment is made in exchange for the right to purchase future metal production at a fixed price.
• CPF: Coarse particle flotation, a technology intended to increase ore processing capacity and improve recoveries.
• PMPA: Precious metals purchase agreement, the legal framework for a streaming arrangement.
• AISC: All-in sustaining costs, a measure of the total cost of producing an ounce of gold, including production, exploration, and administrative costs.

Full Conference Call Transcript

Operator: Morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 26 Third Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. * then the number 1 on your telephone keypad. Thank you. I would like to remind everyone that this conference call is being recorded on Friday, November 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.

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's 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 disclosure. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted.

With that, I would like to turn the call over to Haytham Hodaly, Wheaton's President and Chief Executive Officer.

Haytham Henry Hodaly: Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's third-quarter results of 2026. Wheaton's momentum continued in the third quarter, supporting a record breaking first 9 months for the company. Year to date, we have delivered record production, sales volumes, revenue, earnings and operating cash flow. Our portfolio of long life low cost assets produced 231 thousand gold-equivalent ounces in the third quarter, led by our operating assets, including Salobo, Antamina and Penasquito, together with the continued ramp up of our development assets, keeping us firmly on track to achieve our 2026 production-guidance range.

Our corporate development team continues to evaluate a robust pipeline of opportunities while maintaining the discipline to pursue only the most accretive transactions. At the same time, the quarter was exceptionally active across our portfolio. With a series of catalysts and further derisk and that further derisks our growth pipeline and mark meaningful progress toward future growth. Vale Base Metals announced plans to implement a coarse particle flotation circuit at Salobo, an investment that is expected to add 6 million tons to Salobo's annual ore pro capacity-- that underscores Vale's long term commitment to the operation.

In Cote D'Ivoire, Montage Gold achieved first gold pour at its Koné project And in Ethiopia, Allied gold has begun production at its Kurmuk mine. Marking the transition of 2 key development assets into production. This week, B2Gold announced that they have completed phase 1 upgrades to the fixed crushing circuit of the Goose project in Nunavut. We also received our first deliveries related to Ivanhoe's Platreef project in South Africa, an important step as that project continues to ramp up. Furthermore, Hudbay approved construction at the Copper World project in Arizona. Significant milestone as this long life asset advances toward production. And in Australia, KGL Resources approved a final investment decision for its Jervois project.

Collectively, these catalysts reinforce our confidence in Wheaton's sector leading organic growth profile of 50% by 2030. That growth is already embedded in our existing portfolio and is not reliant on future transactions. Our balance sheet remains strong with approximately $3 billion in total liquidity, between cash on hand and our revolving credit facility as of September 30. Together with our robust forecasted operating cash flows, we believe this provides ample flexibility to fund all outstanding commitments and pursue new creative streaming opportunities. Importantly, we remain disciplined in employing that capital.

Our corporate development team continues to see healthy demand for streaming with a focus on high quality opportunities that are structured to enhance our existing portfolio and further strengthen our growth profile. At our Investor Day held during the quarter, we highlighted what we call the Wheaton difference. Showcasing how our focus on high quality assets superior structuring and strong partnerships underpins our disciplined approach to capital allocation. Turning to sustainability, innovation remains critical to advancing more efficient and sustainable mining practices. We have been encouraged by the submissions to our third annual Future of Mining Challenge, which is focused on mine optimization and reducing land impacts.

3 finalists are expected to be announced in February and the winner selected in March 2027. 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.

G. Wesley Carson: Thanks, Haytham. Good morning, everyone. Overall production in the third quarter was 231 thousand gold-equivalent ounces. A 13% year-over-year increase. Primarily driven by the addition of the BHP Antamina stream. Together with new production from Hemlo, Phoenix, Platreef, and Mineral Park. In Q3, Salobo produced 65.8 thousand ounces of attributable gold, a decrease of approximately 2% relative to Q3 25, primarily the result of lower grades due to mine sequencing. Partially offset by higher recoveries and throughput. As Haytham mentioned, during the quarter, Vale Base Metals reported that coarse particle flotation is the expected to be the key near term growth driver at Salobo.

Supporting 12 million to 18 million tonnes per annum and targeting total throughput for the operation of 42 million tonnes per annum by 2029. In Q3, Antamina produced 2.7 million ounces of attributable silver. An increase of approximately 60% relative to Q3 25 The increase was primarily driven by the newly acquired BHP Antamina stream. Which increased the company's share of silver production in Antamina from 33.75% to 67.5% effective April 1, 2026. The increased production share was partially offset by lower silver grades, which attributable to pit sequencing with a greater portion of copper only ore processed during the quarter. Relative to copper zinc ore which contains more silver.

On September 26, 2026, Montage Gold reported that it achieved first gold pour at its Koné mine. On budget and ahead of schedule. Montage reported that the oxide circuit is expected to reach commercial production in Q4 26 while construction of the hard rock comminution circuit remains on budget and on track for completion in Q2 of 27. Several development projects continue to ramp up in Q3 26, including Mineral Park, Phoenix and Platreef. With commercial production at both Phoenix and Platreef expected in Q4 of 26. At Kurmuk, Allied Gold reported that ore had been introduced into the processing plant and the mine is now in production.

Ramping up into the end of the year, with commercial production expected before year end. We also saw significant de risking across the rest of our development pipeline. At Copper World, Hudbay and Mitsubishi announced the results of the definitive feasibility study and formally approved the final investment decision to proceed with construction. With first targeted production in the second half of 29. In Australia, the KGL Resources Board approved the final investment decision for the Jervois project, is fully funded with first concentrate production targeted for the first half of 28. At Marathon, Generation Mining commenced construction following the earlier announcement that it had secured final funding with early works expected to run through Q4 26 and into 2027.

With Kone and Kurmuk now transitioning into production, Jervois targeted for the first production in 2028 and Copper World for the second half of 29, these catalysts are expected to continue to derisk the development pipeline that underpins our industry leading growth profile. Wheaton's production outlook for 2026 remains unchanged. With strong year to date production of approximately 640 thousand GEOs. We remain well positioned to achieve our annual production guidance of 860 thousand to 940 thousand GEOs and maintain a strong production forecast across the portfolio for the fourth quarter.

Looking ahead, we expect annual production to grow to an industry at an industry leading rate. reaching 1.2 million GEOs by 2030, with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 to 2035. That concludes the operations overview.

Vincent Lau: And with that, I will turn the call over to Thank you, Wes. Production in the third quarter was 231 thousand GEOs. a 13% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and continued contributions from newly operating assets, including Hemlo, Fenix, Platreef, and Mineral Park. Sales volumes were at 192 thousand GEOs. a 19% increase from the prior year. At the end of the third quarter, the produced but not yet delivered, or PBND, balance, was estimated to be 179 thousand GEOs. Representing 2 point 6 months of payable production. This represents an increase from the prior quarter primarily due to the timing differences between production and sales.

Looking ahead, we expect increased production in the fourth quarter to result in a slightly higher PBND balance. With higher sales volumes expected in the first quarter of 2027 due to the timing differences between production and sales. Strong commodity prices, together with higher sales volumes, generated quarterly revenue of $772 million an increase of 62% compared to the prior year. This increase was driven by a 36% increase in the average realized gold equivalent price, combined with a 19% increase in the GEOs sold. Of this revenue, 51% was attributable to gold, 46% to silver, and the remainder to palladium and cobalt.

Net earnings increased by 12% from the prior year to $410 million, while adjusted net earnings increased by 46%. to $410 million, resulting in year to date records across revenue, net earnings and operating cash flows. These results highlight the strength of our asset base and the ability of the streaming model to translate higher commodity prices into significant cash flow. During the quarter, we generated approximately $645 million in operating cash flow and made approximately $87 million in upfront payments. Related to El Domo, and Marmato. We also made a quarterly dividend payment of approximately $88 million, and repaid $372 million under our revolving credit facility.

As a result, net debt declined from approximately $1.9 billion at the end of the second quarter to approximately $1.5 billion at the end of the third quarter. Demonstrating the strength of our cash generation and our capacity to rapidly repay debt. At September 30, we had approximately $146 million in cash on hand $1.6 billion of debt outstanding under our term loan, and revolving credit facility. With our revolver nearly repaid, we intend to maintain the term loans to preserve liquidity for potential near term opportunities. While retaining significant flexibility to fund our existing commitments.

Given the strength of our production outlook and high margin business model, we expect to continue to reduce our net debt and return to a net cash position in the near term. While remaining well positioned to pursue additional accretive stream acquisitions. This concludes the financial summary.

Haytham Henry Hodaly: I will now hand things back over to you. Thank you, Vincent. In summary, Wheaton's strong momentum continued through the third quarter, contributing to a record setting first 9 months. Year to date, we achieved records across production and sales volumes, revenues, earnings and operating cash flow reflecting the quality and strength, pardon me, of our portfolio. Our growth pipeline delivered on multiple fronts with first gold pour at Koné, the start of production at Kurmuk, with the construction of Copper World, FID approval at Jervois, and the planned implementation of a coarse particle flotation circuit at Salobo, represent just a few of the catalysts we have seen in our growth profile.

Our balance sheet remains strong, providing the flexibility to fund all of our commitment while pursuing well structured, accretive opportunities. And as the pioneers of the streaming model, we continue to believe Wheaton offers 1 of the most effective ways to gain exposure to gold and silver with a growing dividend and a sector leading growth profile. With that, I would now like to open up the call for questions. Operator?

Operator: Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to withdraw your question, press 1 again. Our first question comes from Fahad Tariq from Jefferies. Please go ahead. Your line is open.

Fahad Tariq: Just on the gold guidance for the year, I think if I do the math right, it implies a pretty significant pickup in the fourth quarter. Can you maybe touch on the contributing factors to that and specifically on Salobo and what you are expecting on gold grade there?

G. Wesley Carson: Yeah. Thanks for the question, Fahad. So, really, the. It is Salobo that is the main driver of the improvement in the fourth quarter. And really what we are looking at there is just getting back into kind of the bottom of the pit. We did see, in the third quarter a slight drop in grades at Salobo really as they were forced due to some operational issues to move into phase 5 of the pit, which is a little bit lower grade. And that means really the fourth quarter here, we should see quite a significant grade improvement and expect a strong status quo.

All the other assets are actually setting up pretty well for this fourth quarter as well. So I think, really, we are we are expecting a strong fourth quarter.

Fahad Tariq: Okay. And then just a follow-up. Is there any expected contribution from Koné or Kurmuk in the fourth quarter? Or is that is there going to be a more significant lag and that will be something more in the first quarter of next year? Thanks.

G. Wesley Carson: We may see some very small production from both those assets. In the fourth quarter, but it is not currently in our forecast. So if we do see some, it will be Okay.

Fahad Tariq: that is it for me. Thank you.

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

Brian MacArthur: It just has to do with the restructuring of the Salobo PMPA. The 40 million get paid in installments and you mentioned that will be up and running by 2029. But do you make any $8 million payments in that time period, or is that all post 2029 so I can think of the as $220 million pay. $220 million payments before 2029 and then take all the 8 out after. Is that how this works?

Haytham Henry Hodaly: Yeah. Thanks for the question, Brian. Really, when we did the deal on the horizontal flotation, we actually removed those $8 million payments. So that was to do with the high grade option. So there are now just the $220 million payments. 1 above 50% completion and 1 at completion of the CPF project.

Brian MacArthur: Perfect. Thanks. And then is there any option or anything if they decide to do what I would call Salobo 4 now as a result of this restructuring? Or do. If that comes up, do you just go back and set a new deal?

Haytham Henry Hodaly: Salobo 4, I mean, we would love to see a Salobo 4 to happen, Brian. I would say, that being said, there is no current plan to move forward with that. But they are always looking for ways to continue to grow that cash flow. When you have got decades of reserve life, you are always trying to figure out a way to accelerate that production. You know, if although there is no requirement in our contract to do so, if there made it more economic for us to help, we would. Always something we would consider. Great. Thanks very much. that is very helpful. Thank you.

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

Cosmos Chiu: Thanks, Haytham and team. Maybe to follow on, on the Vale, the coarse particle, the construction here. The $40 million as you mentioned, is in lieu of the $80 that would have been paid on the high grade. Proposal that under the, you know, previous agreement, But I guess my question is, you know, you have kind of quantified the coarse particle processing the, you know, additional 6 million tons, how does that compare to, you know, what the benefit would have been with a high grade? Is it about half? Is that why you are paying half? 40 million versus what would have been paid $80 million under the high grade proposal.

Haytham Henry Hodaly: Thank you for taking the question, Cosmos. I would not look at it in that way, really. I mean, the high grade payment was really almost, say, like, an artifact of kind of what the original deal was when we negotiated Salobo III. And when we made the changes to that. That high grade plan is something that really has changed quite a bit and it is really integrated into the current planning with significant increase in throughput. So.

And, really, the way that you can look at it as they are actually feeding more material through means that you are getting significantly more metal It does not change, I would say, the way that you would look at it between those 2 plans. The 40 million is really what is calculated based on what the capital was. To build that project and the benefit that Wheaton was going to see out of it. So that is really how we came up with that number. it is not a. Those 2 numbers are not directly correlated. And you know what? The 40 million the payback period of that to us, it is like, year and a half.

So it makes complete sense to be aligned on that and get that benefit together with Vale.

Cosmos Chiu: Yep. Great. Yeah. I like how, you know, mentioned that it is an artifact because I remember it being signed. So, you know, that would make me an artifact too in terms of. it is great to see that you know, you have maintained your long term guidance, 1.2 million geos. But I guess my question is that is based on a gold silver ratio of 60 to 1. We are not really at 60 to 1 at the moment. Maybe it is too early to ask. Have you, you know, thought about what you know, ratio you could be using when you put out your new 5 year guidance? And could that change the 1.2 million?

Haytham Henry Hodaly: So. Yeah. it is a little bit early. Usually, we reassess that at the end of the year when we see how things are going early next year. But we are optimistic on the outlook for both gold and silver and we do think silver will have a bit of a recovery. I will say that we are fairly comfortable with the 1.2, but it does it does vary based on what that ratio is.

But we do have at least another 3 or 4 different development projects in the pipeline over the next 5 to 6 years that are also kicking in, whether it is generation Mining, their marathon project, whether it is the Jervois project, whether it is the project that Cosmos putting together. Like, there is a lot of additional growth that is not already in that number, so we would hope to be able at least maintain that number going forward. But, again, it all depends on where that ratio ends up. Great.

Cosmos Chiu: And then maybe 1 last question. Looking wider, you know, we are seeing some buy downs at not much Wheaton Precious Metals, but at some of your competitors. Greg Bear or Cote last night. Could you remind me, Haytham, if there is any, you know, potential buy downs near term within your portfolio?

Haytham Henry Hodaly: So Cosmos, that. that is a great question. And the reason I will say that is because 1 of the things we have always resisted is having buy downs. The only time we provide buy downs is in the event of a change of control because a lot of the projects that we have actually funded the development state projects, they are always looking for ways to either, you know, build value and sell the asset to continue to grow. What we found and what we provide is only a 1/3 buy-down in the event of change of control for a limited period of time.

And we do not, at this point, see anything that, is gonna kick in here in the next few years that is gonna activate that. So we are pretty we are pretty comfortable with our portfolio as it stands. that is great to hear, Haytham. And thanks for answering all my questions.

Cosmos Chiu: that is all I have. Have a great weekend.

Haytham Henry Hodaly: Thank you. Thank you, Cosmos. You too.

Operator: Our next question comes from Daniel Major from UBS. Please go ahead. Your line is open.

Daniel Major: Hi, Haytham and team. Thanks. Very much for the questions. Yes, first operational question. Newmont, indicated on their call expected sharp reduction in silver production in Q4. But then also at a group level about a 30% reduction in silver production in 2027, which essentially implies lower output from Penasquito. Can you give us a steer on how your seeing that profile specifically at Penasquito Q4 and directionally into next year? And then the second question just on that in terms of the sales profile both Penasquito and Salobo have seen pretty sizable builds. Sort of what delta between sales and production is that going to unwind in Q4?

Vincent Lau: Yeah. Thanks for the question, Daniel. So both of those items on Penasquito Are Integrated Into Our Current Plans. We Are Expecting To See A Fairly Significant Decrease In Silver Production At Penasquito. Really, that just ties into the way the production is set up. And into next year as well where they are starting to feed some of those carbon rich stockpiles in. They have got a fairly significant amount of that is in the plan next year as they continue on with stripping in the Penasco pit. So both of those are currently integrated into the production profiles for this year and next.

And on the PBND you know, we are currently sitting at about 2.6 months as a whole as a portfolio. So that is kinda on the lower end of the range. As I said earlier, we do expect a slight increase going into Q4. Just with the higher production coming from Salobo So not a material increase, but a slight increase to our overall PBND balance. Heading into year end.

Daniel Major: Okay. So we should not see a significant unwind. Yeah. Slight build. Okay.

Vincent Lau: that is that is good.

Daniel Major: And then on Antamina, yeah, I mean, feels like underlying productions lagged a little bit behind expectations this year. Can you give us a steer on whether you would expect that to benefit where you are previously thinking on 2027 and directionally, how should we be thinking about Antamina your share of silver into next year?

G. Wesley Carson: Yeah. I would say for this year, in Q3, we saw quite a significant improvement as they began to get into some of that more ore-rich ore. So. And there was quite an uptick actually in Q3 on that, and we expect that to continue into Q4 here with really kind of strong production into Q4. There is a fair bit of that material that is in and around that old in pit crusher that they are starting to take out, and that is what we are starting to see come out, and that carries into. it is really the well into next year and into the early part of 28 as well.

Daniel Major: Okay. So directionally, a 100. Like, adjusting for the stripping out the change in ownership, you would expect sequentially higher production from Antamina in 2027 versus 2026?

G. Wesley Carson: No. it is actually scheduled to be a little bit less, but it is not materially less. Yeah.

Daniel Major: Okay. So broadly similar. Okay. Alright. Thanks. Yeah. that is it for me. Thanks.

Operator: Our next question comes from Derek Ma from TD Cowen.

Analyst: Yeah. I just want to add on a couple of questions I have already been asked. On Salobo, are we expecting higher grades from Q4 to flow into 2027 as well, or how should we be thinking about the grades?

G. Wesley Carson: In Q4, we are certainly expecting those higher grades. For 2027, it is a it is a reasonably similar year. So, I mean, we will we will yeah. And we will we will put that in kind of as we look into the budget for next year. But it is a reasonably similar year next year to what we saw this year overall. Similar to 2026 overall, not Q4. Yes. Yes. Okay. Similar to 2026. Yeah. Yeah. And then in terms of the approximate timing lag between production and sales, what does that look like specifically at Salobo and Penasquito? Remind us.

Both are about 2 months is kind of that generally your lag, and that is fairly consistent with most assets that have a concentrates that they are pulling. Okay.

Analyst: Great. Thank you.

Haytham Henry Hodaly: Thanks, Derek.

Operator: Our next question comes from Harrison Reynolds from RBC Capital Markets. Please go ahead. Your line is open.

Analyst: Appreciate the detail provided so far. Good to see a number of operator updates across the portfolio. Wanted to follow-up on the long term guide of 1.2 million ounce GEOs and setting aside the commodity price ratios and just get a reminder of what is currently embedded in that guidance from an ops standpoint. You know, I look at the Salobo course particle flotation. And some of these other aggregate upsides between Constancia mill expansions and Taro Paru advancing to a construction decision. You know, what other you know, op items lay outside the guidance?

Haytham Henry Hodaly: Sure. I mean, just to highlight what is in the guidance. I mean, we have talked a lot about that, whether it is the ramp ups at Platreef, Phoenix, Mineral Park, Koné, Kurmuk, El Domo, Copper World, now with made FID decisions, small amount of contractual production from Spring Valley and Santo Domingo. What we have not really factored in is you know, significant contributions from some of the other development projects such as Cangrejos, Jervois that has not been factored into our analysis yet. And Marathon, which just recently announced FID decision as well. So there.

And that is just to mention a few. there is probably about 3 or 4 others I can continue to get into. it is probably best if you want a little bit more color on that, maybe just give Emma a call after. She can go through the numbers with you. Got it. Thanks. And just as a follow-up, you know, as you work through the remaining committed payments here and deleveraging, at what point does the balance sheet open up for the next large scale transaction from where you sit today? Sure. And I will let Vincent answer that, but I will I will say 1 thing. We do have currently $3 billion in capacity.

So the balance sheet's always open for us. But I will let Vincent talk a little bit more about it. Okay.

Vincent Lau: Yeah. We do not feel at all constrained currently given that. As Haytham has laid out, we have, a lot of liquidity. Our revolvers almost fully repaid at the end of Q3, so $2.5 billion is immediately available, and then we have a $500 million accordion on top of that. And as we continue to generate significant cash flow, we do expect to be back in the net cash position toward, you know, the end of next year or early 28. So lots of capacity and growing going forward.

Operator: So by the end of next year, we will have over $4 billion in capacity and growing.

Haytham Henry Hodaly: Every month. So I am very excited about the way things are going, and we are a growth company. We are gonna continue to try and deploy a lot of the cash we generate back into high quality accretive stream transactions. Great. Sounds good. Thanks for taking my questions. Thanks, Harrison.

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

Haytham Henry Hodaly: Hi, Martin.

Martin Pradier: Hello.

Haytham Henry Hodaly: Hi. Hi. Yes. Hi, Martin. Go ahead.

Martin Pradier: Yes. Sorry. In terms of Vale, could you explain to us how much we expect from that in terms of payments to Wheaton Precious Metals in 2029 and 2020? Are you asking for what the relative level of contribution will be from Salobo? Is that your specific question? Yeah from the incremental. Right? From this new particle flotation. So is that expected to increase 40 thousand 45 thousand ounces, or how many ounces? that is what I am looking for.

Haytham Henry Hodaly: No. I think we. What we have stated in the past is we do expect a portion of that is already factored in to the overall numbers. What we would expect to see from Salobo going forward is a number somewhere around 300 thousand ounces on a more consistent basis for the next few years.

Martin Pradier: Okay.

Haytham Henry Hodaly: So it. it is sort of offsetting the depletion and the lower grade. But not really increasing production. It increases by around 5%. But, yeah, it is not a huge number.

Martin Pradier: Okay. And the other question I had is, and in Kurmuk, what do you expect in terms of payments in 2027 and 2028? And so. Sort of the same for Koné.

Haytham Henry Hodaly: For Kurmuk, we are expecting, you know, probably about under 10 thousand ounces in Kurmuk for 2027. And somewhere probably 50% higher than that in 2028. And that will continue to grow over the next few years after that as well and that is. Keep in mind, that is based on their existing mine plan of 6 million tonnes per annum. They are already talking about going to 6.4 million tonnes per annum. And that is not factored into those numbers. Great.

Martin Pradier: And On Koné, we are expecting. Well, this is. that is where. KONE is actually very interesting because they initially when we first entered into this stream transaction, we thought we were gonna get somewhere close to 300 thousand ounces a year for 5 years, then it was going to drop off. With the stream transaction and the financing, provided them the ability to go out and drill and add additional ounces. And they have found additional higher grade material. Now they are talking about at least 350 thousand ounces to their account. for at least 10 years and could potentially grow even more.

So you can you can back calculate what we would think our production will be out of Koné over the next couple of years. As they ramp up. Yeah, I was trying to understand the ramp up 2026, 2027.

Haytham Henry Hodaly: 2027, 2028. Yeah. I think if you factored in, like, 50 thousand to 50 thousand-plus ounces in 2027 and 60 thousand-plus ounces in 2028 and growing up to that at a similar rate. For at least another year. Okay.

Martin Pradier: Thank you. that is very helpful.

Haytham Henry Hodaly: Welcome. Thanks, Martin.

Operator: Our next question comes from Lawson Winder. Please go ahead. Your line is open.

Lawson Winder: Thank you very much, operator. Good morning, Haytham and team. Thank you for today's update, and taking the questions. Could I just touch on the deal pipeline? And just 1 thing I wanted to kind of understand a little bit better. When you look at the potential how would you describe the urgency of some of those in the current pipeline? And then and then maybe if you could just touch on the. On what some additional color on the depth of the pipeline and then just the range of sizes in the pipeline.

Haytham Henry Hodaly: I will pass it over to Neil.

Neil Burns: Yeah. Sure. Thanks for the question. As Haytham mentioned on. The team's been extremely busy. As I mentioned in the last call, we had about 20 opportunities in the pipeline at that time. We have narrowed that down to just over a dozen. Because upon detailed review, many did not meet our criteria for investment. The weighting currently is still toward development projects and gold streams. Range in value has increased slightly before. We stated it was roughly $2 million to $500 million. it is about $3 million to $600 million. So very similar slight increase. And as I said, most are development type of opportunities.

Operator: In terms of your question, urgency, I mean, everybody's looking for ways to unlock value.

Haytham Henry Hodaly: I think the transaction we did earlier in this year with BHP. A lot of large diversified are looking through their portfolios to see if there is some value they can extract. That being said, you know, we are that takes time. It took us a while to get BHP across the line, and it takes time for others to understand how the streaming model works and how the actual mechanism works in terms of the credit process etcetera. I will say that from a opportunity perspective, we are seeing some existing operations who are trying to unlock immediate value. The majority of the ones that we are focusing on are the larger development stage opportunities at this point.

Lawson Winder: Okay. that is very helpful. Your comments on your capacity to add $3 billion of additional debt to effectively consummate larger transactions. it is definitely helpful. But, I mean, it still strikes me as exceedingly conservative. So, like, rough numbers, that is still below 1.5x trailing net leverage. On today's numbers, on today's trailing EBITDA. So think about it another way. Like, from a net leverage point of view, how would you think about the capacity of your business to take additional debt?

Vincent Lau: Yeah. We very much view our business as a utility almost. You know, we have good certainty on what the production is. The unknown is what the gold and silver price is. But what we do know it is a very high margin, high quality cash flowing business. So on that basis, we can support some debt. And to your point, with even an additional $3 billion we are only gonna be at 1.5x leverage. And that is a level that we are comfortable with. Beyond that, we have not really needed to look.

There is not a pipeline that is you know, larger than that, but it just gives you a sense of the capacity we do have and the ability to fund deals internally with our own cash flows.

Lawson Winder: that is a great point.

Haytham Henry Hodaly: I would also add. Sorry. We are also adding a couple hundred plus dollars a month in free cash flow. So as so as Vincent said, you know, we are. We feel very comfortable at the levels that we have. He mentioned there. Yeah. Yeah. No. No. Absolutely. You bring up a good point about the price of the underlying metal.

Lawson Winder: I think it is an important consideration. So are you saying, like, 1.5 is the maximum you think you would go? Or I mean, personally, I think I think the business could take a much higher sort of, like, moment in time leverage ratio given that it would be paid down over a quick period of time. But, I mean, is that is that what you are saying? Like, 1.5 is kind of the max you could be comfortable with?

Vincent Lau: I think it is dependent on the environment and the environment we are in. So there is no hard number that we look at. it is a variety of factors. I would just say 1.5 at current spot price is something we are very comfortable with.

Lawson Winder: Okay. Okay. that is very clear. And then, you know, similar question on, like, just capital allocation. Your indicated dividend yield is, you know, something like 60 basis points right now. You know, it is it is relatively low. And, I mean, that is a clear reflection of your success. I mean, on the other hand, your success would suggest an ability to very substantially increase dividend from the current levels. Any thoughts on that? Particularly going into you know, early 27 when the board will be meeting to consider the next dividend increase.

Vincent Lau: Yeah. No. it is a good great question. And we have increased the dividend 3 times in less than 3. it is a progressive dividend. The most recent increase was over 18%. And you are right, we do have the capacity to increase it, and we will leave that to our discussion with the board in early New Year. I will say that, you know, we are a growth company, and the number 1 thing for us to do is to continue to redeploy capital into accretive transactions to maintain that longer term growth. But you are not wrong in that you know, the streamers in general do not pay out huge dividends because there is so many opportunities.

But, you know, we are gonna be generating strong cash flows. that is something we will have to take into consideration.

Lawson Winder: Okay. And then just finally, if I could ask on 2027, and thinking about the growth I mean, across your portfolio, you have Koné, Kurmuk, Platreef. They are now producing And then Blackwater, Marmato's ramping up. I mean, dare I say, Goose is. You know, that ramp up is looking to get sorted out in 2027. So everything points to a lot of growth potential. But are there any assets that you would highlight where you would expect some sort of substantial decline that maybe we are not thinking about that could offset what otherwise might be quite strong growth into 2027?

Haytham Henry Hodaly: I would say looking at our existing production profile, if there is any drops like we are expecting to see as Wes mentioned earlier on Penasquito, that will drop a little bit, But all that is already built into our profile. Antamina as well, potentially, there may be a slight drop there, but you know, I think if you are looking at what we are guiding to, all those drops are built But we do get 5-year production profiles from all our existing partners, sometimes 10 years. And we factor those in with our own, obviously, adjustments based on what we think is actually gonna happen there.

So, you know, we are pretty comfortable with the guidance that we have given you guys in terms of our Okay.

Lawson Winder: Sure. Thank you guys very much. Good quarter.

Haytham Henry Hodaly: Thank you, Lawson. Appreciate it. And thank you everyone for your time today. Our record performance through the first 9 months of 2026, reinforces Wheaton's position as a premier low risk option for exposure to gold and silver. Supported by a strong financial position a disciplined approach to capital allocation, a portfolio of high quality assets and increasing visibility to our next phase of growth we are confident in Wheaton's outlook and our ability to deliver meaningful production growth over the coming years. Thank all of our stakeholders for their continued support as we work to close out another strong year and look ahead building on this momentum in 2027 and the years to come.

We look forward to speaking with you all again soon. Thank you, and have a great weekend.

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

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