Wheaton Precious Metals Corp. Q4 FY2024 earnings call

• Driven by a diversified portfolio, Wheaton achieved record revenue, adjusted net earnings, and operating cash flows in 2024, with annual production of 635,000 gold equivalent ounces exceeding guidance. - Acquired four new investments in 2024, including a gold stream on Montage Gold's Kone project. - Five-year production forecast estimates annual production increasing by 40% to 870,000 GEOs by 2029, with inaugural production from nine assets in the next five years. - Announced a 6.5% increase to the quarterly dividend. - Recognized as one of the 2025 Global 100 Most Sustainable Corporations and upgraded to a triple-A ESG rating by MSCI. - Launched the Future of Mining Challenge, with Rethink Milling winning the 2025 challenge for innovative grinding technology.

In 2024, Wheaton achieved record revenue, adjusted net earnings, and operating cash flows. Revenue for 2024 increased 26% to approximately $1.3 billion, with 62% attributable to gold, 36% to silver, 1% to palladium, and 1% to cobalt. Fourth quarter 2024 production was 187,000 gold equivalent ounces (GEOs), a 14% increase relative to the fourth quarter of 2023. Salobo produced 84,000 ounces of attributable gold in the fourth quarter of 2024, a record quarterly production. Penasquito produced over 2.4 million ounces of attributable silver in the fourth quarter of 2024, an increase of approximately 138% relative to the fourth quarter of 2023. For 2025, attributable production is forecast to be 350,000 to 390,000 ounces of gold, 20.5 million to 22.5 million ounces of silver, and 12,500 to 13,500 ounces of GEOs of other metals, resulting in total production of approximately 600,000 to 670,000 GEOs.

• 2025 attributable production forecast: 350,000 - 390,000 ounces of gold, 20.5 million - 22.5 million ounces of silver, and 12,500 - 13,500 ounces of GEOs of other metals, totaling approximately 600,000 - 670,000 GEOs. - Production expected to increase at an industry-leading rate of ~40% over the next five years to 870,000 GEOs by 2029. - 2025 G&A expenses expected to be $50 million to $55 million, driven by costs from the Future of Mining Challenge and expiring ATM program.

• Impairment charge of $109 million relative to the Voisey's Bay CMPA due to sustained decline in market cobalt prices. - Seasonality in Salobo's production with a rainy season generally in the first quarter. - Geopolitical and community risks associated with mining operations in various regions.

Q: Lawson Winder asked about the dividend and capital deployment, specifically if Wheaton could push the dividend higher and if they could deploy the same amount of capital in 2025 as 2024.

A: Randy Smallwood responded that it depends on the opportunity set and maintaining a healthy balance sheet, and Haytham Hodaly mentioned they see opportunities to deploy capital in accretive high-quality transactions.

Q: Tanya Jakusconek inquired about modeling production, deal space geography, and D&A guidance.

A: Randy Smallwood and Wesley Carson discussed production bias towards the latter half of the year and Salobo's seasonality, Haytham Hodaly talked about deal space including streams on polymetallic assets, and Gary Brown provided D&A guidance details.

Q: Brian MacArthur asked about deal structures, specifically amendments to PPMAs and security of additional stuff.

A: Haytham Hodaly explained that they've been creative in structuring deals to protect and get returns, and Gary Brown mentioned control and alignment in such structures.

Q: Daniel Major questioned the Montage transaction structure, risk profile, and opportunities in Zambia.

A: Randy Smallwood and Haytham Hodaly discussed the unique structure, higher risk with higher returns, and that opportunities in Zambia are not officially in process yet.

Q: William Dove Dolby asked about Salobo's production profile and expansion.

A: Wesley Carson and Haytham Hodaly provided details on Salobo's fairly static production profile and ongoing study phase for expansion.

Q: Larry Liu asked about cobalt impairment, Blackwater amendment, and production profile.

A: Gary Brown stated the impairment was mostly due to cobalt price, Haytham Hodaly and Wesley Carson discussed Blackwater amendment and production expansion, and Larry Liu got clarity on production profile.

Q: Martin Pradier inquired about production forecasts for Goose, Mineral Park, Blackwater, and Platreef in 2025-2026.

A: Emma Murray and Haytham Hodaly provided details on production estimates for these assets in the respective years.

Q: Flora Ashbourne asked about the cobalt price impact on the Voisey's Bay impairment.

A: Gary Brown responded that the impairment was virtually all due to cobalt price decline.