Wheaton Precious Metals Corp. Q1 FY2025 earnings call

• Strong start to 2025 with record quarterly revenue, adjusted net earnings, and operating cash flow.
• Core assets like Salobo exceeded production expectations.
• Blackwater Mine achieved commercial production.
• Recognized amongst Corporate Knight's 100 Most Sustainable Corporations in the World.
• Inaugural Future of Mining Challenge focused on sustainable water management for 2025-2026.
• G&A expenses expected to be approximately $50 million in 2025.

In the first quarter of 2025, Salobo delivered over 71,300 ounces of attributable gold production, an increase of approximately 16% compared to Q1 2024. Constancia produced over 550,000 ounces of attributable silver and 4,900 ounces of attributable gold in Q1 2025, a decrease of approximately 13% and 65%, respectively, compared to Q1 2024. The Blackwater Mine achieved commercial production with attributable production of 1,000 ounces of gold and 35,000 ounces of silver. Record quarterly revenue was $470 million, an increase of 59% compared to the prior year. Adjusted net earnings amounted to $251 million, and cash flow from operations was $361 million, a 65% increase compared to the prior year.

• Production outlook for 2025 remains unchanged with total attributable production expected to fall between 600,000 and 670,000 gold equivalent ounces.
• Company expects PBND levels to stay at the higher end of the forecasted range of two to three months by the end of 2025 due to ramp-up of new mines in the second half.
• For 2025, G&A expenses are expected to be approximately $50 million.
• Pipeline of development projects de-risked with construction advancements, supporting anticipated organic growth of over 40% by 2029.

• Potential delays in project ramp-ups for new mines.
• Commodity price volatility could impact revenue and earnings.
• Counterparty risks related to operating partners' financial health.

Q: Please provide feedback on Antamina's downtime and potential impacts on the profile in the second quarter or full year?

A: Wes Carson stated Antamina had an incident, was down for about 36 hours, and they don't expect it to affect production for the year.

Q: How is the distribution of share-based compensation through the year and modeling?

A: Vincent Lau said $1 million this quarter is driven by share price outperformance, with a run rate on the PSU side around $3 million to $4 million per quarter going forward.

Q: With $1.1 billion on the balance sheet, any scope for interim distributions or changing cash return structure?

A: Haytham Hodaly said there are double-digit opportunities in the pipeline, and they're comfortable with the existing structure, focusing on acquiring accretive streams.