Wheaton Precious Metals Corp. Q3 FY2025 earnings call

• Wheaton delivered strong revenue, earnings, and cash flow, resulting in record year-to-date performance. - Key assets like Salobo, Antamina, Blackwater, and Goose showed production growth. - Launched the second annual Future of Mining Challenge focusing on sustainable water management. - Made progress on near-term growth strategy with Aljustrel resuming production and development projects like Mineral Park, Platreef, etc., progressing. - Announced 2 accretive precious metal streaming transactions in low-risk jurisdictions: Hemlo mine and Waterton Spring Valley project.

In the third quarter, Wheaton Precious Metals produced 173,000 gold equivalent ounces, a 22% increase from the prior year. Revenue for the quarter was $476 million, with 58% coming from gold, 39% from silver, and the rest from palladium and cobalt. Net earnings were $367 million, an increase of 138% from the prior year, and operating cash flow was $383 million, a 51% increase from the prior year.

• Wheaton remains on track to achieve 2025 production guidance of 600,000 to 670,000 gold equivalent ounces. - Expect to disburse approximately $2.5 billion in upfront payments by the end of 2029. - Confident in 40% production growth by 2029, with key development projects derisked and joint venture agreements for Copper World and Santo Domingo.

• Social unrest impacted Constancia in Peru, though operations resumed. - Timing risks with deliveries for the Hemlo stream if there are delays. - Commodity price volatility could affect revenue and financial performance.

Q: On future growth vs peers, how does Wheaton's volume growth stack up?

A: Haytham Hodaly states Wheaton has growth close to 250,000 ounces a year between now and 2029, with over 90% of growth in construction and development, and this growth is stronger than peers on an absolute and relative basis.

Q: Technical info on Spring Valley, assumptions and recoveries?

A: Neil Burns mentions Waterton's feasibility study was done at lower gold prices, and Randy Smallwood discusses Spring Valley's simplicity, exploration potential, and operational flexibility.

Q: Silver opportunities and future divestitures?

A: Haytham Hodaly and Neil Burns discuss seeing more silver opportunities, and Haytham mentions expecting more divestitures of noncore assets from senior producers as management teams change focus.