Wheaton Precious Metals Corp (WPM) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2023 Second 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. (Operator Instructions) I would like to remind everyone that this conference call is being recorded on Friday, August 11, 2023, at 11:00 a.m. Eastern Time. I will now turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations and Sustainability. Please go ahead, sir.

早安，女士們，先生們。謝謝你的支持。歡迎參加惠頓貴金屬 2023 年第二季業績電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）我想提醒大家，這次電話會議是在東部時間 2023 年 8 月 11 日星期五上午 11:00 錄製的。我現在將會議交給投資者關係和永續發展資深副總裁 Patrick Drouin 先生。請繼續，先生。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy V. Smallwood, Wheaton Precious Metals' President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations. Please note that for those not currently on the webcast, the slide presentation accompanying this conference call is available in PDF format on the presentation page of Wheaton Precious Metals website.

謝謝你，接線生。女士們先生們早安，感謝您參加今天的電話會議。今天，惠頓貴金屬公司總裁兼執行長蘭迪·V·斯莫爾伍德 (Randy V. Smallwood) 也加入了我的行列。加里‧布朗，資深副總裁兼財務長； Haytham Hodaly，企業發展資深副總裁；韋斯卡森 (Wes Carson)，採礦營運副總裁。請注意，對於目前沒有參加網路直播的人來說，本次電話會議附帶的幻燈片簡報可在惠頓貴金屬網站的簡報頁面上以 PDF 格式取得。

I'd like to bring to your attention and some of the commentary on today's call may contain forward-looking statements, and I would direct everyone to review Slide 2 of the presentation, which contains important cautionary notes regarding forward-looking statements. It should be noted that all figures referred to on today's call are in U.S. dollars unless otherwise noted. In addition, reference to Wheaton or Wheaton Precious Metals on this call include Wheaton Precious Metals Corp and/or its wholly owned subsidiaries as applicable. Now I'd like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

我想提請您注意，今天電話會議的一些評論可能包含前瞻性陳述，我會指示大家查看簡報的幻燈片 2，其中包含有關前瞻性陳述的重要注意事項。應該指出的是，除非另有說明，今天電話會議中提到的所有數字均以美元為單位。此外，本次電話會議中提及的惠頓或惠頓貴金屬包括惠頓貴金屬公司和/或其全資子公司（如適用）。現在我想將電話轉給我們的總裁兼執行長 Randy Smallwood。

Thank you, Patrick, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2023. We I am pleased to announce that our portfolio of long-life, low-cost assets delivered another solid quarter, generating over $200 million of operating cash flow and over $140 million in net earnings. Our strong performance was underscored by significant progress at the recently commissioned expansion at our largest asset, Salobo, the ramp-up of which we expect to continue throughout 2023. And despite operations at Penasquito being suspended in early June due to a labor dispute, we achieved quarter-over-quarter gold equivalent production growth, highlighting the resilience of our high-quality diversified portfolio.

謝謝你，派崔克，大家早安。感謝您今天加入我們討論惠頓2023 年第二季業績。我們很高興地宣布，我們的長壽命、低成本資產組合又實現了穩健的季度業績，產生了超過2 億美元的營運現金流和超過1.4 億美元的營運現金流在淨利潤中。我們最大的資產薩洛博(Salobo) 最近委託擴建取得了重大進展，突顯了我們的強勁業績，我們預計該擴建將在2023 年持續下去。儘管佩納斯基托(Penasquito) 的運營因勞資糾紛於6 月初暫停，但我們實現了黃金當量產量的季度環比增長，凸顯了我們高品質多元化投資組合的彈性。

Our growth pipeline of development projects was further derisked in the quarter when Aris Mining received approval of their environmental management plan which now permits the development of the Marmato lower mine. In addition, the acquisition of Sabina was completed by B2Gold, an experienced senior gold producer with a proven track record of successful mine development who will now be managing and building the Goose project. These projects are among the assets that are forecast to contribute to our impressive organic growth profile of over 40% production growth in the next 5 years. Looking into the remainder of 2023 and assuming the labor dispute at Penasquito was resolved by the end of the third quarter, we maintained our previously stated production guidance of to 600,000 to 660,000 gold equivalent ounces, albeit with a slightly higher weighting towards gold.

當 Aris Mining 的環境管理計劃獲得批准後，我們的開發專案成長管道在本季度進一步降低了風險，該計劃現在允許開發 Marmato 下礦。此外，Sabina 的收購是由 B2Gold 完成的，B2Gold 是一家經驗豐富的高級黃金生產商，擁有成功礦山開發的良好記錄，現在將負責管理和建造 Goose 專案。這些項目預計將為我們令人印象深刻的有機成長做出貢獻，在未來 5 年內產量增加超過 40%。展望 2023 年剩餘時間，假設佩納斯基託的勞資糾紛在第三季末得到解決，我們維持先前規定的 60 萬至 66 萬黃金當量盎司的產量指導，儘管黃金的權重稍高。

On the corporate development front, we continued to see good momentum with the addition of a new gold stream on Lumina Gold's Cangrejos project and the expansion of our existing gold stream on Artemis Gold's Blackwater project, both of which are strong development projects that complement our portfolio of high-quality assets. In this environment of high interest rates and increasing demand for metals, our team remains exceptionally busy as we continue to see a healthy appetite for streaming as a source of capital for the mining industry, and we are actively pursuing several new accretive opportunities.

在企業發展方面，我們繼續看到良好的勢頭，Lumina Gold 的Cangrejos 項目增加了新的金礦流，並擴大了Artemis Gold 的Blackwater 項目現有的金礦流，這兩個項目都是強大的開發項目，補充了我們的投資組合的優質資產。在這種高利率和金屬需求不斷增長的環境下，我們的團隊仍然異常忙碌，因為我們仍然看到人們對串流媒體作為採礦業資本來源的良好興趣，並且我們正在積極尋求一些新的增值機會。

During the quarter, we released our annual sustainability report as well as our inaugural climate change report, demonstrating our continued focus on transparency and delivering value to all of our stakeholders. I encourage you to take a look at these reports to learn more about Wheaton's approach to sustainability and the programs that we support globally. At our Annual General Meeting held this past May, we welcomed Jeane Hull to our Board of Directors, bringing her strong skill set to the Board and increasing female Board representation to over 40%. I would like to thank departing Board member, Eduardo Luna, for his contributions during his tenure. And I would also like to pay homage to John Brough, who, after resigning as a director in May, sadly passed away just recently. He is and will be dearly missed by all of us at Wheaton. I had the privilege to work with both Eduardo and John since the inception of Wheaton, and I'm immensely grateful for their invaluable guidance and leadership.

在本季度，我們發布了年度永續發展報告以及首份氣候變遷報告，顯示我們持續關注透明度並為所有利害關係人創造價值。我鼓勵您查看這些報告，以了解更多關於惠頓的可持續發展方法以及我們在全球支持的計劃。在今年 5 月舉行的年度股東大會上，我們歡迎 Jeane Hull 加入我們的董事會，為董事會帶來了她強大的技能，並將董事會中的女性代表人數增加到 40% 以上。我要感謝即將離任的董事會成員 Eduardo Luna 在任職期間的貢獻。我還要向約翰·布魯夫（John Brough）致敬，他在五月辭去董事職務後，最近剛不幸去世。我們惠頓的所有人現在和將來都會深深懷念他。自 Wheaton 成立以來，我有幸與 Eduardo 和 John 一起工作，我非常感謝他們的寶貴指導和領導。

I would now like to turn the call over to Wes Carson, our Vice President of Operations, who will provide more details on our results. Wes?

我現在想將電話轉給我們的營運副總裁韋斯卡森 (Wes Carson)，他將提供有關我們結果的更多詳細資訊。韋斯？

Thanks, Randy. Good morning. Overall production in the second quarter came in higher than expected, primarily driven by significant sequential improvement at Salobo. In the second quarter, Salobo produced 54,800 ounces of attributable gold, an increase of 61% relative to the second quarter of 2022. Vale reported production in the quarter was driven by better-than-expected ramp-up of Salobo III, partially offset by planned maintenance activities and additional work on the crushers at Salobo I and II. Additionally, Vale reports that planned maintenance activities will continue in the second half of 2023, and that the ramp-up of Salobo III is expected to be fully completed in 2024.

謝謝，蘭迪。早安.第二季的整體產量高於預期，主要是由於薩洛博的季比顯著改善所致。第二季度，Salobo 生產了 54,800 盎司權益黃金，較 2022 年第二季度增長了 61%。淡水河谷報告稱，本季度產量受到 Salobo III 產量增長好於預期的推動，但部分被薩洛博一號和二號破碎機的計畫維護活動和額外工作。此外，淡水河谷報告稱，計劃中的維護活動將在 2023 年下半年繼續進行，Salobo III 的產能提升預計將於 2024 年全面完成。

During the quarter, Constancia produced 400,000 ounces of attributable silver and 7,400 ounces of attributable gold, a decrease of approximately 28% and 7%, respectively, relative to the second quarter of 2022, with a decrease in both metals primarily due to lower throughput and grades. Hudbay reported that full mining activities resumed at Pampacancha pit in February and the period of higher planned stripping activities in the Pampacancha pit was completed in June with higher-than-expected production forecast for the second half of the year.

本季度，Constancia 生產了 400,000 盎司權益白銀和 7,400 盎司權益黃金，較 2022 年第二季度分別減少約 28% 和 7%，這兩種金屬的產量下降主要是由於吞吐量下降和成績。 Hudbay 報告稱，Pampacancha 礦坑的採礦活動已於 2 月全面恢復，Pampacancha 礦坑計畫中的較高剝離活動期已於 6 月完成，下半年產量預測高於預期。

In the second quarter of 2023, Penasquito produced 1.7 million ounces of attributable silver, a decrease of approximately 17% relative to the second quarter of 2022 due to lower throughput. On June 8, 2023, Newmont Corporation reported that it had suspended operations at the Penasquito mine due to a labor dispute. To date, Newmont has indicated that it is in ongoing discussions with the leadership of the National Union of Mine and metal workers of the Mexican Republic and remains focused on finding a sustainable resolution to the dispute.

2023年第二季度，Penasquito生產了170萬盎司權益白銀，由於吞吐量下降，較2022年第二季減少約17%。 2023 年 6 月 8 日，紐蒙特公司報告稱，由於勞資糾紛，該公司已暫停佩納斯基托礦場的營運。迄今為止，紐蒙特公司表示正在與墨西哥共和國全國礦業和金屬工人工會的領導層進行持續討論，並繼續致力於尋找可持續的解決爭端的方案。

Due to the delay between production and sales, we expect the impact of Penasquito suspended operations will be reflected in our sales results in the third quarter of 2023, resulting in a significant quarter-over-quarter decrease to our reported Penasquito sales volumes. On June 15, 2023, Artemis Gold announced the approval of the Schedule 2 amendment for the Blackwater mine. Additionally, on July 4, 2023 Artemis announced receipt of Fisheries Act authorization for development of Blackwater. These 2 permits represent significant milestones in the development of Blackwater and allow the Artemis team to continue their focus on completing Phase 1 construction on schedule and to port first gold in the second half of 2024.

由於生產和銷售之間的延遲，我們預計 Penasquito 暫停營運的影響將反映在我們 2023 年第三季的銷售業績中，導致我們報告的 Penasquito 銷售量較上季大幅下降。 2023年6月15日，Artemis Gold宣布批准黑水礦附表2修正案。此外，2023 年 7 月 4 日，Artemis 宣布收到《漁業法》對黑水開發的授權。這兩張許可證代表了黑水開發的重要里程碑，使 Artemis 團隊能夠繼續專注於按計劃完成第一期建設，並在 2024 年下半年運出第一批黃金。

As Haytham will discuss later in the call, we expanded our gold stream on Blackwater in the quarter and have been impressed with Artemis' progress in developing the mine. Further derisking our growth portfolio on July 12, 2023, Aris Mining announced that they have received approval from the regional environmental authority in Colombia for their environmental management plan, which now permits the development of the Marmato Lower mine. This is a major milestone for Aris as construction of the lower mine allows for application of bulk mining methods and improved processing, which is estimated to grow Marmato's gold production fivefold once construction is completed in the second half of 2025.

正如海瑟姆稍後將在電話會議中討論的那樣，我們在本季度擴大了黑水的金礦流，並對阿耳忒彌斯在礦山開發方面的進展印象深刻。 2023 年 7 月 12 日，Aris Mining 宣布，他們的環境管理計畫已獲得哥倫比亞地區環境管理局的批准，該計畫現在允許開發 Marmato Lower 礦，這進一步降低了我們的成長投資組合的風險。這對 Aris 來說是一個重要的里程碑，因為下部礦井的建設允許應用批量採礦方法並改進加工，預計一旦 2025 年下半年建設完成，Marmato 的黃金產量將增加五倍。

Wheaton's estimated attributable production in 2023 is forecast to be approximately 600,000 to 660,000 gold equivalent ounces, unchanged from previous guidance, predicated on Penasquito's restarting production in the second -- in the end of the third quarter. For the 5-year period ending in 2027, the company estimates that average annual production will amount to 810,000 gold equivalent ounces. And for the 10-year period ending in 2032, the company estimates the average annual production will amount to 850,000 gold equivalent ounces. This includes sector-leading organic growth of over 40% with an estimated total production for our current portfolio increasing to over 900,000 gold equivalent ounces by 2027.

Wheaton 預計 2023 年權益產量約為 60 萬至 66 萬黃金當量盎司，與先前的指引值持平，前提是 Penasquito 在第二季末或第三季末重新開始生產。該公司預計，截至 2027 年的 5 年期間，平均年產量將達到 81 萬黃金當量盎司。該公司預計，截至 2032 年的 10 年期間，平均年產量將達到 85 萬黃金當量盎司。這包括業界領先的超過 40% 的有機成長，預計到 2027 年我們目前投資組合的總產量將增加到超過 90 萬黃金當量盎司。

That concludes the operations overview. And with that, I will turn the call over to Gary.

操作概述到此結束。然後，我會將電話轉給加里。

Thank you, Wes. As described by Wes, production in the second quarter amounted to 148,000 gold equivalent ounces, or GEOs, a 3% increase relative to the first quarter of 2023 and a 5% decrease relative to the comparable period of the prior year with outperformance at Salobo being offset by a 32% decrease in silver production, primarily due to the divestment of the Yauliyacu and Keno Hill, precious metal purchase agreements, combined with the ongoing labor dispute at Penasquito.

謝謝你，韋斯。正如 Wes 所描述的，第二季度的產量達到 148,000 黃金當量盎司（GEO），較 2023 年第一季增長 3%，較去年同期下降 5%，其中薩洛博的表現優於被白銀產量下降32 % 所抵消，這主要是由於Yauliyacu 和Keno Hill 的撤資、貴金屬購買協議以及佩納斯基托持續的勞資糾紛所致。

Sales volumes amounted to over 139,000 GEOs, an 18% increase relative to the first quarter of 2023 and a decrease of 16% relative to the comparable period of the prior year with the year-over-year variance being primarily due to a 6,000-ounce buildup of ounces produced but not yet delivered or PBND, at Salobo during the most recent quarter compared to 16,000-ounce release of PBND in Q2 2022, resulting in a 22,000-ounce swing in sales volumes that is simply driven by the timing of shipments.

銷量超過 139,000 GEO，較 2023 年第一季度增長 18%，較去年同期下降 16%，同比差異主要是由於 6,000 盎司的銷量最近一個季度，薩洛博生產但尚未交付的盎司或PBND 有所增加，而2022 年第二季釋放的PBND 為16,000 盎司，導致銷量波動22,000 盎司，而這僅僅是由出貨時間造成的。

Strong commodity prices, coupled with our solid production base resulted in revenue of $265 million and a gross margin of $152 million. Of this revenue, 56% was attributable to gold, 41% to silver, 2% to palladium and 1% to cobalt. As at June 30, 2023, approximately 103,000 GEOs were in PBND and cobalt inventory, representing approximately 2.1 months of payable production, which is a level that is consistent with the preceding 4 quarters.

強勁的商品價格加上我們堅實的生產基礎，帶來了 2.65 億美元的收入和 1.52 億美元的毛利率。其中，56% 來自黃金，41% 來自白銀，2% 來自鈀，1% 來自鈷。截至 2023 年 6 月 30 日，PBND 和鈷庫存中約有 103,000 個 GEO，相當於約 2.1 個月的應付產量，該水準與前 4 個季度一致。

G&A expenses amounted to $10 million for the second quarter, and the company anticipates that G&A will amount to $48 million to $43 million for the year. Adjusted net earnings amounted to $143 million, a $7 million decrease relative to the second quarter of 2022. It is worth noting, though, that when comparing the results to the prior year, the estimated impact to net earnings associated with the relative changes in PBND was $18 million, meaning we would have exceeded prior year's net earnings, if not for the timing of deliveries.

第二季的一般管理費用為 1,000 萬美元，公司預計今年的一般管理費用將達到 4,800 萬至 4,300 萬美元。調整後淨利潤為 1.43 億美元，較 2022 年第二季減少 700 萬美元。不過值得注意的是，與上一年的結果進行比較時，PBND 相對變化對淨利潤的估計影響為1800 萬美元，這意味著如果不是因為交貨時間的原因，我們的淨利潤將超過前一年。

Despite the persistent inflationary environment, Wheaton continued to deliver robust cash operating margins in the second quarter resulting in cash flow from operations of over $200 million and a quarterly dividend of $0.15 per share, consistent with the second quarter of 2022. In the quarter, Wheaton made total upfront cash payments of $89 million, consisting of a $31 million payment relative to the Goose project, $45 million relative to the Blackwater project and $12 million relative to the Cangrejos project.

儘管通膨環境持續存在，惠頓在第二季度繼續實現強勁的現金營運利潤，營運現金流超過 2 億美元，季度股息為每股 0.15 美元，與 2022 年第二季一致。預付款總額為8,900 萬美元，其中包括與Goose 專案相關的3,100 萬美元、與Blackwater 專案相關的4,500 萬美元以及與Cangrejos 專案相關的1,200 萬美元。

Wheaton also made dividend payments relative to the prior 2 quarters totaling $131 million. As mentioned by Randy, during the second quarter, B2Gold completed its previously announced acquisition of Sabina. And in conjunction with this acquisition, exercised the option to acquire 33% of the stream under the Goose PMPA in exchange for $46 million, resulting in a gain on the partial disposal of the PMPA in the amount of $5 million and generating an IRR of 48%.

Wheaton 還支付了與前兩個季度相比總計 1.31 億美元的股息。正如 Randy 所提到的，B2Gold 在第二季完成了先前宣布的對 Sabina 的收購。結合本次收購，行使選擇權以 4,600 萬美元收購 Goose PMPA 下 33% 的流股，從而從部分出售 PMPA 中獲得 500 萬美元的收益，並產生 48 的 IRR %。

Overall, net cash inflows amounted to $29 million in Q2 2023, resulting in cash and cash equivalents at June 30 of $829 million. This significant cash balance, combined with the fully undrawn $2 billion revolving credit facility and the strength of our forecasted operating cash flows positions the company exceptionally well to satisfy its funding commitments and provides us with the financial flexibility to acquire additional accretive mineral stream interests.

總體而言，2023 年第二季的淨現金流入達到 2,900 萬美元，截至 6 月 30 日的現金和現金等價物為 8.29 億美元。這一巨大的現金餘額，加上完全未提取的20 億美元循環信貸額度以及我們預測的運營現金流量的實力，使公司能夠非常好地履行其融資承諾，並為我們提供了財務靈活性，以取得額外的增值礦流權益。

That concludes the financial summary. And with that, I will turn the call over to Haytham.

財務摘要到此結束。接下來，我會將電話轉給海瑟姆。

Thank you, Gary, and good morning, everyone. The corporate development team remains exceptionally busy evaluating opportunities, and we're excited to have announced 2 deals in the quarter, both adding strong accretive growth to our development project pipeline. Starting with the Cangrejos project on Slide 11, which is the largest primary gold deposit in Ecuador and owned and operated by Lumina Gold. This is a project which currently has more than 20 million ounces of gold in resources and 2.5 billion pounds of copper not to mention moly and silver and just recently completed a PFS in April of this year.

謝謝你，加里，大家早安。公司開發團隊仍然非常忙於評估機會，我們很高興在本季度宣布了兩筆交易，這兩筆交易都為我們的開發項目管道帶來了強勁的成長。從幻燈片 11 上的 Cangrejos 計畫開始，該計畫是厄瓜多爾最大的原生金礦，由 Lumina Gold 擁有和經營。該項目目前擁有超過 2000 萬盎司黃金資源和 25 億磅銅資源，更不用說還有鉬和銀，並且剛剛在今年 4 月完成了 PFS。

For the agreement entered into in May 2023, Wheaton will receive 6.6% of the payable gold dropping to 4.4% after 700,000 ounces have been delivered for the life of the mine. In exchange, Wheaton will make an upfront payment of $300 million, the majority going in during construction and ongoing delivery payments equal to 18% of the spot price.

對於 2023 年 5 月簽訂的協議，惠頓將收到應付黃金的 6.6%，在礦場使用壽命內交付了 70 萬盎司黃金後，這一比例降至 4.4%。作為交換，惠頓將預付款 3 億美元，其中大部分用於施工期間，以及持續交付付款，相當於現貨價格的 18%。

Attributable production is forecast to average over 24,500 gold ounces per year for the life of the mine, contributing to our long-term growth profile, which, when coupled with the significant exploration potential, makes this a very attractive addition to our portfolio. It's important to note that Lumina Gold has strong community support for the project and no indigenous groups in the area as well. As with any transaction that Wheaton enters into, responsible and sustainable mining practices are paramount. And Wheaton looks forward to supporting Lumina, both financially as they construct Cangrejos and with their ongoing comprehensive community engagement efforts.

預計在礦山生命週期內，每年平均權益產量將超過 24,500 盎司，這有助於我們的長期成長，再加上巨大的勘探潛力，使其成為我們投資組合中非常有吸引力的補充。值得注意的是，Lumina Gold 對該計畫擁有強大的社區支持，但該地區也沒有原住民群體。與惠頓進行的任何交易一樣，負責任和永續的採礦實踐至關重要。 Wheaton 期待在 Lumina 建設 Cangrejos 時提供經濟支持，並持續進行全面的社區參與工作。

On to Slide 12. On June 14, Wheaton amended our existing Blackwater gold precious metals purchase agreement with Artemis Gold to help them arrive at a fully financed transaction. By expanding the threshold, we created a win-win situation where Artemis continues to get strong cash flows in the early days that allows them to service their debt while Wheaton can get a stronger for longer profile in a high-quality asset with a strong operating and management team.

前往投影片 12。6 月 14 日，Wheaton 修改了我們與 Artemis Gold 現有的 Blackwater gold 貴金屬購買協議，以幫助他們達成全額融資的交易。透過擴大門檻，我們創造了一種雙贏的局面，Artemis 在早期繼續獲得強勁的現金流，使他們能夠償還債務，而 Wheaton 可以在具有強勁營運能力的優質資產中獲得更長期的實力。和管理團隊。

This revision now entitles us to purchase 8% of the payable gold production until 464,000 ounces have been delivered, an increase from the previous 280,000 ounces dropping to 4% for the life of the mine. Notably, this threshold will increase should there be a delay in the anticipated timing of deliveries. In exchange, Wheaton will make an additional upfront payment of $40 million, bringing total upfront consideration to the Blackwater project to $481 million.

此次修訂現在使我們有權購買應付黃金產量的 8%，直至交付 464,000 盎司，這一增量從之前的 280,000 盎司下降到礦山生命週期內的 4%。值得注意的是，如果預期交付時間出現延遲，這項門檻將會增加。作為交換，惠頓將額外支付 4,000 萬美元的預付款，使黑水計畫的預付款總額達到 4.81 億美元。

Since our acquisition of the gold and silver streams on Blackwater in 2021, we've been very impressed with the progress made by the Artemis' team in derisking the project and advancing construction activities, and Wheaton is excited to continue to contribute to the success of Blackwater.

自 2021 年收購黑水金礦和銀礦以來，Artemis 團隊在降低專案風險和推進建設活動方面取得的進展給我們留下了深刻的印象，惠頓很高興能夠繼續為專案的成功做出貢獻。黑色的水。

That concludes the corporate development overview. And with that, I will turn the call back over to Randy.

公司發展概況到此結束。然後，我會將電話轉回給蘭迪。

Thank you, Haytham. In summary, Wheaton's second quarter was distinguished by several key highlights. We achieved solid 3-month revenue, earnings and cash flow and declared a $0.15 quarterly dividend. We believe our significant quarter-over-quarter production growth positions us to achieve our previously announced annual guidance of 600,000 to 660,000 gold equivalent ounces. Our pipeline of development projects was further derisked supporting our impressive organic growth profile of over 40% in the next 5 years.

謝謝你，海瑟姆。總而言之，惠頓第二季有幾個關鍵亮點。我們實現了穩定的 3 個月收入、利潤和現金流，並宣布派發 0.15 美元的季度股息。我們相信，我們季度產量的顯著增長使我們能夠實現先前宣布的 600,000 至 660,000 黃金當量盎司的年度指引。我們的開發項目管道進一步降低了風險，支持我們在未來 5 年內實現超過 40% 的令人印象深刻的有機成長。

Our commitment to accretive growth was emphasized by the addition of a gold stream on Lumina's Cangrejos project and an expansion of our existing gold stream on Artemis Gold Blackwater project. Our balance sheet remains one of the strongest in the industry, providing ample capacity to add accretive high-quality streams into our portfolio.

Lumina 的 Cangrejos 專案增加了黃金流，並擴大了 Artemis Gold Blackwater 專案的現有黃金流，強調了我們對增值成長的承諾。我們的資產負債表仍然是業內最強大的資產負債表之一，提供充足的能力將增值的高品質流添加到我們的投資組合中。

And lastly, we continue to demonstrate leadership and sustainability with the release of our annual sustainability report in addition to our inaugural climate change report, demonstrating our continued focus on transparency and delivering value to all stakeholders. So with that, I would like to open up the call to questions. Operator?

最後，除了首份氣候變遷報告外，我們還發布了年度永續發展報告，繼續展示我們的領導力和永續性，這表明我們持續關注透明度並為所有利益相關者創造價值。因此，我想開始提問。操作員？

Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. (Operator Instructions) Your first question is from Brian MacArthur from Raymond James.

謝謝。女士們、先生們，我們現在進行問答環節。 （操作員說明）您的第一個問題來自 Raymond James 的 Brian MacArthur。

I have a couple of questions. My first question relates to Salobo. It looks like the ramp-up is going fairly well there, and I know they need a 90-day period to hit their targets. Do you think that you'll have to make the payment this year? Because I guess, January 1 is a date where if they hit 35 million tonnes, you make your payment? Or is that still something that's more likely to happen next year?

我有一些問題。我的第一個問題與薩洛博有關。看起來那裡的升級進展得相當順利，我知道他們需要 90 天的時間來實現目標。您覺得今年還需要還款嗎？因為我猜，1 月 1 日是如果他們達到 3500 萬噸，你就付款的日期？或者說明年更有可能發生這種情況？

Well, Brian, good to talk to you. The -- we did revise that agreement earlier this year. And so there is 2 phases to the agreement. And so the first step in this is the $32 million level -- sorry, 32 million tonnes per year throughput rate. And Vale has been very, very clear about their intent to satisfy that first phase this year. And so I hope we actually make it. I mean, it's a reflection of the success that they've had in terms of ramping up the third line there. And so things are going a bit better than what we expected, and so we're hopeful that we get to make that payment this year.

嗯，布萊恩，很高興與你交談。我們今年稍早確實修改了該協議。因此，該協議分為兩個階段。因此，第一步是 3200 萬美元的水平——抱歉，每年的吞吐量為 3200 萬噸。淡水河谷非常非常明確地表示他們打算在今年完成第一階段的任務。所以我希望我們真的能成功。我的意思是，這反映了他們在擴大第三條生產線方面所取得的成功。事情的進展比我們預期的要好一些，因此我們希望今年能夠支付這筆款項。

Great. And my second question relates to another large option you have that's not in your guidance at Pascua. Another company in made a fairly significant royalty purchase on that asset on the Chilean side recently. Do you have any update on that? Or any read-through for that from your perspective, given your investment there?

偉大的。我的第二個問題與您在帕斯卡的指導中沒有的另一個大選擇有關。最近，另一家公司在智利一側對該資產進行了相當大的特許權使用費購買。你有這方面的最新消息嗎？或者考慮到您在那裡的投資，從您的角度對此進行了任何通讀？

Yes. I was pleased to see someone else agreeing with us in the sense that -- and I've said this for a long time, it's the best half-built mine in the world. It is one of the best gold deposits in the world, and it's a deposit that also produces substantial silver. So as a refresher, we get 25% of whatever silver is produced from both the Chilean side of that deposit and the Argentinian side of that deposit.

是的。我很高興看到其他人同意我們的觀點——我已經說過很長時間了，這是世界上最好的半建礦井。它是世界上最好的金礦之一，而且還生產大量白銀。因此，回顧一下，我們從該礦床的智利一側和該礦床的阿根廷一側生產的白銀中有 25%。

I know Barrick continues to advance and study and work at it to see if there's a way to move that forward. I know Mark agrees with me in the sense that it is a true world-class deposit that would fit into their growth profile very nicely. Obviously, there's some challenges on the Chilean side with respect to permitting. But I know Barrick is investing in on the Argentinian side. So it's important that our stream does cover both sides of the border, not just the Chilean side, but both sides of the border.

我知道巴里克將繼續前進、研究和工作，看看是否有辦法推動這一進程。我知道馬克同意我的觀點，即這是一個真正的世界級存款，非常適合他們的成長概況。顯然，智利方面在許可方面存在一些挑戰。但我知道巴里克正在投資阿根廷方面。因此，重要的是我們的流確實覆蓋了邊界兩側，不僅僅是智利一側，而是邊界兩側。

And so we're hopeful. As a reminder, a couple of years ago, we had the opportunity to collapse the stream and get our money back. And we chose not to because we do believe that this mine will eventually deliver good, strong boost in silver production to our own portfolio as it moves forward. And we're just happy to see not only Barrick continuing to try and strive towards bringing at least the Argentinian side forward, but also in discussions on the Chilean side, but also to see some of our peers also investing into this into the opportunity. So I haven't heard Pascua for a while. So I was pleasantly surprised to hear that it was being brought back into the markets.

所以我們充滿希望。提醒一下，幾年前，我們有機會關閉串流並拿回我們的錢。我們選擇不這樣做，因為我們確實相信，隨著該礦的發展，它最終將為我們自己的投資組合帶來良好、強勁的白銀產量成長。我們很高興看到巴里克不僅繼續努力，至少讓阿根廷方面向前邁進，而且還在智利方面進行討論，而且還看到我們的一些同行也對此進行了投資。所以我有一段時間沒有聽到帕斯卡的聲音了。因此，當我聽到它被帶回市場時，我感到很驚訝。

Just to remind me, if I remember correctly, because you did get some of your original money back, it's about $250 million is sort of your -- what you put into this so far. Is that the book value on it now?

只是提醒我一下，如果我沒記錯的話，因為你確實拿回了一些原始資金，所以大約 2.5 億美元是你迄今為止投入的資金。這是現在的帳面價值嗎？

Well, if we put in $625 million back in the early -- well over 10 years ago, but we did receive silver from a number of other Barrick's operations. And so our net investment into this is just over $250 million.

好吧，如果我們早在十多年前就投入了 6.25 億美元，但我們確實從巴里克的許多其他業務中獲得了白銀。因此，我們對此的淨投資剛剛超過 2.5 億美元。

(Operator Instructions) Your next question is from Ralph Profiti from Eight Capital.

（操作員說明）您的下一個問題來自八資本的 Ralph Profiti。

Randy and Haytham, I'd like to get your thoughts on Ecuador. It's not -- with Cangrejos, it's not your first venture into the country. But just wondering how you were sort of factoring in country risk and country factors into the analysis. Is this sort of like 100 basis points type of thing when you're looking at returns analysis on countries that sort of are still developing mining law, mining codes.

蘭迪和海瑟姆，我想聽聽你們對厄瓜多爾的看法。其實，對於 Cangrejos 來說，這並不是您第一次進入這個國家。但只是想知道您是如何將國家風險和國家因素納入分析的。當您查看仍在製定採礦法、採礦法規的國家的回報分析時，這是否屬於 100 個基點類型的事情？

Yes. It is a factor that we always bring in to our own valuations in terms of looking at country risk. Ecuador is obviously -- even just recently, some challenges. However, it is -- it does actually have a relatively strong history on the mining side. More recently, there's successful operations ongoing right now. Lundin Gold has had great success in the country.

是的。在考慮國家風險時，我們總是將這一因素納入我們自己的估值中。厄瓜多爾顯然——即使在最近——也面臨一些挑戰。然而，它實際上在採礦方面確實有著相對悠久的歷史。最近，正在進行成功的操作。 Lundin Gold 在該國取得了巨大成功。

And so I think it really comes down to -- as in a lot of places around the world, country risk is important, but also community risk is important. That's one of the things that we saw with the Cangrejos project is that it's got strong community support in the area. And that goes a long way towards ensuring that you're going to get strong support at the federal government or your national government level in places like that. And so it is a factor that we feed into our own valuations to adjust that.

所以我認為這實際上可以歸結為——就像在世界上很多地方一樣，國家風險很重要，但社區風險也很重要。我們在 Cangrejos 計畫中看到的事情之一是它在該地區得到了強大的社區支持。這對於確保您在此類地方獲得聯邦政府或國家政府層面的大力支持大有幫助。因此，這是我們將其納入我們自己的估值中以進行調整的因素。

If you look at our portfolio of assets, you can tell that it's a factor that feeds into it because we don't have a lot of our investments in risky jurisdictions because that's how we factor it in. And so Ecuador, depending on the project, we're very comfortable in certain areas in Ecuador as in any country. There's -- it's always one of the more important things and I think society is moving that way, is making sure you have strong community support.

如果你看看我們的資產組合，你會發現這是一個影響因素，因為我們在風險司法管轄區沒有大量投資，因為這就是我們考慮的因素。所以厄瓜多爾，取決於項目，就像在任何國家一樣，我們在厄瓜多爾的某些地區感到非常舒適。這始終是更重要的事情之一，我認為社會正在朝這個方向發展，確保你有強大的社區支持。

Ralph, I would just add to that. I think it's really important to recognize that we don't advance the vast majority of our upfront payments until there's a construction decision made, and we would expect that, that would only be made in a stable political environment.

拉爾夫，我想補充一點。我認為認識到這一點非常重要：在做出建設決定之前，我們不會預付絕大多數預付款，而且我們預計，這只會在穩定的政治環境中做出。

Yes. Well said. I appreciate that color. We are going to get a Hudbay Copper World pre-feasibility study in Q3, and this obviously follows on the PEA, and it's looking like a very different project from the original deal that valued the stream there. Just wondering, does delivery of the PFS trigger renegotiation in some way on that quantum versus the original stream. Could we see something bigger or smaller depending on what the PEA looks like?

是的。說得好。我很欣賞那種顏色。我們將在第三季進行 Hudbay Copper World 預可行性研究，這顯然是在 PEA 的基礎上進行的，它看起來與最初對那裡的串流進行評估的交易非常不同。只是想知道，PFS 的交付是否會以某種方式觸發該量子與原始流的重新協商。我們能否根據 PEA 的外觀看到更大或更小的東西？

Well, look, Hudbay is an important relationship with us. Peter and the team, we do a lot with them. Constancia, of course, is doing very well for us right now. We had good history with Hudbay and we intend to continue having a good strong partnership there. The original stream was, of course, focused on the Rosemont deposit, and it had a vision in terms of production rates and stuff like that.

嗯，你看，Hudbay 與我們有著重要的關係。彼得和他的團隊，我們和他們一起做了很多事。當然，康斯坦西亞現在對我們來說做得很好。我們與 Hudbay 有著良好的歷史，我們打算繼續在那裡建立良好、牢固的合作關係。當然，最初的流主要關注羅斯蒙特礦床，它在生產率等方面有一個願景。

The Copper World is definitely -- I think it looks like it's probably going to wind up being slightly less, probably around 2/3 of the level of production. But one has to remember that those ounces weren't even in the original forecast. And so Rosemont is still in the background waiting to move forward. And I think once Hudbay proves that Copper World can be operated in a safe and sound environmentally and socially responsible manner, which we know they have the capability of. We've had that experience with them in numerous other locations.

銅世界肯定是——我認為看起來最終可能會稍微少一些，大概是生產水平的 2/3 左右。但人們必須記住，這些盎司甚至不在最初的預測中。因此，羅斯蒙特仍然在幕後等待前進。我認為，一旦 Hudbay 證明 Copper World 可以以安全、健全、對環境和社會負責的方式運營，我們知道他們有能力做到這一點。我們在許多其他地方都有過與他們合作的經驗。

And Rosemont/Copper World is a very low risk, very high value project for that community, for the country as a whole. And so once we see that prefeasibility come in, we'll have a good look at it, and then we'll sit down and talk about how we continue to grow our partnership with Hudbay. I'm not expecting any issues there. It's a good, strong asset as a whole, and we'll see how that moves forward. But we're still waiting for those details, too. I think there's still -- Hudbay has got several different options as Copper World comes into play, and I think they're still sort of fine-tuning that. That's why they haven't released it yet.

對於該社區乃至整個國家來說，Rosemont/Copper World 是一個風險非常低、價值非常高的項目。因此，一旦我們看到預可行性，我們就會仔細研究它，然後我們會坐下來討論如何繼續與 Hudbay 的合作關係。我不希望那裡出現任何問題。總的來說，這是一項良好、強大的資產，我們將看看它會如何發展。但我們仍在等待這些細節。我認為隨著 Copper World 的加入，Hudbay 仍然有幾種不同的選擇，我認為他們仍在對此進行微調。這就是為什麼他們還沒有發布它。

Your next question is from Martin Pradier from Veritas Investment Research.

您的下一個問題來自 Veritas Investment Research 的 Martin Pradier。

My question is about the second half for Salobo. How are we seeing it? Do you think it can maintain or increase the production that they had in Q2?

我的問題是關於薩洛博下半場的。我們如何看待它？您認為第二季的產量能維持還是增加？

I'll let Wes take that one.

我會讓韋斯拿走那個。

Sure. Yes. No, thanks for the question. Really, I mean, we're definitely encouraged by what we saw in Q2 here and certainly Salobo III moving ahead and then Salobo I and II seem to come kind of back in line with expectations. We're really excited about where things are going for the rest of the year here. And there was in the forecast and kind of the budget for the rest of the year, there was an increase as they brought Salobo III in line, and we certainly expect them to kind of get in that same kind of vein as what we saw in Q2 and carry on for the rest of the year.

當然。是的。不，謝謝你的提問。真的，我的意思是，我們絕對對第二季度所看到的情況感到鼓舞，當然薩洛博 III 正在向前推進，然後薩洛博 I 和 II 似乎又回到了預期的水平。我們對今年剩餘時間的進展感到非常興奮。今年剩餘時間的預算和預算有所增加，因為他們使薩洛博三號保持一致，我們當然希望他們能像我們在第二季度並持續到今年剩餘時間。

As Randy said earlier, I mean, the more that we can see them getting closer to that expansion payment, the better off that we're going to be moving forward.

正如蘭迪早些時候所說，我的意思是，我們越能看到他們越來越接近擴展付款，我們的進展就越好。

We know that their intent is to try and satisfy the first phase of that expansion payment, which is 32 million tonnes per annum at a run rate. And so that's a 90-day completion test for that first phase expansion. And so we know that they're striving towards making sure that, that gets satisfied in the second half of this year. And so there's no doubt that we're going to see continued growth at Salobo over the course of the year. What's exciting is the potential scale of that growth.

我們知道他們的目的是嘗試滿足第一階段擴建付款的要求，即按運行速度每年生產 3200 萬噸。這是第一階段擴建的為期 90 天的完成測試。所以我們知道他們正在努力確保在今年下半年得到滿足。因此，毫無疑問，我們將在今年看到薩洛博的持續成長。令人興奮的是這種成長的潛在規模。

What would they, in terms of tons per day in Q2?

第二季每天的噸數是多少？

It was running at about 70%.

它的運行速度約為 70%。

The 3 lines.

3行。

3 lines (inaudible). So in order to achieve the 32 million tons per annum, they would have to be running at closer to 90% present. Still a ways to go to get to that completion test, but they're moving in the right direction. Yes. I should -- worth noting as well that I mean we were down there in April this past April. And really, things are moving along extremely well. And that relationship with Vale continues to improve and really a great group down there that is moving things in the right direction.

3 行（聽不清楚）。因此，為了實現每年 3,200 萬噸的產量，他們必須以接近目前 90% 的速度運行。距離完成測試還有很長的路要走，但他們正在朝著正確的方向前進。是的。我應該 - 值得注意的是，我的意思是我們在去年四月的四月在那裡。事實上，事情進展得非常順利。與淡水河谷的關係持續改善，這確實是一個偉大的團隊，正在將事情朝著正確的方向發展。

Yes, I was going to highlight that 70% is an average over the Q2. It was definitely higher towards the end of that. So it doesn't seem like that far of a stretch for them. They're pretty comfortable that they're going to be able to satisfy this.

是的，我想強調 70% 是第二季的平均值。到最後肯定會更高。所以這對他們來說似乎並沒有那麼遙遠。他們對能夠滿足這一點感到非常滿意。

Perfect. And on Cangrejos, is that fully permitted and will be impacted by the claim on the presidential decree, the regulated environmental consultation, which is impacting your other mine that seems to be -- well, there is a claim that is unconstitutional, that presidential decree.

完美的。關於坎格雷霍斯，這是完全允許的，並將受到總統令主張的影響，即受監管的環境諮詢，這正在影響你的另一個礦井，這似乎是——嗯，有一個違憲的主張，即總統令。

So on Cangrejos, the exploration permits have been received. The EIA is obtained for the exploration phase and the environmental baseline studies have been compiled. The exploration investment protection agreement has been signed. But they still need to enter into construction and production agreements and Lumina need to undergo permitting for those operations.

因此，在 Cangrejos 上，勘探許可證已經獲得。勘探階段已獲得環境影響評估，並已編制環境基線研究。勘探投資保護協議已簽署。但他們仍然需要簽訂建設和生產協議，而 Lumina 需要獲得這些營運的許可。

In terms of everything that's happening right now with regards to the congressional changes that we've seen there, I think at this point in time, it doesn't really apply to something like Cangrejos, because it's so far out into the future. I think when we look at our profiles, we've got anywhere between -- near term is 1 to 3 years, medium term is 3 to 5 years and longer term is 5 yearns. Then, this definitely falls into the 5- to 10-year profile. So there's going to be a lot of changes in Ecuador between now and then, and we expect a lot of the issues that are now in the limelight to have been resolved by then.

就目前正在發生的一切以及我們在那裡看到的國會變化而言，我認為目前它並不真正適用於像 Cangrejos 這樣的事情，因為它距離未來還很遙遠。我認為，當我們查看我們的個人資料時，我們會發現，短期是 1 到 3 年，中期是 3 到 5 年，長期是 5 年。那麼，這肯定屬於 5 到 10 年的情況。因此，從現在到那時，厄瓜多爾將會發生很多變化，我們預計現在備受關注的許多問題到那時都會得到解決。

Your next question is from John Tumazos from John Tumazos Very Independent Research.

您的下一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

Following up on Martin, how many years out is Cangrejos of Lumina Gold? Is it -- did you say 5 to 10 years? Or could you be precise, 5, 6, 7, 8 years? And more broadly, are you going to target projects that are more than several years out, which is the hardest to finance for the emerging companies, given 5.5% short-term interest rates, tough market for gold stocks, et cetera. It's a great opportunity.

繼馬丁之後，Lumina Gold 的 Cangrejos 還要等幾年？你是說 5 到 10 年嗎？或者你能精確一點嗎，5、6、7、8 年？更廣泛地說，您是否打算瞄準幾年後的項目，考慮到 5.5% 的短期利率、黃金股市場的艱難等等，這對新興公司來說是最難融資的。這是一個很好的機會。

Yes. Thanks for the question, John, to answer your question, Cangrejos falls into the latter part of this decade. It's probably somewhere around 28%, 29% is when it would actually kick in based on the current profile. We are -- the way we structure our transactions is we actually make stage payments, along with the rest of the capital that's being infused into the project.

是的。謝謝你的提問，約翰，回答你的問題，坎格雷霍斯正處於這個十年的後半段。根據目前的配置文件，它可能會在 28% 左右、29% 左右實際啟動。我們建立交易的方式是，我們實際上進行階段付款，以及注入專案的其餘資本。

And for -- like what we call those, we call those early deposit structure. So we commit very little at this point in time. And it gives the company a lot of time to actually go back and actually raise the capital, whether it's debt equity, private equity stream, et cetera. So we work with our partners to try and help them get across the line. And I think the longer-term projects -- really our view on where we think commodity prices are going longer term. And we do think assets that contain both gold and copper, not only Cangrejos, which is primarily a gold asset with about 20% of the revenues coming from copper will start to get a lot more attractive, not just to the diversified base metal companies, but to a lot of the pressure most companies, as you've seen them go into base metals of late.

就像我們所說的那樣，我們稱之為早期存款結構。因此，我們目前所做的投入很少。這給了公司很多時間來實際回去並實際籌集資金，無論是債務股權、私募股權流等等。因此，我們與合作夥伴一起努力幫助他們跨越界限。我認為長期項目——實際上是我們對大宗商品價格長期走勢的看法。我們確實認為，同時含有黃金和銅的資產，不僅僅是Cangrejos，它主要是一種黃金資產，約20% 的收入來自銅，將開始變得更具吸引力，不僅對多元化的賤金屬公司來說，但大多數公司都面臨很大的壓力，正如你所看到的，他們最近涉足賤金屬領域。

And I think it's important to just have a cross-section of investments, near term and longer term. This isn't an industry where we make acquisitions all the time, right? You have to be sensitive to where you think you are in the marketplace. But right now, we do see good opportunities in that space and good value.

我認為重要的是要有一個短期和長期投資的橫斷面。這不是一個我們一直在進行收購的行業，對吧？您必須對自己在市場中的位置保持敏感。但現在，我們確實在該領域看到了良好的機會和良好的價值。

Cangrejos is a project that we've admired for quite a while as it's been advanced to move forward. We think it's going to be a good core producer to us. But -- just to reiterate what Haytham just said, we tend to look at things in sort of near term and then 1 to 5 years and then 5 to 10 years, that's how we give out our production guidance. And we don't have Cangrejos contributing in our first 5 years, but we do have it -- we expect it to be contributing in our 5- to 10-year period.

Cangrejos 是一個我們很欣賞已久的項目，因為它已經取得了進展。我們認為這對我們來說將是一個很好的核心製作人。但是，重申一下海瑟姆剛才所說的，我們傾向於從短期角度看待事情，然後是 1 到 5 年，然後是 5 到 10 年，這就是我們給出生產指導的方式。在我們的前 5 年裡，我們沒有 Cangrejos 做出貢獻，但我們確實有它——我們預計它會在我們的 5 到 10 年期間做出貢獻。

Congratulations on accessing such a fabulous asset.

恭喜您獲得如此寶貴的資產。

Yes. Thank you, John. Thanks for the call.

是的。謝謝你，約翰。感謝您的來電。

And your last question is from Tanya Jakusconek from Deutsche Bank.

最後一個問題來自德意志銀行的 Tanya Jakusconek。

I think it's me from Scotiabank. But anyways.

我想是豐業銀行的我。但無論如何。

We were chuckling. We miss that news release.

我們竊笑起來。我們懷念那篇新聞稿。

Yes, maybe like. Okay. I think that's me. Anyway...

是的，也許喜歡。好的。我想那就是我。反正...

Good to talk to you Tanya.

很高興與你交談，塔妮亞。

Nice chatting with everyone. I have about three that I wanted to review, and I'm going to start with Gary, if I could, first. Two for you, Gary. I just wanted to ask and I asked on the Franco call as well because the Canadian government has come back with initial commentary and/or -- initial commentary on this global minimum tax and the framework. Have you had a chance to look at it? And anything that you could add there that you think we should be aware of?

和大家聊天很愉快。我想回顧大約三個，如果可以的話，我將從加里開始。給你兩個，加里。我只是想問，我也在佛朗哥電話會議上問過，因為加拿大政府已經回來了，對全球最低稅和框架提出了初步評論和/或初步評論。你有機會看看嗎？您認為我們應該注意什麼？

Yes. I mean we're still in the process of getting through the details. But it looks like the proposed legislation is in line with the principles that they previously released. So really, we don't see there being any change to our prior guidance, which is that we think that once implemented, and assuming that it does get implemented, that it would have application to the income generated by our non-Canadian subsidiaries.

是的。我的意思是我們仍在討論細節。但看起來擬議的立法符合他們之前發布的原則。所以實際上，我們認為我們先前的指導方針沒有任何變化，我們認為一旦實施，並假設它確實得到實施，它將適用於我們的非加拿大子公司產生的收入。

And that would -- from a NAV perspective, we estimate that, that has about an 8% to 10% impact on our NAV. If we were to have it applied -- if it had applied this year, I'd estimate that the implication would have been that we would have accrued like somewhere in the neighborhood of $35 million to $40 million of tax for the first 6 months if that gives you some idea.

從淨值的角度來看，我們估計這會對我們的淨值產生約 8% 至 10% 的影響。如果我們要應用它——如果今年應用它，我估計這意味著我們在前 6 個月會累積大約 3500 萬至 4000 萬美元的稅收，如果這給了你一些想法。

More than anything, Gary, was just more, was there anything in there that you saw or read that's anything different from what we have all been led to believe. There wasn't a lot of details on what could be deductibles, et cetera. So I don't know if there was anything in NAV, but you had some intel on?

加里，最重要的是，你所看到或讀到的內容是否與我們大家所相信的有所不同。關於免賠額等的詳細資訊並不多。所以我不知道 NAV 中是否有任何信息，但你有一些情報嗎？

Yes. So far, it doesn't look like there's any difference from the principles. So I don't think there's anything that you would need to adjust.

是的。到目前為止，看起來與原理沒有任何區別。所以我認為你不需要調整任何東西。

Okay. And then just on Penasquito with the timing difference. And Gary, what if Penasquito is down for the entire quarter, so down all of Q3. What do you think we should be thinking about in terms of sales for the quarter from silver just from Penasquito?

好的。然後就在佩納斯基托上，時間上有差異。加里，如果 Penasquito 整個季度都出現下滑，甚至整個第三季度都出現下滑，該怎麼辦？您認為就本季佩納斯基托白銀的銷售而言，我們應該考慮什麼？

You know what, I'm going to turn that over to Wes, who's better positioned to respond to that.

你知道嗎，我會把這個問題交給韋斯，他更適合對此做出回應。

Sure, yes. So I mean we're still expecting that even if Penasquito is down for the entire quarter that we would come in within our guidance range. So we're expecting -- I mean it would certainly have an impact, and it would continue to impact through into Q4 if we're down for the entire quarter. So there is a delay of about 6 weeks to 2 months between that kind of production and actual sales.

當然，是的。因此，我的意思是，我們仍然預計，即使 Penasquito 整個季度都在下跌，我們仍將處於我們的指導範圍內。因此，我們預計 - 我的意思是這肯定會產生影響，如果我們整個季度都處於下滑狀態，它將繼續影響到第四季度。所以這種生產和實際銷售之間有大約6週到2個月的延遲。

So specifically in Q3, we would see a sniff of sales because with that 6- to 8-week delay in sort of the connection between production and sales, obviously, they shut down on June 8, which is 3 weeks before the end of the quarter. So that does leave some residual sales revenue that we should see in Q3, but not a lot, as you'd imagine. And definitely, sales will be impacted on that side.

So specifically in Q3, we would see a sniff of sales because with that 6- to 8-week delay in sort of the connection between production and sales, obviously, they shut down on June 8, which is 3 weeks before the end of the四分之一.因此，這確實會留下一些我們應該在第三季看到的剩餘銷售收入，但不會像你想像的那樣很多。當然，銷售也會受到這方面的影響。

So we should think, Randy, minimal sales coming in, in Q3, should it be down for the entire quarter.

因此，蘭迪，我們應該認為，如果整個季度的銷售額都下降的話，第三季的銷售額將達到最低限度。

That's right.

這是正確的。

Okay. No, that's helpful. And Randy, can I ask you, does this have an impact? Obviously, you look at your dividend. We've seen obviously a free cash flow growing and you have about 15% payout. Does this push out your thoughts on increasing that payout?

好的。不，這很有幫助。蘭迪，我可以問你，這有影響嗎？顯然，你會關注你的股利。我們明顯看到自由現金流在增長，並且您有大約 15% 的支出。這是否促使您增加支出的想法？

Well, I think what is more has an impact is the fact that Haytham keeps on finding good projects to invest into. We've just committed now to Cangrejos and I can tell you, we're very busy on that front on the corporate development side. And so I'm fully expecting that Haytham is going to deliver a few more ways to invest capital. And so -- we've always been about -- the money, if it's not going into accretive new acquisitions, it's going to go back to the shareholders.

嗯，我認為更重要的是海瑟姆不斷尋找好的項目進行投資。我們現在剛剛致力於 Cangrejos，我可以告訴你，我們在企業發展方面非常忙碌。因此，我完全期待海瑟姆將提供更多的資本投資方式。因此，我們一直關注的是，如果資金不用於增值性的新收購，那麼資金就會返還給股東。

And we've got good strong cash flows. We're seeing outperformance in a number of other assets. And so, we're falling into our guidance range. We're comfortable with our year guidance -- 2023 guidance. And so I don't think -- to be honest, I think that the strength of the rest of the portfolio is -- it hasn't had an impact in terms of how we're thinking on the dividend side.

我們擁有強勁的現金流。我們看到許多其他資產表現出色。因此，我們正在進入我們的指導範圍。我們對我們的年度指導——2023 年指導感到滿意。所以我不認為——說實話，我認為投資組合的其餘部分的優勢是——它並沒有對我們對股息方面的思考產生影響。

And so the dividend is a good strong dividend. I think -- I believe it pays the highest yield in the space, at least amongst the senior streamers. And so it's a good, strong dividend policy, but we've got plenty of capacity. We can see that in the balance sheet in terms of what we've done. And so I don't think it's -- it hasn't had an impact on that front. And I think it's probably -- if we don't bump it, it's probably because Haytham keeps on finding great ways to spend it.

因此，股息是一筆很好的強勁股息。我認為——我相信它在該領域的收益最高，至少在高級串流媒體中是如此。因此，這是一項良好、強勁的股息政策，但我們有足夠的能力。我們可以從我們所做的資產負債表中看到這一點。所以我認為它沒有對這方面產生影響。我認為這可能是——如果我們不阻止它，那可能是因為海瑟姆不斷尋找花掉它的好方法。

I think it's important to recognize we've set dividend policy based upon long-term forecast. And this is really just a short-term issue in our eyes.

我認為重要的是要認識到我們是根據長期預測制定股利政策的。在我們看來，這其實只是一個短期問題。

And I was just thinking whether -- should I be thinking about for 2023 or has it been pushed out sort of into 2024 just because of a kind of short-term blip.

我只是在想，我是否應該考慮 2023 年，或者只是因為某種短期的曇花一現而將其推遲到 2024 年。

I wouldn't expect a change in our dividend policy until 2024 at the earliest.

我預計我們的股利政策最早要到 2024 年才會改變。

Okay. No, that's helpful. And if I could just squeeze one up more in for Haytham because he's a money spender. Well, I wanted to circle back, Haytham, with you. I just wanted to just come back and I asked this last quarter, the deal size. Because this deal size seems to be, in my opinion, small relative to the size of your company. But are we still looking at that $150 million to $350 million range for precious metal acquisitions?

好的。不，這很有幫助。如果我能為海瑟姆再擠一點就好了，因為他是個花錢大手大腳的人。嗯，我想跟你一起繞回去，海瑟姆。我只是想回來，我問了上個季度的交易規模。因為在我看來，相對於你們公司的規模來說，這筆交易規模似乎很小。但我們是否仍在考慮 1.5 億至 3.5 億美元的貴金屬收購範圍？

Thank you for the questions, money spender, I like that. I can tell you that we're looking at all ranges. So the majority of the stuff probably is still sub-$300 million. There are some that are much smaller than that. And we've got a couple that are actually $500 million plus as well. So we're aggressively trying to move things forward. We're probably trying to move forward on 15 different opportunities at any given time. We'll see how many of those actually get done by the time we're done.

謝謝你的提問，花錢的人，我喜歡這樣。我可以告訴你，我們正在考慮所有範圍。所以大部分的價格可能還是低於 3 億美元。有一些比這小得多。我們還有一些實際上價值超過 5 億美元的項目。因此，我們正在積極努力推動事情向前發展。我們可能會在任何特定時間嘗試推進 15 個不同的機會。當我們完成時，我們會看到其中有多少實際上完成了。

But this is one of the strongest environment for streaming that we've seen, and that's likely attributable to the fact that equity is not there. Debt is too expensive. Private equity is very expensive, and Wheaton treats our counterparties very fairly try to give them -- come up with win-win transactions. So we're very excited here over the next little I'll try to get more transactions done.

但這是我們所見過的最強大的串流媒體環境之一，這可能歸因於不存在公平的事實。債務太昂貴了。私募股權非常昂貴，惠頓非常公平地對待我們的交易對手，並努力為他們提供雙贏的交易。因此，我們對此感到非常興奮，接下來我將嘗試完成更多交易。

Well, the plus $500 million one, Haytham, that you have, that you said you've got a couple there. Are they gold focused? Or are they silver?

好吧，海瑟姆，你說你那裡有一對，還有 5 億美元。他們專注於黃金嗎？還是它們是銀的？

They are precious metals focused. I would say they're a combination of gold and silver.

他們專注於貴金屬。我想說它們是金和銀的組合。

Gold and silver, not platinum, palladium.

黃金和白銀，不是鉑金、鈀金。

No, no. I mean our 90-plus percent -- probably 95% of our focus is on gold and silver these days.

不，不。我的意思是，現在我們 90% 以上——可能 95% 的注意力都集中在黃金和白銀上。

Okay. All right. And still looking at the same -- development and operating assets to both categories?

好的。好的。仍然關注相同的問題—這兩個類別的開發和營運資產？

Yes. And I think is we've got some that are closer to the operating stage -- near-term operating stage as well that will contribute to our overall earnings and cash flows in the near term.

是的。我認為我們有一些更接近營運階段的專案——近期營運階段，這將有助於我們短期內的整體收益和現金流。

Thank you, Tanya, and thank you, everyone, for dialing in today. In closing, we believe Wheaton is well positioned to continue delivering value to all of our stakeholders for a number of different reasons. Firstly, by offering our shareholders exposure to our diversified portfolio of long-life, low-cost assets that we believe has one of the best organic growth profiles in the mining industry.

謝謝你，塔妮婭，也謝謝大家今天撥電話。最後，我們相信惠頓處於有利地位，可以出於多種不同的原因繼續為所有利害關係人提供價值。首先，透過為我們的股東提供我們多元化的長壽命、低成本資產組合，我們相信這些資產是採礦業中最好的有機成長概況之一。

Secondly, by having low and predictable costs which are resilient to inflationary pressures, resulting in some of the highest margins in the entire precious metal space, which has allowed us to consistently return good value to our shareholders.

其次，透過具有抵禦通膨壓力的低且可預測的成本，導致整個貴金屬領域中利潤率最高，這使我們能夠持續為股東回報良好的價值。

And lastly, by being a leader amongst precious metal streamers in sustainability and by supporting our partners and our neighbors in the communities in which we live, in which we operate.

最後，成為貴金屬永續發展的領導者，並支持我們生活和經營所在社區的合作夥伴和鄰居。

So with that, I would like to finish off by saying that after nearly 20 years at this company, I have never been more excited about our future prospects. We believe that now is a great time to own more Wheaton. I do look forward to speaking with all of you again soon. Thank you.

最後，我想說的是，在這家公司工作了近 20 年後，我對我們的未來前景從未如此興奮。我們相信現在是持有更多惠頓的好時機。我確實期待很快能再次與大家交談。謝謝。

Ladies and gentlemen, this concludes the conference call for today. Thank you all for participating. You may all disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。你們都可以斷開線路。