Wheaton Precious Metals Corp (WPM) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals 2023 Fourth Quarter and Full Year Results Conference Call. (Operator Instructions)

早安，女士們，先生們。謝謝你的支持。歡迎參加惠頓貴金屬 2023 年第四季和全年業績電話會議。 （操作員說明）

I would like to remind everyone that this conference call is being recorded on Friday, March 15, 2024, at 11:00 a.m. Eastern Time. I would now like to turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

我想提醒大家，本次電話會議的錄音時間為東部時間 2024 年 3 月 15 日星期五上午 11:00。我現在想將會議交給投資者關係副總裁艾瑪·穆雷 (Emma Murray)。請繼續。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Randy 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; Curt Bernardi, Senior Vice President, Legal; and Wes Carson, Vice President, Mining Operations.

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·斯莫爾伍德 (Randy 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； Curt Bernardi，法律資深副總裁；韋斯卡森 (Wes Carson)，採礦營運副總裁。

Please note that for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of the Wheaton Precious Metals' website.

請注意，對於目前沒有參加網路直播的人來說，惠頓貴金屬網站的簡報頁面上提供了 PDF 格式的本次電話會議附帶的幻燈片簡報。

Some of the commentary in 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.

今天電話會議中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警告說明。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。

With that, I'd like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

接下來，我想將電話轉給我們的總裁兼執行長 Randy Smallwood。

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's fourth quarter and full year results of 2023. I am pleased to announce that our portfolio of long-life, low-cost assets delivered another solid quarter, allowing us to meet our annual production guidance achieving 620,000 gold equivalent ounces in 2023. Our strong quarterly performance was underscored by Salobo, which reached its highest production level in the last 4 years. We were very excited to see Vale Base Metals successfully complete the throughput test for the first phase of the Salobo III expansion project in November, marking a significant milestone that demonstrates increased reliability and continued operational excellence. We look forward to further advances as that expansion project continues to ramp up through 2024.

謝謝你，艾瑪，大家早安。感謝您今天加入我們，討論惠頓2023 年第四季度和全年業績。我很高興地宣布，我們的長壽命、低成本資產組合又實現了一個穩定的季度業績，使我們能夠實現620,000 輛的年度產量目標2023 年黃金等值盎司。薩洛博 (Salobo) 的產量達到了過去 4 年來的最高水平，凸顯了我們強勁的季度業績。我們非常高興地看到淡水河谷賤金屬公司於 11 月成功完成了薩洛博 III 擴建項目第一階段的吞吐量測試，這是一個重要的里程碑，展示了可靠性的提高和持續卓越的運營。我們期待隨著該擴建項目在 2024 年繼續推進，取得進一步進展。

In 2023, we also achieved a milestone in our growth strategy with the announcement of a record 8 acquisitions totaling just over $1 billion in commitments. Haytham will discuss in further detail these recent acquisitions, which include a silver stream on Waterton's Mineral Park Project, gold, palladium and platinum streams on Ivanhoe's Platreef project, which is our first foray into Africa; gold and silver streams on BMC's Kudz Ze Kayah project; a gold stream on Dalradian's Curraghinalt Project; and lastly, a royalty on Vista's Mt. Todd Project, marking our first foray into Australia.

2023 年，我們也實現了成長策略的里程碑，宣布了創紀錄的 8 項收購，承諾總額略高於 10 億美元。海瑟姆將進一步詳細討論這些最近的收購，其中包括沃特頓礦產公園項目的白銀流，艾芬豪 Platreef 項目的黃金、鈀和鉑流，這是我們首次進軍非洲； BMC Kudz Ze Kayah 計畫的黃金和白銀流；達爾拉迪安的 Curraghinalt 項目中的金流；最後，Vista 托德山計畫的特許權使用費，標誌著我們首次進軍澳洲。

We are excited to welcome our new mining partners and look forward to supporting them as they advance these projects, the largest being Ivanhoe's rapidly advancing Platreef project.

我們很高興歡迎新的礦業合作夥伴，並期待在他們推進這些項目時為他們提供支持，其中最大的是艾芬豪快速推進的 Platreef 項目。

We are very pleased to have Ivanhoe as partners who have had long-standing relationships in South Africa and have done an immense amount of work to derisk one of the highest-grade, undeveloped precious metals assets in the world. Each of these acquisitions further diversifies our portfolio in terms of geographic presence and strategic partnerships, and once ramped up, our forecast to contribute meaningful production and further strengthen Wheaton's already prominent position as the leader in the sector's growth landscape.

我們很高興艾芬豪成為合作夥伴，他們在南非有著長期的合作關係，並為消除世界上最高等級、未開發的貴金屬資產之一的風險做了大量工作。這些收購中的每一次收購都進一步豐富了我們在地域分佈和戰略合作夥伴關係方面的投資組合，一旦收購規模擴大，我們預計將貢獻有意義的產量，並進一步鞏固惠頓作為該行業增長領域領導者的顯赫地位。

Our growth pipeline of development projects was also further derisked in the quarter as Adventus Mining received multiple key permits for the Curipamba project and conveyed that a construction decision is expected within the year.

我們的開發專案成長管道在本季也進一步降低了風險，因為 Adventus Mining 獲得了 Curipamba 專案的多個關鍵許可證，並表示預計將在年內做出建設決定。

In addition, Rio2 announced that they have received approval of their Environmental Impact Assessment, allowing them to advance the Phoenix project through permitting, financing and into construction activities in 2024. During this quarter, we are also proud to have been recognized as one of the world's 100 Most Sustainable Corporations by Corporate Knights', an achievement reflective of our commitment to operate -- to operating responsibly in all areas of our business and representing the quality of the mining partners that we work with to deliver society its much-needed commodities.

此外，Rio2 宣布他們已獲得環境影響評估批准，使他們能夠通過許可、融資和 2024 年的建設活動來推進鳳凰城項目。在本季度，我們也很自豪被認可為被Corporate Knights 評為全球100 家最具永續發展能力的公司，這項成就反映了我們的營運承諾——在我們業務的所有領域負責任地運營，並代表了與我們合作為社會提供急需商品的採礦合作夥伴的品質。

To reinforce our confidence in the sustainability and the growth potential of Wheaton, we are pleased to announce the transition to a new progressive dividend policy. This new approach is marked by an increase to our 2024 annual dividend. Under our new policy, Wheaton's payout ratio is expected to remain the highest within the entire precious metals space. And with that, I would like to turn the call over to Wes Carson, our Vice President of Operations, who will provide more details on our operating results. Wes?

為了增強我們對惠頓的可持續性和成長潛力的信心，我們很高興地宣布過渡到新的累進股息政策。這項新方法的特點是我們 2024 年年度股利的增加。根據我們的新政策，惠頓的派息率預計將在整個貴金屬領域保持最高。接下來，我想將電話轉給我們的營運副總裁韋斯卡森 (Wes Carson)，他將提供有關我們營運績效的更多詳細資訊。韋斯？

Thanks, Randy. Good morning. Overall production in the fourth quarter came in higher than expected, driven by strong outperformances at both Salobo and Constancia and a steady ramp-up at Peñasquito, highlighting the strength of our diversified portfolio of long-life, low-cost assets.

謝謝，蘭迪。早安.在薩洛博和康斯坦西亞的強勁表現以及佩尼亞斯基託的穩步增長的推動下，第四季度的總體產量高於預期，凸顯了我們的長壽命、低成本資產多元化投資組合的實力。

In the fourth quarter of 2023, Salobo produced 71,800 ounces of attributable gold, an increase of approximately 89% relative to the fourth quarter of 2022, driven by higher throughput and higher gold recoveries. Salobo reached its highest quarterly production levels since 2019 as the ramp-up of Salobo III expansion continued to advance and overall improvements were realized at both Salobo I and II.

2023 年第四季度，薩洛博生產了 71,800 盎司權益黃金，較 2022 年第四季成長約 89%，這得益於更高的吞吐量和更高的黃金回收率。隨著薩洛博三期擴建的持續推進以及薩洛博一期和二期的整體改進，薩洛博達到了 2019 年以來的最高季度產量水準。

As mentioned by Randy, in November, Vale Base Metals reported the successful completion of the throughput test for the first phase of the Salobo III project, with the Salobo complex exceeding an average of 32 million tonnes per annum over a 90-day period.

正如Randy 所提到的，淡水河谷賤金屬公司去年11 月報告稱，薩洛博III 項目第一階段的吞吐量測試已成功完成，薩洛博綜合體在90 天內平均每年吞吐量超過3200 萬噸。

Under the terms of the agreement, the company paid Salobo $370 million for the completion of the first phase of Salobo III expansion on December 1, 2023. Salobo III is expected to achieve a sustained throughput capacity of 36 million tonnes per annum by the fourth quarter of 2024. The remaining balance of the expansion payment is dependent on the timing of completion and will be triggered once Vale Base Metals expands actual throughput above 35 million tonnes per annum for a period of 90 days.

根據協議條款，該公司向Salobo支付3.7億美元，用於2023年12月1日完成Salobo III第一期擴建工程。Salobo III預計到第四季度將實現每年3600萬噸的持續吞吐能力2024年。擴張付款的剩餘餘額取決於完成時間，一旦Vale Base Metals將實際吞吐量擴大到每年3500萬噸以上並持續90天，擴張付款的剩餘餘額將被觸發。

In the fourth quarter of 2023, Constancia produced 840,000 ounces of attributable silver and 22,300 ounces of attributable gold, an increase of approximately 28% and 112% relative to the fourth quarter of 2022. Record quarterly gold production combined with strong silver production, are a result of significantly higher grades for mining of high-grade zones in the Pampacancha deposit and associated higher recoveries.

2023 年第四季度，Constancia 生產了 840,000 盎司權益白銀和 22,300 盎司權益黃金，較 2022 年第四季度增長約 28% 和 112%。創紀錄的季度黃金產量加上強勁的白銀產量，是Pampacancha 礦床高品位區域開採品位顯著提高以及相關回收率較高的結果。

In the fourth quarter of 2023, Peñasquito produced 1 million ounces of attributable silver, a decrease of approximately 41% relative to the fourth quarter of 2022, primarily due to lower throughput resulting from the labor strike which began on June 7, 2023, and ended on October 13. Newmont reports that operations have safely ramped up after the October 13 resolution was reached.

2023年第四季，Peñasquito產量為100萬盎司，較2022年第四季減少約41%，主要是由於2023年6月7日開始的工人罷工導致產量下降，並於10 月13 日結束。蒙特報告稱，在10 月13 日決議達成後，營運已安全加快。

Newmont has indicated that Peñasquito is expected to deliver higher co-product production in 2024 due to higher silver, lead, and zinc content in the Chile Colorado pit.

紐蒙特表示，由於智利科羅拉多礦坑的銀、鉛和鋅含量較高，預計 Peñasquito 將於 2024 年實現更高的副產品產量。

In the fourth quarter of 2023, Antamina produced 1 million ounces of attributable silver, a decrease of approximately 3% relative to the fourth quarter of 2022, resulting from lower grades due to the mine sequencing. On February 15, 2024, Peru's National Environmental Certification Service for Sustainable Investments approved, after a detailed evaluation process, Modification of the Environmental Impact Study, which allows the extension of Antamina's reserve mine life in 2028 to 2036.

2023 年第四季度，Antamina 生產了 100 萬盎司權益白銀，較 2022 年第四季減少了約 3%，這是由於礦山排序導致品位較低。 2024年2月15日，秘魯國家永續投資環境認證服務機構經過詳細評估過程後批准了《環境影響研究修改》，允許將安塔米納儲備礦壽命從2028年延長至2036年。

Wheaton's overall attributable reserves and resources saw solid growth across all mineral categories, with the most noteworthy being 10% growth in our proven and probable reserves. This was driven by a 12% increase in gold reserves primarily due to new acquisitions in 2023 combined with the results of a pre-feasibility study at Copper World, which now incorporates gold for the first time. Attributable, measured and indicated mineral resources also saw good growth at 15% on a GEO basis, and overall attributable inferred resources grew by 3%.

Wheaton 的所有礦產類別的整體權益儲量和資源量都實現了穩健增長，其中最值得注意的是我們的探明儲量和概算儲量增長了 10%。這是由黃金儲備增加 12% 推動的，主要是由於 2023 年的新收購以及 Copper World 的預可行性研究結果，該公司目前首次納入黃金。歸屬、計算和指示礦產資源在 GEO 基礎上也出現了 15% 的良好增長，總體歸屬推斷資源增長了 3%。

In 2024, gold equivalent ounce production is forecast to be consistent with the levels achieved in 2023. As expected, stronger production from Peñasquito and Voisey's Bay is forecast to be offset by anticipated lower production from Salobo, the suspension of operations at Minto and the halting of production at Aljustrel. Wheaton's estimated attributable annual production is forecast to be 325,000 to 370,000 ounces of gold, 18.5 million to 20.5 million ounces of silver, and 12,000 to 15,000 gold equivalent ounces of other metals, resulting in production of approximately 550,000 to 620,000 gold equivalent ounces using our updated 2024 commodity price assumptions.

2024 年，黃金當量盎司產量預計將與 2023 年達到的水平一致。正如預期的那樣，Peñasquito 和 Voisey's Bay 產量的增加預計將被 Salobo 預期產量下降、Minto 和 Voisey's Bay 產量的暫停所抵消。Aljustrel 停止生產生產產量下降、Minto 和 Voisey's Bay 產量的暫停所抵消。 。 Wheaton 的預計權益年產量預計為 325,000 至 370,000 盎司黃金、1850 萬至 2050 萬盎司白銀以及 12,000 至 15,000 黃金當量盎司其他金屬，根據我們更新的數據，產量約為 550,000 至 62020 2002 年 2008 年黃金當量。價格假設。

Production is forecast to increase at Peñasquito as a result of uninterrupted operations and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to be partially offset by increasing throughput as the Salobo III expansion project continues toward completion.

由於不間斷運營，預計 Peñasquito 產量將會增加，而 Voisey's Bay 由於從 Ovoid 礦坑向地下礦場的持續過渡，產量預計將增加。由於礦場計畫中的品位較低，薩洛博的產量預計將略有下降，隨著薩洛博 III 擴建計畫繼續完成，預計產量的增加將部分抵消這一影響。

Historically, Wheaton has provided 5- and 10-year averages for its long-term guidance. However, in 2024, the company has elected to introduce a 5-year target in addition to an annual average for years 6 through 10, with a goal of providing increased granularity and further transparency of our expected growth trajectory. As such, we are forecasting growth of approximately 40% over the next 5 years to over 800,000 gold equivalent ounces by 2028 and averaging over 850,000 gold equivalent ounces per year from 2029 to 2033.

從歷史上看，惠頓為其長期指導提供了 5 年和 10 年平均值。然而，到 2024 年，公司選擇在第 6 至 10 年的年平均目標之外引入 5 年目標，目標是提高預期成長軌蹟的粒度和透明度。因此，我們預計未來 5 年將成長約 40%，到 2028 年將成長到超過 80 萬黃金當量盎司，從 2029 年到 2033 年平均每年將超過 85 萬黃金當量盎司。

We believe this industry-leading 5-year growth profile to be significantly derisked, with over 70% of the growth coming from assets that are either operating, in construction, and/or permitted. We expect growth from operating assets to come from Salobo, Antamina, Peñasquito, Voisey's Bay, and Marmato with expected growth from development projects including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo. That concludes the operations review. And with that, I will turn the call over to Gary.

我們認為，這一行業領先的 5 年成長狀況將顯著降低風險，超過 70% 的成長來自營運中、在建和/或​​獲準的資產。我們預計來自 Salobo、Antamina、Peñasquito、Voisey's Bay 和 Marmato 的營運資產將帶來成長，而 Blackwater、Platreef、Goose、Mineral Park、Fenix、Curipamba 和 Santo Domingo 等開發案也將帶來成長。營運審查到此結束。然後，我會將電話轉給加里。

Thank you, Wes. As just described, production in the fourth quarter amounted to 174,000 GEOs, a 13% increase relative to the prior quarter and a 22% increase from the fourth quarter of the prior year, primarily due to the throughput expansion at Salobo, which achieved the highest quarterly production level since 2019. Relative to the fourth quarter of 2022, gold production increased 64% primarily due to outperformances at Salobo and Constancia, partially offset by a 21% decrease in silver production due primarily to the now resolved labor dispute at Peñasquito, the divestment of the Yauliyacu PMPA and the closure of the Minto mine and the temporary suspension of attributable production from Aljustrel.

謝謝你，韋斯。如上所述，第四季度產量達 174,000 GEO，較上一季度增長 13%，較去年第四季度增長 22%，這主要得益於薩洛博的吞吐量擴張，該工廠實現了最高產量。自2019 年以來的季度產量水準。與2022 年第四季相比，黃金產量增加了64%，主要是由於薩洛博和康斯坦西亞的表現出色，部分被白銀產量下降21% 所抵消，這主要是由於Peñasquito 勞資糾紛現已解決、撤資 Yauliyacu PMPA、關閉 Minto 礦場以及暫時停止 Aljustrel 的生產。

Sales volumes amounted to 162,000 GEOs, a 36% increase relative to the third quarter of 2023 and an 18% increase relative to the comparable period of the prior year, with the year-over-year variance being primarily due to higher production levels being partially offset by relative changes in ounces produced but not yet delivered or PBND. Strong commodity prices, coupled with our solid production base, resulted in revenue of $313 million and gross margin of $177 million, an increase over the comparable period of the prior year of 33% and 46%, respectively. Of this revenue, 74% was attributable to gold, 24% to silver, 1% to palladium and 1% to cobalt. As at December 31, 2023, approximately 134,000 GEOs were in PBND and cobalt inventory, representing approximately 2.5 months of payable production, slightly lower than the preceding quarter and within our expected range of 2 to 3 months.

銷量達 162,000 GEO，較 2023 年第三季度增長 36%，較上年同期增長 18%，同比差異主要是由於產量水平提高造成的被生產但尚未交付的盎司或 PBND 的相對變化所抵消。強勁的商品價格，加上我們堅實的生產基礎，帶來了 3.13 億美元的收入和 1.77 億美元的毛利率，分別比去年同期增長了 33% 和 46%。其中，74% 來自黃金，24% 來自白銀，1% 來自鈀，1% 來自鈷。截至2023年12月31日，PBND和鈷庫存中約有134,000個GEO，相當於約2.5個月的應付產量，略低於上一季度，在我們2至3個月的預期範圍內。

G&A expenses amounted to $9.2 million for the fourth quarter of 2023, and total G&A for the year amounted to $38 million, slightly below the low end of our original forecast due primarily to lower compensation costs.

2023 年第四季的一般管理費用為 920 萬美元，全年一般管理費用總額為 3,800 萬美元，略低於我們最初預測的下限，這主要是由於薪酬成本較低。

For 2024, the company expects that G&A expenses will amount to $41 million to $45 million, with the anticipated increase from 2023 being attributable primarily to higher marketing and due diligence costs. Adjusted net earnings in the quarter amounted to $165 million, with the $61 million increase from the prior year due primarily to the higher gross margin. Adjusted earnings per share amounted to $0.36 per share, an increase of 59% over the comparable period of the prior year.

該公司預計 2024 年的一般管理費用將達到 4,100 萬至 4,500 萬美元，預計 2023 年的成長主要歸因於行銷和盡職調查成本的增加。該季度調整後淨利達 1.65 億美元，較上年增加 6,100 萬美元，主要是因為毛利率提高。調整後每股收益為每股0.36美元，比上年同期成長59%。

Revenue for 2023 amounted to $1 billion, representing a 5% decrease relative to 2022 due primarily to lower gold equivalent sales, partially offset by a 6% increase in the average realized gold equivalent price. Of this revenue, 99% was derived from precious metals with 65% attributable to gold, 32% to silver, 2% to palladium and 1% to cobalt. Gross margin for 2023 increased 1% from the prior year to $573 million with adjusted net earnings increasing by 6% to $533 million. Despite the persistent inflationary environment, we continued to deliver robust cash operating margins in the fourth quarter, resulting in cash flow from operations of over $242 million, an increase of over 40% relative to the fourth quarter of 2022.

2023 年營收為 10 億美元，較 2022 年下降 5%，主要是由於黃金等價物銷售額下降，但部分被平均已實現黃金等價價格上漲 6% 所抵銷。其中 99% 來自貴金屬，其中 65% 來自黃金，32% 來自白銀，2% 來自鈀，1% 來自鈷。 2023 年毛利率較前一年成長 1%，達到 5.73 億美元，調整後淨利成長 6%，達到 5.33 億美元。儘管通膨環境持續存在，我們第四季繼續實現強勁的現金營運利潤，營運現金流超過 2.42 億美元，較 2022 年第四季成長超過 40%。

During the quarter, Wheaton made total upfront cash payments of approximately $452 million relative to mineral stream interests, including $45 million relative to Blackwater and $370 million relative to the Salobo III expansion, along with dividend payments totaling $67 million. Overall, net cash outflows amounted to $287 million in Q4 2023, resulting in cash and cash equivalents at December 31 of $547 million. This 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.

本季度，惠頓就礦產資源權益支付了約4.52 億美元的預付款現金，其中包括與黑水公司相關的4,500 萬美元、與薩洛博III 擴建相關的3.7 億美元，以及總計6,700 萬美元的股息。總體而言，2023 年第四季的淨現金流出量為 2.87 億美元，導致截至 12 月 31 日的現金和現金等價物為 5.47 億美元。這筆現金餘額，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經營現金流量，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，以獲取額外的增值礦流權益。

It is worth noting that subsequent to the quarter, on February 27, 2024, an additional $450 million was paid through Orion relative to the closing of the acquisition of the Platreef and the Kudz Ze Kayah streams. As mentioned by Randy, we have transitioned to a new progressive dividend policy marked by an increase in our first quarterly dividend of 2024. The Board has declared a dividend of $0.155 a share payable to shareholders of record on April 3, 2024. To date, the company has now returned more than $2 billion to investors through dividends, which notably represents more than 50% of the amount of equity ever raised by the company.

值得注意的是，在本季結束後，即 2024 年 2 月 27 日，相對於 Platreef 和 Kudz Ze Kayah 流的收購完成，透過 Orion 額外支付了 4.5 億美元。正如蘭迪所提到的，我們已經過渡到新的漸進式股利政策，其標誌是2024 年第一季股利的增加。董事會已宣佈於2024 年4 月3 日向記錄在案的股東派發每股0.155美元的股息。迄今為止，該公司現已透過股息向投資者返還超過 20 億美元，佔該公司有史以來籌集的股本金額的 50% 以上。

That concludes the financial summary, and with that, I turn the call back over to Haytham.

財務摘要到此結束，然後我將電話轉回給海瑟姆。

Thank you, Gary. The corporate development team was exceptionally busy in 2023, announcing a record 8 precious metals transactions on a number of assets and over $1 billion in commitments, resulting in the addition of multiple top-tier assets, adding strong accretive growth to our development project pipeline. I'll take this opportunity to focus on streams relating to 3 new assets that were acquired in November when we entered into an agreement with entities advised by Orion Resource Partners to purchase existing streams on the Platreef and Kudz Ze Kayah Projects, along with the new stream that was created on the [Curraghinalt] project for a total cash consideration of $525 million. The Curraghinalt Kernel stream closed December 2023 with the Platreef and Kudz Ze Kayah streams closing on February 27, 2024.

謝謝你，加里。 2023年，公司開發團隊異常忙碌，宣布了創紀錄的8筆貴金屬交易，涉及多項資產和超過10億美元的承諾，導致增加了多個頂級資產，為我們的開發項目管道增添了強勁的增值增長。我將藉此機會重點關注與 11 月份收購的 3 個新資產相關的流，當時我們與 Orion Resource Partners 建議的實體達成協議，購買 Platreef 和 Kudz Ze Kayah 項目的現有流以及新資產。該流是在[Curraghinalt] 項目上創建的，現金總代價為5.25 億美元。 Curraghinalt Kernel 流於 2023 年 12 月關閉，Platreef 和 Kudz Ze Kayah 流於 2024 年 2 月 27 日關閉。

Ivanhoe's Platreef project is the world's largest undeveloped precious metals project and is currently projected to become one of the lowest-cost producers of palladium, platinum, rhodium, nickel, copper, and gold globally. For the existing Platreef stream agreements, Wheaton will receive 62.5% of the payable gold and 5.25% of the payable palladium and platinum, until certain delivery thresholds have been met, at which point the percentage of payable metal will be reduced as set forth in the preexisting agreements. Attributable annual production is forecast to average over 21,000 gold equivalent ounces for the first 10 years, almost doubling to over 37,000 gold equivalent ounces for years 10 through 20. Wheaton expects to begin receiving ounces in early 2025.

艾芬豪的 Platreef 項目是全球最大的未開發貴金屬項目，目前預計將成為全球成本最低的鈀、鉑、銠、鎳、銅和黃金生產商之一。對於現有的 Platreef 流協議，Wheaton 將收到 62.5% 的應付黃金和 5.25% 的應付鈀金和鉑金，直到達到某些交割門檻，屆時應付金屬的百分比將按照協議中的規定減少。先前存在的協定.預計前 10 年的平均年產量將超過 21,000 黃金當量盎司，第 10 至 20 年幾乎翻倍，達到 37,000 黃金當量盎司。Wheaton 預計將於 2025 年初開始接收黃金。

On Slide 8, in addition to Platreef, the company also acquired a stream on BMC Minerals' Kudz Ze Kayah Project, a polymetallic feasibility study stage development project projected to be one of Canada's top producers of zinc and silver and a top 10 copper producer. Wheaton is expected to receive payable gold and silver deliveries ranging from 5% to 7.375% of produced metal for the life of mine, with the staged percentages depending on the timing of deliveries. The life of mine attributable production is expected to average 3,900 ounces of gold and over 530,000 ounces of silver per year.

在幻燈片8 中，除了Platreef 之外，該公司還收購了BMC Minerals 的Kudz Ze Kayah 項目，這是一個多金屬可行性研究階段開發項目，預計將成為加拿大最大的鋅和銀生產商之一以及十大銅生產商。 Wheaton 預計將在礦山生命週期內收到應付的黃金和白銀交付量，其比例為生產金屬的 5% 至 7.375%，分階段百分比取決於交貨時間。礦山歸屬產量預計每年平均生產 3,900 盎司黃金和超過 530,000 盎司白銀。

Moving over to Slide 9. The third stream acquired is a newly created gold stream with Dalradian on its Curraghinalt project in Northern Ireland. Wheaton will receive gold production of 3.05%, dropping to 1.5% for the life of mine after 125,000 ounces of gold has been delivered. Attributable production will equal 4,400 ounces of gold per year for the first 10 years of production. We are excited to be partnering with Dalradian and supporting the build of this state-of-the-art modern underground mine. In addition to the streams acquired from Orion in the fourth quarter, Wheaton acquired a silver stream on the Mineral Park mine for $115 million, which was presented on our last conference call, in addition to 1% royalty on Vista Gold's Mt Todd gold project for $20 million.

轉到幻燈片 9。獲得的第三個金流是與 Dalradian 在北愛爾蘭的 Curraghinalt 項目中新創建的金流。 Wheaton 將獲得 3.05% 的黃金產量，在交付 125,000 盎司黃金後，黃金產量將降至 1.5%。前 10 年的權益產量將相當於每年 4,400 盎司黃金。我們很高興與 Dalradian 合作並支持這座最先進的現代化地下礦場的建設。除了第四季度從Orion 收購的銀礦流之外，Wheaton 還以1.15 億美元的價格收購了Mineral Park 礦的銀礦礦流（我們在上次電話會議上介紹了這一點），此外還收取了Vista Gold 的 Mt Todd 金礦計畫1% 的特許權使用費。2000萬美元。

While 2023 was a record year for corporate development activity at Wheaton, we continue to see strong appetite for streaming capital in the mining space and see opportunities to continue adding accretive acquisitions to our portfolio in 2024. With that, I will hand the call back over to Randy.

雖然2023 年是Wheaton 企業發展活動創紀錄的一年，但我們仍然看到採礦領域對流動資本的強烈興趣，並看到了在2024 年繼續在我們的投資組合中增加增值收購的機會。因此，我將把電話轉回給蘭迪。

Thank you, Haytham. In summary, 2023 was a very strong year for Wheaton, distinguished by several key highlights. With production of 620,000 gold equivalent ounces, we achieved our annual guidance, generating robust cash flows of over $750 million and distributing record dividends of over $270 million. Our pipeline of development projects was further derisked by construction advancements and the receipt of various key permits by our partners, supporting our impressive organic growth profile of over 40% in the next 5 years.

謝謝你，海瑟姆。總之，2023 年對惠頓來說是非常強勁的一年，有幾個關鍵亮點。我們生產了 62 萬盎司黃金當量，實現了年度指導目標，產生了超過 7.5 億美元的強勁現金流，並派發了超過 2.7 億美元的創紀錄股息。我們的開發項目管道因建設進度和合作夥伴獲得的各種關鍵許可而進一步降低了風險，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增長。

We continue to grow our asset base, welcoming 7 new assets into our portfolio, adding further diversification by commodity, operator, region, and development stage. Our balance sheet remains one of the strongest in the industry, providing ample capacity to add accretive high-quality streams into our portfolio. We announced a new progressive dividend policy. And lastly, we continue to demonstrate leadership and sustainability with sector-leading ESG ratings and external recognition. So with that, I would like to open up the call for questions. Operator?

我們繼續擴大我們的資產基礎，歡迎 7 個新資產加入我們的投資組合，進一步增加按商品、營運商、地區和發展階段劃分的多元化。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。我們宣布了新的累進股利政策。最後，我們繼續透過業界領先的 ESG 評級和外部認可來展示領導力和永續性。因此，我想開始提問。操作員？

(Operator Instructions) Your first question comes from Richard Hatch from Berenberg.

（操作員說明）您的第一個問題來自 Berenberg 的 Richard Hatch。

Congrats on the good set of numbers. Three questions. The first one is just on Salobo. I think perhaps the market sort of struggled a bit to get clarity on Salobo volumes over recent years. And I just wonder whether you can perhaps give us a little bit more color and comfort over the estimates that the market should be using. And sort of more reading into this, the comfort you've got over your own guidance, given that Salobo is such a core asset.

恭喜您獲得了一組不錯的數字。三個問題。第一個是在薩洛博。我認為，近年來市場可能有點難以弄清楚薩洛博的銷售量。我只是想知道您是否可以為我們提供比市場應使用的估計更多的色彩和舒適度。鑑於薩洛博是如此核心資產，請多閱讀這一點，您對自己的指導感到安慰。

The second one is just on Newmont. Obviously, they've come out and said that they want to sell some assets. And I just wonder if you might be able to talk a little bit about whether you're seeing a bit of interesting business development opportunities there, whether you can be part of a funding structure on some companies that are looking to try and do some deals for some noncore assets and get some streams on some interesting assets and some good jurisdictions.

第二個是在紐蒙特。顯然，他們已經站出來表示要出售一些資產。我只是想知道您是否可以談談您是否在那裡看到了一些有趣的業務發展機會，您是否可以成為一些希望嘗試進行一些交易的公司的融資結構的一部分對於一些非核心資產，並獲得一些有關一些有趣資產和一些良好司法管轄區的資訊流。

And then the last one is just (inaudible) I had from an investor today just talking about Wheaton and it's about the IRR evolution of the stream. Like if you were to look at a stream that you would have done at the point of actually doing it, and then fast forwards 5, 10 years or whatever it may be, can you just talk about the additional value you've created in that IRR as the years have gone by, for example, through exploration upside or whatever that may be? Just a question I'm just curious to get your views on.

最後一個是我今天從一位投資者那裡聽到的（聽不清楚），他談論的是 Wheaton，它是關於該流的 IRR 演變。就像如果你要看看你在實際做的時候就會做的一個流，然後快進 5 年、10 年或任何可能的時間，你能談談你在其中創造的附加價值嗎？隨著歲月的流逝，內部報酬率，例如，透過探索上行或其他可能的方式？只是一個問題，我只是想聽聽您的看法。

Sure, Richard. And we'll -- hopefully I remember all 3 questions or we will remember all 3 questions. I'll start off with Salobo. So Salobo is just finishing off last year, the Phase 4 of the -- of that pit design and kicking into Phase 5. And as is expected, I mean, these pits are always designed around the higher-grade core and so they're always chasing down. And whenever you're starting a new phase, you chase out to the perimeter, which is a little bit lower grades. And so that's what we're looking at is through the course of this year, we're going to see -- the bulk of it is just going to be the start of mining in Phase 5 as they work their way down.

當然，理查德。我們希望我能記住所有 3 個問題，或者我們會記住所有 3 個問題。我將從薩洛博開始。所以薩洛博去年剛完成該坑設計的第四階段，並進入第五階段。正如預期的那樣，我的意思是，這些坑總是圍繞著更高等級的核心設計的，所以它們總是在追趕。每當你開始一個新階段時，你都會追到外圍，這是一個稍微低一點的等級。因此，這就是我們在今年的過程中所關注的，我們將看到——其中大部分只是第五階段採礦的開始，因為他們正在逐步推進。

Now Phase 5 is expected to last probably about 4 or 5 years. And so what we're going to see is gradually increasing grades, again, as they work towards the core of the deposit in Phase 5. But I'll make a prediction. Five years out from now when they shift over to Phase 6, we'll probably see a bit of a kickover in grade again. Now the reason that the third phase of the expansion was sort of time to come on, this third phase of Salobo was to sort of coincide with this hit in lower grade. And so we will see an offset. It's not as hard as it would have been because we are ramping up this third phase.

現在第五階段預計將持續約四到五年。因此，隨著第五階段礦床核心的發展，我們將再次看到品位逐漸提高。但我會做出一個預測。五年後，當他們轉向第六階段時，我們可能會再次看到成績的一些提升。現在，擴展的第三階段是時候開始了，薩洛博的第三階段與較低等級的這一打擊相吻合。所以我們會看到一個偏移。這並不像原本那麼困難，因為我們正在加速第三階段。

And so we do expect that they'll be running the operation at its full capacity by the end of this year. The objective is to satisfy the next phase of the expansion test before the end of this year. I'm hoping it happens earlier than expected. They showed really good progress last year. I do think that Vale has taken a little bit of a conservative approach in terms of scheduling that towards the end of this year. But fingers crossed that they can actually get there a little bit earlier. But we will see improved grades over the next 4, 5 years as Phase 5 works its way back down into the core of the ore body. But this is going to be something that's a natural cycle with respect to the open pit. I don't know, Wes, you got anything to add to that?

因此，我們確實預計他們將在今年年底前全力運作。目標是在今年年底前完成下一階段的擴建測試。我希望這會比預期發生得更早。去年他們取得了非常好的進步。我確實認為淡水河谷在今年年底的安排方面採取了一些保守的做法。但祈禱他們實際上可以早一點到達那裡。但隨著第五期工程回到礦體核心，我們將在未來 4、5 年內看到品位有所提升。但這將是露天礦坑的自然循環。我不知道，韋斯，你還有什麼要補充的嗎？

Yes. Probably the only other thing I would add is just that they do have an optimized stockpiling strategy there, where they are building up lower-grade stockpiles as they mine ore out of the pit. And we will see that variability over the next several years in grade. But as Randy said, as you get deeper down into the pit in Phase 5 and Phase 6, you will see that grade start to come back up. And really, we're really excited to see that higher throughput coming through and we're really just seeing the beginning of it. As that ramps up over the next year here, we'll see the actual overall production come up with that throughput.

是的。也許我要補充的唯一一件事就是他們確實有一個優化的庫存策略，他們在從礦坑開採礦石時建立了較低品位的庫存。我們將在未來幾年看到成績的變化。但正如蘭迪所說，當你在第五階段和第六階段深入坑時，你會看到等級開始回升。事實上，我們真的很高興看到更高的吞吐量的實現，而我們真的只是看到了它的開始。隨著明年產量的增加，我們將看到實際的整體產量達到該吞吐量。

I think your second question, Richard, was on Newmont. I don't know, Haytham, you have anything to add on that?

理查德，我想你的第二個問題是關於紐蒙特的。我不知道，海瑟姆，你還有什麼要補充的嗎？

Yes. Happy to take that question, Richard, and thank you for the question. Yes, Newmont, obviously, has indicated that almost half of their portfolio is considered non-world class or non-Tier 1, and they've indicated that they would look to sell probably 7 of those assets. We have been in discussions not with Newmont but with other parties to see if there's interest out there to -- that -- a way that streaming could actually help fund some of those assets.

是的。理查德，很高興回答這個問題，並感謝你提出這個問題。是的，紐蒙特顯然已經表示，他們的投資組合中幾乎一半被認為是非世界級或非一級的，並且他們表示他們可能會出售其中的 7 種資產。我們一直在與紐蒙特公司而不是與其他各方進行討論，看看是否有興趣透過串流媒體實際上可以幫助為其中一些資產提供資金。

Now keep in mind, there's only 1 or 2 of those assets that we would consider interesting from a Wheaton perspective, given the long mine lives and the resources and reserves that are in place. Many of the others are very, very short mine lives and wouldn't really be amenable to a good stream.

現在請記住，考慮到礦山壽命長以及現有的資源和儲量，從惠頓的角度來看，我們認為這些資產中只有一兩個是有趣的。其他許多礦井的壽命都非常非常短，不適合良好的水流。

The other aspect is operating costs and margins. We do focus on first and second quartile assets. And so a lot of times when we see opportunities like this, these assets, one of the reasons they are for sale is because they're not very high-margin assets. Their costs have climbed up. And so it is something that we're not willing to stretch as far for in terms of doing that, but there's definitely going to be some activity on that front.

另一方面是營運成本和利潤。我們確實關注第一和第二四分位數的資產。所以很多時候，當我們看到這樣的機會時，這些資產被出售的原因之一是因為它們不是利潤率很高的資產。他們的成本已經上升。因此，我們不願意在這方面做太多的事情，但在這方面肯定會有一些活動。

Richard, I think the third question was related to IRR and what kind of an IRR we look at. One of the huge benefits of this business model is the fact that we have commodity price -- pure commodity price exposure. Our costs are defined in the contracts. And so a lot of it comes down to what happens to commodity prices over that period. I think you suggested about a 4- or 5-year period. We deliver the bulk of that right back to our shareholders in terms of cash flows and profits.

理查德，我認為第三個問題與 IRR 以及我們關注什麼樣的 IRR 有關。這種商業模式的巨大好處之一是我們擁有商品價格——純粹的商品價格敞口。我們的成本在合約中定義。因此，很大程度取決於該時期大宗商品價格的變動。我認為您建議大約 4 年或 5 年的期限。我們將大部分權利以現金流和利潤的形式回饋給股東。

And so it's a real key difference in the streaming model versus the traditional mining model where higher prices quite often mean lower grades get processed and costs go up because of that. We don't suffer from that. Our costs actually are defined by our contracts and we still deliver very, very strong margins all the way back up when we see those higher prices. And so I don't know, Gary, you've got something to add, and we've got a pretty good track record on the IRR side.

因此，這是串流媒體模型與傳統採礦模型的一個真正關鍵的區別，傳統採礦模型中較高的價格通常意味著較低的品位得到處理，因此成本會上升。我們不會因此而受苦。我們的成本實際上是由我們的合約決定的，當我們看到更高的價格時，我們仍然可以提供非常非常強勁的利潤。所以我不知道，加里，你有什麼要補充的，我們在內部收益率方面有相當好的記錄。

Yes, we do. Richard, we just still -- the required returns associated with the opportunities that we're looking at, yes, based upon the risks inherent in that opportunity relative to the risks inherent in our existing portfolio. And so we look at how well defined the resources, what the counterparty credit risk looks like, what the political risk looks like, whether we're dealing with a first quartile asset or a second quartile, and we're really only focused on assets that operate in the lowest half of their respective cost curves.

是的，我們願意。理查德，我們仍然——與我們正在尋找的機會相關的所需回報，是的，基於該機會固有的風險相對於我們現有投資組合固有的風險。因此，我們會研究資源的定義如何，交易對手信用風險如何，政治風險如何，無論我們處理的是第一個四分位資產還是第二個四分位資產，我們實際上只關注資產它們在各自成本曲線的最低一半運行。

And then we look at whether we're taking development-stage risk or whether it's a currently operating asset. And then we look at the ESG track record or what we expect to be the commitment of the counterparty to ESG, high level of ESG practices. And we come up with an appropriate discount rate associated with that. When we -- we also do what we call a postmortem every year where we look at every deal that we've ever done, and we compare how it performed to how we expected it to perform.

然後我們看看我們是否正在承擔開發階段的風險或它是否是目前正在運作的資產。然後我們查看 ESG 記錄或我們期望交易對手對 ESG 的承諾，即高水準的 ESG 實踐。我們會提出與之相關的適當折扣率。當我們每年都會進行所謂的事後分析時，我們會審視我們所做的每筆交易，並將其表現與我們預期的表現進行比較。

And when you look at that, we put just over $10 billion into streams. We've already recovered all of that money. We have an average mine life of rough -- proven and probable reserve life of roughly (inaudible) 25 years when you include resources, which our assets have shown a high propensity to deliver on that mine life more than doubled. So when you look at the returns that we've generated on the over $10 billion, we estimate that as being just over 17%. And that's over a 20-year history. We're celebrating our 20th anniversary so I think we feel we've been pretty good stewards of capital.

當你看到這一點時，我們在串流媒體上投入了超過 100 億美元。我們已經拿回了所有這些錢。如果算上資源，我們的原石平均礦山壽命－已探明的和可能的儲量壽命約為（聽不清楚）25年，我們的資產顯示出很可能將礦山壽命延長一倍以上。因此，當您查看我們在超過 100 億美元的投資中所產生的回報時，我們估計該回報率剛剛超過 17%。這已經有20多年的歷史了。我們正在慶祝成立 20 週年，所以我認為我們感覺自己一直是個很好的資本管理者。

That's incredibly helpful, Gary. And I just -- just for reference, normally when you would do a deal, if we would see [on some of the], the IRR that the market probably would calculate would be for high-single digits, low-double digits IRR? So really, there's a good, what, 50% upside on return potentially through whether it's commodity price upside or life of mine upside? Is that a good way to think about it?

這非常有幫助，加里。我只是 - 僅供參考，通常當你進行交易時，如果我們會看到[在某些方面]，市場可能會計算出高個位數的 IRR，低兩位數的 IRR？那麼，實際上，無論是大宗商品價格上漲還是礦場壽命上漲，回報率都可能有 50% 的上漲空間？這是一個好的思考方式嗎？

Yes. I mean, it comes down. Every project is unique, right, because each project has varying risks. If you're going into small countries where you're the only asset running, you assign a higher risk to it, and you take that risk when you're going into it. And so you make sure you structure it to protect yourself so you don't have those kind of problems. If the exploration risk, the metallurgical risk, all of those factors come in, the ESG risk, all of those factors come into what kind of return that we need to satisfy us investing into the project. And as Gary highlighted there, we've got a pretty good track record of making sure that we deliver on those returns.

是的。我的意思是，它下來了。每個專案都是獨特的，對吧，因為每個專案都有不同的風險。如果你要進入小國家，在那裡你是唯一的資產運行，你就會給它更高的風險，並且當你進入它時你會承擔這個風險。所以你要確保你建造它是為了保護你自己，這樣你就不會遇到這類問題。如果勘探風險、冶金風險，所有這些因素都進來了，ESG 風險，所有這些因素都會影響到我們需要什麼樣的回報才能滿足我們對專案的投資。正如加里所強調的那樣，我們在確保實現這些回報方面擁有良好的記錄。

(Operator Instructions) Your next question comes from Tanya Jakusconek from Scotiabank.

（操作員說明）您的下一個問題來自豐業銀行的 Tanya Jakusconek。

I have actually 4 questions, if I could so I'm just going to go through them one by one. So the first one, maybe just on the global minimum tax. Just from your interpretation because my understanding is that it's implemented or when implemented and the Canadian government implements it, it would be retroactive back to January 1, 2024. So I just want to understand your view. Would -- are you seeing it as retroactive going back? Or are you seeing it just being implemented when the Canadian government implements it?

我實際上有 4 個問題，如果可以的話，我將一一解答。所以第一個可能只是全球最低稅。僅從您的解釋來看，因為我的理解是，它已經實施，或者一旦實施並且加拿大政府實施了它，它將追溯至2024年1月1日。所以我只是想了解您的觀點。您認為這是追溯性的嗎？或者當加拿大政府實施它時，你是否看到它正在實施？

We expect it to be retroactive, Tanya.

我們希望它具有追溯力，Tanya。

Okay. So we should think of it that maybe you don't pay it in Q1, but if it's implemented in Q2, then you would have it obviously take through the income statement and going forward in Q2 onwards retroactive back to Jan 1. Would that be a fair way of thinking about it?

好的。因此，我們應該考慮到，也許您在第一季不支付，但如果在第二季度實施，那麼您顯然會通過損益表並在第二季度開始追溯至 1 月 1 日。一個公平的思考方式？

Yes. Like I don't think there's much of a chance of the GMT being enacted by the time that we release our Q1 results. So we'll be very transparent as to what that accrued liability would be expected to be by disclosing it in our MD&A. But we likely will take 2 quarters of GMT reflect 2 quarters of it in our second quarter results. So just keep that in mind, assuming that the Canadian government enacts it.

是的。就像我認為在我們發布第一季業績時格林威治標準時間頒布的可能性不大。因此，我們將透過在 MD&A 中揭露預計應計負債的情況來非常透明。但我們可能會採用格林威治標準時間的兩個季度來反映我們第二季業績中的兩個季度。因此，請記住這一點，假設加拿大政府頒布了該法案。

Yes. No, no, no. Okay, that's helpful. My second question has to do with dividends. So I'm just -- maybe this is for Randy. Randy, just on the dividend policy, you've gone to a progressive dividend. Can you just talk me through why the move? Is it made because your peers have progressive dividend? Is it made -- like is it just being reviewed once a year, and so like your peers every year, we sort of have a slight increase? And just remind me, your minimum cash balance on your balance sheet that you need to run your business so that I can think about what -- how I model this dividend going forward.

是的。不不不。好的，這很有幫助。我的第二個問題與股利有關。所以我只是——也許這是給蘭迪的。蘭迪，就股利政策而言，你已經採用了累進股利。你能告訴我為什麼要搬家嗎？是因為你的同業有累進股息嗎？它是製作出來的嗎？就像每年只審查一次一樣，就像您的同行每年一樣，我們的數量略有增加？請提醒我，您資產負債表上的最低現金餘額是您經營業務所需的，以便我可以考慮如何對未來的股息進行建模。

Sure. Well, so as a refresher of the previous dividend was -- it had, as a reference, a minimum of 30% of our cash flows, the average over the previous 4 quarters. The challenge that we've had with that is that it's one that had a climbing basement. And so we've been actually holding it relatively constant. And to be honest, we're paying currently somewhere around that, it's 37% of our cash flows.

當然。嗯，回顧一下之前的股息——作為參考，它至少占我們現金流的 30%，這是前 4 個季度的平均值。我們遇到的挑戰是它有一個可攀爬的地下室。所以我們實際上一直保持相對穩定。老實說，我們目前支付的費用大約是這個數字，占我們現金流的 37%。

And so when we looked at our growth profile coming forward, we realized that if that -- with the current framework, we actually wouldn't be raising the dividend even though we're going to see some growth. And of course, current commodity prices would accelerate that. But we haven't seen that growth for a couple of years. And we just felt that having been flat for a couple of years, it was time to add some growth. We've had substantive growth in our dividend, peer group-leading growth in our dividend over the last 5, 6 years, but it has actually been held flat for a couple of years, and we just thought it was time to give it a bump.

因此，當我們審視未來的成長狀況時，我們意識到，如果在當前框架下，我們實際上不會提高股息，即使我們會看到一些成長。當然，當前的大宗商品價格會加速這一趨勢。但我們已經有幾年沒有看到這種成長了。我們只是覺得，在經歷了幾年的停滯之後，是時候增加一些成長了。在過去的五、六年裡，我們的股息大幅增長，在同行中處於領先地位，但實際上幾年來一直保持不變，我們只是認為是時候給它一個機會了。撞。

And so the commitment towards the progressive, the scale, I mean, what we're committing to is that there will be an increase on an annual basis on a go forward. The scale of that increase is going to be up to us and up to our Board, and it's going to be subjective to what kind of a cash balance are we looking at right now.

因此，對進步、規模的承諾，我的意思是，我們承諾的是，未來每年都會增加。增加的規模將取決於我們和我們的董事會，並且取決於我們目前的現金餘額類型。

In terms of a minimum cash balance, this is a very G&A-light company. We don't have much needs. There's a total of 40 employees in the whole company. And so our G&A, as Gary detailed in his numbers, our G&A numbers are very, very small. And so -- and we've got healthy access to very, very attractively-priced debt if required. That's all going to only be touched if we -- with the strong cash flows and with the production growth we've got over the next few years, that's only going to be -- we're only going to be using that revolver if we're seeing access to larger scale world-class streaming opportunities, which we're always hopeful for.

就最低現金餘額而言，這是一家G＆A非常輕的公司。我們沒有太多的需求。全公司共有員工40人。因此，正如加里在他的數據中詳細說明的那樣，我們的一般行政費用非常非常小。因此，如果需要的話，我們可以健康地獲得價格非常非常有吸引力的債務。只有當我們擁有強勁的現金流和未來幾年的產量成長時，這一切才會受到影響，只有當我們看到了更大規模的世界級串流媒體機會，我們對此一直充滿希望。

But currently, what we've been looking at is stuff that's $500 million or less, which is something that's easily handled -- we can handle that with our current expected cash flows. And so I don't see any risks on that side at all. The commitment is it's time to -- it's been flat for close to 2 years now since we've seen a bump up on that, and we're -- and because of that 30% number being well below what we're actually paying in the 37% range, we just -- looking forward, we didn't see that actually impacting our dividend on a go-forward basis.

但目前，我們一直在關注的是 5 億美元或更少的東西，這是很容易處理的事情——我們可以用我們當前的預期現金流來處理。所以我根本不認為這方面有任何風險。我們的承諾是，自從我們看到這一數字的上升以來，近兩年來它一直持平，而我們——因為 30% 的數字遠低於我們實際支付的金額在37% 的範圍內，我們只是— —展望未來，我們沒有看到這實際上會影響我們的股息。

And so we just felt at the time to deliver bring some of that growth forward and start giving it -- even adding more back to what we already delivered to our shareholders. We're already, by far, the biggest in the entire precious metals space in terms of the percentage of revenue back to shareholders. And so we want to make sure that we continue showing that growth that we have shown for the last 4, 5 years.

因此，我們當時只是覺得要實現一些成長，並開始給予它——甚至在我們已經交付給股東的基礎上再增加更多。就回饋股東的收入百分比而言，到目前為止，我們已經是整個貴金屬領域中最大的。因此，我們希望確保我們繼續展現過去 4、5 年的成長動能。

And the minimum cash I should think about on the balance sheet?

我應該在資產負債表上考慮的最低現金是多少？

I don't -- we don't really look at there being a minimum cash balance required on our balance sheet. We've got this 5-year $2 billion revolving credit facility, which is fully undrawn should we need to access that fund, some of the opportunity sets that Haytham will hopefully be bringing in. But when we look at the current commitments that we have outstanding, we don't even see ourselves -- even with this new dividend policy, we don't see ourselves even accessing the $2 billion revolving credit facility to fund those commitments over the next 3 years.

我不——我們並沒有真正考慮我們的資產負債表上是否有最低現金餘額要求。我們擁有這項 5 年期 20 億美元的循環信貸額度，如果我們需要獲得該資金，該額度將完全未提取，海瑟姆有望帶來一些機會。但是，當我們看看我們目前的承諾時傑出的，我們甚至不認為自己- 即使有了這個新的股息政策，我們甚至不認為自己能夠獲得20 億美元的循環信貸額度來為未來3 年內的這些承諾提供資金。

We've shown a strong track record of just adding to that dividend. And so when you keep on talking about the reference to minimum balance, I mean, we're not going to drop the dividend. So we've got a strong enough balance sheet with all the tools that we have at hand and all the growth we have, that's not something that's a concern to us.

我們在增加股息方面表現出了良好的記錄。因此，當您繼續談論最低餘額的參考時，我的意思是，我們不會放棄股息。因此，我們擁有足夠強大的資產負債表，擁有我們手邊的所有工具和我們擁有的所有成長，這不是我們關心的事情。

Yes. Okay. Well, I'll continue with Gary then on my next question. Just wanted to review Gary with you, just the payments, just to make sure I have all of the payments that you are going to be paying this year. You did mention, obviously, the $450 million that went out on Feb 27, I think it was the one you mentioned. Can you just remind me all of the other ones that are coming, so I have them all captured?

是的。好的。好吧，我將繼續與加里討論我的下一個問題。只是想和你一起回顧加里，只是付款情況，只是為了確保我有你今年要支付的所有付款。顯然，你確實提到了 2 月 27 日發放的 4.5 億美元，我想這就是你提到的。你能提醒我所有其他即將到來的人嗎，這樣我就可以把他們都抓起來嗎？

Yes. And I would point you to our -- the table that we have of our commitments on Page 39 of our MD&A. So you've got the Salobo payment that we -- is contingent upon Vale achieving the 35 million tonne per annum throughput test, which we think they should satisfy this year. So that's $163 million. We expect to start making payments relative to Cangrejos. So we've got about $19 million relative to them. We've got about $15 million that we hope to be making through the generation mining relative to the Marathon project.

是的。我想向您指出我們 MD&A 第 39 頁上的承諾表。因此，我們收到的薩洛博付款取決於淡水河谷實現每年 3500 萬噸吞吐量測試，我們認為他們今年應該滿足這項要求。也就是 1.63 億美元。我們預計將開始相對於 Cangrejos 進行付款。所以我們相對於他們有大約 1900 萬美元。我們希望透過與 Marathon 專案相關的發電挖礦獲得約 1500 萬美元的收入。

Marmato is expected to move forward with the development of the deeper zone, and so we've got $80 million there. We've got the $115 million for the Mineral Park stream. We paid the $450 million relative to Platreef and Kudz Ze Kayah. Fenix Gold, we would hope they move forward with a construction decision later this year, so that's $25 million. We've got $17 million that we will pay relative to the Mt Todd royalties. And that's pretty much everything that we expect this year.

Marmato 預計將推進更深地區的開發，因此我們在那裡獲得了 8000 萬美元。我們已經為礦物公園流籌集了 1.15 億美元。我們向 Platreef 和 Kudz Ze Kayah 支付了 4.5 億美元。 Fenix Gold，我們希望他們在今年稍後做出建設決定，即 2500 萬美元。我們將支付 1700 萬美元，用於支付託德山特許權使用費。這幾乎就是我們今年所期望的一切。

There is a possibility that Curipamba might move forward a bit. We've got that scheduled in next year. But with the success they've had on permitting and they are considering going into a construction decision, we might see that move forward. That's a great news story.

庫裡帕巴有可能向前邁進一點。我們已經安排在明年了。但隨著他們在許可方面取得的成功，並且他們正在考慮做出建設決定，我們可能會看到這一進展。這是一個很棒的新聞故事。

And that would be $162 million.

那將是 1.62 億美元。

Unlikely we pay all of that but we might be paying a bit of that here in this year as they -- if they may go ahead and make a construction decision, which they're seriously looking at.

我們不太可能支付全部費用，但今年我們可能會像他們一樣支付一部分費用——如果他們可以繼續做出建設決定，他們正在認真考慮這一點。

I just want to make sure I have the big ticket ones definitely in the model. And then I just wanted to ask just also on the guidance on depreciation getting with Q2 but maybe G&A that you usually provide for us. And then also an understanding of the quarterly guidance. Should I be thinking 48-52, first half, second half?

我只是想確保模型中確實有大件商品。然後我只想問一下第二季折舊的指導，但也許您通常為我們提供的一般費用和行政費用。然後還要了解季度指引。我應該考慮48-52、上半場、下半場嗎？

I guess, I mean, from the G&A perspective, what we've got is $41 million -- $45 million over the course of the year and spread out evenly across that. In terms of production, there's no doubt that Salobo is a key influence and they expect to be running that. It's a 90-day completion test to get that second phase. And that's going to be -- their current schedule has that being satisfied during the fourth quarter, but they're going to have to start that in the third quarter to go forward.

我想，我的意思是，從一般行政費用的角度來看，我們全年的收入為 4100 萬美元至 4500 萬美元，並且平均分配。在生產方面，毫無疑問薩洛博是關鍵的影響力，他們希望能夠管理它。這是獲得第二階段的為期 90 天的完成測試。他們目前的日程安排在第四季就可以滿足，但他們必須在第三季開始才能繼續前進。

And that will be running at a minimum of 35 million tonnes per annum. Keep in mind, the asset has a capacity of 36 million tonnes per annum. So I would probably lean it a little bit towards -- you're probably not too far off the 48-52, 48% first half, 52% second half. It might even be 47-53. There's definitely going to be a little bit of a bias towards the tail end of the year, mainly because Salobo is ramping up through the course of the year.

每年的產量至少為 3500 萬噸。請記住，該資產的年產能為 3,600 萬噸。所以我可能會傾向——你可能離 48-52 不遠了，上半場 48%，下半場 52%。甚至可能是47-53。到今年年底肯定會有一點偏差，主要是因為薩洛博在這一年中一直在進步。

The other area we're going to see gains over the course of the year is Voisey's Bay on the cobalt side. Every quarter, there's going to be a higher percentage of underground feed satisfying, and that stuff is much higher grade than what we're currently using from the open pit.

我們將在今年看到另一個收益的地區是鈷方面的 Voisey's Bay。每個季度，地下飼料的滿足率都會更高，而且這些東西的品位比我們目前使用的露天礦場要高得多。

Yes. No, I appreciate that. And then my final question maybe for Haytham is, again, coming back to the transaction activity or the M&A activity out there. I'm just kind of curious whether now, are you switching back to focusing on production over development or are you happy to take a mix? So I'm just wondering, again, size-wise and development of our production, how do you see that in your portfolio?

是的。不，我很欣賞這一點。然後我對海瑟姆的最後一個問題可能是再次回到交易活動或併購活動。我只是有點好奇，現在您是否會重新專注於生產而不是開發，還是願意混合使用？所以我再次想知道，在我們生產的規模和開發方面，您如何看待您的投資組合？

Sure. And I think you're right. For the last few years, it has been focused on development. What we've seen is a little bit of focus on balance sheet strengthening by some of the potential diversified and other producers out there. So I think it's probably a 50-50 mix, I'd say, right now. 50% is probably still looking at development-stage opportunities, and the other 50% is looking at balance sheet strength.

當然。我認為你是對的。近年來，公司一直注重發展。我們看到的是一些潛在的多元化生產者和其他生產者對資產負債表的強化有所關注。所以我認為現在可能是 50-50 的混合。 50% 的人可能仍在尋找發展階段的機會，另外 50% 的人則著眼於資產負債表的實力。

And I don't want to say balance sheet repair but people are trying to shore up their balance sheets to be able to add and to increase, acquire, et cetera, in this environment. That's an area that's coming to us and looking for guidance on. I would say that the majority of the opportunities we're looking at are still sub-$300 million. But as always, there's a couple that are greater than $500 million that takes some time to foster and hopefully, we can get those across the line.

我不想說資產負債表修復，但人們正在努力支撐他們的資產負債表，以便能夠在這種環境下增加、增加、收購等等。這是我們正在尋求指導的一個領域。我想說的是，我們正在尋找的大部分機會仍然低於 3 億美元。但與往常一樣，有一些價值超過 5 億美元的項目需要一些時間來培育，希望我們能夠跨越界限。

I'll also add, Tanya, one thing you've got, I mean, 17 years as an analyst, I don't think anybody ever got my name right on the conference call. So you already upon on me there.

我還要補充一點，Tanya，你有一件事，我的意思是，作為一名分析師 17 年，我認為沒有人在電話會議上正確說出我的名字。所以你已經在我身上了。

Your next question comes from Brian MacArthur from Raymond James.

您的下一個問題來自雷蒙德詹姆斯的布萊恩麥克阿瑟。

Can I go back to the GMT? You talked about how you're going to book at first quarter low and second quarter higher. But can you go through on a cash basis when you'll actually make payment because you also talked about there's some credits about G&A, financing, et cetera? And if you could just walk through how you think that will evolve over the next few years when you think you'll actually have to start making cash payments related to the GMT.

我可以回到 GMT 嗎？您談到如何在第一季低點和第二季高點進行預訂。但是，當你實際付款時，你能以現金方式進行嗎？因為你也談到了有一些關於一般管理費用、融資等的信用額度？當您認為實際上必須開始支付與格林尼治標準時間相關的現金時，如果您能大致了解一下您認為未來幾年將會如何發展。

Yes. We -- for the amounts accrued in 2024, we won't actually disperse those until 2026. And I think what we've been guiding people to is you take our non-Canadian income and you apply a 15% tax rate to that. So we don't -- there won't be much, like, additional deductions. We will -- yes, it's income so it does reflect the depletion of the upfront payment.

是的。對於 2024 年應計的金額，我們實際上要到 2026 年才會分散這些金額。我認為我們一直在引導人們的是，對我們的非加拿大收入適用 15% 的稅率。所以我們不會——不會有太多額外的扣除。我們會——是的，這是收入，所以它確實反映了預付款的消耗。

So as I roll forward then, if I'm paying my 2024 on a cash basis in '26, does it keep going that way, that your '25s will be paid in '27s, we're always like on an 18-month lag? Or does it get trued up and eventually you start paying on a run rate? I'm trying to figure out whether it's actually just defer the payment on a lag basis or are you actually get full credit and shelter some of the cash up front.

因此，當我向前滾動時，如果我在 26 年以現金形式支付 2024 年的費用，是否會繼續這樣下去，您的 25 歲將在 27 歲後支付，我們總是像 18 個月一樣落後？還是它得到了糾正，最終你開始按運行費率付費？我想弄清楚這實際上只是延遲付款，還是您實際上獲得了全額信貸並預先保留了一些現金。

Yes. At this point, I think we are operating on the basis that it will be on that kind of 2-year deferral basis or 1.5 year deferral basis.

是的。在這一點上，我認為我們的運作基礎是2年延期或1.5年延期。

Brian, given that it's what I would call a sweep tax. I think it needs to operate like that in a sense to allow any other taxes that have been paid to be sort of deducted off of what that works. I'm just looking at the mechanics of it. But until we see legislation, it's really tough to be firm on that. But that sounds like it makes sense in terms of them having to wait in the subsequent year. So you get that 18-month lag before you actually calculate it because it's going to look at whatever -- as I said, it's like a sweep tax.

布萊恩，考慮到這就是我所說的掃蕩稅。我認為從某種意義上說，它需要像這樣運作，以允許從有效的稅收中扣除任何已繳納的其他稅款。我只是在研究它的機制。但在我們看到立法之前，很難堅定這一點。但這聽起來似乎是有道理的，因為他們必須在接下來的一年裡等待。因此，在實際計算之前，您會得到 18 個月的滯後，因為它將考慮任何因素 - 正如我所說，這就像掃蕩稅。

Great. That's very helpful to speak of it in that way. And the other thing is in the MD&A, you talk about how it works in Luxembourg. There's also, I guess, you have stuff in the Netherlands and Barbados. Is there [anything there], changes going forward? I mean, you talked about Canon Luxembourg, but you didn't mention the other two.

偉大的。以這種方式談論它非常有幫助。另一件事是在 MD&A 中，您談論了它在盧森堡的運作方式。我想，荷蘭和巴貝多也有東西。未來有什麼改變嗎？我的意思是，您談到了佳能盧森堡，但沒有提到其他兩家。

No. I think we've outlined all of the potentially applicable jurisdictions.

不。我認為我們已經概述了所有可能適用的司法管轄區。

Sorry to go from tax. I'm just trying to get this clear on a cash basis is very helpful.

抱歉要退稅了。我只是想在現金基礎上弄清楚這一點，這非常有幫助。

Thanks, Brian. That's the only question, Brian, on tax?

謝謝，布萊恩。布萊恩，這是關於稅收的唯一問題嗎？

I don't think we want to do more tax, do we?

我認為我們不想徵收更多稅，對嗎？

No.

不。

Your next question comes from John Tumazos from John Tumazos Independent.

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

Congratulations on the Page 39 table, laying out the next $2 billion to invest in such good projects and the good projects you invested in 2023. I wish I could shine the shoes of your corporate development guys and maybe they deserve an extra big bonus.

恭喜第39 頁表，列出了接下來的20 億美元，用於投資這些好項目以及您在2023 年投資的好項目。我希望我能為你們的企業開發人員擦鞋，也許他們應該得到額外的大獎金。

Well, I will tell you that it's an entire team effort here. It's not -- Haytham doesn't get all the credit.

好吧，我會告訴你，這是整個團隊的努力。事實並非如此——海瑟姆並沒有獲得所有的榮譽。

But I do like how you think, John.

但我確實喜歡你的想法，約翰。

So Randy, when I was sitting in the New Discoveries seminar last Wednesday at PDAC and a year ago, maybe half of the discoveries I thought weren't discoveries or not documented yet. And maybe one big discovery is AngloGold Anglo Gold, Silica Northwest of Vegas, which (inaudible) and Origin have the royalty on. The (inaudible) has the royalty on. In the context of sort of not a great stream of new discoveries, your accomplishments in locking up all these deals is even more superhuman.

所以蘭迪，當我上週三和一年前參加 PDAC 的新發現研討會時，我認為可能有一半的發現不是發現或尚未記錄在案。也許一項重大發現是位於維加斯西北部的 AngloGold Anglo Gold、Silica，（聽不清楚）和 Origin 擁有特許權使用費。 （聽不清楚）有版稅。在新發現並不是很多的情況下，你鎖定所有這些交易的成就甚至更加超人。

If you can't sustain this pace of deal generation, you're getting bigger and generating so much cash, do you think you'd simply let cash accumulate on the balance sheet or increase the dividend or buy back shares or buy royalties or other royalty companies? What will you do if you can't sustain the deal generation pace? I don't think you're going to lower your quality standards.

如果你無法維持這種交易產生的速度，你會變得更大並產生如此多的現金，你認為你會簡單地讓現金積累在資產負債表上還是增加股息或回購股票或購買特許權使用費或其他特許權使用費公司？如果您無法維持交易產生速度，您會怎麼做？我認為您不會降低品質標準。

Well, and that's, John, excellent point. And I strongly agree with you. One of the challenges -- this isn't a number that's out there, but what we have run into over the last few years is we're putting in a lot less IOVs, indications of value. And so for an asset to actually make it to the IOV level for us at Wheaton, it has to show clear standards in terms of operating margins and responsible site, suitable risks all the way across the board in terms of getting to that stage.

嗯，約翰，這就是極好的觀點。我非常同意你的觀點。挑戰之一——這不是一個實際數字，但我們在過去幾年中遇到的問題是，我們投入的 IOV（價值指標）要少得多。因此，對於 Wheaton 來說，一項資產要想真正達到 IOV 水平，它必須在營運利潤和負責任的場地方面表現出明確的標準，並在達到這一階段時全面考慮適當的風險。

And I can tell you that for the last 4 years, it's less and less and less. We're not seeing as many good quality projects out there. And I'm fearful for the industry in the sense that there's just not a lot of risk capital out there. So there's not a lot of exploration, and that means there's just not a lot of good new discoveries that we see coming down the pipe. It's getting to be a tighter and tighter market. I think in that space, the number of -- the success that we had last year where we -- more acquisitions than ever before, I mean, I just really do hand that to the team in terms of the work that we did on pushing that forward.

我可以告訴你，在過去的四年裡，這種情況越來越少。我們沒有看到那麼多高品質的項目。我對這個行業感到擔心，因為那裡沒有太多的風險資本。因此，沒有太多的探索，這意味著我們沒有看到很多好的新發現。市場變得越來越緊張。我認為在這個領域，我們去年取得的成功比以往任何時候都多，我的意思是，我確實將其交給了團隊，以推動我們所做的工作那個前進。

A lot of those transactions were with people or companies that we've worked with in the past, and that really does come down to working on being a partner of choice. It's something that we really strive to be here at Wheaton. And so I don't know, Haytham, you want to add any more on the opportunity set, and then I'll come back in and talk about where the cash is going.

其中許多交易都是與我們過去合作過的個人或公司進行的，這確實取決於我們如何成為首選合作夥伴。這是我們在惠頓真正努力實現的目標。所以我不知道，海瑟姆，你想在機會集上添加更多內容，然後我會回來討論現金的去向。

Sure. Thanks, Randy. Good question, John. I think I will say what you're seeing now, John, in terms of a lack of quality is something we actually saw a few years ago. So about half a dozen years ago, we had a definite focus to try and find the best development-stage opportunities that we could actually get involved in. And as you saw over the last 5 years, we've got, like, 14 or 15 development-stage opportunities right now that we're actually involved in. And there's 3 or 4 of them coming into production here in the next 12 to 24 months.

當然。謝謝，蘭迪。好問題，約翰。約翰，我想我會說你現在所看到的品質缺乏是我們幾年前實際看到的。因此，大約六年前，我們有一個明確的重點，嘗試找到我們實際上可以參與的最佳開發階段機會。正如您在過去 5 年中看到的那樣，我們有 14 或目前我們實際參與了15個開發階段的機會。其中有3 到4 個將在未來12 到24 個月內投入生產。

So we did have a time line where we looked and said, "Okay, let's work on our near-term growth. Let's work on our medium-term growth. Let's have some optionality in our longer-term growth." And we've accomplished that. So we do think that there's still opportunities out there. They are far and few between, you are right, but Randy's comment is exactly right. Building the relationships and getting that repeat business, and that's going to be the key going forward is to be a partner for choice.

因此，我們確實有一個時間表，我們會考慮並說：“好吧，讓我們致力於短期增長。讓我們致力於中期增長。讓我們在長期增長方面有一些選擇。”我們已經做到了這一點。所以我們確實認為仍然存在機會。它們相差甚遠，你是對的，但蘭迪的評論是完全正確的。建立關係並獲得回頭客，這將是未來的關鍵，那就是成為可供選擇的合作夥伴。

And with respect to the cash on hand, it's been a pretty consistent message. If we can't put it back into the ground effectively, it goes back to shareholders. I don't see us ever -- if we ever bump up over $1 billion cash on hand, that to me is a pretty lazy balance sheet. And that's the point that if you ever see a cash balance kicking up at those kind of levels, we'll start ramping up that dividend and start feeding even more of that back to our shareholders.

就手頭現金而言，這是一個非常一致的訊息。如果我們不能有效地把它放回地下，它就會回到股東手中。我從來沒有見過我們——如果我們手頭上的現金超過 10 億美元，對我來說，這就是一個相當懶惰的資產負債表。這就是說，如果你看到現金餘額增加到這樣的水平，我們將開始增加股息，並開始將更多的股息回饋給我們的股東。

We already lead the entire precious metals space on that front in terms of how much we -- what percentage we give back to our shareholders, but we can have that up further. And my hope is and what we're always trying to do is manage our existing portfolio and grow it and continue to add quality assets, and that's what we'll keep doing. But we're going to do it for accretive prices for that. We're not going to -- I mean, for us, it's important that we are strong stewards of our shareholders' capital. And so if we can't put it to work effectively, it will go back to shareholders.

在我們回饋股東的金額和百分比方面，我們已經在整個貴金屬領域處於領先地位，但我們可以進一步提高。我的希望是，我們一直在努力做的是管理我們現有的投資組合併擴大其規模，並繼續增加優質資產，這就是我們將繼續做的事情。但我們將為此提高價格。我們不會——我的意思是，對我們來說，我們是股東資本的強大的管理者，這一點很重要。因此，如果我們不能讓它有效地發揮作用，它就會回到股東手中。

Our first choice is always going to be to grow the dividend. I think it's the best way, it's a commitment on a longer-term basis to go out. And so I just think that, that's always going to be our first -- our preferred choice. Thank you, everybody. Go ahead.

我們的首要選擇始終是增加股利。我認為這是最好的方式，這是對走出去的長期承諾。所以我認為，這永遠是我們的第一選擇——我們的首選。謝謝大家。前進。

I was just going to turn back the call over to yourself. Ladies and gentlemen, this concludes the Q&A portion of today's conference call. I will now turn the call over to Mr. Randy Smallwood for closing remarks.

我正想把電話轉給你自己。女士們先生們，今天電話會議的問答部分到此結束。現在我將把電話轉交給蘭迪·斯莫爾伍德先生做總結發言。

Thank you, everyone, for your time today. As we at Wheaton here celebrate our 20th anniversary here in 2024, I'm just incredibly grateful for the partnerships that we have forged over the years and the strong support of our shareholders. Together, we have provided the industry with an innovative solution to project finance that truly unlocks value for all stakeholders. Wheaton's high-quality portfolio of assets, sector-leading growth profile and commitment to sustainability provides our shareholders with a solid outlook for the future and is one of the best vehicles for investing into the gold and precious metals space.

謝謝大家今天抽出時間。 2024 年，當我們惠頓公司在這裡慶祝成立 20 週年時，我非常感謝我們多年來建立的合作夥伴關係以及股東的大力支持。我們共同為產業提供了創新的專案融資解決方案，真正為所有利害關係人釋放價值。惠頓的高品質資產組合、領先業界的成長狀況以及對永續發展的承諾為我們的股東提供了堅實的未來前景，並且是投資黃金和貴金屬領域的最佳工具之一。

So as we celebrate our 20th year, I'm just sincerely thankful for all of our stakeholders for their part in our success, in Wheaton's success, and I do look forward to a golden future ahead. So we look forward to speaking to all of you again soon. Thank you.

因此，在我們慶祝 20 週年之際，我衷心感謝所有利害關係人為我們的成功、惠頓的成功做出的貢獻，我確實期待著美好的未來。因此，我們期待很快再次與大家交談。謝謝。

This concludes your conference call for today. Thank you for participating. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。謝謝。