Wheaton Precious Metals Corp (WPM) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Wheaton Precious Metals 2024 second-quarter results conference call. (Operator Instructions)

早安，女士們先生們。感謝您的耐心等待，歡迎參加惠頓貴金屬 2024 年第二季業績電話會議。（操作員說明）

Thank you. I would like to remind everyone that this conference call is being recorded on Thursday, August 8, 2024 at 8:00 AM Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

謝謝。我想提醒大家，本次電話會議於東部時間 2024 年 8 月 8 日星期四上午 8:00 錄製。我現在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; and Wes Carson, Vice President, Mining Operations. 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 our 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·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；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廣播的人，可以在我們網站的簡報頁面上取得 PDF 格式的本次電話會議附帶的幻燈片簡報。

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 US dollars unless otherwise noted. With that, I’d like to turn the call over to Randy Smallwood, our President and Chief Executive Officer.

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。說到這裡，我想將電話轉給我們的總裁兼執行長蘭迪·斯莫伍德 (Randy Smallwood)。

Thank you, Emma and good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2024. I am pleased to announce that our portfolio of long-life, low-cost assets has delivered another solid quarter, generating $234 million in operating cash flows, resulting in record cash flows of over $450 million for the first half of this year.

謝謝你，艾瑪，大家早安。感謝您今天加入我們討論惠頓 2024 年第二季業績。我很高興地宣布，我們的長壽命、低成本資產組合再次實現了穩健的季度業績，產生了 2.34 億美元的營運現金流，今年上半年現金流創歷史新高，超過 4.5 億美元。

This performance underscores the effectiveness of our business model in leveraging rising commodity prices while maintaining strong margins. The company has produced over 305,000 gold equivalent ounces year-to-date, and we are well on track to achieve our 2024 production guidance of 550,000 to 620,000 gold equivalent ounces.

這項業績凸顯了我們的業務模式在利用不斷上漲的商品價格同時保持強勁利潤方面的有效性。該公司今年迄今已生產了超過 305,000 黃金當量盎司，我們預計將實現 2024 年 55 萬至 62 萬黃金當量盎司的產量目標。

The company also remains very liquid with $540 million in cash at our quarter end and a $2 billion undrawn revolving credit facility, which, when coupled with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments as well as the capacity to acquire additional accretive mineral stream interests. Our corporate development team remains actively engaged in evaluating new opportunities, and we continue to see a healthy appetite for streaming as a source of capital for the mining industry.

該公司還保持著很高的流動性，季度末擁有 5.4 億美元的現金和 20 億美元的未提取循環信貸額度，再加上我們預測的營運現金流強勁，為所有未償承諾以及獲得額外增值礦流權益的能力。我們的企業開發團隊仍然積極參與評估新的機會，我們繼續看到人們對串流媒體作為採礦業資本來源的良好興趣。

In addition, during the quarter, we published our annual Sustainability and Climate Change reports, and we are proud to have been ranked among the top ten in Corporate Knights 50 Best Corporate Citizens in Canada for 2024. As the founders and architects of sustainable streaming this accomplishment is reflective of our commitment to operating responsibly in all facets of our business.

此外，在本季度，我們發布了年度永續發展和氣候變遷報告，我們很自豪能夠躋身 Corporate Knights 2024 年加拿大 50 家最佳企業公民前十名。作為永續串流媒體的創辦人和架構師，這項成就反映了我們在業務的各個方面負責任地運作的承諾。

Our performance in the first half of 2024 supports our belief that the strength of our organic growth profile, combined with favorable commodity price trends, firmly positions Wheaton as the premier choice for high quality, long life precious metals exposure. 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?

我們 2024 年上半年的業績支持了我們的信念，即我們的有機成長實力，加上有利的大宗商品價格趨勢，使惠頓堅定地成為高品質、長壽命貴金屬投資的首選。因此，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 and good morning. Overall production in the second quarter came in higher than expected, driven by strong outperformances at Salobo, Peñasquito, and Antamina. In the second quarter of 2024, Salobo produced 63,200 ounces attributable gold, an increase of approximately 23% relative to the second quarter of 2023, driven primarily by higher throughput.

謝謝，蘭迪，早安。在薩洛博、佩尼亞斯基托和安塔米納強勁表現的推動下，第二季的整體產量高於預期。2024 年第二季度，薩洛博生產了 63,200 盎司權益黃金，較 2023 年第二季度增長約 23%，這主要是由於吞吐量增加所致。

Salobo’s strong production in Q2 is attributable primarily to the continued ramp up of Salobo 3 expansion and sustained overall improvements at both Salobo 1 and 2. On June 17th, Vale reported a conveyor fire at Salobo 3 and on July 25th they announced that plant operations at Salobo 3 had resumed after 31 days repair period. Vale has maintained their copper guidance for the year, and we anticipate that any impacts to Wheaton's guidance will be minimal and offset by outperformance in the first half of the year.

Salobo 第二季的強勁產量主要歸功於 Salobo 3 擴建的持續推進以及 Salobo 1 和 2 的持續整體改進。6 月 17 日，淡水河谷報告 Salobo 3 號工廠發生輸送機火災，7 月 25 日宣布，Salobo 3 號工廠在 31 天的修復期後已恢復運作。淡水河谷維持了今年的銅指引，我們預計對 Wheaton 指引的影響將很小，並將被上半年的優異表現所抵消。

In the second quarter of 2024, Constancia produced 450,000 ounces of attributable silver and 6100 ounces of attributable gold, an increase of approximately 7% and a decrease of 18%, respectively, relative to the second quarter of 2023. The decrease in gold production was primarily the result of lower grades due to planned stripping activity in the Pampacancha pit, which commenced in the second quarter and is expected to continue through the third quarter of 2024. Hudbay has reported that mill ore feed has now reverted to the typical blend of approximately one third of Pampacancha and two thirds from Constancia, which is expected to continue throughout 2024.

2024年第二季度，康斯坦西亞生產了45萬盎司權益白銀和6100盎司權益黃金，較2023年第二季度分別增加約7%和減少18%。黃金產量下降的主要原因是 Pampacancha 礦坑計劃進行的剝採活動導致品位下降，該活動於第二季開始，預計將持續到 2024 年第三季。Hudbay 報告稱，磨礦廠礦石原料現已恢復為約三分之一的潘帕坎查礦石和三分之二來自康斯坦西亞的典型混合物，預計這種情況將持續到 2024 年。

In the second quarter of 2024, Peñasquito produced 2.3 million ounces of attributable silver, an increase of approximately 30% relative to the second quarter of 2023, primarily due to higher throughput, partially offset by slightly lower grades. Production in the second quarter continued to focus on mining in the Chile, Colorado pit, which contains higher silver, lead and zinc metal, and silver grades than the main Penasco pit. Grades are expected to decrease slightly in the back half of the year as mining moves back into the Penasco pits.

2024 年第二季度，Peñasquito 生產了 230 萬盎司權益白銀，較 2023 年第二季度增加了約 30%，主要是由於產量增加，但部分被品位略有下降所抵消。第二季的生產繼續集中在智利、科羅拉多礦坑的開採，該礦坑的銀、鉛和鋅金屬含量以及銀品位均高於佩納斯科主礦坑。隨著採礦活動重新回到佩納斯科礦坑，預計今年下半年品位將略有下降。

On July 31st, 2024, Ivanhoe reported that construction of Platreef’s Phase 1 concentrator was completed on schedule subsequent to the quarter. Cold commissioning has started with water being fed through the concentrator and construction of Platreef Shaft 2 headgear at approximately 60% complete. An updated independent feasibility study on an optimized development plan for the acceleration of Phase 2 is planned to be completed and published in the fourth quarter of 2024. In addition, a preliminary economic assessment on the Phase 3 expansion is expected to be completed at the same time, with the expansion forecast to increase Platreef’s processing capacity up to approximately 10 million tons per annum.

2024 年 7 月 31 日，艾芬豪報告稱，Platreef 第一期選礦廠的建設已在本季後按計畫完成。冷調試已經開始，透過濃縮器供水，Platreef Shaft 2 頂部裝置的施工已完成約 60%。關於加速第二階段的優化開發計畫的最新獨立可行性研究計畫於 2024 年第四季完成並發布。此外，三期擴建的初步經濟評估預計將同時完成，擴建預計將使 Platreef 的加工能力增加至每年約 1,000 萬噸。

A Phase 3 expansion to 10 million tons processing capacity is expected to rank Platreef as one of the world's largest platinum group metals, nickel, copper and gold producers. As mentioned by Randy, with over 305,000 ounce produced year-to-date, the company remains well on track to achieve our annual production guidance this year. Means estimated attributable production in 2024 continues to be forecast at 325,000 to 370,000 ounces of gold, 18.5 million to 20.5 million ounces of silver, and 12,000 to 15,000 ounces of our GEOs of other metals, resulting in an overall production of approximately 550,000 to 620,000 GEOs.

第三階段加工能力擴大至 1,000 萬噸，預計將使 Platreef 成為全球最大的鉑族金屬、鎳、銅和黃金生產商之一。正如 Randy 所提到的，該公司今年迄今的產量已超過 305,000 盎司，仍有望實現今年的年度產量指導目標。意味著 2024 年的預計權益產量仍預計為 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 盎司其他金屬 GEO，總產量約為 550,000 至 620,000 至 620,000 至 620,000 至 620。

Production is forecast to increase at an industry leading rate of approximately 40% to over 800,000 ounce by 2028, primarily due to growth from operating assets including Salobo, Antamina, Peñasquito, Voisey’s Bay, and Marmato, development projects, which are in construction and or permitted, including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba, Santo Domingo, and pre-development projects including Marathon and Copper World, from which production is anticipated towards the latter end of the five year forecast period. From 2029 to 2033, attributable production is forecast to average over 850,000 ounces of gold globe analysis annually for the five-year period. And that concludes the operational overview. And with that,

預計到2028 年，產量將以行業領先的速度增長約40%，達到800,000 盎司以上，這主要是由於薩洛博、安塔米納、佩尼亞斯奎托、Voisey's Bay 和Marmato 等開發項目等營運資產的成長，這些項目正在建設和/或獲準的項目，包括Blackwater、Platreef、Goose、Mineral Park、Fenix、Curipamba、Santo Domingo 以及預開發項目，包括Marathon 和Copper World，預計在五年預測期末開始生產。根據全球分析，從 2029 年到 2033 年，這五年期間每年的平均產量預計將超過 85 萬盎司。營運概述到此結束。就這樣，

I will turn the call over to Gary.

我會把電話轉給加里。

Thank you Wes. As described by Wes, production in the second quarter amounted to 147,000 GEOs, a 7% increase relative to the comparable period of the prior year, with higher production from Salobo, Zinkgruvan, and Peñasquito being offset by lower production from San Dimas and Constancia combined with the cessation of production from Aljustrel and Minto. Sales volumes amounted to 124,000 GEOs, a 4% decrease relative to the comparable period of the prior year, primarily due to timing of sales resulting from the relative changes in ounces produced but not yet delivered, or PBND, which resulted in a reduction in sales volumes relative to Q2 2023 of over 23,000 GEOs.

謝謝你韋斯。正如 Wes 所描述的，第二季度的產量達到 147,000 GEO，比去年同期增長 7%，Salobo、Zinkgruvan 和 Peñasquito 的產量增加被 San Dimas 和 Peñasquito 的產量減少所抵消。銷量達 124,000 GEO，較上年同期下降 4%，主要是由於已生產但尚未交付的盎司（PBND）的相對變化導致銷售時間發生變化，從而導致銷量減少相對於2023 年第二季度的數量超過23,000個GEO。

Strong commodity prices, coupled with our solid production base, resulted in revenue increasing by 13% to $299 million relative to Q2 2023. Of this revenue, 61% was attributable to gold, 37% to silver, 1% to Palladium, and 1% to Cobalt. As at June 30, 2024 approximately 128,000 GEOs were in PBND, representing approximately 2.9 months of table production. A slight increase from the preceding four quarters, due to relative differences in timing of sales, but within our guided range of two to three months.

強勁的大宗商品價格加上我們堅實的生產基礎，使營收較 2023 年第二季成長 13%，達到 2.99 億美元。其中，61% 來自黃金，37% 來自白銀，1% 來自鈀，1% 來自鈷。截至 2024 年 6 月 30 日，PBND 中約有 128,000 個 GEO，相當於約 2.9 個月的表生產時間。由於銷售時間的相對差異，比前四個季度略有增加，但在我們兩到三個月的指導範圍內。

G&A expenses amounted to $10 million for the second quarter, and the company continues to anticipate that G&A will total $41 million to $45 million for the year, with these figures excluding share-based compensation, as well as donations and community investments. On June 20, 2024, Canada's Global Minimum Tax Act, or GMTA, received royal assent and as such the income from our Cayman's Island subsidiaries will be subject to a 15% minimum tax.

第二季的一般管理費用為 1000 萬美元，該公司繼續預計今年的一般管理費用總額將為 4,100 萬至 4,500 萬美元，這些數字不包括基於股份的薪酬以及捐贈和社區投資。2024 年 6 月 20 日，加拿大的全球最低稅法 (GMTA) 獲得御准，因此我們開曼島子公司的收入將繳納 15% 的最低稅。

As we previously messaged, as the Global Minimum Tax is retroactive to January 1, 2024, the company has recorded two quarters worth of Global Minimum Tax, amounting to $51 million in its financial statements for the period ending June 30, 2024, with $25 million relating to Q1 2024. Going forward, the quarterly tax expense associated with GMT will be recognized in our consolidated financial statements in the appropriate reporting period.

正如我們先前發布的消息，由於全球最低稅追溯至2024 年1 月1 日，該公司在截至2024 年6 月30 日的財務報表中記錄了兩個季度的全球最低稅，總額為5100 萬美元，其中2500 萬美元與 2024 年第一季相關。展望未來，與 GMT 相關的季度稅務費用將在適當的報告期間內在我們的合併財務報表中確認。

Removing the GMT associated with the Q1 2024 earnings and other smaller items, adjusted net earnings amounted to $150 million, with the $7 million increase from the prior year, due primarily to the higher gross margin, partially offset by the higher income tax expense relative to the Global Minimum Tax. I believe it is worth pausing here to emphasize that we were able to generate higher adjusted earnings, despite the implementation of a 15% Global Minimum Tax quite remarkable.

除去與 2024 年第一季收益和其他較小項目相關的 GMT，調整後淨利潤為 1.5 億美元，比上一年增加 700 萬美元，這主要是由於毛利率較高，部分相對於全球最低稅。我認為值得在這裡停下來強調一下，儘管 15% 的全球最低稅率的實施相當引人注目，但我們仍能夠產生更高的調整後收益。

Wheaton continued to deliver robust cash operating margins in the second quarter, resulting in cash flow from operations of $234 million, with a $32 million increase from the prior year, due primarily to higher gross margins. As mentioned by Randy, the strength of our second quarter cash flows resulted in cash flows for the first half of the year of over $450 million, representing a new record for Wheaton.

惠頓第二季持續保持強勁的現金營運利潤率，營運現金流達到 2.34 億美元，比上年增加 3,200 萬美元，主要是由於毛利率上升。正如蘭迪所提到的，我們第二季現金流量強勁，導致上半年現金流量超過 4.5 億美元，創下了惠頓的新紀錄。

Lastly, we declared a quarterly dividend of $0.155 per share, a 3% increase from the prior year. During the quarter, Wheaton made total upfront cash payments of approximately $45 million, $25 million of which was relative to the Mineral Park Stream, and $10 million of which was relative to the Cangrejos stream, with the remaining $10 million relating to the Mt. Todd royalty.

最後，我們宣布季度股息為每股 0.155 美元，比上年增加 3%。本季度，Wheaton 支付的預付款總額約為 4500 萬美元，其中 2500 萬美元與 Mineral Park Stream 相關，其中 1000 萬美元與 Cangrejos Stream 相關，其餘 1000 萬美元與 Mt. Todd 相關。

Additionally, the company made two dividend payments, totaling $139 million, and disposed of its investment in Hecla Mining Company, for gross proceeds of $177 million. When coupled with cash generated from operating activities, our overall net cash inflows amounted to $234 million in the second quarter of 2024, resulting in cash and cash equivalents at June 30th of $540 million.

此外，該公司還支付了兩次股息，總額為 1.39 億美元，並出售了對 Hecla Mining Company 的投資，總收益為 1.77 億美元。加上經營活動產生的現金，2024 年第二季我們的整體淨現金流入達到 2.34 億美元，截至 6 月 30 日的現金和現金等價物為 5.4 億美元。

We believe this cash balance combined with the strength of our forecasted operating cash flows and the fully undrawn $2 billion revolving credit facility, which was recently extended by an additional year, positions the company exceptionally well to satisfy its funding commitments and provides us with financial flexibility to acquire additional accretive mineral stream interests.

我們相信，這筆現金餘額，加上我們預測的營運現金流量和完全未提取的20 億美元循環信貸額度（最近又延長了一年），使公司能夠很好地履行其融資承諾，並為我們提供財務彈性以獲得額外的增值礦流權益。

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

財務摘要到此結束，我會將電話轉回給蘭迪。

Thank you, Gary. 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, long-life low-cost assets, that we believe has one of the best organic growth profiles in the entire mining industry.

謝謝你，加里。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多元化的投資組合、長壽命的低成本資產，我們相信我們擁有整個採礦業中最好的有機成長概況之一。

Secondly, by continuing to generate strong operating cash flows and maintaining low predictable costs, which when coupled with our leverage to increase commodity prices, result in some of the highest margins in the precious metal space. Thirdly, a pipeline of significantly de-risked development projects which further supports our impressive organic growth profile of over 40% by 2028. And lastly, our commitment to sustainability and supporting our partners and the communities in which we live and operate. So with that, I would like to open the call up for questions, Operator?

其次，透過持續產生強勁的營運現金流並維持較低的可預測成本，再加上我們提高商品價格的槓桿作用，導致貴金屬領域的利潤率最高。第三，一系列顯著降低風險的開發項目將進一步支持我們在 2028 年實現超過 40% 的令人印象深刻的有機成長。最後，我們致力於永續發展並支持我們的合作夥伴以及我們生活和經營的社區。因此，我想開始提問，接線員？

(Operator Instructions) Richard Hatch, Berenberg.

（操作員說明）Richard Hatch，Berenberg。

Thanks very much at the morning, Randy and team and thanks for the call. Just wonder if you might help us a bit with Salobo and clearly a better quarter which is really good to see. And I just wonder if you might be able to help us a bit as we look at 25, 26 and are you able to give us broad expectations of grade and such like? I know it's one quarter. I'm trying to be challenging, but any color there would be super helpful.

早上非常感謝蘭迪和團隊，感謝您的來電。只是想知道您是否可以在薩洛博方面為我們提供一些幫助，並且顯然是一個更好的季度，這真的很高興看到。我只是想知道，當我們考慮 25、26 年級時，您是否可以為我們提供一些幫助，您能否給我們對成績等方面的廣泛期望？我知道已經四分之一了我試著具有挑戰性，但任何顏色都會非常有幫助。

I'll let Wes take that one.

我會讓韋斯拿走那個。

Yeah, perfect. Thanks for the question, Richard. So we are starting to see a slight drop off in grades over the next couple of years, so into 2025, 2026. But with that we're also seeing that the ramp up of Salobo 3 and really an increase in throughput there. So over the next few years, we do expect a slight increase in production, and we'll see that continue really as Salobo 3 really comes online and comes together. So for the rest of this year, I mean, we see that flattening of the production and then as the throughput comes up, Salobo 3 will see a better year next year, I think and into the next couple of years.

是的，完美。謝謝你的提問，理查德。因此，我們開始看到未來幾年，即 2025 年、2026 年，成績略有下降。但同時，我們也看到 Salobo 3 的成長以及吞吐量的真正增加。因此，在接下來的幾年中，我們確實預計產量會略有增加，並且隨著 Salobo 3 真正上線並整合在一起，我們將看到這種情況繼續下去。因此，在今年剩下的時間裡，我的意思是，我們看到產量趨於平緩，然後隨著吞吐量的上升，我認為明年以及未來幾年，Salobo 3 將會看到更好的一年。

That's really helpful. Thanks. And then just on the business development piece, perhaps for Randy and Haytham, can you just talk a bit about what deals you're seeing at the moment, it feels like the diversified has got strong balance sheets, not necessarily looking for large ticket transactions at this point.

這真的很有幫助。謝謝。然後就業務發展而言，也許對於蘭迪和海瑟姆來說，您能談談您目前看到的交易嗎？ 。

But maybe as we go into the next sort of copper cycle, that opportunity might present itself, but just as you're looking down the list of your current BD opportunities, are we still mainly focusing on these gold producers and such like in the midst of a few hundred million dollar ranges or are we seeing something a bit more large scale than such will be helpful? Thanks.

但也許當我們進入下一個銅週期時，這個機會可能會出現，但正如您正在查看當前的 BD 機會清單一樣，我們是否仍然主要關注這些黃金生產商以及中間的此類產品數億美元的範圍，或者我們看到比這更大規模的東西會有幫助？謝謝。

Well, I will let Haytham answer that one.

好吧，我會讓海瑟姆來回答這個問題。

Thanks for the question, Richard. Quite simply we've got a number of opportunities that we're actually advancing through the due diligence phase right now. I would say development stage funding is still the focus, although we are seeing a resurgence in some balance sheet strengthening opportunities. The majority of the opportunities we're seeing is probably 50:50 between probably metallic opportunities, which have a precious metal byproduct and actually precious metals companies that have very, very strong margins that are looking for continued growth. So it's a very robust market. I would say the majority of the opportunities fall somewhere between a $100 million to $700 million, in that range with a couple of those being north of $500 million.

謝謝你的提問，理查德。很簡單，我們現在實際上正在推進盡職調查階段，從而獲得許多機會。我想說，儘管我們看到一些強化資產負債表的機會重新出現，但開發階段的融資仍然是焦點。我們看到的大多數機會可能是 50:50 之間的比例，可能是金屬機會（有貴金屬副產品）和實際上貴金屬公司的利潤率非常非常高，正在尋求持續成長。所以這是一個非常強勁的市場。我想說，大多數機會的價格都在 1 億美元到 7 億美元之間，其中一些機會的價格超過 5 億美元。

Yeah, I would say just to add to that, the deal size, the opportunity size seems to be a little bit bigger than what we've seen in say the last year. There seems to be a little bit more of an appetite and a lot of these projects are actually a lot closer to the production, the construction stage and production. So I think overall it actually looks a little bit healthier, but it's still very busy on that front.

是的，我想說的是，交易規模、機會規模似乎比我們去年看到的還要大。似乎有更多的興趣，而且許多這樣的項目實際上更接近生產、施工階段和生產。所以我認為總的來說，它實際上看起來更健康一些，但在這方面仍然非常繁忙。

It's very helpful. Thanks a lot for your time.

這非常有幫助。非常感謝您抽出時間。

Thank you, Richard.

謝謝你，理查。

Martin Cartier, Veritas Investment Research.

馬丁·卡地亞，Veritas 投資研究公司。

Thank you. If gold production in second half is similar to first half, you would hit at least the middle of your guidance range for gold and exceed the upper end of the guidance or silver. So the question is, is gold production expected to be weaker or stronger in the second half versus the first half, and in terms of silver production, if you expect a weaker second half versus first half?

謝謝。如果下半年的黃金產量與上半年相似，那麼您將至少達到黃金指引範圍的中間，並超過白銀指導範圍的上限。所以問題是，下半年黃金產量預計會比上半年更弱還是更強，而就白銀產量而言，如果您預計下半年會比上半年更弱？

I will let Wes add some color there.

我會讓韋斯在那裡添加一些顏色。

Sure, so right now, Martin, we're looking at probably a split of about 52% in the first half of the year and 48% in the second half of the year on an overall basis. We are expecting a weakening in the gold production at Salobo with some of the impacts from the fire and really just a lower grade, particularly in the fourth quarter. And then we are, as mentioned, on Peñasquito on the silver side, seeing that drop as they move back into the Penasco pit. So overall, as we said about that 52:48 is about what we're expecting for the rest of this year.

當然，馬丁，現在我們預計整體上半年的比例可能約為 52%，下半年的比例約為 48%。我們預計，由於火災的一些影響，薩洛博的黃金產量將會減弱，而且實際上只是品味下降，特別是在第四季度。然後，如前所述，我們在白銀一側的 Peñasquito 上，看到當他們移回佩納斯科礦坑時，情況會有所下降。總的來說，正如我們所說，52:48 是我們對今年剩餘時間的預期。

Okay, great. And in terms of Salobo, is the impact of the fire expected to be around 10,000 ounces in terms of production?

好的，太好了。就薩洛博而言，火災對產量的影響預計在 10,000 盎司左右嗎？

It will be in that range. I would say we're hoping lower than that, certainly, because they did get things back up and running fairly quickly. It wasn't one of the major conveyors and really just affected the third line. So Salobo 1 and 2 were running through that period. And also during that period, they had some planned maintenance shutdowns during that period as well. So we haven't seen the full results of it yet, but that's in the range, hopefully slightly better than that.

將會在這個範圍內。我想說，我們的希望肯定低於這個數字，因為他們確實很快就恢復正常運作了。它不是主要的輸送機之一，實際上只影響了第三條線。所以薩洛博1號和2號就貫穿了那個時期。在此期間，他們也進行了一些計劃中的維修停機。所以我們還沒有看到它的完整結果，但這在範圍內，希望比這個稍微好一點。

Yeah, I think it might be worth talking about the fact that Salobo outperformed a bit in the first half of this year. And I think that fire probably consumed up some of that outperformance. And so from an overall annual basis, it's probably net neutral. But that outperformance, as I said, was probably eaten up a little bit by the impact of the fire.

是的，我認為可能值得一提的是，薩洛博今年上半年的表現略勝一籌。我認為這場大火可能消耗了部分出色的表現。因此，從整體年度來看，它可能是淨中性的。但正如我所說，這種出色的表現可能會因火災的影響而受到一點影響。

Great. Thank you.

偉大的。謝謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Okay, well thank you for that. And I just wanted to ask Gary the DDNA forecast for the year. Usually we get that in August in terms of depreciation. And sorry, maybe in your information provided there, we just had a number of companies report last night?

好的，謝謝你。我只是想問 Gary 今年的 DDNA 預測。通常我們會在八月得到折舊的數據。抱歉，也許在您提供的資訊中，我們昨晚剛剛收到了一些公司的報告？

Go ahead, Wes.

繼續吧，韋斯。

Yeah, I would say that that is correct. It will be fairly even. I mean, there's a lot of moving parts as you say, between the quarters there. But it is fairly even between Q3 and Q4.

是的，我想說這是正確的。會相當均勻。我的意思是，正如你所說，各宿舍之間有很多活動部件。但第三季和第四季之間相當均勻。

I think the impacts of the fire are going Q3 and then we have definitely lower grade scheduled into Q4. And so it's probably going to spread it pretty evenly there at Salobo.

我認為火災的影響將持續到第三季度，然後我們肯定會在第四季度安排較低的等級。因此，它可能會在薩洛博相當均勻地傳播。

Okay. Thanks for that. And and I just wanted to ask, Gary, the DD&A forecast for the year. Usually we get that in August in terms of depreciation and sorry, maybe in your information provided there, we just had number of companies report less.

好的。謝謝你。蓋瑞，我只是想問一下今年的 DD&A 預測。通常我們會在八月得到折舊方面的數據，抱歉，也許在您提供的資訊中，我們只是報告的公司數量較少。

Sorry. The question was with respect to what we expect G&A to be.

對不起。問題是關於我們期望的一般行政費用是什麼。

No, depreciation. DD&A, depreciation.

不，是折舊。DD&A，折舊。

Yeah. I mean, Tanya, we provide asset by asset depletion numbers in the MD&A. I would suggest looking at what we depleted for Q2 as an indication of what our per ounce depletion will be by asset.

是的。我的意思是，Tanya，我們在 MD&A 中按資產消耗數據提供資產。我建議查看第二季的消耗量，以了解我們按資產計算的每盎司消耗量。

Okay, alright. So Q2 is a benchmark going forward. Thank you for that. And then can I just ask Haytham, just coming back to you on these transactions and opportunities that are out there and interesting that we have the 100 million to 700 million and a couple over 500 million. And you mentioned then sort of the development stage or early construction. How does Platinum Palladium fit it right now given their weak prices, are those opportunities you're looking at in addition to the gold side, gold silver?

好吧，好吧。因此，第二季是未來的基準。謝謝你。然後我可以問 Haytham，他會告訴你這些交易和機會，有趣的是我們有 1 億到 7 億，還有超過 5 億。您提到了開發階段或早期建設。考慮到鉑金和鈀金的疲軟價格，目前它們的表現如何？ 除了黃金、金銀之外，您還在尋找哪些機會？

I would say even on -- you are right, the PGM's given where PGM price has gone, there's probably a few opportunities in there that we're also looking at. I would say that we're still looking at the gold components of the PGM typically. If we're looking at anything else outside of the gold may be its platinum and only to top up if they need more capital than the gold could provide them. But we're seeing not just the PGM opportunities, but obviously we're seeing some gold opportunities with people trying to capitalize on the strong commodity price to try and get some additional funding.

我想說的是，您是對的，鑑於 PGM 價格的走勢，我們可能也在關注其中的一些機會。我想說的是，我們通常仍在關注鉑族金屬的黃金成分。如果我們關注黃金以外的其他東西，可能就是鉑金，只有當他們需要的資金超過黃金所能提供的資金時才需要補充。但我們不僅看到了鉑族金屬的機會，而且顯然我們還看到了一些黃金機會，人們試圖利用強勁的大宗商品價格來獲得一些額外的資金。

Okay, that's helpful. Thank you. And then where would the corporate transactions fit in as you look at the space?

好的，這很有幫助。謝謝。那麼，當你觀察這個空間時，公司交易會適合在哪裡呢？

So we'll always consider looking at our peers and seeing if and when it makes sense for us to actually make any type of corporate transactions. I will say that at this point in time it doesn't make sense to pay a premium on a multiple when I can still purchase streams at or below net asset value.

因此，我們總是會考慮專注於我們的同行，看看我們是否以及何時進行任何類型的公司交易有意義。我想說的是，在這個時候，當我仍然可以購買等於或低於資產淨值的串流媒體時，支付倍數溢價是沒有意義的。

Yeah, no, I agree. And just as you look at the environment, I mean, I always hear everyone say that so much of it is so much out there. Maybe just give us an idea from like a timing perspective because it is just that I've heard so many comments on this, so many deals out there, like how long does these deals take to actually do, like from the time you actually say, okay, we're working on something to actually do your due diligence, I know it's moment by moment, each one has a different time frame, but just so that we can understand from the moment you're saying you're seeing so much to actually completing some of these things so that we can understand the process? Thank you.

是的，不，我同意。就像你觀察環境一樣，我的意思是，我總是聽到每個人都說外面的環境太多了。也許只是從時間角度給我們一個想法，因為我聽到了很多關於此事的評論，很多交易，例如這些交易實際上需要多長時間，例如從你實際說的時間開始好吧，我們正在做一些事情來真正進行盡職調查，我知道這是每時每刻的，每個人都有不同的時間範圍，但只是為了讓我們從你說你看到的那一刻起就能理解實際完成其中一些事情以便我們能夠理解這個過程有多大？謝謝。

Sure, Tanya, I am happy to answer that as well. So generally speaking if an opportunity, depends on whether we're being proactive or reactive. Most of the time we're proactive going out there looking at opportunities. Probably, I'd say 20% or 30% of the time. Right now, we're being reactive to opportunities coming into door. Once an opportunity comes in the door, it takes us usually a couple of weeks to actually do our first pass bolts, just to see if it actually makes sense to put a stream on it. If we do that, and we find that the asset can actually handle, the margins are solid, the asset can handle the stream, we'll do a deep dive, and that usually takes another couple of weeks.

當然，塔妮婭，我也很高興回答這個問題。所以一般來說，是否有機會，取決於我們是主動還是被動。大多數時候，我們都會主動出去找機會。大概，我會說 20% 或 30% 的時間。現在，我們正在對即將來臨的機會做出反應。一旦機會來臨，我們通常需要幾週的時間來實際完成我們的第一道螺栓，只是為了看看是否真的有意義對其進行流處理。如果我們這樣做，並且發現該資產實際上可以處理，利潤穩定，該資產可以處理流，我們將進行深入研究，這通常還需要幾週的時間。

We are somewhere along the way and we'll put out an indication of value. We will, assuming the indication of values is interesting to the counterparty, then we'll head to site. At the same time, we'll start working on term sheets. And once we typically conclude term sheets, we look for exclusivity. Once that exclusivity is obtained, usually takes about another four weeks to get the [defenders] in place. So you're talking, we start to finish anywhere from, I'd say six to eight weeks is a typical timeline, first stream.

我們已經到達了某個階段，我們會給出一個價值指標。假設交易對手對價值指示感興趣，那麼我們將前往現場。同時，我們將開始製定投資意向書。一旦我們通常完成投資意向書，我們就會尋求排他性。一旦獲得排他性，通常還需要大約四個星期的時間才能讓[捍衛者]就位。所以你說的是，我們從任何地方開始到完成，我想說六到八週是一個典型的時間表，第一次直播。

Okay, thank you for that. I actually thought it was longer but thank you for that.

好的，謝謝你。我實際上以為它會更長，但謝謝你。

Sometimes it takes longer, but usually it has to do with database issues and stuff like that, it's always a matter of having to make sure that we're getting good information in when we're assessing these projects, and so sometimes that does drag on a bit.

有時需要更長的時間，但通常與資料庫問題和類似的問題有關，始終必須確保我們在評估這些項目時獲得良好的信息，因此有時這確實會拖延就一點。

Okay, so about two months would be something that we should think about.

好的，大約兩個月是我們應該考慮的事情。

Yeah, I mean, if you ask our lawyers, they'd rather we set free, but we've done it in four weeks, and it's taken as long as three months, so yeah, it's probably a good average.

是的，我的意思是，如果你問我們的律師，他們寧願我們被釋放，但我們在四個星期內就完成了，而且花了長達三個月的時間，所以是的，這可能是一個很好的平均時間。

Thank you for that the color.

謝謝你的顏色。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks, operator. Just one question from me. I did see some rephasing of the Central Domingo upfront payment that came with the updated feasibility study, and I'm just wondering, where does that upfront stream payment rank in sort of the project capital spending, is it sort of (inaudible) the project financing, or is it on project sanctioning, just wondering how that works?

謝謝，接線生。我只想問一個問題。我確實看到隨著更新的可行性研究而來的中央多明哥預付款的一些重新安排，我只是想知道，預付款在項目資本支出中的排名如何，它是（聽不清楚）項目嗎融資，還是專案批准，只是想知道它是如何運作的？

That money goes in ahead of debt, and so it's in the earlier part of the construction phase. You have to commence construction and move forward, but it does go into the ground before any project debt gets applied to it.

這筆錢先於債務投入，因此處於建設階段的早期階段。你必須開始建設並繼續前進，但在任何項目債務被應用之前，它確實會落地。

No, that being said, we have to make sure that they have to ensure that the full funding package is in place in a range before we would actually buy any capital.

不，話雖如此，我們必須確保他們必須確保在我們實際購買任何資本之前，在一定範圍內提供完整的融資方案。

Understood. Got you. Thanks for that. Appreciate it. Thanks, Randy. Thanks, Haytham.

明白了。明白你了。謝謝你。欣賞它。謝謝，蘭迪。謝謝，海瑟姆。

Well, thank you everyone for your time today. We are pleased to have reported a strong first half of the year. We [filed] quality portfolio of assets, sector-leading growth profile, and commitment to sustainability, provides all of our shareholders, all of our stakeholders with a solid outlook for the future, and what we believe to be one of the best vehicles for investing into the gold and precious metal space.

好的，謝謝大家今天抽出時間。我們很高興地報告了今年上半年的強勁表現。我們[提交]優質的資產組合、行業領先的成長概況以及對永續發展的承諾，為我們所有的股東、所有利益相關者提供了堅實的未來前景，並且我們認為這是實現可持續發展的最佳工具之一。

And as we celebrate our 20th anniversary, throughout 2024, I am sincerely thankful to all of our stakeholders for being part of Wheaton’s success. And I look forward to a golden future together. We look forward to speaking with you all again soon. Thank you.

在 2024 年慶祝我們成立 20 週年之際，我衷心感謝所有利害關係人為惠頓的成功做出了貢獻。我期待著共同的金色未來。我們期待很快能再次與大家交談。謝謝。

Thank you, presenters. And this concludes this conference call for today. Thank you for participating. Please disconnect your lines.

謝謝各位主持人。今天的電話會議到此結束。感謝您的參與。請斷開您的線路。