Wheaton Precious Metals Corp (WPM) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen.

女士們、先生們，早安。

Thank you for standing by.

感謝您的支持。

Welcome to Wheaton Presses Metals 2024 third quarter results conference call.

歡迎參加 Wheaton Presses Metals 2024 年第三季業績電話會議。

(Operator Instructions) I would like to remind everyone that this conference call is being recorded on Friday, November 8, 2024, at 11:00 AM, Eastern Time.

(操作員指示) 我想提醒大家，本次電話會議將於 2024 年 11 月 8 日星期五上午 11:00（東部時間）錄製。

I will now turn the conference over to Ms. Emma Murray, Vice President of Investor Relations.

現在，我將會議交給投資者關係副總裁 Emma Murray 女士。

Please go ahead.

請繼續。

Thank you, operator.

謝謝您，接線生。

Good morning, ladies and gentlemen, and thank you for participating in today's call.

女士們、先生們，早安，謝謝你們參加今天的電話會議。

I'm joined today by Randy Smallwood, Legion's 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.

今天與我一起參加的是 Legion 總裁兼執行長 Randy Smallwood；布朗 (Gary Brown)，資深副總裁兼財務長； Haytham Hodaly，企業發展資深副總裁；以及採礦業務副總裁韋斯卡森（Wes Carson）。

Please note 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.

請注意，對於目前未參加網路直播的用戶，可在我們網站的簡報頁面上以 PDF 格式取得本次電話會議的幻燈片簡報。

Some of the commentary on today's call may contain forward-looking statements.

今天電話會議上的一些評論可能包含前瞻性陳述。

And I would direct everyone to review slide 2 of the presentation, which contains important cautionary notes.

我希望大家看一下簡報的第二張投影片，其中包含重要的警告。

It should be noted that all figures referred to on today's call are in US dollars unless otherwise noted.

值得注意的是，除非另有說明，今天電話會議中提到的所有數字都是以美元計算的。

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.

謝謝你，艾瑪，大家早安。

Thank you for joining us today to discuss Wheaton's third quarter results of 2024.

感謝您今天加入我們討論惠頓 2024 年第三季的業績。

I am pleased to announce that our portfolio of long-life, low-cost assets delivered another robust quarter, generating record quarterly operating cash flows of $254 million and underscoring the effectiveness of our business model in leveraging rising commodity prices while maintaining strong cash operating margins.

我很高興地宣布，我們的長壽命、低成本資產組合又取得了一個強勁的季度業績，創造了 2.54 億美元的創紀錄季度營運現金流，並凸顯了我們的商業模式在利用不斷上漲的大宗商品價格的同時保持強勁的現金營運利潤率的有效性。

The company has produced approximately 450,000 gold equivalent ounces year to date, and we are well on track to achieve our 2024 production guidance of $550 million to 620,000 gold equivalent ounces.

該公司今年迄今已生產了約 45 萬黃金當量盎司，並且我們預計將實現 2024 年 5.5 億美元至 62 萬黃金當量盎司的生產目標。

Shortly following the quarter, we announced two accretive precious metal streaming agreements.

本季結束後不久，我們宣布了兩項加值貴金屬串流協議。

First, an expansion to the existing stream on Riot's Phoenix project for an additional $100 million.

首先，Riot 的 Phoenix 專案現有的業務流將額外投入 1 億美元進行擴展。

And second, a new $625 million gold stream on Montage's Kona project, marking the largest streaming transaction done by a single streamer in nearly a decade.

其次，Montage 的 Kona 專案再次獲得 6.25 億美元的金流交易，這是近十年來單一串流媒體完成的最大一筆串流媒體交易。

Together, these transactions further diversify our strategic partnerships and the geography of our portfolio.

總之，這些交易進一步豐富了我們的策略夥伴關係和投資組合的地理範圍。

And once ramped up, the Kona project is forecast to contribute meaningful near-term production supporting Wheaton's already prominent position as a leader in the sector's growth landscape.

一旦投入生產，科納計畫預計將在短期內帶來有意義的產量貢獻，從而支持惠頓在該產業成長格局中已經佔據的領先地位。

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.

我們的企業發展團隊仍在積極評估新機遇，並且我們繼續看到對串流媒體作為採礦業資本來源的強烈需求。

The company's balance sheet also remains very strong with approximately $700 million cash at quarter's 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 streams.

該公司的資產負債表也保持強勁，本季末擁有約 7 億美元現金和 20 億美元未動用的循環信貸額度，再加上我們預測的強勁經營現金流，為所有未償還承諾提供資金提供了強大的靈活性，並有能力獲取額外的增值流。

During the quarter, we launched the inaugural Future of Mining challenge, which will award $1 million to the winning venture.

在本季度，我們啟動了首屆「採礦業未來」挑戰賽，獲勝企業將獲得 100 萬美元獎金。

The award will be used towards advancing a technology aimed at minimizing environmental impacts while improving productivity and efficiencies in our industry.

該獎項將用於推進旨在最大限度減少環境影響同時提高行業生產力和效率的技術。

This exciting challenge will help ensure that key resources are responsibly available for future generations.

這項令人興奮的挑戰將有助於確保為子孫後代負責任地提供關鍵資源。

This award is reflective of our commitment as the founders and architects of sustainable streaming to operate responsibly and help others in our industry to do the same.

該獎項體現了我們作為永續串流媒體的創始人和建構者的承諾，即負責任地運作並幫助行業中的其他人也這樣做。

Our performance year to date 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.

我們今年迄今的業績支持了我們的信念：強勁的有機成長狀況，加上有利的商品價格趨勢，使惠頓牢牢成為高品質、長壽命貴金屬投資的首選。

And with that, I would like now to turn the call over to Wes Carson, our Vice President of Operations, who will provide more detail on our operating results.

現在，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。

Wes?

韋斯？

Thanks, Randy, and good morning.

謝謝，蘭迪，早安。

Overall production in the third quarter came in higher than expected, driven by strong performances at Constancia and Salobo relative to forecast.

第三季的整體產量高於預期，這得益於康斯坦西亞 (Constancia) 和薩洛博 (Salobo) 的強勁表​​現。

In the third quarter of 2024,

2024 年第三季度，

Salobo produced 62,700 ounces of attributable gold, a decrease of approximately 9% relative to the third quarter of 2023, primarily due to lower grades, partially offset by higher throughput.

Salobo 產量為 62,700 盎司黃金，較 2023 年第三季下降約 9%，主要原因是黃金品位較低，但產量較高部分抵消了這一影響。

On July 25, 2024, Vale reported that the Salobo 3 processing plant operations had resumed after being halted for 31 days due to a fire on the conveyor belt.

2024年7月25日，淡水河谷報告稱，薩洛博3號加工廠因傳送帶起火而暫停31天后，營運已恢復。

Vale has confirmed the 2024 copper production guidance of 30,000 to 35,000 kilotons has been maintained.

淡水河谷已確認維持 2024 年 30,000-35,000 噸的銅產量目標。

In the third quarter of 2024, Constancia produced 600,000 ounces of attributable silver and 10,400 ounces of attributable gold a decrease of approximately 7% and 45%, respectively, relative to the third quarter of 2023.

2024 年第三季度，康斯坦西亞生產了 60 萬盎司可歸屬白銀和 10,400 盎司可歸屬黃金，與 2023 年第三季相比分別下降約 7% 和 45%。

The decrease in silver production was primarily due to lower grades and recoveries.

白銀產量下降主要是因為銀品位和回收率較低。

The decrease in gold production was primarily due to the result of lower gold grades due to the planned stripping activity in the Pampacancha pit, which commenced in the second quarter and continued throughout the third quarter.

黃金產量下降主要是由於 Pampacancha 礦坑的計劃剝離活動導致黃金品位下降，該剝離活動於第二季開始並持續整個第三季。

On August 13, 2024, Hudbay reported the stripping program for the next mining phase of Papacancha was underway and expected to lead to significantly higher copper and gold grades in the fourth quarter of 2024.

2024 年 8 月 13 日，Hudbay 報告稱，Papacancha 下一階段採礦的剝離計劃正在進行中，預計將在 2024 年第四季大幅提高銅和金的品味。

In the third quarter of 2024, Penasquito produced 1.8 million ounces of attributable silver compared to zero production in the third quarter of 2023, which was impacted by a labor strike that lasted from June 7 through October 13, 2023.

2024 年第三季度，Penasquito 產量為 180 萬盎司白銀，而 2023 年第三季度的產量為零，受到 2023 年 6 月 7 日至 10 月 13 日持續的勞工罷工的影響。

Production in the third quarter transition the focus for mining in the Chile Colorado pit to the main Penasquito pit, which has higher gold but lower silver and base metal grades.

第三季的生產將採礦重點從智利科羅拉多礦坑轉移到主彭斯奎托礦坑，該礦坑的金品位較高，但銀和賤金屬品位較低。

In the third quarter of 2024, the Stillwater mines produced 2,200 ounces of attributable gold and 4,000 ounces of attributable palladium, a decrease of approximately 8% on gold relative to the third quarter of 2023, primarily due to lower recoveries, while palladium produced production was virtually unchanged.

2024 年第三季度，Stillwater 礦場生產了 2,200 盎司黃金和 4,000 盎司鈀，與 2023 年第三季相比，黃金產量下降約 8%，主要原因是回收率較低，而鈀產量幾乎沒有變化。

On September 12, 2024.

2024年9月12日。

Sibanye announced that as a result of low platinum and palladium prices, Stillwater West operations are being placed into care and maintenance, while Stillwater East and East Boulder operations will continue to operate.

Sibanye 宣布，由於鉑金和鈀金價格低迷，Stillwater West 業務將進入維護和保養階段，而 Stillwater East 和 East Boulder 業務將繼續營運。

Sibanye reports that Stillwater West could return to production as price permits.

Sibanye 報道稱，只要價格允許，Stillwater West 可能會恢復生產。

Based on Sibanye's Q3 MD&A, the company's management estimates that while Stillwater West operations remain on care and maintenance, 2025 production relative to the Stillwater PMPA will be approximately 40% to 45% lower than historical levels.

根據 Sibanye 第三季的 MD&A，該公司管理層估計，雖然 Stillwater West 業務仍處於維護和保養階段，但 2025 年相對於 Stillwater PMPA 的產量將比歷史水準低約 40% 至 45%。

In the third quarter of 2024, the Boise's Bay mine produced 397,000 pounds of attributable cobalt, an increase of approximately 118% relative to the third quarter of 2023 as the transitional period between the depletion of the Ovoid open pits and the ramp-up to full production of the Voisey's Bay underground mine nears completion.

2024 年第三季度，博伊西灣礦產生產了 397,000 磅可歸屬鈷，較 2023 年第三季度增長約 118%，因為 Ovoid 露天礦場的枯竭與 Voisey's Bay 地下礦場全面投產之間的過渡期即將完成。

Vale reports the physical completion of the Voisey's Bay underground mine extension was 99% at the end of the third quarter with all surface construction completed and the commissioning of the Reid Brook power plant remaining.

淡水河谷報告稱，截至第三季末，Voisey's Bay 地下礦擴建工程實際完工率已達 99%，所有地面建設均已完成，Reid Brook 發電廠的調試工作仍處於進行中。

In the Eastern Deeps mine, the bulk material handling system achieved mechanical completion in early October, and Vale indicated the focus is now on commissioning with handover operations within 2024.

在東部深層礦區，散裝物料處理系統於 10 月初實現機械完工，淡水河谷表示目前的重點是調試並在 2024 年內進行移交。

Year to date, our portfolio of assets has delivered solid production levels and will remain well on track to achieve our annual production guidance range of -- for 2024 of 550,000 to 620,000 gold equivalent ounces.

今年迄今為止，我們的資產組合已實現穩健的生產水平，並將繼續保持良好的勢頭，以實現我們的年度生產指導範圍——到 2024 年，產量將達到 550,000 至 620,000 黃金當量盎司。

In the medium term, production is forecast to increase at an industry-leading rate of approximately 40% to over 800,000 ounces by 2028, primarily due to growth from our operating assets, including Salobo, Antamina, Voisey's Bay and Marmato.

從中期來看，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，這主要歸功於我們的經營資產的增長，包括 Salobo、Antamina、Voisey's Bay 和 Marmato。

Development projects, which are in construction and/or permitting, including Blackwater, Platt Reef, Goose, Mineral Park, Phoenix, Curipamba and Santo Domingo and predevelopment projects, including Marathon and Copper World for which production is anticipated towards the latter end of the five-year forecast period.

正在建造和/或許可的開發項目包括 Blackwater、Platt Reef、Goose、Mineral Park、Phoenix、Curipamba 和 Santo Domingo，以及預開發項目，包括 Marathon 和 Copper World，預計這些項目的投產將在五年預測期的後期進行。

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs in the five-year period.

從 2029 年到 2033 年，五年內預計平均產量將超過 850,000 GEO。

The transactions announced in 2024, including the new stream associated with the Kona project and the amendments related to the Phoenix project have not yet been incorporated to the long-term guidance.

2024 年宣布的交易，包括與 Kona 專案相關的新流程和與 Phoenix 專案相關的修訂，尚未納入長期指導。

The company will provide updated long-term guidance in normal course in the first quarter of 2025, which will incorporate the impact of recent developments and these recently announced transactions.

該公司將在 2025 年第一季正常提供更新的長期指導，其中將納入近期發展和最近宣布的交易的影響。

That concludes the operations review.

至此，營運審查結束。

And with that, I'll turn the call over to Gary.

說完這些，我將把電話轉給加里。

Thanks, Wes.

謝謝，韋斯。

As described by We, production in the third quarter amounted to 144,000 GEOs, consistent with the comparable period of the prior year with lower production from Salobo and Constancia being offset by higher production from Penasquito.

正如我們所述，第三季的產量為 144,000 GEO，與去年同期持平，其中 Salobo 和 Constancia 的產量下降被 Penasquito 的產量增加所抵消。

Sales volumes amounted to 123,000 GEOs, an increase of 10% 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.

銷售量達 123,000 GEO，較去年同期成長 10%，這主要由於生產但尚未交付或 PBND 的盎司相對變化導致的銷售時間變化。

Strong commodity prices, coupled with our solid production base resulted in revenue increasing by 38% to $308 million.

強勁的商品價格加上我們穩固的生產基礎使得營收成長了 38%，達到 3.08 億美元。

Of this revenue, 61% was attributable to gold, 37% to silver, 1% to palladium and 1% to Cobalt.

其中，61%來自黃金，37%來自白銀，1%來自鈀，1%來自鈷。

As at September 30, 2024, approximately 136,000 GEOs were in PBND, representing approximately three months of payable production, a slight increase from the preceding four quarters due to relative differences in timing of sales and at the upper end of our guided range of two to three months.

截至 2024 年 9 月 30 日，約有 136,000 個 GEO 處於 PBND 狀態，相當於約三個月的應付產量，由於銷售時間相對差異，且處於我們指導的兩到三個月範圍的上限，因此較前四個季度略有增加。

G&A expenses amounted to $9.5 million for the third quarter, and the company now anticipates that G&A will be at the lower end of the previous estimate of $41 million to $45 million for the year with these figures, excluding share-based compensation as well as donations and community investments.

第三季的一般及行政管理費用為 950 萬美元，根據這一數字，公司目前預計，不包括股權激勵以及捐贈和社區投資，全年的一般及行政管理費用將處於先前估計的 4,100 萬美元至 4,500 萬美元的低端。

Net earnings amounted to $155 million, an increase of $38 million with the increased gross margin being partially offset by a $28 million global minimum tax expense with the related legislation being enacted earlier this year.

淨利潤達 1.55 億美元，較上年增加 3,800 萬美元，但毛利率的增加被今年稍早頒布的相關立法導致的 2,800 萬美元全球最低稅費部分抵消。

As we previously messaged, GMT accrued to December 31, 2024, will be payable on or before June 30, 2026, or 18 months following year end.

正如我們先前所傳達的訊息，累計至 2024 年 12 月 31 日的 GMT 將在 2026 年 6 月 30 日或之前或年末後的 18 個月內支付。

Despite the persistent inflationary environment and thanks to our low and predictable cost structure, third quarter cash flows increased nearly 50% or $83 million to $254 million, representing a new quarterly record for Wheaton.

儘管通膨環境持續存在，但由於我們成本結構低且可預測，第三季現金流成長近 50%（即 8,300 萬美元），達到 2.54 億美元，創下了惠頓季度新高。

The company's Board declared a quarterly dividend of $0.155 per share consistent with the prior two quarters and a 3% increase from the prior year.

公司董事會宣布季度股息為每股 0.155 美元，與前兩個季度一致，比上年增加 3%。

During the quarter, we made total upfront cash payments of approximately $30 million, $25 million of which was relative to the Mineral Park stream and $5 million of which was relative to the Delamar royalty.

在本季度，我們共支付了大約 3000 萬美元的預付現金，其中 2500 萬美元與礦產公園溪流有關，500 萬美元與德拉瑪特許權使用費有關。

Additionally, the company distributed $70 million in dividend payments.

此外，該公司還派發了7,000萬美元的股息。

When coupled with the $254 million of cash generated from operating activities, overall, the company generated net cash inflows of $154 million in the third quarter of 2024 resulting in cash and cash equivalents at September 30 of $694 million.

加上經營活動產生的 2.54 億美元現金，整體而言，該公司在 2024 年第三季產生了 1.54 億美元的淨現金流入，導致截至 9 月 30 日的現金和現金等價物為 6.94 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, positions the company exceptionally well to satisfy its funding commitments, and provides us with the financial flexibility to acquire additional accretive mineral stream interests.

我們相信，這筆現金餘額，加上我們預測的強勁經營現金流和尚未完全提取的 20 億美元循環信貸額度，使公司能夠很好地履行其融資承諾，並為我們提供了收購額外增值礦物流權益的財務靈活性。

That concludes the financial summary.

以上就是財務摘要。

And with that, I will turn the call over to Haytham to discuss our recent partnership with Montage in more detail.

接下來，我將把電話轉給 Haytham，讓他更詳細地討論我們最近與 Montage 的合作關係。

Thank you, Gary, and good morning, everyone.

謝謝你，加里，大家早安。

On October 23, Wheaton announced that we had entered into a new stream relative to the Kona project for upfront cash consideration of $625 million in addition to a $75 million secured debt facility.

10 月 23 日，惠頓宣布我們已達成與科納計畫相關的新協議，預付現金對價為 6.25 億美元，此外還提供 7,500 萬美元的擔保債務融資。

We held the conference call the day after the announcement to discuss the details, the replay of which is available on our website.

我們在公告發布後的第二天召開了電話會議討論細節，會議重播可在我們的網站上查閱。

I will highlight a few of those key points today.

今天我將強調其中的幾個要點。

With essential permits in place, coupled with its impressive scale, we believe the Kone project stands out as one of the premier gold assets in Africa.

憑藉必要的許可證以及令人印象深刻的規模，我們相信 Kone 項目將成為非洲首屈一指的黃金資產之一。

Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Kona project is expected to significantly boost Wheaton's near-term annual gold production and further strengthen our peer-leading growth trajectory.

在倫丁集團和紫金礦業的強大股東支持下，科納計畫預計將大幅提高惠頓近期的黃金年產量，並進一步加強我們領先的成長軌跡。

In fact, once fully ramped up, Montage is forecast to become our second largest producing asset over its first five years of production and third largest producing asset overall.

事實上，一旦全面投入生產，預計 Montage 將在投產後的前五年內成為我們第二大生產資產，並成為整體第三大生產資產。

Wheaton is focusing on high-quality mining projects that can support streaming transactions in the long term maintain social license by operating in a responsible manner and support the communities around their operations.

惠頓專注於高品質的採礦項目，這些項目可以長期支持串流媒體交易，透過負責任的方式運營保持社會許可並支持其運營周圍的社區。

During our site visit to Kona, we visited various community investment projects in and around the mine that are supporting community members, including providing potable water through newly constructed water walls.

在我們訪問科納期間，我們參觀了礦場內部和周邊的各種社區投資項目，這些項目為社區成員提供支持，包括透過新建的水牆提供飲用水。

Based on the feasibility study published in 2024, Kona ranks as one of the highest quality gold projects in Africa, with a long 16-year mine life, low all-in sustaining costs of $990 per ounce over the life of the mine and sizable total annual production of over 300,000 ounces of gold over the first eight years.

根據 2024 年發布的可行性研究，科納是非洲品質最高的黃金項目之一，礦山壽命長達 16 年，礦山壽命期間的總維持成本低至每盎司 990 美元，前八年每年總產量超過 30 萬盎司黃金。

Under the Kona stream agreement, Wheaton will receive 19.5% of the payable gold until a total of 400,000 ounces of gold has been delivered subject to adjustments if there are delays in deliveries relative to an agreed-upon schedule, at which point, Wheaton will then purchase 10.8% of the payable gold until an additional 130,000 ounces of gold has been delivered, after which Wheaton will then purchase 5.4% of payable gold for the life of the mine.

根據科納河協議，惠頓將獲得19.5%的應付黃金，直至共計40萬盎司黃金交付，如果交付時間相對於商定的時間表出現延遲，則將進行調整，此時，惠頓將購買10.8%的應付黃金，直至另外13萬盎司黃金交付，此後，惠頓將在礦山壽命期間購買5.4%的應付黃金。

In return, Wheaton will make ongoing payments for the ounces delivered equal to 20% of the spot gold price.

作為回報，惠頓將持續支付交付的黃金現貨價格 20% 的金額。

Attributable gold production is forecast to average over 60,000 ounces of gold per year for the first five years of production, over 47,000 ounces of gold per year for the first 10 years of production and over 34,000 ounces for the life of the mine.

預計在生產的前五年，每年平均黃金產量將超過 60,000 盎司，在生產的前十年，每年平均黃金產量將超過 47,000 盎司，在礦山壽命期間，每年平均黃金產量將超過 34,000 盎司。

And Wheaton anticipates receiving ounces beginning in early 2027.

惠頓預計將於 2027 年初開始接收黃金。

As outlined in the definitive agreement, Montage will provide Wheaton with corporate guarantees and certain other securities over their assets.

根據最終協議，蒙太奇將為惠頓提供公司擔保以及其資產的某些其他擔保。

In addition, Wheaton has obtained a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions.

此外，惠頓還獲得了對未來任何貴金屬流、特許權使用費、預付款或類似交易的優先購買權。

In conclusion, we are very pleased to partner with Montage who with long-standing relationships in West Africa has done an immense amount of work to derisk the asset and are rapidly advancing the Kona project towards production.

總之，我們非常高興與 Montage 合作，Montage 在西非有著長期的合作關係，為降低資產風險做了大量工作，並迅速推進 Kona 專案的生產。

With that, I will hand the call back over to Randy.

說完這些，我會把電話轉回給蘭迪。

Thank you, Haytham.

謝謝你，海瑟姆。

In summary, Wheaton's third quarter was distinguished by several key highlights.

總而言之，惠頓第三季有幾個關鍵亮點。

We achieved record quarterly cash flows of $254 million and declared a $0.15 quarterly dividend and we are well positioned to achieve our annual guidance range of 550,000 to 620,000 gold equivalent ounces.

我們實現了創紀錄的 2.54 億美元的季度現金流，並宣布了 0.15 美元的季度股息，我們有能力實現 550,000 至 620,000 黃金當量盎司的年度指導範圍。

Construction activity is advanced at a number of our development projects, including Blackwater, Goose, Platt Reef and Mineral Park, all of which are expected to be producing within the next 12 months.

我們的多個開發項目的建設活動正在推進，包括 Blackwater、Goose、Platt Reef 和 Mineral Park，預計所有項目都將在未來 12 個月內投入生產。

Shortly following quarter's end, we announced two accretive precious metal streaming transactions, an expansion to the existing stream on Rio2's Phoenix project and the new stream on Montage's Kona project, further adding to our already impressive organic growth profile of over 40% in the next five years.

本季結束後不久，我們宣布了兩項增值貴金屬串流交易，一項是 Rio2 的 Phoenix 專案現有串流媒體的擴展，另一項是 Montage 的 Kona 專案新串流媒體，這進一步增強了我們未來五年內已經令人印象深刻的超過 40% 的有機成長率。

Our balance sheet remains one of the strongest in the industry, providing ample capacities to add accretive high-quality streams into our portfolio.

我們的資產負債表仍然是業內最強勁的之一，為我們的投資組合增添增值的高品質流提供了充足的能力。

And lastly, we continue to demonstrate leadership in sustainability with the launch of our inaugural Future of mining challenge.

最後，我們啟動首屆“採礦業未來挑戰賽”，繼續展示我們在永續發展方面的領導力。

With that, operator, I'd like to open up this call for questions, please.

接線員，現在我想開始本次電話會議，以便大家提問。

(Operator Instructions) Ralph Profiti, Eight Capital.

（操作員指示） Ralph Profiti，Eight Capital。

Wes, you touched on this a little bit, and I just want to confirm that the copper world is really the only new asset that will be rolling into new guidance when you roll it forward and you think about that 2029 target, right?

韋斯，你稍微提到了這一點，我只想確認一下，當你向前推進並考慮 2029 年的目標時，銅世界確實是唯一將進入新指導範圍的新資產，對嗎？

I'm just trying to separate existing from new streams that are going to come into the guidance.

我只是想將現有的流與即將進入指導的新流區分開來。

Obviously, notwithstanding that we're still quite a ways off from providing more details on that guidance that we'll get in the first quarter of 2025.

顯然，儘管如此，我們距離在 2025 年第一季提供該指導的更多細節還有很長的路要走。

Sorry, Ralph, you're just talking about ones that are going to come in that aren't in the five-year guidance right now that are rolling in.

抱歉，拉爾夫，你剛才談論的是那些即將到來但目前不在五年指導範圍內的事情。

Is that?

是嗎？

Exactly.

確切地。

Yes, yes.

是的，是的。

So that is the right copper world would be the one that's that is coming in that 2029 period.

因此，正確的銅世界將是 2029 年即將到來的世界。

So I mean, obviously, there's quite a number of other assets that are within that five-year period, including the new transactions that we've done.

所以我的意思是，顯然，這五年內還有相當多的其他資產，包括我們已經完成的新交易。

So -- but as far as ones that are in the current year plan that will be moving forward into the five-year, yes.

所以 —— 但就當前年度計劃中將會推進到五年期的目標而言，是的。

Okay.

好的。

That's helpful.

這很有幫助。

Yes.

是的。

Randy, and maybe, Haytham, we're seeing the secured debt as part of the Phoenix transaction.

蘭迪，也許還有海瑟姆，我們將擔保債務視為菲尼克斯交易的一部分。

We're increasingly seeing debt structures coming into some of these streams.

我們越來越多地看到債務結構進入這些流中。

Just wondering within that bucket in that portfolio, is there an ultimate limit on how much debt you want to carry in some of these partnerships?

只是想知道，在該投資組合中，對於這些合夥企業中你想承擔的債務金額是否有最終限額？

How far away are we from -- a limit on how much we can want to provide?

我們距離我們能夠提供多少的極限還有多遠？

And can you talk to me a little bit about the the advantages you're getting on securing that in and with those streams?

您能否跟我稍微談談您在這些流中以及透過這些流確保這一點所獲得的優勢？

Yes, I'll start and then let Haytham add some additional color.

是的，我先開始，然後讓 Haytham 添加一些額外的顏色。

There's definitely an appetite in the space for a one-stop shop.

人們確實對一站式服務有需求。

We've seen more and more companies look at that.

我們看到越來越多的公司關注這一點。

And I have to tell you, when it comes to negotiating security amongst the different number of the debt, combined with the stream and stuff like that.

我必須告訴你，當談到在不同數量的債務之間協商安全性時，要結合流程等等。

If you're negotiating with yourself, it's pretty easy.

如果你正在與自己談判，這很容易。

It's a lot more comfortable than having to negotiate with other institutes that are coming in.

這比與其他進入的機構談判要舒服得多。

And so it allows us to structure the agreement so that it works favorably for Wheaton on the security side.

這樣，我們就可以建立協議，使其在安全方面對惠頓有利。

So it's quite attractive.

所以它很有吸引力。

That being said, I mean, we are a streaming company.

話雖如此，我的意思是，我們是一家串流媒體公司。

And so we won't chase down a situation where there'll be more value tied up in the debt side of a one-stop shop financing.

因此，我們不會追逐一站式融資中債務方面所蘊含的更多價值。

We will always be stream dominant in terms of that value.

從這個價值觀上看，我們將始終佔據主導地位。

And so there is an increased appetite for it and probably wouldn't be surprised to see even more of these things coming out over the next while.

因此，人們對它的興趣越來越大，並且在接下來的一段時間內看到更多這樣的產品問世可能也不會令人感到驚訝。

Haytham?

海瑟姆？

I mean that's well put, Randy.

我的意思是，蘭迪，你說得很好。

I think from our perspective, when we're looking at these opportunities, obviously, we're always looking to do a stream.

我認為從我們的角度來看，當我們正在尋找這些機會時，顯然我們總是希望實現一種流。

If it makes sense for us to come in and do a small piece of debt, whether it's secured debt, whether it's cost overrun facility whatever happens to be, then we'll definitely consider it.

如果我們介入並承擔少量債務是合理的，無論是有擔保債務，還是成本超支設施，無論是什麼，那麼我們肯定會考慮。

But our primary focus, Ralph, is always just to put as big a stream on there as possible without detrimentally affecting the economics of the project long term.

但是，拉爾夫，我們的主要關注點始終是盡可能地擴大流量，而不會對專案的長期經濟狀況造成不利影響。

Yes.

是的。

Just it really goes back to our belief is that the best thing that we can do for our shareholders is just deliver good exposure to high-quality precious metals production.

這實際上回歸了我們的信念：我們能為股東做的最好的事情就是為股東提供優質貴金屬生產的機會。

The optionality of that commodity price along with the associated exploration upside and such like that.

該商品價格的可選性以及相關的勘探優勢等等。

But I think the Montage deal was a really good example of how we can actually do that and actually provide our shareholders even more gold production access to exposure to more -- even more gold production.

但我認為 Montage 交易是一個很好的例子，展示了我們如何真正做到這一點，並為我們的股東提供更多的黃金生產管道，讓他們接觸更多的黃金生產。

Ralph, I'll just add one thing.

拉爾夫，我只想補充一點。

That doesn't mean every deal we look at, we'll have a full financing package just to be clear.

這並不意味著我們會為每一筆交易提供全套融資方案，只是為了明確起見。

There are some areas where it makes sense to diversify the risk among other participants as well.

在某些領域，在其他參與者之間分散風險也是有意義的。

So just keep that in mind.

所以請記住這一點。

For opportunities where we see very low risk, strong production, long mine life, quick payback, that's the opportunities that we would probably consider.

對於我們認為風險極低、產量高、礦場壽命長、回報快的機會，我們可能會考慮。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

And it's good that the operator gets my name right.

很高興接線生能正確記住我的名字。

So very excited.

我非常興奮。

We try hard.

我們盡力。

I don't know who I was yesterday that they saying your line is open and I think that might be me.

我不知道昨天他們說你的線路開通了的我是誰，我想那可能是我。

Any who can I follow up on Ralph

我可以跟進 Ralph 的情況嗎

(technical difficulty)

（技術難度）

Keep in mind, there's the capacity.

請記住，有容量。

At Wheaton, we've now got such strong capacity to be able to actually consider expanding some of the -- without losing our core focus of streaming as being the best way to deliver precious metals exposure to our shareholders, we have the capacity to step up and fill in some of the ancillary benefits and stuff like that.

在惠頓，我們現在擁有如此強大的能力，能夠真正考慮擴大一些業務——在不失去串流媒體作為向股東提供貴金屬敞口的最佳方式的核心重點的情況下，我們有能力加強並填補一些附帶福利和類似的東西。

So I'm going to actually point back to probably about seven, eight years ago when we started seeing private equity heavily invest into the space.

所以我實際上要回顧大概七、八年前，當時我們開始看到私募股權大量投資該領域。

And private equity, of course, is a little bit agnostic in terms of what the split of financing is.

當然，私募股權對於融資分割的方式有些不確定。

And so I think that's probably helped shape the industry in terms of opportunities because there's no doubt that we're competing against that as a source of capital.

因此我認為這可能有助於在機會方面塑造產業，因為毫無疑問我們正在作為資本來源與之競爭。

I mean, there's all sorts of different sources -- alternative sources of capital in terms of moving forward.

我的意思是，就未來的發展而言，有各種不同的來源——替代資本來源。

And so I think it's a matter of staying agile and listening to what works for the operators for the actual mine builders, the developers in terms of what they need as a source of capital, what works for them.

因此，我認為關鍵是要保持敏捷，傾聽礦場實際建設者和開發商的意見，了解他們需要什麼資金來源，什麼對他們最有利。

Each one of them has a different appetite in terms of mix.

他們每個人對於混合都有不同的胃口。

I mean, we've seen some very debt-heavy -- expensive debt-heavy financings done on other development projects around here with minor streams.

我的意思是，我們已經看到一些負債累累——昂貴的債務沉重的融資用於其他開發項目，而資金流卻很少。

And I think the Kona project, the stream we did there is very -- from a Montag perspective, a very attractive source of capital in terms of cost of capital and what they brought in and the structure work in terms of aligning between the two groups.

我認為，從蒙塔格的角度來看，我們在那裡開展的科納專案是一個非常有吸引力的資本來源，無論是從資本成本還是從他們帶來的收益來看，還是從兩大集團之間的協調結構來看。

And so I think really what it comes down to is having flexibility and creativity in terms of shaping it, keeping in mind our core focus, which is to deliver high-quality precious metals production to our shareholders.

因此，我認為真正的關鍵在於在塑造它時具有靈活性和創造力，同時牢記我們的核心重點，即為股東提供高品質的貴金屬生產。

But to do that, and if it means a couple of ancillary cost overrun facilities or a small amount of debt that raptor on that or equity investments, we've actually been -- as equity investors I think the first equity investment we did was well over 15 years ago or 14 years ago.

但要做到這一點，如果這意味著一些輔助成本超支設施或少量債務或股權投資，我們實際上 - 作為股權投資者，我認為我們進行的第一次股權投資是在 15 年前或 14 年前。

And so equity has always been a part of it.

因此公平一直是其中的一部分。

If we believe in these projects, I mean we always -- as a streamer, we compete against equity as a source of financing.

如果我們相信這些項目，我的意思是我們總是——作為串流媒體，我們與股權競爭作為融資來源。

So if we believe in the project, the equity is probably a pretty good deal from our perspective.

因此，如果我們相信該項目，那麼從我們的角度來看，股權可能是一筆相當不錯的交易。

And so we've long been on the equity side.

所以我們長期致力於公平領域。

The debt is something that's a little bit more new, but I think that was probably brought in, as I said, by seeing some private equity groups coming to the space.

債務是一個比較新的事物，但我認為，正如我所說，它可能是由於一些私募股權集團進入該領域而引入的。

I've talked way too long on this one.

我已經就這個問題談太久了。

Haytham, do you have anything to add to that?

海瑟姆，你還有什麼要補充的嗎？

I probably covered it all there, but

我可能已經講完了所有內容，但是

--

--

You have -- I would just say what we've seen in this industry is in many industries, businesses have to evolve.

我只想說，我們在這個行業看到的是，在許多行業中，企業都必須發展。

We can either be evolved or be left behind and whether we're lagging or leading.

我們要么進化，要么落後，要么落後，要么領先。

I think we would rather be leading the legging and setting the precedent for the next transaction and how we'd like to see that one structured.

我認為，我們寧願引領潮流，為下一次交易樹立先例，並決定我們如何建立交易。

As Randy said, stream debt, equity, cost overrun facilities, our primary business will always be streaming, but the bigger and more diversified the funding package the better the return to Wheaton.

正如蘭迪所說，流債、股權、成本超支設施，我們的主要業務永遠是流，但融資方案越大、越多樣化，惠頓的回報就越好。

Now that being said, as I mentioned in my response to Ralph, not every opportunity we'd be prepared to take on full funding package.

話雖如此，正如我在回覆拉爾夫時提到的那樣，我們並不是準備好抓住每一個機會並全額提供資金。

But there are some that we feel very comfortable in supporting on -- with many of these different diversified tools, I would say.

但我想說，我們非常樂意透過多種不同的多樣化工具來支援其中的一些。

And maybe just continue and just want to confirm, I've been in the business while as well.

也許只是繼續，只是想確認一下，我也一直從事這個行業。

And I remember one of your peers actually taking a joint venture interest in an asset deciding that, that might be the way to go.

我記得你的一位同事實際上對一項資產擁有合資權益，並決定這可能是可行的方法。

I'm just worried we're going to get to that

我只是擔心我們會陷入這種境地

--

--

Don't worry, Tanya, that's never going to happen.

別擔心，塔妮婭，這種事絕對不會發生。

I can tell you right now, the reason the streaming model works is because we have that fixed cost structure without that significant capital cost exposure and operating cost exposure.

我現在可以告訴你，串流媒體模型之所以有效，是因為我們擁有固定成本結構，而沒有顯著的資本成本風險和營運成本風險。

We're not going to take that away.

我們不會把它拿走。

That's going to continue forever.

這種狀況將會永遠持續下去。

As I said, I had deja vu when I was looking at this, and I like to wake up and see that model pair up again.

正如我所說的，當我看到這個時，我有似曾相識的感覺，我喜歡醒來後再次看到那個模特兒配對。

So Haytham, maybe now that you've confirmed that's not your model, just coming back to the environment again today.

所以 Haytham，也許現在你已經確認那不是你的模型，今天就再次回到環境中。

What are you seeing out there?

你在那裡看到了什麼？

One of your peers mentioned deals that used to be $100 million to $300 million now or $500 million or closer to -- they're more $300 million with a few over $500 million, can you just tell me what you're seeing out there, deal size and whether anything has changed from what we had previously talked about, which was the funding for construction acquisitions of assets and/or other?

您的一位同行提到，以前的交易額為 1 億到 3 億美元，現在則為 5 億美元或更接近 5 億美元——更多的是 3 億美元，還有一些超過 5 億美元，您能否告訴我您看到的情況，交易規模以及與我們之前談論的內容相比是否有任何變化，即用於資產建設和/或其他的資金？

How has that changed since our last call?

自從我們上次通話以來，情況有何變化？

Sure.

當然。

I'm happy to answer that question.

我很樂意回答這個問題。

What we're seeing right now, Tanya, is still a focus on the single asset development stage opportunities.

塔妮婭，我們現在看到的仍然是專注於單一資產開發階段的機會。

The range, I would say, is probably somewhere between $100 million and $350 million.

我認為這個範圍可能在 1 億至 3.5 億美元之間。

There is one or two out there that are greater than 500, but they don't necessarily fit Wheaton's, I'd say, parameters for investment.

有一兩家公司的市值超過 500，但我認為它們不一定符合惠頓的投資參數。

So our focus right now -- and we've told you over the last couple of years that we're going to do a couple of over $500 million.

所以我們現在的重點是──我們在過去幾年就告訴你們，我們將做幾項超過 5 億美元的投資。

And you saw that we did do a couple over $500 million.

你們也看到了，我們確實做了幾筆超過 5 億美元的交易。

I think the best ones are gone.

我認為最好的已經消失了。

I think the focus right now will be on those ones that are $100 million to $300 million.

我認為現在的重點是那些價值 1 億到 3 億美元的項目。

And the majority is, as I said, it's development funding.

正如我所說，其中大部分是開發資金。

And can I just also confirm some of your peers also mentioned a lot of opportunities in the Americas and Australia.

我是否還可以確認您的一些同行也提到了美洲和澳大利亞的許多機會。

Is that what you're seeing?

這就是你所看到的嗎？

Or are you seeing other areas of the world?

或是您正在看世界的其他地區？

We're seeing everywhere.

我們隨處可見。

I mean, listen, there's opportunities -- there is stuff in the Americas.

我的意思是，聽著，那裡有機會——美洲有很多東西。

There's stuff in Europe.

歐洲有東西。

There's stuff in Australia and surrounding countries there.

那裡有澳大利亞和周邊國家的東西。

I would say the majority of the stuff we're seeing is in first world jurisdictions.

我想說我們看到的大部分東西都發生在第一世界司法管轄區。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Just maybe where I'd start is on the long-term guidance and picking up where it all started.

也許我應該從長期指導開始，然後從一切開始的地方開始。

When you think about the lower PGMs from Stillwater, but then the really big offset from Kona and some of the other moving parts.

當您想到 Stillwater 的較低 PGM 時，但隨後又想到科納 (Kona) 和一些其他活動部件的真正巨大偏移。

As you roll forward into 2029, I mean it seems to me that there's going to be a pretty material like increase in what your projected GEO production would be for that year.

隨著進入 2029 年，我認為那一年的 GEO 產量預計會有一個相當大的成長。

Is that fair?

這樣公平嗎？

Or are there some moving parts there that we might not be considering?

或者是否存在一些我們可能沒有考慮到的活動部件？

Yes.

是的。

Lawson, thanks for the call.

勞森，謝謝你的來電。

One of the other projects in the portfolio that really starts ramping up is Platt Reef in 2029.

這個投資組合中真正開始加速發展的另一個項目是 2029 年的普拉特礁 (Platt Reef)。

So that will wind up coming back into as Ross's original question, that will be coming back into the five-year guidance and starting to push us up even further.

所以這最終會回到羅斯最初的問題，回到五年指導方針並開始進一步推動我們前進。

And so yes, you're right.

是的，你是對的。

That combined with KONE coming on stream and the larger Phoenix package.

再加上 KONE 的投入使用和更大規模的 Phoenix 套件。

Keep in mind that we've substantially grown the size of that stream as part of the expansion of that relationship with Rio2.

請記住，作為與 Rio2 合作關係擴展的一部分，我們已經大幅擴大了該串流的規模。

All will provide good growth on the tail end of that five-year guidance.

所有這些都將在該五年指導目標的最後帶來良好的成長。

I'd also say, Lawson, that really the Stillwater wrap down that they've got right now is hopefully temporary here as well.

我還要說，勞森，他們現在對斯蒂爾沃特的壓制也只是暫時的。

I mean we still believe in this asset.

我的意思是我們仍然相信這項資產。

I mean, it's a very strong asset then we'll still see good production out of both East Boulder and Stillwater East over the next number of years.

我的意思是，這是一項非常強大的資產，那麼未來幾年我們仍然會看到 East Boulder 和 Stillwater East 的良好產量。

I mean the impact of that is more in this 10,000 to 15,000 ounce range really overall.

我的意思是，總體而言，其影響主要集中在 10,000 至 15,000 盎司的範圍內。

It's not that significant compared to the additions that we're seeing from all of these other projects coming online in the next few years.

與我們在未來幾年內上線的所有其他項目的新增功能相比，這並不那麼重要。

So we do see significant growth there and really down and Stillwater doesn't impact that growth in a material way.

因此，我們確實看到了那裡的顯著增長，而且斯蒂爾沃特確實沒有對這種增長產生實質影響。

Okay.

好的。

That's very helpful.

這非常有幫助。

I wanted to also ask about the projected payment.

我還想詢問預計付款的情況。

So there's $238 million projected for Q4.

因此預計第四季的營收為 2.38 億美元。

How much of that $238 million has already been committed now quarter to date?

截至本季度，這 2.38 億美元中已承諾支付多少？

And is there some piece of that, that might slip into 2025?

其中是否有一些可能會延續到 2025 年？

I'll let Garry take that one.

我會讓加里拿那個。

Yes.

是的。

Lawson, look, the biggest component of that is the $163 million that would be due to Vale should they satisfy the completion test on the third line there by year end, which is, I think, very unlikely at this point.

勞森，你看，這其中最大的部分是淡水河谷應得的 1.63 億美元，前提是他們在年底前完成第三條生產線的竣工測試，但我認為，目前這不太可能。

So that's likely to move to 2025.

因此這一時間可能會推遲到 2025 年。

And when it does, it drops down to about 100 million, I think?

當它發生時，我認為它會下降到大約 1 億，對嗎？

Yes.

是的。

As it gets -- the later it gets satisfied, the lower the payment gets.

事實上——滿足得越晚，支付的金額就越低。

Thanks for reminding us about that one.

感謝您提醒我們這一點。

That's an important consideration yet.

這仍是一個重要的考慮因素。

And then -- okay.

然後——好的。

So one other one just on the asset.

另外還有一個關於資產的問題。

So Constancia, how should we think about the sales trailing production?

那麼康斯坦西婭，我們該如何看待生產落後的銷售情況呢？

I mean, based on what Hudbay is guiding to, I mean there's a really big step-up in Q4 and in precious metal production versus Q3, but then there's that delivery mismatch, mean what would you guide us to do to account for that timing mismatch for Q4?

我的意思是，根據 Hudbay 的指導，第四季度和貴金屬產量與第三季度相比確實有很大增長，但存在交付不匹配的情況，那麼您會指導我們做什麼來彌補第四季度的時間不匹配問題？

I'll just have an overall comment.

我只是做一個總體評論。

We always see this in Q4. that difference between production and sales gets squeezed in Q4 because everyone's trying to get the most sales into the year-end results.

我們總是在第四季看到這種情況。由於每個人都想在年終業績中獲得最多的銷售額，因此第四季度生產和銷售之間的差異被縮小了。

And so there's always going to be a lag, especially for something like Constancia where you're producing a con and having to ship it off.

所以總是會存在滯後，特別是對於像《康斯坦西亞》這樣的東西，你正在製作一個騙局並必須將其運送出去。

It means that it takes a bit longer to go through the process.

這意味著完成整個過程需要更長的時間。

We always guide two to three months typically for something like that.

對於這樣的事情，我們通常都會指導兩到三個月的時間。

But I would say that in Q4, it probably turns into 1.5 to 2.5 months versus two to three months, if you know what I mean, everything gets squeezed a little bit tighter in Q4.

但我想說，在第四季度，它可能會變成 1.5 到 2.5 個月，而不是 2 到 3 個月，如果你明白我的意思，第四季度一切都會變得更加緊張。

And so we're hopeful that on the outside Hudbay will take that approach.

因此我們希望哈德貝石油公司在外部也能採取這種方法。

It's something that we have traditionally seen.

這是我們傳統上見到的現象。

We expect to capture back a lot of that produced but not yet delivered in the Q4.

我們預計在第四季度收回大量已生產但尚未交付的庫存。

So I don't know, Wes, you got anything to add to that?

所以我不知道，韋斯，你還有什麼要補充嗎？

Yes.

是的。

No, I think that covers it well.

不，我認為這已經很好了。

I mean, we've seen them starting to move back into Pampacancha in the latter part of Q3, and we'll see that, obviously, as we said into Q4 there.

我的意思是，我們已經看到他們在第三季後期開始遷回帕姆帕坎恰，而且我們顯然會看到這一點，正如我們在第四季度所說的那樣。

So -- and as I said, I wouldn't expect anything different than what they're saying other -- than what we've seen traditionally at Constancia with that two to three months other than they will certainly be pushing in Q4 as all of our other assets will be to try to clear out that PBD.

所以 — — 正如我所說的，除了我們在 Constancia 傳統上看到的兩到三個月的情況之外，我不會期待他們所說的有任何不同，除了他們肯定會在第四季度推動，因為我們所有的其他資產都將試圖清除 PBD。

Can I also get your thoughts on consolidation in the sector and Wheaton's view on that?

我還能聽聽您對該行業整合的看法以及惠頓對此的看法嗎？

So as you deploy capital, I mean, it seems like deals are getting done at streaming and royalty deals well into the $2,000 per ounce range.

因此，當您部署資本時，我的意思是，看起來串流媒體和特許權使用費交易的價格已經達到了每盎司 2,000 美元的範圍。

Meanwhile, I mean maybe there's value in looking at just acquiring smaller players to get access to various streams and royalties.

同時，我的意思是，也許考慮收購規模較小的公司以獲得各種串流媒體和版稅是有價值的。

Is that a fair statement?

這是公正的說法嗎？

Is that something that's on the radar for Wheaton right now?

這是惠頓目前關注的事情嗎？

And just any additional thoughts.

還有其他想法嗎？

Well, I would say that Haytham has actually done a really good job of putting our cash flow back to work.

嗯，我想說 Haytham 在讓我們的現金流恢復正常運作方面確實做得非常好。

And that, combined with growing our dividend has continued to deliver, I think, a good performance good result for our shareholders.

而且，加上我們不斷成長的股息，我認為，這將為我們的股東帶來良好的表現。

And so the challenge with consolidation is that even the smaller of the streaming companies.

因此，整合的挑戰在於，即使是規模較小的串流媒體公司也是如此。

I'm going to say a lot of them have had to be a little bit more relaxed on structure and security in order to get their foot in the door.

我想說的是，他們中的許多人必須在結構和安全方面稍微放鬆一點，才能獲得進入的機會。

And so some of the assets, some of the core assets in there, have some structural flaws and some weaknesses that, in our eyes, just not as good as a good old Wheaton stream.

因此，其中一些資產，一些核心資產，存在一些結構性缺陷和弱點，在我們看來，它們不如老牌的惠頓溪那麼好。

And so the valuation differential may be appropriate in terms of what they trade at versus what we trade at.

因此，就他們的交易價格與我們的交易價格而言，估值差異可能是合理的。

It's -- by the time when you look at it from a consolidation perspective, the timing you put in any type of a takeover premium, I guess it gets very expensive.

當你從整合的角度來看待它時，你投入任何類型的收購溢價的時機，我想它會變得非常昂貴。

And I just -- to date, we have been very successful investing into good operating companies for acquisition prices that are close to NAV, but definitely lower than what even these smaller companies are.

我只是——到目前為止，我們非常成功地投資了營運良好的公司，收購價格接近資產淨值，但絕對低於這些較小的公司。

So it's not to say that we don't watch the market and keep an eye and see if there are opportunities in this space, we always will.

所以，這並不是說我們不關注市場，不留意這個領域是否有機會，我們會一直這樣做。

It would be foolish not to.

不這麼做就太愚蠢了。

But I think it's rather unlikely, especially given the opportunity set that we see out there.

但我認為這種可能性不大，特別是考慮到我們所看到的機會。

Haytham, I don't know if you got anything to add to that.

海瑟姆，我不知道你對此還有什麼補充。

Yes.

是的。

The only other thing, Lawson, I would add is if you look at the actual valuations and where these things are trading relative to NAV, they're all trading pretty close to NAV, and we're actually out there buying assets at or light-work discount at.

勞森，我唯一想補充的是，如果你看看實際估值以及這些東西相對於資產淨值的交易情況，它們的交易價格都非常接近資產淨值，而我們實際上是在以折扣價或輕折扣價購買資產。

So it always doesn't make sense to pay a 30%-plus premium on assets that's trading at NAV to consolidate assets that we passed on in the past when we looked at them.

因此，為以資產淨值交易的資產支付 30% 以上的溢價來整合我們過去在審視時放棄的資產總是沒有意義的。

So yes, I don't see us doing any consolidation.

所以是的，我認為我們沒有進行任何合併。

Now that doesn't mean we wouldn't be opportunistic if one of these companies suddenly had a hiccup and the stock was down 50%, and we felt it was recoverable.

但這並不意味著，如果這些公司中的一家突然出現問題，股價下跌 50%，而我們覺得可以恢復，我們就不會抓住機會。

That's something we would look at, but that's not in the pipeline right now

我們會考慮這個，但目前還沒有計劃

Will Dalby, Berenberg.

威爾·達爾比，貝倫伯格。

Yes.

是的。

Congrats on the solid quarter.

恭喜本季業績穩健。

Just a couple from me.

這只是我的幾個想法。

The first on producer not delivered.

第一個生產商沒有交貨。

I know you've touched on it already, but got 16,000 GEOs for the quarter, you say about three months' worth, but I'm just looking at steady additions for the last year or so.

我知道您已經提到過這一點，但本季度獲得了 16,000 個 GEO，您說這大約是三個月的量，但我只是看到過去一年左右的穩定增長。

I wonder if you could maybe give a bit more detail on what's driven that build?

我想知道您是否可以更詳細地介紹一下推動這項建設的因素？

And are you said you're expecting that to release, but what certainty do you have around that releasing over the next quarter or so?

您是否說過您預計該產品會發布，但是您確定該產品會在下個季度左右發布嗎？

That's the first question.

這是第一個問題。

Yes.

是的。

Well, I'm going to let Wes answer that one.

好吧，我將讓韋斯來回答這個問題。

So the single largest thing that we've seen there is really the buildup at Mosquito and that's really much entirely due to the hurricane that affected the Mangano port, which is the main export or Penasquito.

因此，我們在那裡看到的最大的問題實際上是莫斯基託的積聚，這完全是由於影響曼加諾港的颶風造成的，曼加諾港是彭斯基託的主要出口港。

So we did see a buildup there.

因此我們確實看到那裡有所積累。

And being our second largest asset, that certainly adds things up.

作為我們的第二大資產，這無疑會增加我們的價值。

I mean we do often see these buildups at various different times during the year.

我的意思是，我們確實經常在一年中的不同時間看到這些積聚。

And as we said earlier, we generally see that drawdown in Q4, and that is what we're expecting to see again this year.

正如我們之前所說，我們通常會在第四季度看到這種下降，而我們預計今年還會再次看到這種情況。

That's helpful.

這很有幫助。

And then just a second one on Copper world. development strategy and financing, they mentioned they're looking to renegotiate the terms of the stream there.

接下來是第二篇有關銅世界的文章。發展策略和融資，他們提到他們正在尋求重新談判那裡的流程條款。

I just wonder if you could give some clarity on how you're expecting those terms to be renegotiated.

我只是想知道您是否可以清楚地說明您希望如何重新談判這些條款。

Well, I think it comes from the fact that the original plan, the original stream was based on an asset that would deliver to our credit, somewhere around 60,000 gold equivalent ounces per year.

嗯，我認為這是因為最初的計劃，最初的流量是基於一項能為我們帶來每年約 60,000 盎司黃金當量的資產。

And the current plan at copper world is, of course, I mean, it's interesting how these things change.

當然，銅世界的當前計劃是，我的意思是，這些事情的變化很有趣。

The original stream was signed back in 2010, 14 years ago.

最初的協議簽署於 2010 年，距今已有 14 年。

And at that point, when we signed that, we had a whole bunch of exploration potential to the north.

當我們簽署該協議時，我們在北方擁有大量的勘探潛力。

And that exploration potential has actually turned into copper world.

而那塊勘探潛力，其實已經變成了銅的世界。

And so this is a situation where we're going to see the exploration potential delivered ahead of the actual original ore body, which is the Rosemont in the play.

因此，在這種情況下，我們將看到勘探潛力在實際原始礦體（即該礦區的羅斯蒙特（Rosemont））之前發揮。

So net-net, we've got a lot more ounces and a much bigger ore body than where you had back in 2010.

因此，最終我們獲得的礦石量比 2010 年多得多，礦體也大得多。

But the start-up for the copper world area, ultimately will deliver us.

但銅世界區域的啟動最終將拯救我們。

The current plan has at delivering to us somewhere close to 40,000 gold equivalent ounces per year versus the 60,000.

目前的計劃是每年向我們提供接近 40,000 盎司黃金當量，而不是 60,000。

And so I think we've just got to sit down with Hudbay.

所以我認為我們必須與 Hudbay 坐下來談談。

Hudbay is a long-term partner of ours on many different assets and hopeful that we can continue to grow the relationship.

Hudbay 是我們在許多不同資產上的長期合作夥伴，希望我們能繼續發展這種關係。

So we've just got to sit down and understand we're still waiting for some firm decisions from Hudbay before we have those discussions and get a sense of how -- what the plan is going forward, how the impact changes because the -- as I said, the original deal was structured around something that was about 50% higher than what the current plan is.

因此，我們必須坐下來，明白我們仍在等待 Hudbay 做出一些明確的決定，然後我們才能進行這些討論，並了解該計劃的未來發展方向，影響將如何變化，因為——正如我所說，最初的協議是圍繞比當前計劃高出約 50% 的內容構建的。

That being said, the reserve and resource base, especially if you believe that with responsible -- you hope that common sense prevails and that they're allowed to actually move off the private lands and into the yield and take advantage of the ultimate resource there, we're definitely in a much more positive position.

話雖如此，對於保護區和資源基礎，特別是如果你相信負責任的——你希望常識佔上風，並且允許他們真正離開私人土地，進入產地，利用那裡的最終資源，我們肯定會處於更加積極的地位。

So we'll have those discussions.

所以我們會進行這些討論。

As I said, we've got a very strong relationship Peter and the team at Hudbay.

正如我所說，我們與 Peter 以及 Hudbay 團隊的關係非常密切。

And so looking forward to it.

我非常期待。

We're just waiting for a little bit of further clarity on their side before we actually go through that discussion.

我們只是在等待他們方面提供進一步的澄清，然後再進行實際討論。

Okay.

好的。

Useful.

有用。

Just -- I mean just thinking on that one.

只是 — — 我的意思是只是想到這一點。

As the development advances a bit further, becomes more certain those negotiations advance.

隨著事態進一步發展，這些談判的進展也變得更加確定。

Is there maybe scope for Wheaton to take a bigger piece there to put in more upfront CapEx, maybe under a renegotiated terms.

惠頓是否可能有機會在那裡佔據更大的份額，投入更多的前期資本支出，也許是在重新談判的條款下。

Is that something that is on the table potentially?

這是有可能考慮的事情嗎？

I'm not going to bid it by anything.

我不會以任何價格出價。

I will say that we do get 100% of the silver and gold.

我要說的是，我們確實獲得了 100% 的白銀和黃金。

So it's really tough to grow the precious metal stream there.

因此，在那裡發展貴金屬流確實非常困難。

And so not something that we're going to commit to.

所以這不是我們要承諾的事。

I wouldn't want to lay anything out here right now that would confine us in the future in terms of those discussions.

我現在不想在這裡談論任何會限制我們將來討論的事情。

And so everything is on the table when it comes to these discussions.

因此，當涉及到這些討論時，一切都是擺在桌面上的。

Hudbay is a good long-term partner of ours.

Hudbay 是我們長期的好夥伴。

And so look forward to them advancing the project and us being a good part of that.

因此，期待他們推進該項目，並希望我們能成為其中良好的一部分。

Gary MacRury, Canaccord Genuity.

Canaccord Genuity 的 Gary MacRury。

Just a question on cobalt.

我只想問一下關於鈷的問題。

With Voisey's Bay, like it's finally nearing the finish line, how do you see the cobalt production ramping up for you guys?

Voisey's Bay 專案終於接近尾聲，您認為鈷產量將如何提升？

And when do you expect to hit the steady state run rate.

您預計何時能達到穩定運轉率。

I'll let Wes take that one.

我請韋斯拿那個。

Thanks, Kate.

謝謝，凱特。

So really, I mean, we -- as I mentioned there, we're starting to see that ramp up.

所以實際上，我的意思是，我們 — — 正如我所提到的那樣，我們開始看到這種增長。

And really, I mean, we're looking at about a 60% increase in grade from what we saw last year right now and a significant increase in recovery as well.

實際上，我的意思是，我們現在看到的成績比去年增加了約 60%，回收率也顯著提高。

So we're well on our way with that.

我們現在進展順利。

That being said, the full ramp-up of those undergrounds is really going to take about 18 months here.

話雖如此，這些地下管道的全面投入使用實際上需要大約 18 個月的時間。

So it will be into -- well, well into 2025, early 2026 before we see full production out of those underground.

因此，要到 2025 年或 2026 年初，我們才能看到地下油氣全面投入生產。

So I would expect to see a continual increase over the next couple of years from that cobalt production we're seeing from Voisey's Bay.

因此我預計未來幾年沃斯灣的鈷產量將持續成長。

And what's the steady state run rate again annualized basis?

那麼以年率計算的穩定狀態運作率是多少？

It comes in somewhere around 2 million pounds to our account.

我們的帳戶裡大約有200萬英鎊。

As -- how does that compare to a production last year?

與去年的製作相比如何？

Last year, production was less -- yes, 600,000.

去年的產量較少——是的，60 萬。

So we're at about 1.2% this year.

因此今年我們的成長率約為1.2%。

So there's still a ways to go.

所以還有很長的路要走。

Yes.

是的。

There's still quite a bit of growth there, yes.

是的，那裡還有相當大一部分成長。

Yes.

是的。

Yes.

是的。

And then in terms of a related question, the production has been ramping up in your numbers, but your sales are still quite a bit lower.

然後就相關問題而言，你們的產量一直在增加，但銷售量仍然相當低。

Is that by design?

這是設計使然嗎？

Or is there something else going on there?

還是那裡還有其他事情發生？

So that one is an interesting one.

所以這是一個有趣的問題。

I mean there's been some challenges in deliveries as you go through.

我的意思是，在你們經歷的過程中，交付遇到了一些挑戰。

It is a very long delivery time line there.

那裡的交貨時間非常長。

It goes all the way over to the Netherlands to be sold there.

它被一路運往荷蘭並在那裡銷售。

So -- and it's coming down from Labrador down to Newfoundland and that it's a long time line.

所以 —— 它從拉布拉多一直延伸到紐芬蘭，這是一條很長的線。

It's probably close to our longest as you go through.

如您所見，這可能是我們經歷過的最長的一次。

So there is a lag there.

因此，其中存在著滯後現象。

And yes, we'll continue to see that as things start to stabilize at the underground and as there is more consistent production, we should see that stabilize more.

是的，我們將繼續看到，隨著地下情況開始穩定，並且生產更加穩定，我們應該看到情況更加穩定。

But this year has been a bit more challenged on that.

但今年在這方面面臨的挑戰更大。

Yes.

是的。

Kerry, it's interesting.

克里，這很有趣。

It is out of all of our portfolio, it's probably the one that has the biggest gap of how long it takes for production to actually result in sales.

在我們的所有產品組合中，它可能是生產到實際銷售所需時間差距最大的產品。

It is one where we take physical delivery.

這是我們進行實物交割的。

And so we have warehouses that stock that cobalt product.

所以我們有倉庫儲存鈷產品。

And then we have sales contracts that move that out, but the sales contracts are longer term, it definitely trades differently than a precious metal.

然後我們有銷售合約來將其轉移出去，但是銷售合約的期限較長，它的交易方式肯定與貴金屬不同。

And because of that, it does have sometimes some bigger lags and sometimes some tighter lags.

正因為如此，它有時會出現較大的滯後，有時會出現較小的滯後。

But just by virtue of the location of the asset and then where the ultimate purchases are and where the transaction where sales actually gets recorded it's always going to be the longest lag.

但是僅僅由於資產的位置以及最終購買的位置以及實際記錄銷售的交易的位置，它總是會存在最長的延遲。

It's probably closer to four months, four, five months in terms of production getting through the sales.

從生產到銷售的過程來看，可能更接近四個月、四到五個月的時間。

Okay.

好的。

We should see a healthy ramp up in 2025, I guess.

我想，我們應該會在 2025 年看到健康成長。

Yes, absolutely.

是的，絕對是如此。

Thank you, Kerry, and thank you, everyone, for dialing in.

謝謝你，克里，也謝謝大家的來電。

We, of course, are very pleased to have reported yet another strong quarter.

當然，我們非常高興地報告又一個強勁的季度。

Wheaton and high-quality portfolio of assets, sector-leading growth profile and commitment to sustainability provides our shareholders and all of our stakeholders actually with a solid outlook for the future in what we believe is one of the best, if not the best vehicles for investing into the gold and precious metal space.

惠頓優質的資產組合、行業領先的成長前景以及對永續發展的承諾為我們的股東和所有利益相關者提供了堅實的未來前景，我們認為這是投資黃金和貴金屬領域最好的工具之一，即使不是最好的。

We, of course, have just celebrated our 20th anniversary last month.

當然，我們上個月剛慶祝了我們的20週年紀念。

And as I reflect on the past two decades, I myself, I'm incredibly proud of what our team has been able to accomplish.

回顧過去二十年，我自己對我們團隊所取得的成就感到無比自豪。

And I just want to sincerely thank all of our stakeholders for their own support and contributions and for being a part of Wheaton's success.

我只想真誠地感謝我們所有的利益相關者，感謝他們的支持和貢獻，感謝他們為惠頓的成功作出了貢獻。

We do look forward to speaking with you all again very soon.

我們非常期待很快能再次與大家交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。