Wheaton Precious Metals Corp (WPM) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2025 second-quarter results conference call. (Operator Instructions) I would now like to remind everyone that this conference call is being recorded on Friday, August 8, 2025, at 11 AM Eastern time.

女士們、先生們，早安。感謝您的支持。歡迎參加惠頓貴金屬2025年第二季業績電話會議。（操作員指示）我現在想提醒大家，本次電話會議將於 2025 年 8 月 8 日星期五東部時間上午 11 點錄製。

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

現在我將會議交給投資者關係副總裁 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's Chief Executive Officer; Haytham Hodaly, President; Curt Bernardi, EVP, Strategy and General Counsel; Vincent Lau, SVP and Chief Financial Officer; and Wes Carson, VP, Mining Operations.

謝謝您，接線生。女士們、先生們，早安，謝謝你們參加今天的電話會議。今天與我一起出席的還有惠頓執行長 Randy Smallwood、總裁 Haytham Hodaly、執行副總裁、策略和總法律顧問 Curt Bernardi、高級副總裁兼財務長 Vincent Lau 以及採礦營運副總裁 Wes Carson。

For those not currently viewing the webcast, please note that a PDF version of the slide presentation is available on the Presentations page of our website. Some of the comments on today's call may include forward-looking statements.

對於目前沒有觀看網路廣播的用戶，請注意，我們網站的簡報頁面上提供了幻燈片簡報的 PDF 版本。今天電話會議上的一些評論可能包含前瞻性陳述。

Please refer to slide 2 for important cautionary information and disclosures. It should be noted that all figures referred to on today's call are in US dollars unless otherwise noted.

請參閱投影片 2 以了解重要警告資訊和揭露。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均以美元為單位。

With that, I'll turn the call over to Randy Smallwood.

說完這些，我將把電話轉給蘭迪·斯莫爾伍德 (Randy Smallwood)。

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second-quarter results of 2025. Before we begin, I'd like to congratulate both Haytham Hodaly and Curt Bernardi for their well-deserved promotions.

謝謝你，艾瑪，大家早安。感謝您今天加入我們討論惠頓 2025 年第二季的業績。在我們開始之前，我想祝賀 Haytham Hodaly 和 Curt Bernardi 獲得當之無愧的晉升。

In June, the company announced the appointment of Haytham Hodaly, former SVP of Corporate Development to President of the company, and Curt Bernardi, formerly SVP, Legal and Strategic Development to Executive Vice President, Strategy and General Counsel. As we enter a new phase of transformative growth, the leadership of Haytham and Curt will be pivotal in driving our strategy forward. I look forward to working closely with them and the broader team to continue delivering long-term value to our stakeholders.

6 月，該公司宣布任命前企業發展資深副總裁 Haytham Hodaly 為公司總裁，任命前法律與策略發展資深副總裁 Curt Bernardi 為策略執行副總裁兼總法律顧問。隨著我們進入轉型成長的新階段，Haytham 和 Curt 的領導力將在推動我們的策略發展方面發揮關鍵作用。我期待與他們以及更廣泛的團隊密切合作，繼續為我們的利害關係人提供長期價值。

Turning back to our results. Wheaton delivered another outstanding quarter, achieving record revenue, adjusted net earnings and operating cash flow for both the second quarter and the first half of 2025. This performance underscores the effectiveness of our streaming business model in leveraging rising commodity prices while maintaining strong margins. As a result of strong performances by key assets, including Salobo and Penasquito, the company recorded production of 159,000 gold equivalent ounces this quarter and remains well positioned to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces.

回到我們的結果。惠頓又一個季度表現出色，第二季和 2025 年上半年的營收、調整後淨收益和營運現金流均創下歷史新高。這項業績凸顯了我們的串流業務模式在利用不斷上漲的商品價格的同時保持強勁利潤率的有效性。由於 Salobo 和 Penasquito 等主要資產的強勁表現，該公司本季的產量達到 159,000 黃金當量盎司，並且仍有望實現我們 2025 年 600,000 至 670,000 黃金當量盎司的產量預期。

We also made significant progress on our near-term growth strategy, as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned. The company remains well capitalized with over $1 billion in cash on hand at 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.

我們的近期成長策略也取得了重大進展，黑水公司宣布商業化生產，鵝礦在本季度成功交付了第一批黃金，這有力地表明我們催化劑豐富的一年正在按計劃進行。公司資本充足，季度末持有超過 10 億美元的現金和 20 億美元的未提取循環信貸額度，再加上我們預測的強勁經營現金流，為所有未兌現的承諾提供強大的靈活性，並有能力收購額外的增值礦產流權益。

We remain committed to disciplined capital deployment, focusing only on the most accretive opportunities that are structured to generate meaningful long-term value for all stakeholders. It's worth highlighting that our forecasted organic growth profile of 40% production growth by 2029 enables us to pursue opportunities that best complement our growth trajectory without compromising on quality or strategic fit.

我們始終致力於嚴謹的資本配置，只關注最具增值潛力的機會，為所有利害關係人創造有意義的長期價值。值得強調的是，我們預測到 2029 年產量將成長 40%，這使我們能夠在不影響品質或策略契合度的情況下尋求最能補充我們成長軌蹟的機會。

On the topic of sustainability, Wheaton was once again recognized among the Top 10 Companies on Corporate Knights' annual 50 Best Corporate Citizens in Canada, a multi-sector accolade that we are proud to receive. Following the quarter, Wheaton launched its second annual Future of Mining Challenge, with this year's exciting initiative focused on advancing sustainable water management technologies across the mining sector.

在永續發展方面，惠頓再次被《企業騎士》雜誌評選為加拿大 50 家最佳企業公民中的前 10 名公司之一，我們很榮幸獲得這一多行業榮譽。本季結束後，惠頓啟動了第二屆年度未來採礦挑戰賽，今年的令人興奮的計畫重點是推進整個採礦業的永續水管理技術。

The expression of interest phase is now open until August 29, and we are excited to engage with innovators who are helping shape the future of responsible mining. And if you haven't had the opportunity yet, I highly recommend exploring our recently published sustainability and climate change reports to learn more about our commitment to responsible business practices and ESG performance across all areas of our business.

表達興趣階段現已開放至 8 月 29 日，我們很高興與幫助塑造負責任採礦未來的創新者合作。如果您還沒有機會，我強烈建議您瀏覽我們最近發布的永續發展和氣候變遷報告，以進一步了解我們對所有業務領域的負責任商業實踐和 ESG 績效的承諾。

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

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細節。韋斯？

Thanks, Randy. Good morning, everyone. Overall production in the second quarter was 159,000 ounces, a 9% increase from the prior year, primarily due to stronger production at Salobo, coupled with commencement of production at Blackwater.

謝謝，蘭迪。大家早安。第二季總產量為 159,000 盎司，比上年增長 9%，主要原因是 Salobo 產量增加，加上 Backwater 開始生產。

In the quarter, Salobo produced 69,400 ounces of attributable gold, a 10% year-over-year increase, driven by higher throughput despite lower grades. This performance underscores the successful ramp-up of Salobo III and ongoing improvements in Salobo I and II. Vale indicates that by late July, Salobo III had fully wrapped up and that the entire complex is now operating at full capacity, consistently delivering strong operational performance.

本季度，Salobo 黃金產量為 69,400 盎司，較去年同期成長 10%，儘管黃金品位較低，但產量卻有所提高。這項業績凸顯了 Salobo III 的成功提升以及 Salobo I 和 II 的持續改進。淡水河谷表示，截至 7 月底，薩洛博三期計畫已全面完工，目前整個綜合大樓已滿載運轉，持續維持強勁的營運表現。

Antamina produced 1.3 million ounces of attributable silver in the second quarter, marking a 31% increase compared to last year. The increase was primarily driven by higher silver grades, partially offset by lower recoveries and reduced mill throughput as operations gradually restarted following a safety-related shutdown in April. Mill feed in Q2 was primarily composed of copper zinc ore, which contains higher silver grades relative to copper only ore and supports stronger silver production. We expect production levels at Antamina to increase in the second half of the year due to increased recoveries and throughput as the mine returns to its typical run rate.

安塔米納礦第二季生產了 130 萬盎司白銀，比去年同期成長了 31%。成長的主要原因是銀品位提高，但隨著 4 月因安全原因停工後營運逐漸恢復，回收率下降和工廠產量下降部分抵消了這一增長。第二季的磨礦原料主要由銅鋅礦石組成，與純銅礦石相比，其銀品位更高，並支持更強勁的銀產量​​。我們預計，隨著礦場恢復正常運作率，採收率和產量將提高，安塔米納礦的產量將在下半年增加。

During the quarter, Blackwater transitioned from commissioning to commercial production, producing 4,000 ounces of gold and 138,000 ounces of silver, totaling 7,000 GEOs year-to-date. The ramp-up has been both rapid and safe. Artemis Gold reports that by June, the mill was operating above design capacity, with over 5 million hours worked without a lost time incident supporting solid steady-state production. Production output is expected to be weighted to the second half of the year as mill performance and feed grades continue to improve. Artemis Gold also reports they are fast tracking the design and implementation of the Phase 2 expansion, and a Board investment decision is expected later in 2025.

本季度，黑水公司從試生產轉入商業生產，生產了 4,000 盎司黃金和 138,000 盎司白銀，年初至今共生產了 7,000 GEO。這一增長過程既迅速又安全。Artemis Gold 報告稱，截至 6 月份，該工廠的產能已超過設計產能，累計工作時間超過 500 萬小時，未發生任何工時損失事故，支持了穩定的生產。隨著工廠性能和進料等級的不斷提高，預計產量將集中在下半年。Artemis Gold 還報告稱，他們正在加快第二階段擴建的設計和實施，董事會投資決定預計將於 2025 年稍後做出。

Wheaton's production outlook for 2025 remains unchanged, and we believe we will remain well on track to achieve our annual production guidance of 600,000 to 670,000 gold equivalent ounces. At Salobo, production is forecast to remain steady throughout the remainder of 2025, supported by slightly increased throughput across Level 1, 2 and 3. Compared to the first half, production at Antamina is forecast to increase over the remainder of the year, benefiting from expected higher silver grades and higher throughput.

惠頓對 2025 年產量的展望保持不變，我們相信我們將繼續順利實現 60 萬至 67 萬黃金當量盎司的年產量目標。在薩洛博，預計 2025 年剩餘時間內產量將保持穩定，這得益於 1、2 和 3 級產量的略微增加。與上半年相比，安塔米納金礦的產量預計在今年剩餘時間內將會增加，這得益於預期更高的銀品位和更高的產量。

Production at Constancia is also expected to improve over the remainder of the year, primarily driven by higher grades until the depletion of the Pampacancha pit, which is expected in December. As mentioned by Randy, we believe that our catalyst for this year remains on track and production from Mineral Park, Goose, Platreef and Aljustrel continues to be forecast for the second half of 2025.

預計 Constancia 的產量也將在今年剩餘時間內有所提高，主要原因是 Pampacancha 礦場的礦石品位提高，預計 12 月礦場將耗盡。正如蘭迪所提到的，我們相信今年的催化劑仍在繼續，預計 2025 年下半年 Mineral Park、Goose、Platreef 和 A​​ljustrel 的產量將繼續增長。

That concludes the operations review. And with that, I'll turn the call over to Vincent.

營運審查到此結束。說完這些，我會把電話轉給文森。

Thank you. As detailed by Wes, production in Q2 was 159,000 GEOs. Sales volumes were 158,000 GEOs, an increase of 28% from last year, driven by a strong [production] in the first quarter and the drawdown of produced but not yet delivered, or PBND, due to timing differences between production and sales.

謝謝。據韋斯詳細介紹，第二季的產量為 159,000 GEO。銷量為 158,000 GEO，比去年增長 28%，這得益於第一季的強勁生產以及由於生產和銷售之間的時間差異導致已生產但尚未交付（PBND）的減少。

At the end of Q2, the PBND balance was approximately 130,000 GEOs, which is about 2.7 months of payable production. We expect PBND levels to trend back up to the higher end of our forecasted range at three months for the remainder of 2025, partly due to the ramp-up of new mines, which is expected to continue through the second half of the year.

第二季末，PBND 餘額約為 130,000 GEO，約為 2.7 個月的應付產量。我們預計，在 2025 年剩餘時間內，PBND 水準將在三個月內回升至我們預測範圍的高端，部分原因是新礦的增加，預計這種情況將持續到今年下半年。

Strong commodity prices, coupled with solid production, led to record quarterly revenue of $503 million, an increase of 68% compared to last year. This increase was driven mainly by a 32% increase in commodity prices and a 28% increase in sales volumes.

強勁的商品價格加上穩健的生產，使得季度收入達到創紀錄的 5.03 億美元，比去年增長 68%。這一成長主要得益於商品價格上漲 32% 和銷售量成長 28%。

65% of this revenue came from gold, 33% from silver and the rest from palladium and cobalt. With silver recently outpacing gold and reaching its highest level in over a decade, our substantial silver exposure sets us apart from our peers and positions us well to benefit from the current pricing momentum.

其中 65% 的收入來自黃金，33% 來自白銀，其餘來自鈀和鈷。由於白銀價格近期超過黃金，達到十多年來的最高水平，我們大量的白銀投資使我們在同行中脫穎而出，並使我們能夠從當前的價格勢頭中獲益。

Net earnings increased by 139% from prior year to $292 million, while adjusted net earnings increased by 91% to reach a record $286 million. Operating cash flow increased to $450 million, a 77% increase from last year.

淨利潤較上年增長 139%，達到 2.92 億美元，調整後淨利成長 91%，達到創紀錄的 2.86 億美元。經營現金流增至4.5億美元，較去年同期成長77%。

These gains outpaced the increase in gold and silver prices during the same period, highlighting the leverage from fixed per ounce production payments, which made up 85% of our revenue. During the quarter, we made total upfront cash payments for streams of $347 million, including $156 million for Koné, $144 million for Salobo, $44 million for Kurmuk and $3 million for Cangrejos.

這些收益超過了同期黃金和白銀價格的漲幅，凸顯了每盎司固定生產支付的槓桿作用，這占我們收入的 85%。在本季度，我們為各串流媒體支付了總計 3.47 億美元的預付現金，其中包括支付給 Koné 1.56 億美元、支付給 Salobo 1.44 億美元、支付給 Kurmuk 4,400 萬美元以及支付給 Cangrejos 300 萬美元。

Following quarter end, we made an additional $156 million payment to Koné as the Montage team continues to advance construction. Overall, net cash outflows amounted to $80 million in the quarter, resulting in a cash balance of $1 billion at June 30.

在接下來的季度末，隨著 Montage 團隊繼續推進建設，我們向 Koné 支付了額外 1.56 億美元。總體而言，本季淨現金流出 8,000 萬美元，截至 6 月 30 日的現金餘額為 10 億美元。

This cash balance, combined with the fully undrawn $2 billion revolving credit facility plus the $500 million accordion, provides us with the highest amount of liquidity compared to our peers and we believe positions us exceptionally well to satisfy our funding commitments while retaining flexibility to acquire additional accretive streams.

這筆現金餘額，加上尚未提取的 20 億美元循環信貸額度以及 5 億美元的手風琴貸款，為我們提供了與同行相比最高的流動性，我們相信，這使我們能夠很好地履行我們的融資承諾，同時保留獲取額外增值流的靈活性。

That concludes the financial summary. And with that, I turn it back to Randy.

財務摘要到此結束。說完，我把它轉回給蘭迪。

Thank you, Vincent. In summary, Wheaton delivered a strong performance in the second quarter, marked by several key achievements. We delivered record revenue, adjusted net earnings and cash flow for both the quarter and the first half of the year.

謝謝你，文森。總而言之，惠頓在第二季表現強勁，取得了多項關鍵成就。我們在本季和上半年實現了創紀錄的收入、調整後淨利潤和現金流。

We made meaningful progress on our near-term growth strategy, with Blackwater achieving commercial production and Goose successfully delivering its first gold pour, both milestones that reflect the steady momentum of our catalyst-rich year. Our growth profile was further derisked as construction activities advanced in a number of development projects, including Mineral Park, Platreef, Koné and Kurmuk.

我們的近期成長策略取得了有意義的進展，黑水公司實現了商業化生產，鵝礦成功實現了首次黃金開採，這兩個里程碑都反映了我們催化劑豐富的一年的穩定勢頭。隨著礦產公園、普拉特里夫、科內和庫爾穆克等多個開發案的建設活動推進，我們的成長風險進一步降低。

Our 100% streaming revenue model provides significantly greater leverage to rising commodity prices while keeping us insulated from inflationary cost pressures, resulting in some of the highest margins and strongest performance in the precious metals space. Our balance sheet remains robust, providing ample flexibility to pursue well-structured, accretive and high-quality streaming opportunities.

我們的 100% 串流媒體收入模式為不斷上漲的大宗商品價格提供了更大的槓桿作用，同時使我們免受通膨成本壓力的影響，從而在貴金屬領域實現了最高的利潤率和最強勁的業績。我們的資產負債表依然強勁，為追求結構良好、增值和高品質的串流媒體機會提供了充足的靈活性。

And finally, we take pride in our leadership amongst precious metal streamers and have always and will always support both our partners and the communities where we live and operate.

最後，我們為自己在貴金屬串流媒體領域的領導地位感到自豪，並且始終並將永遠支持我們的合作夥伴以及我們生活和營運所在的社區。

With that, I would like to open up the call for questions. Operator?

現在，我想開始提問。操作員？

(Operator Instructions) Matthew Murphy, BMO Capital Markets.

（操作員指示）Matthew Murphy，BMO 資本市場。

Great quarter. Congrats, Haytham and Curt, on the promotions. Maybe just start off with a question on the deal environment. There's been a lot going on in the space, a number of transactions announced. You've got a lot going on organically. I guess the question is, how aggressive is Wheaton's stance on deals? Or does the organic growth story make you maybe a little bit more picky?

很棒的一個季度。祝賀 Haytham 和 Curt 晉升。也許只是從交易環境的問題開始。這個領域發生了很多事情，宣布了許多交易。你有很多事情自然而然地發生。我想問題是，惠頓在交易方面的立場有多激進？或者有機成長的故事會讓你變得更挑剔？

Thanks for the question, Matt, and the kind words at the beginning. I will say that we focus on accretive transactions that will maintain our strong security structure. We've always done that. That hasn't changed just because we've got a great organic growth profile. We believe this will provide our shareholders with the safest precious metals exposure in the mining industry with, as Randy mentioned, over 40% growth over the next five years.

謝謝馬特的提問，以及一開始的善意話語。我想說的是，我們專注於增值交易，這將維持我們強大的安全結構。我們一直都是這麼做的。這一點並沒有因為我們擁有出色的有機成長狀況而改變。我們相信，這將為我們的股東提供採礦業中最安全的貴金屬投資機會，正如蘭迪所提到的，未來五年的成長率將超過 40%。

We're looking at lots of opportunities. We are probably sitting between 12 and 15 opportunities that we're looking at right now. I would say two-third of those are development stage opportunities, one-third are probably operating and there's also some M&A opportunities in there as well.

我們正在尋找很多機會。我們現在可能正在考慮 12 到 15 個機會。我想說其中三分之二是開發階段的機會，三分之一可能正在運營，其中也有一些併購機會。

So we have a solid war chest with which to acquire additional accretive streams, and we're going to continue to try and deploy it. But again, not every stream is a Wheaton stream. It has to have certain characteristics for us to add to our strong portfolio already.

因此，我們擁有雄厚的資金來獲取額外的增值流，並且我們將繼續嘗試並部署它。但同樣，並非每條溪流都是惠頓溪流。它必須具備某些特性才能添加到我們強大的產品組合中。

Got it. Okay. Fair enough. Also, a separate question. Just on the cash tax, can you remind me what we should be thinking about in terms of global minimum tax and when we see cash tax paid picking up?

知道了。好的。很公平。另外還有一個單獨的問題。僅就現金稅而言，您能否提醒我，我們應該考慮全球最低稅率以及何時會看到現金稅增加？

Hey, Matt. Yes. For the cash tax, the GMT is applicable to the 2024 period, and we're going to make the first payment in 2026, I believe, in Q2 or Q3. So on our balance sheet, we have that characterized as a current liability [note]. So that's the amount that will go out in 2026.

嘿，馬特。是的。對於現金稅，GMT 適用於 2024 年期間，我相信我們將在 2026 年第二季或第三季支付第一筆款項。因此，在我們的資產負債表上，我們將其定義為流動負債[筆記]。這就是 2026 年的支出金額。

Okay. And it's just kind of a sequential every quarter after that as opposed to any sort of larger initial cash tax payment, is that correct?

好的。這只是此後每個季度的連續付款，而不是任何形式的較大額度的初始現金稅款支付，對嗎？

Yeah. We expect it to be kind of an annual sequence thereafter. So every year, we'll have to make that same payment going forward.

是的。我們預計此後它將成為年度序列。因此，每年我們都必須支付相同的金額。

Matt, the way the GMT works, it's almost like a sweep taxes. And so that's why it's delayed. 2024 will be paid in 2026, 2025 will be paid in 2027, et cetera, et cetera, because you get to deduct off whatever other taxes you've paid on your revenue during the subsequent -- the immediate year after the revenue. So it's like a sweep tax. It will always be staggered. So it's always going to be two years after the actual date.

馬特，GMT 的工作方式幾乎就像是清掃稅。這就是它被推遲的原因。 2024 年的稅款將在 2026 年支付，2025 年的稅款將在 2027 年支付，等等，因為你可以在隨後的一年（即收入產生的後一年）扣除你在收入中繳納的任何其他稅款。所以它就像是一種清掃稅。永遠都會搖搖晃晃。因此它總是比實際日期晚兩年。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

It relates to there's discussion now with tariffs in the United States about gold going in there. And again, [it will] be the same as copper. But can you just go through -- I believe you take your deliveries in kind. Can you then sell it if the Comex price ended up being very different than the LME price? Can you benefit from that from many ways?

這與美國目前正在討論的有關黃金進口的關稅有關。而且，它將與銅相同。但是你能否直接通過——我相信你會以實物形式接收貨物。如果 Comex 價格最終與 LME 價格相差很大，你還能賣出它嗎？你能從多方面受益嗎？

And I realize the tariffs are on bars, not like ingots that come from a mine. But if you take it in kind, is there anything in your contract that prevents you from selling it anywhere? Or would you be able to take that arbitrage if it started to exist?

我意識到關稅是針對金條的，而不是來自礦場的金錠。但是如果你以實物形式接收它，你的合約中是否有任何內容阻止你將其出售到任何地方？或者，如果出現套利機會，您是否能夠進行套利？

Vince, do you want to take it?

文斯，你想拿走它嗎？

Sure. Hey, Brian. Yeah. So first of all, we're insulated from any of the tariffs. We take delivery of credits of gold and silver in mainly London. So we're not subject to any of these tariffs.

當然。嘿，布萊恩。是的。首先，我們不受任何關稅的影響。我們主要在倫敦接收黃金和白銀的信用額度。所以我們不受任何這些關稅的約束。

So at minimum, we would achieve the LME price. If there is a higher price in New York, we'll look to capitalize on that. But honestly, it's early days right now in terms of what that could be, and we'll have to look at how to do it. But it is definitely an opportunity that we could look to seek.

因此，我們至少可以達到倫敦金屬交易所的價格。如果紐約的價格更高，我們就會利用這一點。但說實話，現在談論這件事還為時過早，我們必須研究如何做。但這絕對是我們可以尋求的一個機會。

It's pretty volatile, Brian. I mean, this only came out -- and they came out, I think definitely is a bit of a surprise to everyone. And so I think we and the rest of the industry is looking for a bit more clarification, but it looks like it's -- from what we see so far, it's related to refined gold from Switzerland.

這非常不穩定，布萊恩。我的意思是，這件事才剛剛被曝光——而且他們也曝光了，我認為這對每個人來說肯定都是一個驚喜。因此，我認為我們和業內其他公司都在尋求更多的澄清，但從我們目前看到的情況來看，這與瑞士的精煉黃金有關。

And we're not sure how that goes beyond that and being imported, obviously, into the United States. And of course, as a tariff, it's only paid by whichever American entity is importing that or whoever is importing it into the United States.

我們不確定它是否會進一步發展，以及是否會被進口到美國。當然，作為關稅，只有進口該產品的美國實體或將其進口到美國的人才需要支付。

And so that's not our business. Our business is, of course, selling into the broader gold market. So as Vincent said, we are definitely insulated from it. But you could wind up with some, if this does carry through, you could wind up with a bit of a differential in pricing.

所以這不關我們的事。當然，我們的業務是向更廣闊的黃金市場銷售。正如文森所說，我們絕對不會受到它的影響。但如果這種情況確實持續下去，你最終可能會得到一些價格差異。

And we've got a team down in the Cayman that's always looking for opportunities to try and take advantage of that. But it's so fresh and so early. It's tough to be able to look at and to predict if there's some opportunities there, but we'll definitely be looking.

我們在開曼群島有一支團隊，他們一直在尋找機會嘗試利用這一點。但它是如此新鮮，如此早。很難觀察並預測那裡是否存在機會，但我們肯定會尋找。

Great. That's very clear. I just was trying to -- again, we don't get to see your contracts. I just want to make sure there wasn't anything ever referencing an LME versus the Comex or something that would prevent you from doing anything, but it sounds like there isn't.

偉大的。這很清楚。我只是想——再說一次，我們看不到你的合約。我只是想確保沒有任何內容引用 LME 與 Comex 之間的對比，或者阻止你採取任何行動的內容，但聽起來好像沒有。

No, there isn't.

沒有。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Haytham, congratulations again for you. And I'm going to start with you. Back on to the transaction opportunities. You mentioned you have 12 to 15 opportunities. Maybe, can you just, with the opportunities out there and now several players all looking at similar opportunities, I'm assuming, are you finding that the terms are becoming more restrictive in terms of what you would generally like?

海瑟姆，再次祝賀你。我先從你開始。回到交易機會。您提到您有 12 到 15 個機會。也許，您能否，鑑於目前存在的機會，並且現在有幾個參與者都在尋找類似的機會，我猜，您是否發現這些條款對您通常想要的東西的限制越來越嚴格了？

And I say that just from trying to understand whether some of these terms because I know you like to have [parent] guarantee. I'm just wondering, are the opportunities that you're seeing now becoming more restrictive on terms?

我這樣說只是想了解這些條款，因為我知道你喜歡有[父母]擔保。我只是想知道，您現在看到的機會是否在條款上變得更加嚴格？

Definitely becoming more competitive on terms, I would say out there, Tanya. But at this point in time, for the opportunities that we're looking at and given how we structure our transactions, we're fairly comfortable moving forward and bidding on all of those opportunities.

我想說的是，Tanya，從條件上來說，競爭肯定會變得更激烈。但目前，對於我們正在尋找的機會以及我們如何建立交易，我們相當樂意繼續前進並競標所有這些機會。

There are some opportunities, obviously, that we've seen in the marketplace of late that aren't necessarily the structure that we would like. They are still good opportunities, but I think we would look to get different types of structures if we went down that path. We were the successful bidders there.

顯然，我們最近在市場上看到的一些機會並不一定是我們想要的結構。這仍然是很好的機會，但我認為如果我們沿著這條路走下去，我們會尋求獲得不同類型的結構。我們是那裡的得標者。

Okay. So you're not finding them more restrictive, you said more competitive?

好的。所以您不是覺得它們限制更多，而是覺得競爭更激烈？

It's definitely more competitive, not restrictive. We're still seeing opportunities coming in daily and bidding on opportunities on a regular basis. We'll probably bid on more opportunities this year and larger opportunities than we have in any other year in the last 10 years.

這絕對更具競爭力，而不是限制。我們仍然每天都會看到機會，並且定期競標機會。我們今年可能競標的機會比過去 10 年中的任何一年都多，而且競標的機會也更大。

And then, Haytham, you mentioned -- again, you didn't mention size-wise, I think in the last conference call, you had mentioned working mainly in the [100 to 350] range and then a few in the [500 million to 1 billion]. Can you just review with us what the ranges are right now that you're seeing?

然後，Haytham，你提到－你沒有提到規模方面，我想在上次電話會議中，你提到主要在[100到350]範圍內工作，然後是一些在[5億到10億]您能否與我們一起回顧一下您現在看到的範圍？

You're probably still hitting the mark there, Tanya. I think there's probably, I would say, 80% are in the sub $400 million range. And there are a few transactions that are, call it, between $750 million, $1 billion to $1 billion plus.

你可能仍然達到了目標，Tanya。我認為大概有 80% 的金額都在 4 億美元以下。還有一些交易的金額在 7.5 億美元、10 億美元甚至 10 億美元以上。

Okay. And then you mentioned that you're also -- two-thirds were developing, one-third operating and M&A opportunities. So when you talk about M&A opportunities, are you talking about corporate transactions?

好的。然後您提到，其中三分之二是開發機會，三分之一是營運和併購機會。那麼，當您談到併購機會時，您是在談論公司交易嗎？

So I'm not talking about corporate transactions for Wheaton. What I'm talking about is supporting a transaction where assets are being sold, and they're looking for funding to acquire those assets. From a corporate transaction perspective, we keep models on everybody out there.

所以我不是說惠頓的公司交易。我所說的是支持出售資產的交易，他們正在尋求資金來收購這些資產。從企業交易的角度來看，我們為每個人保留了模型。

It makes way more sense right now to continue to deploy capital into streaming agreements than to consolidate these -- any other company given the strong premiums that everyone's trading at.

現在，繼續將資本投入串流媒體協議比合併這些協議更有意義——考慮到每個人交易的強勁溢價，任何其他公司都是如此。

Okay. I just wanted to clarify that because I thought when you had talked about M&A --

好的。我只是想澄清這一點，因為我認為當你談到併購時——

No, absolutely.

不，絕對不是。

Okay. If I could ask one just on the guidance for the year. You've done very well in the six months. I think previously, the guidance had been 47%, 53% production profile, second half weighted. I'm just kind of wondering -- and you gave us some of the mines that are all going to do better in the second half. Can I just kind of think about whether that still makes sense for you and whether there is a bias to the fourth quarter over third quarter improvement on these assets?

好的。如果我可以問一個有關今年的指導的問題。這六個月你做得很好。我認為，先前的指導是 47%、53% 的生產概況，下半年加權。我只是有點好奇——你給了我們一些在下半年都會表現更好的礦場。我能否想想這對您是否仍然有意義，以及第四季度這些資產的改善是否比第三季更受青睞？

Yeah. Thanks, Tanya. It is definitely still at 47%, 53%. And I would say that there's a slight bias to the fourth quarter, just as all of these properties start to ramp up in the fourth quarter. So we are seeing that kind of strong growth as the other operations kind of come online through the better second half of the year.

是的。謝謝，Tanya。肯定還是47%、53%。我想說的是，第四季略有偏差，因為所有這些房產都在第四季開始上漲。因此，隨著其他業務在下半年逐漸恢復正常運營，我們看到了這種強勁的成長。

Really, I mean, Goose is just starting up, and we'll see a little bit of Platreef here. We'll see Mineral Park starting up in the third quarter here and really kind of ramping up through the fourth quarter. So I think we'll see slightly stronger production in the fourth quarter, but that 47%, 53% is still pretty accurate.

真的，我的意思是，Goose 才剛起步，我們會在這裡看到一點 Platreef。我們將看到礦產公園在第三季開始運營，並在第四季真正開始蓬勃發展。因此我認為第四季的產量會略有增加，但 47%、53% 仍然相當準確。

And then just on the silver side, I noticed that Newmont had strong silver out of Penasquito and they're, obviously, forecasting a dip in Q3 and then back stronger in Q4. So should I be thinking that the second half of your forecast for silver should be relatively stable and you kind of see that increase in Q4 into Q1 of 2026?

就白銀方面而言，我注意到紐蒙特公司在彭斯基託的白銀產量強勁，他們顯然預測白銀產量在第三季度會下滑，然後在第四季度回升。那麼我是否應該認為，您對白銀價格的預測中，下半年應該相對穩定，並且您認為這種趨勢會在 2026 年第四季度到第一季出現增長？

Yeah. That's accurate.

是的。確實如此。

Yes, one of the areas for possible upside there, Antamina is, of course, also an important silver producer for us. And they've had some challenges. But if they can get back on track, we would see a bit of a bump in silver production on that side, too. So we should easily be able to maintain, if not perhaps even grow, a little bit of silver production over the course of the year.

是的，安塔米納礦是那裡可能具有上漲潛力的地區之一，當然，它也是我們的一個重要的白銀產地。他們也遇到了一些挑戰。但如果他們能夠重回正軌，我們也會看到白銀產量略有成長。因此，我們應該能夠輕鬆地維持全年的白銀產量，甚至可能略有增加。

Okay. That's helpful. Congrats on a good quarter.

好的。這很有幫助。恭喜本季業績良好。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑。

Yes, a couple of follow-ups. Just on Matt's question on the tax. I have $115 million payment in '26, is that the right quantum of expected tax payment?

是的，還有一些後續問題。只是關於馬特關於稅收的問題。我在 26 年有 1.15 億美元的付款，這是正確的預期納稅嗎？

That's right, Dan. That's the payment. $120 million or $112 million is the exact number in our balance sheet. So that would be what I would reference for 2026. That's paid in 2026 for 2024, just to clarify.

沒錯，丹。這就是付款。 1.2 億美元或 1.12 億美元是我們資產負債表上的確切數字。這是我對 2026 年的參考。澄清一下，這是 2024 年在 2026 年支付的。

Sure. Okay. And then the second question, just a follow-up on Brian's question slightly on the mechanics of taking delivery of gold. So you take the credits, is that from the mine in the form of dore or from a refinery specifically? Because [this tariff] is only two gold refineries in the US. Do you take any credit delivery from those refineries? Because those would be the areas that could take advantage of the Comex.

當然。好的。然後是第二個問題，只是對布萊恩關於黃金交割機制的問題的稍微跟進。那麼，您獲得的信用額度是以金銀合金的形式從礦山獲得的，還是具體從煉油廠獲得的？因為[這項關稅]只針對美國的兩家黃金精煉廠。你們從這些煉油廠接受信用交付嗎？因為這些領域可以利用 Comex。

No. We take the credits directly from our counterparties, the mining partner. So we're not dealing directly with the refinery. There are a couple of small contracts where we're taking concentrate offtake, but I don't expect that to get impacted either. None of those refineries that our partners use are located in the US or has interaction with them in that matter. So we're really insulated from these tariffs.

不。我們直接從我們的交易對手，即採礦合作夥伴那裡獲得信用。所以我們不直接與煉油廠打交道。我們簽訂了幾份小合約來承購精礦，但我預計這也不會受到影響。我們的合作夥伴使用的煉油廠都不在美國，也沒有與他們進行任何合作。所以我們確實不受這些關稅的影響。

Okay. And then the next one, just on the deal pipeline, again, I mean the message, I think, from some of your peers in the last couple of quarters, there's been more interest in gold assets financing rather than copper or anything else. Has that changed at all? Is the main pipeline still more kind of gold focused in terms of assets themselves? Or are you seeing any byproduct assets coming available?

好的。然後下一個，只是關於交易管道，再次，我的意思是，我認為，在過去幾個季度中，一些同行傳達的訊息是，人們對黃金資產融資的興趣比對銅或其他任何東西的興趣更大。情況有改變嗎？從資產本身來看，主管道是否仍更重視黃金？或是您看到任何可用的副產品資產？

The optimal structure would obviously we take precious metals out of a base metal company. And that's where you get the best margins, best contango. What I would say is that what we're seeing right now, I would say, is probably about two-thirds of those are still diversified and about one-third would be precious metals from a precious metals company.

顯然，最佳結構是將貴金屬從賤金屬公司中分離出來。這就是您獲得最佳利潤和最佳期貨溢價的地方。我想說的是，我們現在看到的大概是其中三分之二仍然是多樣化的，大約三分之一是來自貴金屬公司的貴金屬。

Okay. So that value [your] pipeline, about two-thirds is byproduct and --

好的。因此，你的管道價值大約有三分之二是副產品，--

(multiple speakers) diversified base metal producer, correct. And one-third is metals from a precious metals producer given the strong margins, obviously. We're not looking at the same margin as we have over the last 15 years. You've got some very strong margins with the gold prices doubling in the last few years.

（多位發言者）多元化賤金屬生產商，正確。其中三分之一是來自貴金屬生產商的金屬，顯然，因為利潤豐厚。我們所追求的利潤與過去 15 年有所不同。過去幾年裡，隨著金價翻番，你們的利潤率非常可觀。

Okay. And then just final one. On the capital allocation, I mean I guess you articulated that you want to continue to focus on accretive ways to deploy capital. The consensus doesn't really have much in the way of growth and dividends going forward.

好的。接下來就是最後一個了。關於資本配置，我的意思是，我想你已經明確表示，你想繼續專注於增值的資本配置方式。人們對於未來的成長和紅利並沒有太多共識。

I mean, should we be expecting any increase in the rate of growth in dividends given the increase in cash generation for the gold price? Or is it still going to be sort of focused on a slow growth, progressive growth in dividend over the next couple of years?

我的意思是，考慮到金價產生的現金增加，我們是否應該預期股利成長率會增加？或者它是否仍將專注於未來幾年股息的緩慢增長和逐步增長？

Daniel, I mean, we have committed to growth in the dividend. The scale of that growth is going to be dependent on how effective we are in putting capital back into the ground, right? If we don't see accretive well-structured agreements that are available for us to continue growing the portfolio, then you're going to see more cash go back to the shareholders through the dividend. You'll see higher growth on an annual basis.

丹尼爾，我的意思是，我們致力於增加股息。成長規模將取決於我們將資本重新投入地下的效率，對嗎？如果我們看不到可供我們繼續擴大投資組合的增值結構良好的協議，那麼您將看到更多的現金透過股息返還給股東。您會看到每年更高的成長。

If we are successful in terms of finding well structured, high-margin, good quality opportunities, accretive assets to add to our portfolio. And so I think the best judge of that is look at what our balance sheet is doing towards the end of each year, if we're busy making new investments.

如果我們成功找到結構良好、利潤率高、品質高的機會，並將增值資產加入我們的投資組合中。因此，我認為最好的判斷方法是看看我們每年年底的資產負債表表現如何，看看我們是否忙於進行新的投資。

And always keep in mind that we do have capital commitments. This growth pipeline that we've got is going to be funded through our cash flows over the next while. But I think that's the best way to look at it. So if we have no significant tractions over the course of this year, you're going to see a higher rate of growth in the dividend.

請始終記住，我們確實有資本承諾。我們所擁有的這個成長管道將在未來一段時間內透過我們的現金流來資助。但我認為這是看待這個問題的最佳方式。因此，如果我們今年沒有顯著進展，你會看到股息成長率更高。

If we have a [much contract], agreements on acquisitions over the course of this year, less capacity to put into the growth of the dividend. So it's going to be -- it's a balance that is always reflective of the market at the time.

如果我們今年簽訂了大量的合約和收購協議，那麼用於提高股利的能力就會減少。所以這將是——這是一個始終反映當時市場的平衡。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Randy and team, thanks for the conference call, and congrats, Haytham and Curt, for the promotions. Well deserved. Maybe my first question is on your sales in the quarter. As I can see, sales were a lot higher -- not a lot higher, but sales compared well in terms of production, in terms of numbers.

蘭迪和團隊，感謝你們的電話會議，並祝賀海瑟姆和科特的晉升。當之無愧。也許我的第一個問題是關於您本季的銷售情況。正如我所見，銷售額高了很多——雖然不是高很多，但從產量和數量來看，銷售額還是不錯的。

Usually, we see that draw down in Q4 and not in Q2. So was the higher sales compared to production in Q2 expected? And then kind of related to it, Vincent, as you mentioned, you expect inventory or produced but not delivered to increase for the rest of 2025.

通常，我們會在第四季度而不是第二季度看到這種下降。那麼，第二季的銷售量與產量相比是否預期會更高？然後與此相關的是，文森特，正如您所提到的，您預計 2025 年剩餘時間內庫存或生產但未交付的數量將會增加。

I guess my question is, how much visibility do you get from the operators? How much insight do you get from the operator? So were you surprised what happened, sales versus production in Q2? And how much visibility do you have on a go-forward basis?

我想我的問題是，您從運營商那裡獲得了多少可見性？您從操作員那裡獲得了多少見解？那麼，第二季的銷售與生產情況讓您感到驚訝嗎？您對未來的展望有多大？

Q2 did benefit from a big drawdown in PBND. What happened there was Salobo, our biggest partner, they deliver a last shipment, right, before quarter end. That typically might have trickled into the next quarter. And these things are pretty unpredictable.

Q2 確實受益於 PBND 的大幅縮水。發生的事情是，我們最大的合作夥伴 Salobo 在季度末之前交付了最後一批貨物。這通常可能會延續到下一季。這些事情是相當難以預測的。

It's really driven by when they shipped the shipment. So we expect, given the ramp-up of the new mines that we have coming on, to go back to about three months. So the drawdown in Q2 of 11,000 ounces, you're going to see that claw back a bit. That's our expectation. It's not something we could completely forecast. Again, it's really driven by shipment dates, but that's our expectation.

這實際上取決於他們何時發貨。因此，考慮到我們即將開採礦山的產量，我們預計產量將恢復到三個月左右。因此，第二季的 11,000 盎司的下降，你會看到有所回升。這是我們的期望。這不是我們能夠完全預測的事情。再次強調，這確實取決於裝運日期，但這是我們的期望。

Great. Maybe switching gears a little bit. Wes, as you mentioned, Blackwater, Artemis, there appears to be a potential acceleration of Phase 2. I think Artemis will try to make a final decision by year-end 2025.

偉大的。也許稍微改變一下思路。韋斯，如你所提到的，黑水公司、阿爾特彌斯，第二階段似乎有加速的趨勢。我認為 Artemis 將在 2025 年底前做出最終決定。

Have you looked into like what's the potential impact to WPM? And have you quantified it in terms of what that could be? And is that potentially included in your long-term guidance?

您是否研究過這對 WPM 的潛在影響？您是否已經將其量化了？這是否可能包含在您的長期指導中？

Yeah. Cosmos, I would say the acceleration is not included in the long-term guidance right now. I mean, if you look back at their feasibility study, they did have a Phase 2 and a Phase 3 in that feasibility study. And that's what we've got built into our long-term guidance right now. We are in regular communication with them. And certainly, are excited about the idea of them accelerating that Phase 2. But that isn't built into anything that we have at the moment.

是的。Cosmos，我想說的是，加速度目前還沒有包含在長期指導中。我的意思是，如果你回顧他們的可行性研究，你會發現他們在可行性研究中確實有第 2 階段和第 3 階段。這就是我們目前在長期指導中所體現的內容。我們與他們保持定期溝通。當然，我們對他們加速第二階段的想法感到興奮。但目前我們還沒有將其融入任何產品中。

But have you quantified it internally, externally? Anything that you can share with us? Or maybe not?

但是你在內部和外部對其進行了量化嗎？有什麼可以跟我們分享的嗎？或者可能不是？

No, other than what is in the feasibility study for them right now, but we haven't quantified it any further. It could certainly be accelerated.

沒有，除了目前可行性研究中的內容之外，我們還沒有進一步量化它。它肯定可以加速。

Got you.

明白了。

So the amount that -- Phase 2 would represent how much of an increase in production, sorry.

因此，第二階段的數量代表產量將增加多少，抱歉。

I think the -- yes. So the Phase 2 is a doubling of production and then Phase 3 is up to another -- I think it's going up to about 30,000, I think, in Phase 2 and then about 55,000, 60,000 in Phase 3. And what they're talking about right now is potentially accelerating that Phase 3. So kind of combining that Phase 2 and 3, so a larger increase in initial. And I think that's the exciting part is that doing that is much sooner than what they had originally intended.

我認為——是的。因此，第二階段的產量將翻一番，第三階段的產量將再翻一番——我認為第二階段的產量將增加到約 30,000 輛，第三階段的產量將增加到約 55,000 輛、60,000 輛。他們現在談論的事情可能會加速第三階段的進程。因此，將第 2 階段和第 3 階段結合起來，初始值會有較大的增加。我認為令人興奮的是，這項舉措比他們最初計劃的要早得多。

I agree. That would be very exciting for WPM. And then at San Dimas, I noticed that the gold/silver ratio changed from 70 to 90 as a result of the moving commodity prices. To confirm, it's not going to go any higher than 90:1, I believe. But it does matter because I think the silver gets converted into gold before being passed on to you. So it does matter to you? And if silver prices do go for one, when could it potentially come back down?

我同意。這對 WPM 來說將會非常令人興奮。然後在聖迪馬斯，我注意到由於商品價格的變動，黃金/白銀比率從 70 變為 90。確認一下，我相信它不會高於 90:1。但這確實很重要，因為我認為銀子在傳給你之前會先轉化成金子。那麼這對你來說很重要嗎？如果銀價真的上漲，什麼時候可能回落？

Yes, we wind up having to get to the point where silver outperforms such that the silver/gold ratio gets down around 70. And it has to stay there, I think it's a six-month period, yes, six-month period that it has to trade at those levels before the conversion ratio swaps.

是的，我們最終必須達到白銀表現優異的水平，使得白銀/黃金比率降至 70 左右。而且它必須保持在那裡，我認為這是一個六個月的時間，是的，在轉換比率互換之前，它必須在這些水平上進行交易六個月的時間。

And so we have seen silver outperform gold of late. And so if you see continued strength, we're not ruling out that possibility. But Cosmos, you've known me long to know that I'm a little more bullish on silver than I am on gold. And so if some of that intuition is correct, hopefully, we will play the other way.

因此，我們看到最近白銀的表現優於黃金。因此，如果您看到持續的強勢，我們不會排除這種可能性。但是 Cosmos，你早就認識我了，知道我對白銀的看漲程度比對黃金的看漲程度要高一些。因此，如果某些直覺是正確的，希望我們能採取另一種方式。

We have benefited from the last six months of it being at that higher rate, and we've been getting paid at 70:1. But it has to stay below 70:1 for six months in order to go back to the 70:1.

過去六個月，由於工資率較高，我們受益匪淺，工資報酬為 70:1。但必須將其保持在 70:1 以下六個月才能恢復到 70:1。

Okay. So sometime in next 2027?

好的。那麼是在 2027 年的某個時候嗎？

Yes. And that's what I think.

是的。這就是我的想法。

I believe you've been right, Randy. And then maybe one last question. Maybe I can also ask about the deal pipeline. I'm kidding. I'm not. I want to start my weekend. And congrats on a very good quarter.

我相信你是對的，蘭迪。也許還有最後一個問題。或許我還可以詢問有關交易管道的問題。我在開玩笑。我不是。我想開始我的周末。恭喜您本季取得了非常好的成績。

Thank you, Cosmos, and thanks, everyone, for dialing in today. The strength demonstrated in the first half of this year does reinforce Wheaton's position as a premier low-risk choice for investors who are seeking exposure to gold and silver.

謝謝 Cosmos，也謝謝大家今天的來電。今年上半年所展現出的強勁勢頭確實鞏固了惠頓作為尋求投資黃金和白銀的投資者的首選低風險選擇的地位。

Our high-quality portfolio, sector-leading growth profile and strong commitment to sustainability provides shareholders with a compelling outlook and what we believe is one of the most effective vehicles for investing in gold and silver.

我們的高品質投資組合、領先業界的成長狀況以及對永續發展的堅定承諾為股東提供了令人信服的前景，我們相信這是投資黃金和白銀最有效的工具之一。

We'd like to thank all of our stakeholders for their continued support as we enter this exciting period of sustained organic growth. We look forward to speaking with you all again very soon. Thank you.

在我們進入這個令人興奮的持續有機成長時期之際，我們要感謝所有利害關係人的持續支持。我們期待很快能再次與大家交談。謝謝。

This concludes this conference call for today. Thank you for participating. Please disconnect your lines.

今天的電話會議到此結束。感謝您的參與。請斷開您的線路。