Wheaton Precious Metals Corp (WPM) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2025 third quarter results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded on Friday, November 7, 2025, at 11:00 AM Eastern Time.

女士們、先生們，早安。感謝您的耐心等待。歡迎參加惠頓貴金屬公司2025年第三季業績電話會議。（操作員說明）我想提醒大家，本次電話會議將於2025年11月7日星期五上午11:00（美國東部時間）進行錄音。

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

現在我將把會議交給投資者關係副總裁艾瑪·莫瑞。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, Chief Financial Officer; Wes Carson, VP Mining Operations; and Neil Burns VP Corporate Development.

謝謝接線生。各位女士、先生，早安，感謝各位參加今天的電話會議。今天與我一同出席的有：惠頓公司執行長蘭迪·斯莫伍德；總裁海瑟姆·霍達利；執行副總裁兼戰略總法律顧問科特·伯納迪；首席財務官文森特·劉；礦業運營副總裁韋斯·卡森；以及企業發展副總裁尼爾·伯恩斯。

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. 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 of it.

對於目前未觀看網路直播的觀眾，請注意，幻燈片簡報的 PDF 版本可在我們網站的「簡報」頁面上找到。今天電話會議上的一些評論可能包含前瞻性陳述。請參考投影片 2，以了解重要的注意事項和揭露資訊。需要注意的是，除非另有說明，今天電話會議中提到的所有數字均以美元計價。

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

接下來，我將把電話交給蘭迪·斯莫伍德。

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's third quarter results of 2025. We are pleased to announce that our portfolio of long-life, low-cost assets has once again delivered strong results this quarter, enabling us to achieve record revenue, earnings and operating cash flow for the first nine months of 2025. This performance underscores the streaming model's unique ability to generate predictable levered cash flows while maintaining a deferred payment schedule and advantage not offered by the traditional royalty model, which requires full upfront payment and lack embedded leverage.

謝謝你，艾瑪，大家早安。感謝您今天與我們一起討論惠頓公司2025年第三季的業績。我們很高興地宣布，我們擁有的長壽命、低成本資產組合在本季度再次取得了強勁的業績，使我們能夠在 2025 年前九個月實現創紀錄的收入、利潤和經營現金流。這一表現凸顯了串流媒體模式的獨特能力，即在保持延期付款計劃的同時，產生可預測的槓桿現金流，這是傳統版稅模式所不具備的優勢，後者需要全額預付款，且缺乏嵌入式槓桿。

And of course, 100% of Wheaton's revenue comes from streams, providing a competitive advantage amongst others in the space. As a result of strong performances by key assets, including Salobo and Antamina coupled with the ramp-up of production at Blackwater and Goose, we recorded production of 173,000 gold equivalent ounces this quarter and are firmly on track to achieve our 2025 production guidance of 600,000 to 670,000 gold equivalent ounces.

當然，Wheaton 100% 的收入都來自串流媒體，這使其在該領域擁有競爭優勢。由於 Salobo 和 Antamina 等主要資產的強勁表現，以及 Blackwater 和 Goose 的產量提升，我們本季度錄得黃金當量產量 173,000 盎司，並有望實現 2025 年黃金當量產量 600,000 至 670,000 盎司的產量目標。

And with over $1.2 billion in cash and undrawn $2.5 billion revolving credit facility in Accordia and strong growing projected cash flows, the company remains well positioned to meet all funding commitments and pursue new accretive opportunities and continuing to grow our -- and continuing to grow our competitive dividend. Based on this strong financial foundation, Wheaton also continues to invest in innovation across the mining sector as well as community initiatives alongside our mining partners.

憑藉超過 12 億美元的現金和 Accordia 未提取的 25 億美元循環信貸額度，以及強勁增長的預計現金流，公司仍然處於良好的狀態，能夠履行所有資金承諾，尋求新的增值機會，並繼續發展我們的——以及繼續提高我們具有競爭力的股息。憑藉這一雄厚的財務基礎，惠頓公司也繼續與我們的礦業合作夥伴一起投資於整個採礦領域的創新以及社區計畫。

During the quarter, Wet launched its second annual future mining challenge, which this year focuses on advancing sustainable water management technologies. Following the close of expressions of interest phase, 17 proposals have been selected to advance with the winner to be announced at the PDAC conference in March of 2026.

本季度，Wet 啟動了第二屆年度未來採礦挑戰賽，今年的重點是推動永續水資源管理技術。在意向表達階段結束後，17 個提案被選中進入下一階段，獲勝者將在 2026 年 3 月的 PDAC 會議上宣布。

And with that, it is my pleasure to now turn the call over to our President, Haytham Hodaly.

接下來，我很高興將電話交給我們的會長海瑟姆‧霍達利先生。

Thanks, Randy, and good morning, everyone. Alongside strong performances from our producing assets, Wheaton's growth profile was further derisked through continued progress across six key development projects scheduled to come online over the next 24 months. Notably, several of these projects have announced accelerated time lines or expansions, reinforcing confidence in our previously forecasted 40% production growth by 2029.

謝謝你，蘭迪，大家早安。除了生產資產的強勁表現外，惠頓的成長前景也因六個關鍵開發項目的持續進展而進一步降低風險，這些項目計劃在未來 24 個月內上線。值得注意的是，其中幾個項目已經宣布加快進度或擴大規模，這增強了我們對先前預測的 2029 年產量成長 40% 的信心。

Furthermore, recent joint venture announcements marked significant progress for Copper World and Santo Domingo, further derisking both projects. We are pleased to have announced two new streaming transactions over the past two months, one with (inaudible) and another with Waterton gold on the Spring Valley project, for which Neil Burns will share more details later in this call. These announcements reinforce our disciplined approach to capital deployment as we remain focused on identifying accretive opportunities that are thoughtfully structured to deliver meaningful and lasting value for all stakeholders.

此外，最近宣布的合資項目標誌著 Copper World 和 Santo Domingo 取得了重大進展，進一步降低了這兩個項目的風險。我們很高興地宣布，在過去的兩個月裡，我們達成了兩項新的串流媒體交易，一項是與（聽不清楚）的合作，另一項是與 Waterton Gold 在 Spring Valley 項目上的合作，Neil Burns 將在本次電話會議的稍後部分分享更多細節。這些公告強化了我們嚴謹的資本部署方法，我們將繼續專注於尋找能為所有利害關係人帶來有意義且持久價值的增值機會。

With a solid foundation of organic growth that continues to strengthen, the company is well positioned to pursue opportunities that align with our long-term strategy and uphold our commitment to quality as we have demonstrated with our most recent transactions.

公司擁有堅實的內生成長基礎，而這項基礎仍在不斷增強，因此公司能夠很好地把握符合我們長期策略的機遇，並秉持我們對品質的承諾，正如我們最近的交易所證明的那樣。

And with that, I would like to now turn the call over to Wes Carson, who will provide more details on our operating results. Wes?

接下來，我將把電話交給韋斯卡森，他將詳細介紹我們的經營績效。韋斯？

Thanks, Haytham. Good morning, everyone. Overall production in the third quarter was 173,000 ounces, a 22% increase from the prior year, primarily due to strong production at Salobo and Antamina, coupled with placement of production at Blackwater. In Q3, Salobo produced 67,000 ounces of attributable gold, a 7% increase from the last year, driven by higher throughput grades and recovery. Vale reported that by the end of July, Salobo 3 had fully ramped up, and the entire complex is now operating at full capacity, consistently delivering strong operational performance.

謝謝你，海瑟姆。各位早安。第三季總產量為 173,000 盎司，比上年增長 22%，主要原因是 Salobo 和 Antamina 的強勁產量，以及 Blackwater 的生產佈局。第三季度，Salobo 生產了 67,000 盎司可歸屬黃金，比前一年增長 7%，這主要得益於更高的礦石品位和回收率。淡水河谷公司報告稱，截至 7 月底，Salobo 3 號工廠已全面投產，整個工廠目前正滿負荷運轉，持續提供強勁的營運表現。

Vale continues to advance a series of growth-focused initiatives to enhance efficiencies and support long and medium-term production growth across the slow complex. Constancia produced 19,500 ounces of attributable GEOs in Q3, a 9% improvement from last year, primarily driven by 19% higher gold production, resulting from higher grades partially offset by an 11% decline in the silver output due to the lower throughput.

淡水河谷持續推進一系列以成長為重點的舉措，以提高效率並支持整個低產油氣田的中長期產量成長。Constancia 第三季度生產了 19,500 盎司可歸屬黃金，比去年同期增長了 9%，主要得益於黃金產量增長了 19%，這是由於礦石品位提高所致，但白銀產量下降了 11%，部分抵消了黃金產量增長，這是由於白銀產量下降導致處理量減少所致。

On September 23, 2025, Hudbay Minerals commented on the ongoing social unrest in Peru, where Constancia was impacted by local protests and legal blockings. The mill was temporarily shut down as a safety precaution, while authorities address the situation. On October 7, 2025, Hudbay announced that operations had resumed and throughput has since returned to normal levels. Penasquito produced 2.1 million ounces of attributable silver in Q3, up 17% from last year, primarily driven by higher throughput and partially offset by lower grades as mine transitioned back into the Penasco pit, which contains lower silver grades relative to Chile, Colorado.

2025 年 9 月 23 日，Hudbay Minerals 就秘魯持續的社會動盪發表了評論，Constancia 受到當地抗議和法律封鎖的影響。為安全起見，工廠暫時關閉，當局正在處理此事。2025 年 10 月 7 日，Hudbay 宣布營運已恢復，吞吐量也已恢復到正常水準。Penasquito 第三季度生產了 210 萬盎司可歸屬白銀，比去年增長了 17%，主要得益於更高的產量，但部分被礦山重新進入 Penasco 礦坑後品位下降所抵消，因為與科羅拉多州的智利礦相比，該礦坑的白銀品位較低。

In the third quarter, Blackwater produced 6,400 ounces of attributable GEOs supported by higher-than-expected throughput and grades. Production for the year is expected to be weighted to the fourth quarter with higher mill throughput rates and feed grades expected compared to Q3 2025. Artemis has also announced a 33% increase to Phase 1 processing plant capacity raising the nameplate from 6 million tonnes per annum to 8 million tonnes per annum with a targeted completion date by the end of 2026.

第三季度，黑水公司生產了 6,400 盎司可歸屬的黃金，這得益於高於預期的產量和品味。預計今年的生產將集中在第四季度，與 2025 年第三季相比，磨機處理量和飼料等級將更高。Artemis 也宣布將第一階段加工廠的產能提高 33%，使其名目產能從每年 600 萬噸提高到每年 800 萬噸，目標是在 2026 年底前完成。

In addition, Artemis is nearing completion of front-end engineering and design work for an optimized and accelerated Phase II expansion with an investment decision expected before year-end. In Q3, Almina restarted production of the zinc and lead concentrates at the Aljustrel mine, resulting in the resumption of attributable silver production to the company. During the quarter, does transition from commissioning to commercial production, which was announced on October 6. As reported by B2Gold, open pit and underground mining rates at the unwell deposit have continued to meet or exceed expectations during the 30-day commercial production.

此外，Artemis 即將完成優化和加速第二期擴建的前端工程設計工作，預計將在年底前做出投資決定。第三季度，Almina 重啟了 Aljustrel 礦的鋅鉛精礦生產，使公司恢復了可歸屬於該礦的白銀產量。本季將完成從調試到商業生產的過渡，這一消息已於 10 月 6 日宣布。根據 B2Gold 報道，在 30 天的商業生產期間，該礦床的露天和地下開採速度持續達到或超過預期。

(inaudible) Gold has also reported that gold recoveries have been in line with expectations and are expected to average higher than 90% through Q4 of 2025. Sweden's production outlook for 2025 remains unchanged with -- and we continue to believe that we are well on track to achieve our annual production guidance of 600,000 to 670,000 GEOs. At Salobo, attributable production is expected to remain steady through the remainder of the year, supported by solid mining rates and consistent plant performance through Salobo 1, 2 and 3.

（聽不清楚）黃金公司也報告稱，黃金回收率符合預期，預計到 2025 年第四季平均回收率將高於 90%。瑞典 2025 年的產量展望保持不變——我們仍然相信，我們能夠很好地實現每年 60 萬至 67 萬 GEO 的產量目標。在 Salobo，由於 Salobo 1、2 和 3 號礦井的採礦速度穩健，且工廠性能穩定，預計今年剩餘時間 Salobo 礦井的產量將保持穩定。

At Penasquito, atrial production is forecast to be in line with budget, and slightly down from Q3 due to steady mill performance and planned mine sequencing within the Penasco hold. At Antamina, attributable production is anticipated to strengthen in Q4 as the mine continues processing a higher portion of copper zinc order. As mentioned by Randy, we remain confident that our catalyst-rich year is progressing as expected, with initial contributions from Mineral Park, Flat Reef and Hemlo still forecast by the end of 2025.

由於選礦廠的穩定運作以及Penasco礦區內礦場開採的計畫順序，Penasquito礦區的礦場產量預計將與預算保持一致，並略低於第三季。預計安塔米納礦第四季度可歸屬產量將增強，因為該礦將繼續處理更高比例的銅鋅訂單。正如蘭迪所提到的，我們仍然相信，我們充滿催化劑的一年正在按預期進行，預計到 2025 年底，Mineral Park、Flat Reef 和 Hemlo 將做出初步貢獻。

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

營運概覽到此結束。接下來，我會把電話交給文森。

Thank you. As (inaudible) held by Wes, production in Q3 was 173,000 GEOs, a 22% increase from last year due mainly to stronger production from Salobo and Antamina coupled with the commencement of production at Blackwater. Sales volumes were 138,000 GEOs, an increase of 13% from last year, driven by strong production from the second quarter, partially offset by a buildup of produced but budget delivered or PBND, due to timing differences between production and sales.

謝謝。據 Wes 稱（聽不清楚），第三季產量為 173,000 GEOs，比去年增長 22%，這主要是由於 Salobo 和 Antamina 的產量增加，以及 Blackwater 開始投產。銷售量為 138,000 GEOs，比去年增長 13%，這主要得益於第二季度強勁的產量，但由於生產和銷售之間存在時間差異，導致已生產但預算交付或 PBND 的積壓，部分抵消了這一增長。

At the end of Q3, the PBND balance was approximately 152,000 GEOs, which is about 2.9 months of payable production. We expect PBND levels to stay at the higher end of our forecasted range of two to three months for the remainder of 2025, partly due to the ramp-up of new mines forecast in Q4. Strong commodity prices, coupled with solid production led to record quarterly revenue of $476 million, an increase of 55% compared to last year. This increase was driven mainly by a 37% increase in commodity prices and a 13% increase in sales volumes. 58% of this revenue came from gold, from silver and the rest from palladium and cobalt.

第三季末，PBND 餘額約為 152,000 GEOs，相當於約 2.9 個月的可售產量。我們預計，在 2025 年剩餘的時間裡，PBND 水準將保持在我們預測的兩到三個月範圍的高端，部分原因是預計第四季度新礦的產量將增加。強勁的大宗商品價格，加上穩健的生產，使得季度收入創下 4.76 億美元的紀錄，比去年增長了 55%。這一成長主要得益於大宗商品價格上漲37%和銷售量成長13%。其中，58%的收入來自黃金和白銀，其餘部分來自鈀金和鈷。

With silver recently outpacing gold and reaching record highs, our substantial silver exposure sets us apart from our peers and positions us well to benefit from the current pricing momentum. Net earnings increased by 138% from the prior year to $367 million, while adjusted net earnings increased by 84% to $281 million. Operating cash flow increased to $383 million, a 51% increase from last year. 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 76% of our revenue.

由於白銀近期表現優於黃金並創下歷史新高，我們大量持有白銀資產使我們有別於同行，並使我們能夠從當前的漲勢中獲益。淨利潤較上年增長 138% 至 3.67 億美元，而調整後淨利潤增長 84% 至 2.81 億美元。經營現金流增加至 3.83 億美元，比去年增長 51%。這些收益超過了同期黃金和白銀價格的漲幅，凸顯了固定盎司產量付款帶來的槓桿效應，該付款占我們收入的76%。

During the quarter, we made total upfront cash payments for streams of $250 million, including $156 million for KONE, $50 million for Phoenix and $44 million for Comic as our portfolio of development assets continued to advance toward production. During the quarter, (inaudible) exercised its one-third buyback option under the Congres Pampa in exchange for $102 million cash payment, resulting in a gain of $86 million and delivering an impressive pretax IRR of 185% to weak.

本季度，我們為多個項目支付了總計 2.5 億美元的預付現金，其中包括為 KONE 支付 1.56 億美元，為 Phoenix 支付 5000 萬美元，為 Comic 支付 4400 萬美元，我們的開發資產組合繼續向生產階段邁進。本季度，（聽不清楚）行使了其在國會潘帕協議下的三分之一回購選擇權，換取了 1.02 億美元的現金支付，從而獲得了 8,600 萬美元的收益，並實現了令人印象深刻的 185% 的稅前內部收益率。

Overall, net cash inflows amounted to $151 million in the quarter, resulting in a cash balance of approximately $1.2 billion at September 30. For the (inaudible) stream, we expect to make the entire $300 million upfront payment at deal close in Q4 2025 and and begin reporting production immediately thereafter. For the Spring Valley Street, the total upfront payment of $670 million will be paid in installments as various conditions are satisfied. This structure reflects our disciplined approach to providing funding throughout construction while ensuring the project remains adequately financed and on track at each stage.

本季淨現金流入總額為 1.51 億美元，截至 9 月 30 日，現金餘額約 12 億美元。對於（聽不清楚的）串流媒體，我們預計將在 2025 年第四季交易完成時一次性支付全部 3 億美元預付款，並在此之後立即開始報告產量。對於 Spring Valley Street 項目，總計 6.7 億美元的首付款將根據各種條件的滿足情況分期支付。這種結構體現了我們在整個建設過程中提供資金的嚴謹方法，同時確保專案在每個階段都保持充足的資金並按計劃進行。

When these two streams are added to our existing stream funding commitments, we expect to disburse approximately $2.5 billion in upfront payments by the end of 2029. This reflects growth that we have ceded but not yet funded and demonstrates a highly efficient use of our capital. With $1.2 billion in cash and expected annual operating cash flows of $2.5 billion over the next five years, we currently expect to fund these commitments without using debt.

當這兩個資金來源加入我們現有的資金承諾後，我們預計到 2029 年底將支付約 25 億美元的預付款。這反映了我們已經讓渡但尚未提供資金的成長，並表明我們資本得到了高效利用。目前我們擁有 12 億美元的現金，預計未來五年每年的經營現金流將達到 25 億美元，因此我們預計無需舉債即可履行這些承諾。

In addition, our fully undrawn $2 billion revolving credit facility together with a $500 million accordion provides exceptional financial flexibility and positions us with the strongest liquidity profile amongst our peers to pursue additional accretive opportunities.

此外，我們擁有 20 億美元的未提取循環信貸額度，加上 5 億美元的增額額度，為我們提供了卓越的財務靈活性，使我們在同行中擁有最強的流動性，從而能夠尋求更多增值機會。

This concludes the financial summary. I'll now hand things over to Neil to walk through the details of Hemlo and Spring Valley streams.

財務概要到此結束。現在我將把講解交給尼爾，讓他詳細介紹赫姆洛溪和斯普林谷溪流的情況。

Thanks, Vincent. It's been a very busy few months for the corporate development team, and I'm delighted to provide an overview of our two most recent deal announcements, which further reinforce Wheaton's already sector-leading growth profile. On September 10, we entered into a financing commitment with Car City Capital Corporation to support its proposed acquisition of the Hemlo mine. Upon deal flows, which is anticipated in the fourth quarter, setting intends to change its name to Hemlo Mining Corporation, or HMC. (inaudible) initial financing commitments included a gold stream of up to $400 million.

謝謝你，文森。對於企業發展團隊來說，過去的幾個月非常忙碌，我很高興向大家概述我們最近宣布的兩項交易，這進一步鞏固了惠頓在業界領先的成長地位。9 月 10 日，我們與 Car City Capital Corporation 達成融資承諾，以支持其擬議收購 Hemlo 礦場。預計在第四季完成交易後，該公司計劃更名為Hemlo Mining Corporation，簡稱HMC。 （聽不清楚）最初的融資承諾包括高達4億美元的黃金流。

However, following the strong success of its recent equity raise, which we supported with a lead order of $30 million, HMC has indicated its intention to proceed with a $300 million amount.

然而，在最近股權融資取得巨大成功之後（我們以 3,000 萬美元的領投支持），HMC 已表示有意繼續推進 3 億美元的融資。

In this scenario, Wheaton expects to receive 10.13% of payable gold and sell a total of 136,000 ounces have been delivered after which Wheaton will receive 6.75% of the payable gold until an additional 118,000 ounces have been delivered, after which Wheaton will receive 4.5% of table gold for the remaining life of the mine. These amounts would be adjusted proportionately if HMC were to elect a different stream amount. In return, Wheaton will make ongoing payments with gold ounces delivered equal to 20% of the spot price.

在這種情況下，惠頓公司預計將獲得 10.13% 的可售黃金，並在交付 136,000 盎司黃金後，再獲得 6.75% 的可售黃金，直到交付另外 118,000 盎司黃金為止，之後惠頓公司將在礦山剩餘壽命期間獲得 4.5% 的黃金。如果 HMC 選擇不同的資金流金額，這些金額將按比例調整。作為回報，惠頓將持續支付相當於現貨價格 20% 的黃金盎司款項。

Each of these drop-down thresholds will be subject to an adjustment of the delays in deliveries relative to an agreed schedule commencing in 2033. If deliveries fall behind and agreed schedule by 10,000 ounces or more, the stream percentage will be increased by 5% until deliveries catch up in a mechanism that's aimed to mitigate (inaudible) risk. Assuming that HMC elects an upfront payment amount of $300 million, attributable to gold production is forecast to average for 14,000 ounces of gold per year for the first 10 years of production and over 10,000 ounces would per year for the life of the mine.

從 2033 年開始，這些下拉閾值將根據約定的時間表進行交付延遲調整。如果交付量比約定的時間表落後 10,000 盎司或更多，則流水百分比將增加 5%，直到交付量趕上為止，這一機制旨在減輕（聽不清楚）風險。假設 HMC 選擇預付 3 億美元，預計黃金產量在投產後的前 10 年平均每年為 14,000 盎司，在礦山的整個生命週期內每年將超過 10,000 盎司。

Temel presents an opportunity -- a unique opportunity to add immediate cut gold ounces from a politically stable jurisdiction, backed by a long history of production and a very capable operating team. We're proud to support HMC and its acquisition of a mine that has long been considered a cornerstone Canada's mining industry, while also continuing to contribute to the main momentum across the sector. Just yesterday, we will have seen Wheaton announced gold stream on the Spring Valley project located in Nevada and own by Waterton gold for cash consideration of $670 million.

Temel 提供了一個機會——一個獨特的機會，可以從政治穩定的地區立即獲得切割好的黃金盎司，並且擁有悠久的生產歷史和非常有能力的營運團隊的支持。我們很榮幸能夠支持 HMC 收購這座長期以來被視為加拿大採礦業基石的礦山，同時也將繼續為整個產業的主要發展勢頭做出貢獻。就在昨天，我們看到 Wheaton 宣布以 6.7 億美元的現金對價收購位於內華達州 Spring Valley 項目的黃金流，該項目由 Waterton Gold 擁有。

This represents a compelling opportunity to secure a significant gold stream while supporting an existing partner in the development of a high-quality, low-cost gold mine located in a prolific mining jurisdiction. Under the agreement, we now received 8% of the payable gold until 300,000 ounces have been delivered, after which Wheaton receive 6% of payable gold for the remaining life of mine. In return, Wheaton will make ongoing payments for the ounces delivered equal to 20% of the spot price until the uncredited deposit has been fully reduced and 22% of the spot thereafter.

這代表著一個極具吸引力的機會，既能確保獲得可觀的黃金收入，又能支持現有合作夥伴在礦產資源豐富的地區開發高品質、低成本的金礦。根據協議，在交付 30 萬盎司黃金之前，我們將獲得應付黃金的 8%；之後，在礦山剩餘壽命期間，Wheaton 將獲得應付黃金的 6%。作為回報，惠頓將以現貨價格的 20% 支付已交付盎司的款項，直至未抵扣的保證金全部減少，之後以現貨價格的 22% 支付。

Wheaton can also provide a $150 million cost overrun facility to provide further capacity to a product with an already conservative capital estimates. Attributable gold production is forecast to average 29,000 ounces of gold per year first five years of production and over 25,000 ounces of gold per year for the first 10 years, first production expected in 2028. This production profile reflects an optimized scenario that incorporates updated mineral reserves and resource estimates beyond feasibility, which was published earlier this year. Located in a proven mining district, Spring Valley comprises an extensive land package of over 30,000 acres, very little of which has been explored. In fact, lending mining activities will occur on concessions, representing less than 5% of the total ad package.

Wheaton 還可以提供 1.5 億美元的超支補貼，以進一步提高該產品的產能，而該產品的資本估算已經非常保守。預計投產前五年平均每年黃金產​​量為 29,000 盎司，前十年平均每年黃金產​​量超過 25,000 盎司，預計 2028 年首次投產。該生產概況反映了一種優化方案，其中包含了更新的礦產儲量和資源估算（超出了可行性研究的範疇），該方案已於今年稍早發布。Spring Valley 位於一個成熟的礦區，佔地超過 30,000 英畝，其中只有極少部分被勘探過。事實上，貸款採礦活動將在特許權範圍內進行，僅佔廣告總包的不到 5%。

We have an opportunity for mine life extension with future exploration success. With its strong export potential, strategic location, (inaudible) Spring Valley aligns perfectly with our commitment to investing into high-quality assets in stable jurisdictions, we're excited to deepen our relationship with Waterton as they look to unlock the full potential of this asset.

如果未來的勘探成功，我們就有機會延長礦山壽命。Spring Valley 擁有強大的出口潛力、戰略位置，（聽不清楚）與我們致力於在穩定的司法管轄區投資高品質資產的承諾完美契合，我們很高興能夠與 Waterton 深化合作關係，因為他們正在尋求釋放該資產的全部潛力。

With that, I'll now hand the call back over to Randy.

這樣，我現在就把電話交還給蘭迪。

Thank you, Neil. In summary, Wheaton delivered another strong quarter marked by several key achievements. We delivered solid revenue, earnings and cash flow, resulting in record year-to-date performance. We made notable progress on our near-term growth strategy with all the strong resuming production of zinc lead concentrates and the ramp-up of production at both Blackwater and Goose, reflecting the continued momentum of our catalyst-rich year.

謝謝你，尼爾。總而言之，惠頓公司又迎來了一個強勁的季度，並且取得了許多重要成就。我們實現了穩健的收入、利潤和現金流，從而創下了年初至今的業績新高。隨著鋅鉛精礦的強勁恢復生產以及黑水礦和鵝礦產量的提升，我們在近期成長策略方面取得了顯著進展，這反映了我們充滿催化劑的一年的持續勢頭。

Our growth profile was further derisked as construction progressed across key development projects, including Mineral Park, Platt Reef, Phoenix, Eldo, Cremo and Kona. In addition, joint venture agreements were announced for both Copper World and Santo Domingo, further de-risking these projects. We also announced two accretive precious metal streaming transactions located in low-risk jurisdictions. First, on the currently operating Hemlo mine located in Ontario and just yesterday on Waterton Spring Valley project in Nevada.

隨著包括 Mineral Park、Platt Reef、Phoenix、Eldo、Cremo 和 Kona 在內的主要開發項目的建設推進，我們的成長前景進一步降低了風險。此外，Copper World 和 Santo Domingo 都宣布了合資協議，進一步降低了這些專案的風險。我們也宣布了兩項位於低風險地區的加值貴金屬流交易。首先是位於安大略省的正在運作的 Hemlo 礦，就在昨天，還有位於內華達州的 Waterton Spring Valley 計畫。

We believe 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 in the precious metal space. We take pride in being the founders of the streaming model, an optimal alternative to traditional equity financing. Streaming provides upfront capital at a fair valuation without further share dilution, resulting in a dramatically improved return on invested capital and superior long-term value creation for the shareholders of our mining partners.

我們相信，我們 100% 的串流媒體收入模式能夠讓我們更好地利用不斷上漲的大宗商品價格，同時又能使我們免受通膨成本壓力的影響，從而在貴金屬領域獲得最高的利潤率。我們為成為串流媒體模式的創始人而感到自豪，這種模式是傳統股權融資的最佳替代方案。流式融資以公平的估值提供前期資金，而不會進一步稀釋股份，從而大幅提高投資資本回報率，並為我們的礦業合作夥伴的股東創造更優異的長期價值。

Our balance sheet remains robust providing ample flexibility to pursue well-structured, accretive and high-quality streaming opportunities. And finally, we take pride in our community investment leadership amongst precious metal streamers and have always and will always support both our partners and the communities where we live and operate.

我們的資產負債表依然穩健，為追求結構良好、增值和高品質的串流投資機會提供了充足的靈活性。最後，我們為我們在貴金屬串流媒體領域的社區投資領導地位感到自豪，並且一直以來都將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?

接下來，我想接受大家的提問。操作員？

(Operator Instructions)

（操作說明）

Will Dalby, Berenberg.

威爾·達爾比，貝倫貝格。

Yes. I have two questions. Firstly, on future growth. You've got a really compelling growth profile. But I'm just sort of wondering how you think your volume growth stacks up versus peers, both on an absolute and a risk-adjusted basis sort of thinking in particular about some peers is growth relies on restarts or on higher-risk jurisdictions. I'd be very interested to hear how you see your position in that context.

是的。我有兩個問題。首先，關於未來的成長。你的發展前景非常光明。但我只是想了解一下，您認為貴公司的業務量增長與同行相比如何，無論是絕對增長還是風險調整後的增長，特別是考慮到一些同行的增長依賴於業務重啟或高風險地區。我很想聽聽您如何看待您在這種背景下的立場。

Thank you. It's Haytham, thank you for the question. From an absolute perspective and a relative perspective, I'll tell you, we've got growth close to 250,000 ounces a year between now and 2029. And that is certain growth, that's growth that's actually been permitted and majority of that, I would say, almost more than 90% of that's actually in construction and heading towards development towards production in the next two to three years, there's two projects starting this year, a couple starting next year and another one or two starting over the next couple of years after that.

謝謝。我是海瑟姆，謝謝你的提問。從絕對角度和相對角度來看，我可以告訴你，從現在到 2029 年，我們的年產量將接近 25 萬盎司。這是確定無疑的成長，是已被允許的成長，而且其中大部分，我想說，幾乎超過 90% 的成長實際上都在建設中，並將在未來兩到三年內發展並投入生產。今年有兩個計畫啟動，明年有幾個計畫啟動，之後幾年還會有一兩個計畫啟動。

So it's a very, very strong growth profile. In terms of the actual number of ounces, we're generating close to additional 250,000 ounces, which is probably almost double what our next closest peers actually generating in terms of growth over the same period. So we're very excited about that. And that excludes a lot of the growth that you're seeing here with these latest transactions, well here with the Hemlo transaction, with the Waterton transaction, but not to mention a significant number of our peers have also announced expansions, optimizations, et cetera, between now and then, which are also not included in that number. So we're very optimistic and very excited about our work.

所以它的成長前景非常非常強勁。就實際盎司數而言，我們額外生產了近 25 萬盎司，這可能幾乎是同期最接近的競爭對手實際成長量的兩倍。我們對此感到非常興奮。而且這還不包括您在這裡看到的透過這些最新交易帶來的許多增長，例如 Hemlo 交易和 Waterton 交易，更不用說從現在到那時，我們的許多同行也宣布了擴張、優化等計劃，這些也沒有包括在上述數字中。所以我們對我們的工作非常樂觀，也非常興奮。

Very clear so. And then just a second question. If we rewind a bit, say, 10 years ago, your capital was largely going into repairing balance sheets. five years ago, it was mostly sort of funding gold projects. Looking ahead, do you see the next five years is more about deploying capital into larger-scale copper projects given the current supply shortage there and the need for new mines to come online?

非常清楚。還有一個問題。如果我們把時間倒回十年前，比如說，你們的資金主要用於修復資產負債表。五年前，則主要用於投資黃金項目。展望未來，鑑於目前銅礦供應短缺以及需要投產新礦，您認為未來五年是否會更多地將資金投入更大規模的銅礦項目？

Yes, definitely. I mean the large porphyry copper gold system that we're seeing in the high sulfidation epithermal systems that we're seeing through some of the diversified base metal producers. Those are definitely an area of future growth as they require billions of capital, not millions or hundreds of millions, but actually billions of capital. So streaming naturally should play and likely will play a part in the overall financing package.

是的，當然。我指的是我們在一些多元化賤金屬生產商中看到的，在高硫化淺成熱液系統中發現的大型斑岩銅金礦系統。這些領域絕對是未來成長的重點，因為它們需要數十億的資金，而不是數百萬或數億，而是實實在在的數十億資金。因此，串流媒體自然應該而且很可能會在整個融資方案中發揮作用。

There are still lots of opportunities we're seeing outside of that space as well, though will, I would say, with commodity prices where they're at, specifically, you look at silver as an example. Silver has had a nice run that is prompting many to consider what their silver is worth within their existing portfolio. So for for the first time in a long time, we're seeing more -- not more silver, but we see more silver opportunities, not more than gold, but we're seeing additional silver opportunities that we previously had it come to the market. So we're very excited about that as well.

不過，除了這個領域之外，我們也看到了許多機會。但就目前的商品價格而言，特別是以白銀為例。白銀價格近期表現良好，促使許多人開始考慮其現有投資組合中白銀的價值。所以，很長一段時間以來，我們第一次看到更多——不是說白銀數量更多，而是說白銀的投資機會更多，雖然不比黃金多，但我們看到了以前從未有過的白銀投資機會進入市場。所以我們對此也感到非常興奮。

Josh Wolfson, RBC Capital Markets.

Josh Wolfson，加拿大皇家銀行資本市場。

I had a question first on Spring Valley. Some of the technical information out there is a bit light. I know there's a 2014 (inaudible) and then a feasibility study earlier this year, at least a summary of which I noticed that Wheaton provided some of its own interpretations of what the mine will look like. I guess just maybe drilling down on some of the assumptions, would we be able to provide some perspective on how it sees the asset in terms of what the underlying assumptions or changes in its perspective was versus the updated feasibility study and also what we should think about recoveries. I noticed there's a big difference between the original 2014 report and what's -- what was issued earlier this year.

我首先對春谷鎮（Spring Valley）有個疑問。現有的一些技術資料略顯不足。我知道 2014 年有一份（聽不清楚）研究報告，然後今年早些時候又有一份可行性研究報告，至少我注意到 Wheaton 公司對礦山建成後的樣子給出了一些自己的解釋。我想，或許我們可以深入探討一些假設，從其基本假設或觀點變化的角度，以及與更新後的可行性研究相比，我們該如何看待這項資產，以及我們應該如何看待回收問題。我注意到 2014 年的原始報告與今年稍早發布的報告之間存在著很大的差異。

Sure, Josh. It's Neil Burns here. Waterton did put out a feasibility study earlier this year, which was done, not surprisingly with much lower gold prices. I believe the reserve pit was down at $1,700 gold, -- if you look on Sales website, they've updated their R&R. And I believe the reserves are at 1,800 and the resources perhaps at $2,200.

當然可以，喬許。我是尼爾·伯恩斯。沃特頓今年稍早發布了一份可行性研究報告，不出所料，這份報告是在金價大幅下跌的情況下完成的。我相信儲備金池已經降到了每盎司1700美元——如果你查看銷售網站，他們已經更新了儲備金和儲備金。我認為儲量為 1,800，資源量可能為 2,200。

They do model the recoveries and they have updated those. Those are detailed in the footnotes of those R&R tables, and they do them separately by the Redox state of oxide transition and sulfide, naturally with decreasing recoveries as you get into the sulfides and they split it between the raw manacrush. So I think that's a power you can get some additional color. And that was just updated, I believe, earlier this week.

他們確實對復甦情況進行了建模，並且已經更新了這些模型。這些在 R&R 表格的腳註中有詳細說明，它們按氧化物過渡和硫化物的氧化還原狀態分別進行，當然，隨著硫化物的減少，回收率也會降低，它們將回收率分為原始的 manacrush。所以我覺得這是一種可以增添一些額外色彩的能力。我相信，這個訊息是在本週早些時候更新的。

Josh, I mean, Spring Valley is so similar to hundreds of different operations down in Nevada, right? You're looking at a heap leach operation that's going to have crushed components that's always going to be focused on the on the highest grade portion of whatever is coming out of the pit and then run of mine. And one of the areas of upside that I see in this -- that we see in this asset is the fact that as Neil mentioned, the pricing for the reserves and even the resources are about half of what the spot price is right now. And the waste dump is about the same distance away from the pit as the heat pad.

喬希，我的意思是，春谷農場和內華達州數百個不同的農場非常相似，對吧？你看到的是一個堆浸作業，它將產生破碎的組件，並始終專注於從礦坑和礦山中出來的最高品位部分。我看到的這筆資產的一個上漲空間——正如尼爾所提到的，目前該資產的儲量甚至資源定價約為現貨價格的一半。垃圾場到坑的距離與加熱墊的距離大致相同。

And so the wrong processing capacity, the decisions as to where that truck dumps that ore as it has lower grade material, but still economic because the spot price is $4,000. I think there's incredible upside on this asset to even see more production than what's being forecast by Waterton. Just in terms of operational flexibility, it's a simple project. It's the highest grade of the day will go through the crusher and everything else. It will be a choice as to whether you put it into a waste dump or put it into a raw heap leach pad, push it forward.

因此，加工能力不足，決定將卡車傾倒的礦石放在哪裡，因為礦石品位較低，但仍然經濟，因為現貨價格為 4,000 美元。我認為這項資產還有巨大的上漲空間，產量甚至可能超過沃特頓的預測。僅從營運靈活性來看，這是一個簡單的項目。當天最高等級的物料將經過破碎機和其他工序。可以選擇把它丟進垃圾掩埋場，或丟進原堆浸場，然後推下去。

So I just -- they're pretty simple Nevada. There's lots of capacity for heat. It's a big flat area just to the east of the ore body that has all sorts of expansion capacity. And so it's a classic Nevada operation that we see as it's going to be going for. Just we're excited about what the real potential is here.

所以我覺得──內華達州的情況很簡單。它的熱容量很大。礦體東側是一片廣闊的平坦區域，具有各種擴張潛力。所以，我們看到的正是內華達州典型的運作模式。我們對這裡蘊藏的真正潛力感到興奮。

and then the expiration over and above it, as Neil highlighted during the talk. So little of this property has actually been poked at. It's right north of the Rochester operation, which continues to shine for core. And of course, Florida Canyon is to the north. And so it's right in a quarter that's got a lot of mining history.

然後還有到期日，正如尼爾在演講中所強調的。這處房產真正被深入研究的地方少之又少。它就在羅徹斯特礦區的正北方，該礦區在核心業務方面一直表現出色。當然，佛羅裡達峽谷就在北方。所以它正好位於一個有著悠久採礦歷史的地區。

And we do think that this asset is well set up to deliver.

我們認為這項資產具備充分的交付能力。

One more question. I know we've talked about some of the Nevada premiums that are out there. This might apply in that situation. When you look at the value opportunity here and the valuation paid, how would you assess this in comparison to some of the public consolidation opportunities that that could be out there depending on prices, obviously?

最後一個問題。我知道我們之前討論過內華達州的一些保費問題。這或許適用於這種情況。當你審視這裡蘊含的價值機會和已支付的估值時，你會如何評估它與市場上可能存在的公開併購機會相比的價值？當然，這取決於價格。

Yes. I mean, consolidation, when I look at -- I mean the biggest comment I'd have on the consolidation side is that what we found is that a lot of the smaller companies have had to give up structural weaknesses, structural flaws in their agreements to try and get scale. And we've seen some pretty large-sized examples of that recently with deals scale of $1 billion with 0 security backing it. And so we just see issues with the value of some of those assets within the M&A side. And so as we like to say, we're -- we think there's no stream as good as a Wheaton stream. We invented the model and we continue to try and perfect it.

是的。我的意思是，就整合而言，我最大的看法是，我們發現很多小公司為了擴大規模，不得不放棄其協議中的結構性弱點和結構性缺陷。最近我們看到了一些規模相當大的例子，交易規模高達 10 億美元，卻沒有任何擔保。因此，我們看到併購方面某些資產的價值有問題。所以正如我們常說的，我們認為沒有任何一條溪流能比得上惠頓溪。我們發明了這種模型，並且會不斷嘗試完善它。

I think Hemlo was a real step up in terms of how to actually deliver value not only to our shareholders, but to our partners in terms of support and strength all the way across and trying to find a great balance of satisfying both sides of the spectrum. So the acquisition side, most of those companies do trade at a bit of a premium to NAV. And we -- whereas when it comes to going out and looking at new assets, we can find these things at NAV or less, slightly less than that. It's still attractive compared to an equity financing or to other alternative forms of financing for these companies are looking for capital.

我認為 Hemlo 在如何真正為股東和合作夥伴創造價值方面是一個真正的進步，它提供了全方位的支持和實力，並努力在滿足各方需求之間找到一個良好的平衡。因此，在收購方面，大多數收購公司的交易價格都略高於其淨資產值。而我們——當談到外出尋找新資產時，我們可以以淨資產值或更低的價格，甚至略低於淨資產值找到這些東西。對於這些尋求資金的公司而言，與股權融資或其他替代融資方式相比，它仍然具有吸引力。

So as Haytham and Neil, the team has done a great job of continuing to put the capital back to work, looking at opportunities like this. And I think Spring Valley is a great example of that. It's a lower risk jurisdiction. It's our first real footprint into Nevada, which is the jurisdiction we've looked at for a long time, but we have seen some incredibly expensive transactions in our eyes -- take place in Nevada. This one we feel is attractively priced, especially when we go over the upside that we -- that I just finished describing to you.

因此，Haytham 和 Neil 等團隊成員在繼續讓資金重新發揮作用方面做得非常出色，他們一直在尋找像這樣的機會。我認為春谷鎮就是一個很好的例子。這是一個風險較低的司法管轄區。這是我們首次真正涉足內華達州，我們長期以來一直關注內華達州，但我們看到內華達州發生了一些在我們看來極其昂貴的交易。我們認為這款產品定價很有吸引力，尤其是考慮到它的優點——我剛才已經向你描述了這些優點。

And so we're pretty excited about having this one. We like this path. We're always looking at the M&A side that we do see some opportunities in that space that makes sense we would act. But to date, we're doing a -- we find better value in just sourcing new opportunities. We are blessed with an industry that always needs capital. So that's our business, supplying capital.

所以我們對擁有這款產品感到非常興奮。我們喜歡這條路。我們一直在關注併購方面，我們看到該領域存在一些機會，如果機會合適，我們會採取行動。但到目前為止，我們發現尋找新的機會更有價值。我們很幸運，我們所處的產業永遠需要資金。這就是我們的業務，提供資金。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Some of them have been answered already. Maybe, Haytham, for you, as I think about the environment, the opportunities out there. One of my questions was on silver. I just -- I think you touched it a little bit, you're seeing more on the silver side than previously. Are we seeing some big silver opportunities?

有些問題已經得到了解答。或許，海瑟姆，對你來說，當我思考環境以及外面的機會時，你會這麼想。我的問題之一與銀有關。我只是——我覺得你稍微碰了一下，你現在看到的銀色部分比以前多了。我們是否看到了一些巨大的白銀投資機會？

That's interesting. It's funny to ask that question. There are some larger silver opportunities that are out there, but we're being very proactive to bot and find those. With that, I'm going to turn the mic over to Neil to just tell you a little bit about the current current environment for growth.

那很有意思。問這個問題真有趣。市場上還有一些更大的白銀投資機會，但我們正在非常積極地利用機器人程式去尋找這些機會。接下來，我將把麥克風交給尼爾，讓他簡單介紹目前的成長環境。

Thanks, Haytham. Thanks, Tanya. So yes. In terms of volume, we continue to be as active as we've ever been. We have literally over a dozen active opportunities in the pipeline.

謝謝你，海瑟姆。謝謝你，塔尼亞。是的。就交易量而言，我們依然保持著一貫的活躍狀態。我們目前有十幾個正在籌備中的項目。

From a stage perspective, it's interesting because we've seen an increase in operating opportunities, which is great to see it's something we hadn't seen for a number of years. And it's also been driven by the increase in M&A activities with the major selling offs and noncore assets. Metal mix, which you already touched on, is probably 60-40 gold silver, I would say, time at this time.

從舞台角度來看，這很有趣，因為我們看到了營運機會的增加，這很棒，因為這是我們多年來都沒有看到的情況。此外，併購活動的增加以及大規模出售非核心資產也推動了這一趨勢。你之前已經提到過金屬混合比例，我認為目前可能是 60% 金銀 40% 的比例。

In terms of size, the majority are in the $200 million to $300 million range. But we also have a couple of exciting $1 billion-plus opportunities, but those are a bit longer lead time.

從規模來看，大多數項目都在 2 億美元到 3 億美元之間。但我們也有幾個令人興奮的、價值超過 10 億美元的投資機會，但這些機會需要更長的準備時間。

The one thing, Tanya, that I would add on the silver side, your question is specifically on silver. Keep in mind that most silver is produced as a byproduct, actually from base metal operations. And the one thing that we're hopeful is that with the strength that we've seen in silver prices of late, that perhaps some of those base metal operators would like to crystallize some of that value and help strengthen their own balance sheets to fund their own growth.

Tanya，關於白銀方面，我想補充一點，你的問題具體是關於白銀的。請記住，大部分白銀實際上是賤金屬加工的副產品。我們抱持希望的一點是，鑑於近期白銀價格的強勁走勢，一些基本金屬運營商或許會希望將部分價值變現，從而增強自身的資產負債表，為自身發展提供資金。

And so that does fall into an opportunity set with this strength that we've seen where we may be able to pick up some, as Neil said, some operating access to silver streams on operating assets. So we're out there pardon the pavement. And with these kind of silver prices, there's definitely an interest in terms of learning more. So stay tuned.

因此，這確實符合我們所看到的這種優勢所帶來的機會，正如尼爾所說，我們或許能夠獲得一些營運資產的白銀流的營運機會。所以我們現在在外面，請忽略路面狀況。在這樣的白銀價格下，人們肯定會對了解更多資訊產生興趣。敬請期待。

Yes, just I've been hearing more on the silver side. And so I just wondered if -- and I've heard of some of the big ones, like billion silver deals, and I just wondered if those were something that you were focused on.

是的，只是我最近聽到的關於銀價的說法比較多。所以我就想知道——我聽過一些大交易，像是價值數十億美元的白銀交易，我就想知道這些是不是你們關注的重點。

Yes. You know me well on Tanya, that I've always liked silver a little bit more than gold. So if there's opportunities in the space, we're definitely trying to track that now. Neil and the team are doing a great job on that.

是的。坦雅，你很了解我，我一直都喜歡銀而不是金。所以，如果這個領域有機會，我們現在肯定會努力追蹤這些機會。尼爾和他的團隊在這方面做得非常好。

And when you mentioned the $200 million to $300 million range, were those mainly on the gold opportunities?

您之前提到的 2 億至 3 億美元的範圍，主要是黃金投資機會嗎？

A mixture, actually. There is, I would say, probably an even mixture between gold and silver within those $200 million to $300 million opportunities.

實際上，兩者兼而有之。我認為，在這些價值 2 億至 3 億美元的投資機會中，黃金和白銀的比例可能大致相當。

Okay. And are you also seeing -- because I am hearing, and I don't know has the same, there's probably more assets for sale within the senior gold companies and the market expects. I guess, we've seen Newmont out their new Crest assets and Barrick cleaned up their portfolio somewhat. But I'm hearing that there's also more coming out of the senior space than expected. Is that what you're seeing as well?

好的。您是否也看到——因為我聽說，而且我不知道是否也有同樣的情況，高級黃金公司中可能還有更多資產待售，而市場也預期如此。我想，我們已經看到紐蒙特公司出售了其在克雷斯特的新資產，而巴里克公司也對其資產組合進行了一些清理。但我聽說，老年人領域也湧現出比預期更多的人才。你看到的也是這種情況嗎？

So maybe I'll answer that, Tanya, just with regards to divestitures from -- of noncore assets from senior producers. I will say that we did see a lot of that over the last 12 to 18 months, for sure. Right now, it has declined quite a bit. But obviously, with changing management teams, changing focus of various companies. We do expect that to start again. We haven't seen a lot of it yet.

所以，Tanya，也許我會回答這個問題，就從高級製片人手中剝離非核心資產而言。可以肯定的是，在過去的 12 到 18 個月裡，我們確實看到了許多這樣的情況。目前，它已經下降了不少。但很顯然，隨著管理團隊的更迭，各家公司的關注點也在改變。我們預計這種情況會再次發生。我們目前還沒有看到太多這樣的情況。

Okay. So you're expecting more of that to come?

好的。所以你預計以後還會出現更多這種情況？

We hope so. We'd love to be able to support another acquirer of some of these high-quality assets. Keep in mind, a lot of these assets when they were within these senior companies, they're being valued at a reserve base of, I'll call it, Neil mentioned one in 1,700, Barrick was doing theirs at 1,400 previously. You start using numbers of 2,100, 2,500, you go from a 6-year reserve life to a 20-year reserve life. So I think a lot of that is probably something we're going to see here in the near term.

我們希望如此。我們非常樂意支持其他收購方收購這些優質資產。請記住，這些資產在它們屬於這些大型公司時，很多都是按儲備基準估值的，我稱之為，尼爾提到過一個 1700 的儲備基準，巴里克之前將其估值為 1400。你開始使用 2100、2500 這樣的數字，儲備壽命從 6 年延長到 20 年。所以我認為，在不久的將來，我們很可能會看到很多這樣的情況發生。

And just your Spring Valley acquisition, if you assume that all of the resources get converted and you can mine out 4 million ounces minable, let's say, would it be fair to say a spot that you'd be in the sort of 4%, 5% internal rate of return like in line with the cost of capital?

僅就你收購的 Spring Valley 而言，假設所有資源都能轉化，並且你可以開採出 400 萬盎司可開採黃金，那麼可以說你的內部收益率在 4% 到 5% 之間，與資本成本相當，這種說法是否合理？

Well, based on our analysis, I can tell you our numbers are higher than that based on exploration upside that we've seen based on expansions of the existing pit dimensions based on the higher, lower cutoff grades, we are getting a higher rate than what you're quoting there. I will leave it to you to figure out what your actual rate is based on how many years of additional exploration upside you want to add on top of that, but we're pretty optimistic that eventually this will get to double digit.

嗯，根據我們的分析，我可以告訴你，基於我們根據現有礦坑尺寸的擴大以及更高、更低的邊界品位所看到的勘探收益，我們的數字比你所說的要高，我們獲得的收益比你所說的要高。至於實際收益率是多少，就由您自己根據您希望在此基礎上增加多少年的勘探收益來計算吧，但我們相當樂觀地認為，最終收益率會達到兩位數。

I will add, Tanya, that the resources drill limited. It's -- there's plenty of expiration potential wide open mineralization. And so it's the drill data that's actually the limiting factor on the resource. -- not the economics.

塔妮亞，我還要補充一點，鑽探資源有限。在那裡——有大量的到期潛力，礦化作用尚未完全釋放。因此，真正限制資源儲量的是鑽探數據，而不是經濟因素。

Yes. No, no. I mean I just looked at it on a 4 million-ounce mineable scenario.

是的。不，不。我的意思是，我只是假設可開採儲量為 400 萬盎司。

I've seen enough of it down here to think that there's probably even more than that.

我在這裡看到的已經足夠多了，我認為實際情況可能比這還要糟糕。

Yes. As I said, it is in a good camp. So those can't go on for a while. Maybe if I could add just a modeling question. I saw the updated DD&A in the portfolio. Can someone just remind or reguide us on your depreciation and guidance for what you expect for 2025 maybe 2026 with the new portfolio updates?

是的。正如我所說，它處於一個不錯的營地。所以這些情況暫時無法持續下去。或許我可以加一個建模問題。我在投資組合中看到了更新後的盡職調查和分析。能否請哪位提醒或重新指導一下你們的折舊政策，以及根據新的投資組合更新，你們對 2025 年或 2026 年的預期？

Sure. Tanya, it's Vince here. We did update our depletion on a normal course. Not a big change. Antamina, we saw a bit of a drop because they had some tailings lift there. Still water, a little bit higher just because of the change in mine plan. But all the detailed depletion rates we've now put into the financials and the MD&A. So you can see exactly what has happened there and help you out on the modeling front.

當然。坦婭，我是文斯。我們依正常程序更新了損耗情況。變化不大。安塔米納的價格略有下降，因為那裡有一些尾礦提升作業。水面平靜，只是因為礦山計畫的改變，水位略高一些。但是，我們現在已經將所有詳細的消耗率納入財務報表和管理層討論與分析中。這樣你就能清楚地看到那裡發生了什麼，並在建模方面對你有所幫助。

I forget what the guidance was corporately beginning of the year, but yes, I'll go back and --

我忘了年初公司給的指導意見是什麼，不過好的，我會回去看看。--

I think it's not going to change materially going forward. So I would roughly say it's at the same levels going forward.

我認為這種情況未來不會發生實質改變。所以我覺得大致來說，未來它將保持同樣的水平。

Okay. And then my final question is maybe a reminder. I've seen a lot of the other companies sell out investment portfolios of equity interest. Can you just remind me what's left within yours?

好的。最後，我的問題或許是個提醒。我見過很多其他公司出售其股權投資組合。你能提醒我一下，你心裡還剩下什麼嗎？

Yes. There's -- we've got -- I don't have the list in front of me to, I can tell you, and it's listed on -- I think, on our -- at least some of it's broken down some of the larger positions, but we have about $260 million equity book right now. I can tell you, we're not looking to divest any of those positions. Those positions are all with our existing partners that are ramping up operations. And we are going to continue to be strong supporters.

是的。我們有——我手頭上沒有清單，但我可以告訴你，它列在——我想，在我們的——至少其中一些細分了一些較大的持倉，但我們目前擁有約 2.6 億美元的股權。我可以明確地告訴你，我們目前沒有出售任何這些股份的計劃。這些職位都設在我們現有的合作夥伴處，他們正在擴大營運規模。我們將繼續給予大力支持。

Eventually, there may be some liquidity events where we can actually carry get off our positions. But at this point in time, we're -- if nothing else, we'd be helping our partners as they need it going forward to continue to strengthen their balance sheets.

最終，可能會出現一些流動性事件，屆時我們或許可以平倉。但就目前而言，我們至少會盡力幫助我們的合作夥伴，讓他們在未來能夠繼續加強資產負債表。

Martin Pradier, Veritas Investment Research.

馬丁‧普拉迪爾 (Martin Pradier)，Veritas 投資研究部。

In terms of Antamina, I noticed that the depreciation dropped in half almost. What happened there?

就安塔米納而言，我注意到其折舊率幾乎下降了一半。那裡發生了什麼事？

(inaudible) Yes. So the -- yes, Thanks, Martin. Yes. So that really is, as Vincent mentioned, it's because of the tailings expansion. So right now, Antamina marks their reserves with tails capacity. And in Q1 this year, Antamina managed to secure the permits or for the expansion of the current tailings facility, and that increased the reserves dramatically, which then drops that depletion rate down. So that's the reasoning behind that.

（聽不清楚）是的。所以——是的，謝謝你，馬丁。是的。正如文森所提到的那樣，這確實是因為尾礦庫的擴建。所以目前，安塔米納公司用尾部容量來標示其儲量。今年第一季度，安塔米納成功獲得了擴建現有尾礦設施的許可證，這大大增加了儲量，從而降低了消耗速度。這就是背後的原因。

Essentially, what happened was the tailings capacity doubled, which meant that the -- with that much the depletion that much more reserve double because of that excess capacity because with that tailings capacity, then you could class it as a reserve. And so it's -- the resource there is very, very high geological confidence, but Antamina approach is is that it's not a reserve until it actually has permitted tailings capacity. And so the fact that it went up just meant that we had a substantive increase in reserves, which means the depletion rate drops.

從本質上講，發生的情況是尾礦容量翻了一番，這意味著——由於消耗量如此之大，儲備量也翻了一番，因為有了這些過剩的尾礦容量，就可以將其歸類為儲備。因此，那裡的資源地質可靠性非常非常高，但安塔米納的做法是，只有當其尾礦容量實際達到許可標準時，才能稱之為儲量。因此，儲量上升的事實意味著我們的儲量大幅增加，這意味著消耗速度下降。

Okay. Perfect. I understand. And in terms of Salobo, should we expect a strong Q4, I thought that there was like a little bit of higher grade in Q4?

好的。完美的。我明白。至於 Salobo，我們是否應該期待其第四季業績強勁？我認為第四季的評級會略高一些。

Salobo is reasonably flat in Q4. So we're expecting -- we've seen very strong performance through the year this year. And we were just on site at the end of September there and really, they are planning to continue on as they have for the rest of the year here. So reasonably flat for Q4.

Salobo第四季業績基本持平。所以我們預計——今年以來我們已經看到了非常強勁的業績。我們九月底剛去過那裡，他們確實計劃像今年剩餘的時間一樣繼續施工。所以第四季整體表現較為平穩。

They moved forward a little bit of preventative maintenance that was scheduled in Q4 into Q3. So that should help a little bit on the Q4 side. There was a short stint in Q3.

他們將原定於第四季進行的一些預防性維護工作提前到了第三季。這樣應該會對第四季有所幫助。第三季曾短暫出現過這種情況。

George Eadie, UBS.

喬治伊迪，瑞銀集團。

Nice update here again. Can I ask about the Spring Valley stream? And sorry, I joined a little bit late, so I may have missed this, but the payment profile. Can you remind me of the various conditions for the payment and the profile of time line, please?

又是一個不錯的更新。請問一下春谷溪的情況如何？抱歉，我加入得有點晚，所以可能錯過了付款資訊。請問您能否提醒我各項付款條件和時間安排？

Yes, you bet. I mean, it's still, I would say, the $670 million majority of that will go in during development. There'll be a small month that goes in upfront, approximately, I would say, $310 million over the next well, close to (inaudible) over the next 6 to 12 months, I would say. And then the remainder will go in alongside the company's equity investment. So we put in $120 million, they put in $120 million, and we do that a couple of times until we get to the $670 million number.

當然。我的意思是，我仍然認為，這 6.7 億美元中的大部分資金將在開發過程中投入。前期會有一小部分資金投入，大約，我估計，在接下來的6到12個月裡，大約會有3.1億美元投入。剩餘部分將與公司的股權投資一起投入。所以我們投入 1.2 億美元，他們也投入 1.2 億美元，如此反覆幾次，直到達到 6.7 億美元。

Stripped over the construction other than a small amount ahead of construction starting just to get some equipment orders in and stuff like that, but it's tripped over the construction, which is the storage or shortly.

除了在施工開始前進行少量準備工作（例如訂購設備等）外，施工期間幾乎沒有其他東西，但施工過程中出現了問題，導致倉庫或即將關閉。

Yes. Okay. No, that's great. And then just sort of talking before about all these asset opportunities coming up, some large ones, like that $900,000 per ounce profile was $870 million rather geo profile by 2029. Is it fair to assume there's potentially a bit of upside here with the new streams like Spring Valley, given the environment is so strong right now? Do you think that (inaudible) is a bit of --

是的。好的。不，那太好了。然後，我們之前一直在討論即將出現的各種資產機會，其中一些規模很大，例如到 2029 年，每盎司 90 萬美元的黃金價格將達到 8.7 億美元。鑑於目前環境如此有利，是否可以合理地假設像 Spring Valley 這樣的新溪流可能會帶來一些成長潛力？你覺得（聽不清楚）有點…--

Yes. Not only that, a lot of our existing operations and start-ups have announced accelerated plans for start-up and for expansions. And we've got Blackwater moving forward with expansions Platreef has accelerated their ramp-up in production over that 5-year period. Salobo itself also is fine-tuning in terms of trying to improve throughputs and recoveries. And so we -- even the existing portfolio without the new acquisitions, has made that forecast looking very conservative and gets us even closer to that 1 million-ounce number sooner than later.

是的。不僅如此，我們許多現有的營運機構和新創公司都宣布了加速啟動和擴張計畫。而且，Blackwater 正在推進擴張計劃，Platreef 在過去 5 年裡加快了產量提升速度。Salobo 本身也在進行微調，以期提高吞吐量和復原率。因此，即使不考慮新的收購，我們現有的投資組合也使得這項預測看起來非常保守，並使我們比預期更快接近 100 萬盎司的目標。

Yes, I don't disagree. That's very clear.

是的，我同意。這一點很清楚。

Thank you, George, and thank you, everyone, for your time today dialing in. Our record-breaking performance over the first nine months of this year underscores Wheaton's position as the premier low-risk choice for investors seeking exposure to gold and silver. Recent transactions in low-risk jurisdictions underscore the quality of opportunities we're pursuing. Our corporate development team continues to see strong demand for streaming as a source of capital and we are excited about the pipeline of opportunities that lie in front of us.

謝謝喬治，也謝謝大家今天抽空撥入電話。今年前九個月我們創紀錄的業績凸顯了惠頓作為尋求投資黃金和白銀的投資者首選的低風險投資平台的地位。最近在低風險地區的交易凸顯了我們所尋求的投資機會的品質。我們的企業發展團隊持續看到市場對串流媒體作為資金來源的強勁需求，我們對擺在我們面前的許多機會感到興奮。

With our high-quality operating portfolio, 100% streaming revenue, sector-leading growth profile and unwavering commitment to sustainability, we offer shareholders with one of the most effective vehicles for investing in precious metals. We 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 soon. Thank you.

憑藉我們高品質的營運組合、100% 的串流媒體收入、行業領先的成長前景以及對永續發展的堅定承諾，我們為股東提供了投資貴金屬最有效的工具之一。感謝所有利害關係人在我們進入這個令人興奮的持續有機增長期之際給予的持續支持。我們期待盡快再次與大家交流。謝謝。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。請斷開您的線路。