Wheaton Precious Metals Corp. (WPM) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals' 2026 second quarter results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded on Friday, August 7, 2026, at 11:00 AM Eastern Time.

各位女士、先生，早安。感謝各位等候。歡迎參加 Wheaton Precious Metals 2026 年第二季業績電話會議。(接線員指示) 提醒各位，本次電話會議將於 2026 年 8 月 7 日（星期五）美東時間上午 11:00 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人關係副總裁 Emma Murray。請開始。

Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today's call. I'm joined today by Haytham Hodaly, Wheaton Precious Metals' President and Chief Executive Officer; Vincent Lau, Chief Financial Officer; Wes Carson, Vice President of Mining Operations; and Neil Burns, Vice President, Corporate Development. Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website.

謝謝你，Julianne。各位女士、先生，早安，感謝各位參與今天的電話會議。今天與我一同出席的有：Wheaton Precious Metals 總裁兼執行長 Haytham Hodaly；財務長 Vincent Lau；採礦營運副總裁 Wes Carson；以及企業發展副總裁 Neil Burns。提醒目前未透過網路直播收聽的各位，本次電話會議隨附的簡報投影片已以 PDF 格式提供，位於我們網站的 Presentations（簡報）頁面。

Some of the comments on today's call may include forward-looking statements. Please refer to slide 2 for cautionary information and disclosures. It should be noted that all figures referred to on today's call are in US dollars, unless otherwise noted.

今天電話會議中的部分評論可能包含前瞻性陳述。請參閱投影片第 2 頁的警示資訊與揭露事項。另請注意，除非另有說明，今天電話會議中提及的所有數字均以美元計。

With that, I'd like to turn the call over to Haytham Hodaly, Wheaton's President and Chief Executive Officer.

接下來，我想把電話交給 Wheaton 總裁兼執行長 Haytham Hodaly。

Thank you, Emma, and good morning, everyone. Thank you for joining us today to discuss Wheaton's second quarter results of 2026. The second quarter closed out a record-breaking first half of the year for Wheaton. Through the first six months of 2026, the company delivered record performance across many of our key metrics, including production, sales volumes, revenue, earnings and cash flow. In an environment marked by commodity price volatility and cost pressures, these results reflect the continued strength of our high-quality portfolio and the resilience of the streaming business model.

謝謝你，Emma，各位早安。感謝各位今天加入我們，一同討論 Wheaton 2026 年第二季的業績。第二季為 Wheaton 創下破紀錄的上半年畫下句點。在 2026 年前六個月，公司在多項關鍵指標上繳出創紀錄表現，包括產量、銷售量、營收、獲利與現金流。在商品價格波動與成本壓力並存的環境下，這些成果反映出我們高品質投資組合的持續實力，以及串流（streaming）商業模式的韌性。

In the first half of the year, we achieved record production of 415,000 gold equivalent ounces and record sales volumes of 390,000 gold equivalent ounces, positioning us well to achieve our 2026 production guidance range of 860,000 to 940,000 gold equivalent ounces. Production in the second quarter was bolstered by the initial contribution from our expanded Antamina silver stream and the continued realization of the company's growth strategy with incremental production realized from Hemlo, Fenix, Platreef and Goose.

在上半年，我們達成創紀錄的產量 415,000 金當量盎司（GEO），以及創紀錄的銷售量 390,000 金當量盎司，使我們有利於達成 2026 年產量指引區間 860,000 至 940,000 金當量盎司。第二季產量受惠於擴增後 Antamina 白銀串流的初始貢獻，以及公司成長策略的持續落實，Hemlo、Fenix、Platreef 與 Goose 亦帶來增量產量。

Turning to corporate development. We also continued to execute on our growth strategy during the quarter, completing several additional transactions that further diversify our portfolio. We closed the Antamina silver stream with BHP, a defining milestone for both Wheaton and the industry, representing the largest precious metal streaming transaction ever completed.

接著談企業發展。我們在本季也持續執行成長策略，完成數筆額外交易，進一步分散我們的投資組合。我們與 BHP 完成 Antamina 白銀串流交易，這是 Wheaton 與整個產業的里程碑，亦為史上完成的最大宗貴金屬串流交易。

We announced our first ever streaming transaction in Australia, a gold and silver stream on the Jervois project through our partnership with KGL Resources. We expanded our royalty portfolio through the Spanish Mountain and Cipango royalties, which also provide Wheaton with the right of first refusal on future financings, adding further optionality to our portfolio.

我們宣布在澳洲的首筆串流交易：透過與 KGL Resources 的合作，取得 Jervois 專案的黃金與白銀串流。我們也透過 Spanish Mountain 與 Cipango 權利金擴充權利金投資組合，並同時賦予 Wheaton 對未來融資的優先承購權（right of first refusal），為投資組合增添更多選擇性。

Collectively, these transactions further strengthen our portfolio, expand our geographic reach and broaden our counterparty base while maintaining the disciplined approach to capital allocation that has underpinned Wheaton's success.

整體而言，這些交易進一步強化我們的投資組合、擴大地理布局並拓寬交易對手基礎，同時維持一貫嚴謹的資本配置紀律，而這正是 Wheaton 成功的基石。

As of June 30, 2026, our balance sheet remains robust with $100 million in cash on hand at quarter end and access to the undrawn portion of our $2.5 billion revolving credit facility, which, together with the strength of our forecasted operating cash flows, provides strong flexibility to fund all outstanding commitments and allows us to continue to pay down our existing debt balance as well as the capacity to pursue additional accretive mineral stream interests. 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.

截至 2026 年 6 月 30 日，我們的資產負債表仍然穩健，季末持有現金 1 億美元，並可動用 25 億美元循環信用額度中尚未提用的部分；再加上我們預期營運現金流的強勁表現，讓我們具備充足彈性以履行所有未完成承諾，並可持續償還既有債務餘額，同時也有能力尋求更多具增益性的礦產串流權益。我們仍致力於紀律性的資本部署，只聚焦於最具增益性的機會，並以能為所有利害關係人創造具意義的長期價值為架構原則。

Importantly, Wheaton's growth is not dependent on additional transactions. Our existing portfolio already supports a strong organic growth profile of 50% by 2030, underpinned by multiple development assets advancing through construction, ramp-up and optimization.

重要的是，Wheaton 的成長並不依賴額外交易。我們現有的投資組合已可支撐至 2030 年達到 50% 的強勁有機成長輪廓，並由多項開發資產在建設、爬坡與最佳化階段的推進所支撐。

Turning to sustainability. Wheaton was once again recognized among Corporate Knights' Best 50 Corporate Citizens in Canada, a multi-sector accolade that we were proud to receive. During the quarter, we also launched our third annual Future of Mining Challenge, which will award $1 million to an initiative focused on advancing solutions for mine optimization and reducing land impacts across the mining sector. We look forward to engaging with innovators who are helping to shape the future of responsible mining, further demonstrated in our recently published 2025 sustainability report.

接著談永續發展。Wheaton 再次獲選為 Corporate Knights「加拿大最佳 50 家企業公民」，這是一項跨產業的殊榮，我們深感榮幸。本季我們也啟動第三屆年度「Future of Mining Challenge（採礦未來挑戰）」計畫，將頒發 100 萬美元給一項致力於推進礦山最佳化解決方案並降低整體採礦產業土地影響的倡議。我們期待與創新者交流，共同塑造負責任採礦的未來；這也在我們近期發布的 2025 年永續報告中有所展現。

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

接下來，我想把電話交給採礦營運副總裁 Wes Carson，他將就我們的營運成果提供更多細節。Wes？

Thanks, Haytham. Good morning, everyone. Overall production in Q2 was 202,000 GEOs, a 6% year-over-year increase, primarily driven by the addition of BHP's Antamina stream, together with the new production from Fenix, Hemlo, Mineral Park, Platreef and Goose.

謝謝你，Haytham。各位早安。第二季整體產量為 202,000 金當量盎司（GEO），年增 6%，主要受惠於新增 BHP 的 Antamina 串流，以及來自 Fenix、Hemlo、Mineral Park、Platreef 與 Goose 的新產量。

In Q2, Salobo produced 62,100 ounces of attributable gold, a decrease of approximately 11% relative to Q2 2025, primarily the result of lower grades. Vale Base Metals disclosed that the coarse particle flotation is the key near-term growth driver at Salobo, supporting Salobo III's expansion from 12 million to 18 million tonnes per annum and targeted total throughput of 42 million tonnes per annum by 2029.

第二季 Salobo 的應占黃金產量為 62,100 盎司，較 2025 年第二季約下降 11%，主要因品位較低所致。Vale Base Metals 表示，粗粒浮選（coarse particle flotation）是 Salobo 近期成長的關鍵驅動因素，將支持 Salobo III 由年產能 1,200 萬噸擴增至 1,800 萬噸，並以 2029 年達到年總處理量 4,200 萬噸為目標。

In Q2, Antamina produced 2.3 million ounces of attributable silver, an increase of approximately 56% relative to Q2 2025. The increase was primarily driven by the newly acquired BHP Antamina PMPA, which increased the company's share of silver production at Antamina from 33.75% to 67.5% effective April 1, 2026.

第二季 Antamina 的應占白銀產量為 230 萬盎司，較 2025 年第二季約增加 56%。增幅主要來自新取得的 BHP Antamina PMPA，使公司在 Antamina 的白銀產量分成自 2026 年 4 月 1 日起由 33.75% 提高至 67.5%。

The benefit of the increased production share was partially offset by lower silver grades and the timing of planned maintenance as a scheduled July maintenance shutdown was advanced into June. The lower grades were attributable to pit sequencing with a greater portion of copper-only ore processed relative to copper-zinc ore, which contains more silver. An increase in copper-zinc ore is expected to be processed in the third quarter, which is expected to result in higher silver grades.

產量分成提高所帶來的效益，部分被較低的白銀品位以及計畫性維修時點所抵銷，因原定 7 月的維修停機提前至 6 月進行。品位下降係因採坑採序（pit sequencing）所致，相較於含銀較多的銅鋅礦，本期處理了較高比例的僅含銅礦石。預期第三季將處理更多銅鋅礦石，進而帶動白銀品位提高。

In Q2, Blackwater produced 100,000 ounces of attributable silver and 5,900 ounces of attributable gold, an increase of 7% and 46%, respectively, relative to Q2 2025, primarily the result of higher recoveries, grades and throughput.

第二季 Blackwater 的應占白銀產量為 100,000 盎司、應占黃金產量為 5,900 盎司，較 2025 年第二季分別增加 7% 與 46%，主要因回收率、品位與處理量提高所致。

On August 4, 2026, Artemis Gold provided an update on the Phase 1 expansion at Blackwater, which is anticipated to increase the plant's nameplate capacity by 33% from 6 million to 8 million tonnes per annum. Artemis reported that the Phase 1A was 57% complete at the end of Q2 2026 and remains on schedule for commissioning in Q4 2026, with the expansion expected to contribute to production beginning in 2027.

2026年8月4日，Artemis Gold 就 Blackwater 第一階段擴建提供最新進展；該擴建預計將使選礦廠的設計名義產能由每年600萬噸提高33%至每年800萬噸。Artemis 表示，截至2026年第二季末，第一階段1A已完成57%，並仍按計畫於2026年第四季進行試車投產（commissioning），預期擴建將自2027年起開始對產量作出貢獻。

Artemis also commenced major works construction on its larger EP2 growth project at Blackwater, which remains on schedule and on budget. Together, Phase 1A and EP2 are expected to expand throughput capacity by 250% from 6 million to 21 million tonnes per annum by 2028, increasing annual gold production to over 500,000 ounces.

Artemis 亦已在 Blackwater 啟動其更大型的 EP2 成長專案之主要工程施工，該專案仍按進度且符合預算。第一階段1A與EP2合計預計將於2028年前把處理量產能由每年600萬噸擴增250%至每年2,100萬噸，並將年黃金產量提升至超過50萬盎司。

Several development projects continue to ramp up in Q2 2026, including Mineral Park, Fenix, Platreef and Goose. Construction also advanced across a number of projects, including Kurmuk, where Allied Gold reported the project remains on budget and on schedule with start of operations expected in August and first gold pour a few weeks thereafter. And Kone, where Montage Gold reported that the project remains on budget and ahead of schedule with first gold pour targeted for Q4 2026 through the oxide circuit and the hard rock comminution circuit on track for completion in Q2 2027.

多個開發專案於2026年第二季持續爬坡增產，包括 Mineral Park、Fenix、Platreef 與 Goose。多項專案的建設亦持續推進，包括 Kurmuk；Allied Gold 表示該專案仍在預算內且按進度，預計於8月開始營運，並在其後數週完成首次澆鑄黃金。以及 Kone；Montage Gold 表示該專案仍在預算內且進度超前，目標於2026年第四季透過氧化礦迴路完成首次澆鑄黃金，而硬岩破碎磨礦（comminution）迴路預計於2027年第二季完成。

Production outlook for 2026 remains unchanged, and we currently expect to achieve our annual production guidance of 860,000 to 940,000 GEOs. Production is expected to be weighted to the second half of 2026, driven by mine sequencing at Salobo and Penasquito, the first full contribution from the Antamina BHP stream and the continued ramp-up of newly operating assets through 2026.

2026年產量展望維持不變，我們目前預期可達成全年產量指引86萬至94萬GEO（黃金當量盎司）。預期2026年下半年產量占比將較高，主要受 Salobo 與 Penasquito 的採礦順序安排、Antamina BHP 串流的首個完整貢獻，以及2026年內新投運資產持續爬坡所帶動。

Looking ahead, we project annual production to grow at an industry-leading rate of approximately 50%, reaching 1.2 million GEOs by 2030 with average annual production forecast to remain at approximately 1.2 million GEOs from 2031 through 2035. That concludes the operations overview.

展望未來，我們預估年產量將以約50%的業界領先速度成長，至2030年達到120萬GEO，且2031年至2035年的平均年產量預測將維持在約120萬GEO。以上為營運概覽。

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

接下來我把電話會議交給 Vince。

Thank you, Wes. Production in Q2 was 202,000 GEOs, a 6% increase year-over-year, driven primarily by the addition of the BHP Antamina stream and contributions from our newly operating assets. Sales volumes were 209,000 GEOs, a 14% increase from last year. Sales exceeded production in the quarter as we drew down produced but not yet delivered ounces carried over from prior periods. Consistent with our earlier guidance, Q2 deliveries reflected two of the typical three quarterly shipments under the new BHP Antamina stream with a full quarterly contribution expected in the second half of the year.

謝謝你，Wes。第二季產量為202,000 GEO，年增6%，主要由新增的 BHP Antamina 串流以及新投運資產的貢獻所帶動。銷售量為209,000 GEO，較去年增加14%。本季銷售高於產量，因我們消化了前期已生產但尚未交付的結轉盎司。與先前指引一致，第二季交付反映了新 BHP Antamina 串流在每季通常三批出貨中的兩批；預期下半年將有完整季度的貢獻。

At the end of the second quarter, the produced but not yet delivered, or PBND, balance was approximately 158,000 GEOs, representing 2.6 months of payable production. This is consistent with the preceding four quarters and within our guided range of 2.5 to 3.5 months.

截至第二季末，已生產但尚未交付（PBND）的結餘約為158,000 GEO，相當於2.6個月的可支付產量。此與前四個季度一致，並落在我們指引的2.5至3.5個月區間內。

Strong commodity prices, coupled with solid production led to record quarterly revenue of $929 million, an increase of 85% compared to last year. This was driven primarily by a 61% increase in the average realized gold equivalent price, together with a 14% increase in the number of volumes sold. Of this revenue, 46% came from gold, 52% from silver and the remainder from cobalt and palladium.

強勁的商品價格加上穩健的產量，帶動季度營收創新高至9.29億美元，較去年增加85%。主要原因為平均實現黃金當量價格上升61%，以及銷售量增加14%。在該營收中，46%來自黃金、52%來自白銀，其餘來自鈷與鈀。

In the coming quarters, we expect the revenue split to favor gold as the new gold dominant development projects come online. Net earnings increased by 86% from the prior year to $543 million, while operating cash flow totaled $650 million, a 57% increase from last year, resulting in year-to-date records achieved across revenue, net earnings and operating cash flow.

在未來幾個季度，隨著新的以黃金為主的開發專案陸續投產，我們預期營收結構將更偏向黃金。淨利較去年增加86%至5.43億美元；營運現金流合計6.50億美元，較去年增加57%，使得年初至今在營收、淨利與營運現金流方面均創下紀錄。

During the quarter, we generated over $650 million in operating cash flow and deployed approximately $4.5 billion in net upfront cash payments across our streaming portfolio. This was headlined by the $4.3 billion payment to BHP for the Antamina silver stream funded on April 1 and also included $156 million for Kone, $23 million for Spanish Mountain, $60 million for Jervois and $4.5 million for Cipango.

本季我們產生超過6.50億美元的營運現金流，並在我們的串流投資組合中支付約45億美元的淨預付款現金。其中最主要的是4月1日完成資金撥付、支付給 BHP 的 Antamina 白銀串流43億美元款項；此外亦包括 Kone 1.56億美元、Spanish Mountain 2,300萬美元、Jervois 6,000萬美元，以及 Cipango 450萬美元。

In addition, the company made two dividend payments totaling $171 million and made its first global minimum tax payment relative to the 2024 taxation year amounting to $109 million. After funding these commitments, we ended the quarter with a cash balance of approximately $100 million at June 30, resulting in a net debt balance of approximately $1.9 billion. This is a reduction from the approximately $2.1 billion pro forma net debt position immediately following the Antamina funding on April 1, reflecting the strength of our operating cash flow even after funding additional stream payments and dividends during the quarter.

此外，公司支付了兩次股利合計1.71億美元，並就2024課稅年度首次繳納全球最低稅，金額為1.09億美元。在履行上述承諾後，截至6月30日我們季末現金餘額約為1.00億美元，淨負債約為19億美元。相較於4月1日完成 Antamina 資金撥付後立即的約21億美元備考（pro forma）淨負債水準有所下降，反映即使在本季支付額外串流款項與股利後，我們的營運現金流仍具強勁表現。

On the Antamina acquisition, on April 1, we drew down on our new $1.5 billion term loan, together with a draw on our revolving credit facility and cash on hand. During the quarter, we further enhanced our financial flexibility by upsizing our revolving credit facility by $500 million to $2.5 billion and extending its maturity by one year to June 30, 2031.

就 Antamina 收購而言，4月1日我們動用新的15億美元定期貸款，並同時動用循環信貸額度及手頭現金。本季我們亦透過將循環信貸額度增加5億美元至25億美元，並將到期日延長一年至2031年6月30日，進一步提升財務彈性。

Together with the $500 million accordion feature and our cash on hand, this provides approximately $2.6 billion of available liquidity. The strength of our production guidance and continued strong margins, we remain well positioned to generate robust operating cash flow at current commodity prices, supporting debt repayment over a relatively short period while continuing to build capacity to fund our existing commitments and potential future accretive stream acquisitions.

連同5億美元的增額（accordion）機制以及手頭現金，這使我們擁有約26億美元的可用流動性。憑藉我們強勁的產量指引與持續優異的利潤率，我們在目前商品價格下仍具備產生可觀營運現金流的良好條件，可在相對較短期間內支持償債，同時持續建立資金能力，以履行既有承諾並把握未來可能具增益（accretive）的串流收購機會。

This concludes the financial summary. I'll now hand things back over to Haytham.

以上為財務摘要。我現在把會議交回給 Haytham。

Thank you, Vincent. In summary, the first half of 2026 was record-breaking for Wheaton and the second quarter reflected the continued execution of our strategy. The first half of the year saw records achieved across production, sales volumes, revenue, earnings and cash flow, reflecting the strength and momentum across our portfolio. In the second quarter, we delivered record revenue and closed the Antamina silver stream with BHP, the largest streaming transaction to date, which has meaningful long-term silver exposure.

謝謝你，Vincent。總結而言，2026年上半年對 Wheaton 而言創下多項紀錄，而第二季反映我們策略的持續落實。上半年在產量、銷售量、營收、獲利與現金流方面均創紀錄，展現我們投資組合的強勁實力與動能。第二季我們創下營收新高，並與 BHP 完成 Antamina 白銀串流交易（迄今最大規模的串流交易），帶來具意義的長期白銀曝險。

We continue to execute on disciplined accretive growth, further expanding and diversifying our portfolio with the closing of the Jervois transaction, our first stream in Australia. Our development pipeline continued to advance with multiple assets progressing through construction, ramp-up and optimization, supporting Wheaton's forecasted sector-leading organic growth profile of 50% by 2030. And Wheaton's strategy remains clear: stay disciplined in pursuing high-quality, low-risk, long-life, accretive precious metal streams and deliver sustainable long-term value for all stakeholders.

我們持續以審慎方式執行具增益的成長策略，並透過完成 Jervois 交易進一步擴大與多元化我們的投資組合，這也是我們在澳洲的首筆串流。我們的開發管線持續推進，多項資產在建設、爬坡與最佳化方面取得進展，支持 Wheaton 預測至2030年達成50%的產業領先有機成長輪廓。Wheaton 的策略依然明確：在追求高品質、低風險、長壽命、具增益的貴金屬串流方面保持紀律，並為所有利害關係人創造可持續的長期價值。

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

那麼，接下來我想把電話會議——開放給提問。接線員？

(Operator Instructions)

（接線員指示）

Daniel Major, UBS.

Daniel Major，瑞銀。

Hey, great. Thank you and thanks for the questions. Yes, I guess the first question, just on the sort of bridge into the second half, like how much of that uplift is the new -- sort of new assets coming online? Can you just give us a little light sense of contribution from the new ramp-ups relative to the mine sequencing? Yes, that's the first question.

嗨，很好。謝謝，也謝謝讓我提問。是的，我想第一個問題是關於下半年之間的那個銜接（bridge），例如其中有多少增幅是來自新的——也就是新資產上線所帶來的？你們能否大致說明一下，新產能爬坡（ramp-ups）相對於礦山採序（mine sequencing）的貢獻？是的，這是第一個問題。

Thanks for the question, Daniel. It's really mine sequencing is driving primarily. Most of the ramp-ups this year, well, all of the ramp-ups only amount to about 3% of our total production on the year. So really, the main thing is that Antamina stream being fully online and then really the shift in mine sequencing, particularly on Salobo and Penasquito to the second half of the year.

謝謝你的問題，Daniel。主要驅動因素其實是礦山採序。今年大多數的爬坡——其實今年所有爬坡加總起來，大約只占我們全年總產量的3%。所以真正的重點是 Antamina 串流（stream）全面上線，然後是礦山採序的調整，特別是 Salobo 和 Penasquito 轉向在下半年。

Okay, got it. Thanks. And then the second question I suppose is about project pipeline and your, appetite for deals while you are still digesting the shift to net debt and the Antamina acquisition. I mean, I guess, yeah, we have seen a pullback in asset values with the gold price a little bit. Has that made the --

好的，了解。謝謝。那第二個問題我想是關於專案管線，以及在你們仍在消化轉為淨負債（net debt）以及收購 Antamina 的同時，對交易的胃納（appetite）。我的意思是，是的，我想我們看到資產價值隨著金價回落而有所下修。這是否讓——

The pipeline more active is the first part of the question. And second, I see you have engaged in a couple of royalty transactions. you have historically been less active in the space relative to your peers. Are you seeing opportunities for transactions in third-party royalties? And third part, are you seeing any movement on the copper project pipeline, prices at 14,000, is that pipeline looking.

第一部分是：管線是否因此更活躍？第二，我看到你們做了幾筆權利金（royalty）交易。相較同業，你們過去在這個領域的活躍度較低。你們是否看到第三方權利金交易的機會？第三部分，你們是否看到銅專案管線有任何動向？在價格到 14,000 的情況下，那個管線看起來是否

Like we might see some more FIDs and financing requirements.

可能會看到更多最終投資決策（FID）以及融資需求。

Thank you for the question, Daniel. I'll start by saying we currently have, as Vincent outlined, almost $2.6 billion in unused capacity through our revolver, and we're generating in excess of $200 million of free cash flow every month. So we feel very, very comfortable continuing to transact on whatever we see out there in the market. That would be an accretive transaction for Wheaton.

謝謝你的問題，Daniel。我先說明，我們目前如 Vincent 所提，透過循環信貸（revolver）仍有接近 26 億美元的未動用額度，而且我們每月產生超過 2 億美元的自由現金流。因此，我們對於持續在市場上就任何我們看到的機會進行交易都感到非常、非常有信心。前提是那會是一筆能為 Wheaton 帶來增益（accretive）的交易。

In terms of the royalty transactions we've done lately, it's -- I think you have to look at it differently. We're not just entering into royalties because you're right, royalties won't really move the needle. What we're doing is we're entering into royalties that have ROFRs, so right of first refusal on future financings. And that's the key. Having that ability to lock that up provides us that certainty that we at least have the last look when there's an opportunity out there to finance.

至於我們最近做的權利金交易——我認為你必須用不同角度來看。我們不是單純因為權利金而進入，因為你說得對，權利金本身不太會帶來顯著影響。我們在做的是附帶 ROFR（優先拒絕權，right of first refusal）的權利金，也就是對未來融資享有優先拒絕權。這才是關鍵。能夠把這個權利鎖定下來，讓我們至少在市場出現融資機會時擁有最後審視（last look）的確定性。

So that's very important. On the next question, I'm going to pass it over to Neil Burns, our VP of Corporate Development.

所以這非常重要。下一個問題我會交給我們企業發展副總裁 Neil Burns。

Sure, Daniel. You mentioned the drop in metal prices. Coming off the highs that we saw in the first quarter, moderation in metal prices did contribute to a bit of a softening in the equity markets. And I think that led to a bit of an uptick in some of the opportunities we're seeing from smaller companies who are facing a tougher financing environment. We do see the mix still weighted towards gold, as Haytham has said, and generally in the same range of about $200 million to $500 million as we've been messaging.

當然，Daniel。你提到金屬價格下跌。在第一季我們看到的高點之後，金屬價格的回落確實使股權市場稍微轉弱。我認為這也讓我們從一些面臨更艱困融資環境的小型公司那裡，看到的機會有所增加。我們確實看到組合仍偏向黃金，如 Haytham 所說，整體規模大致仍在我們一直對外傳達的約 2 億到 5 億美元區間。

Okay, thanks for that. Yes, just whether there's any color on any -- the high-level color on the deal pipeline or potential in the copper industry, whether you're seeing any more movement there on the projects?

好的，謝謝。是的，我想問的是，關於交易管線或銅產業的潛在機會，是否能提供一些概括性的說明？你們是否看到那些專案有更多進展？

Well, I mean, the copper industry itself, there are some large projects out there in the copper industry, but they will take time to come to fruition. There's nothing imminent within the next, I would say, year or two that requires financing.

嗯，我是說，銅產業本身確實有一些大型專案，但它們需要時間才能落地。我認為在接下來一到兩年內，沒有什麼迫在眉睫、需要融資的項目。

But looking out, call it, three to eight years, there is a large -- there are a number of large porphyry copper deposits that will require big funding, and we would hope to be involved in that. In the meantime, we're not just sitting by, obviously, waiting for those to happen. We're constantly looking -- our team is constantly looking at ways to continue to expand our portfolio through accretive transactions.

但往外看，大概三到八年，會有大型——有若干大型斑岩銅（porphyry copper）礦床需要龐大資金，我們希望能參與其中。同時，我們當然不是只是坐等那些事情發生。我們的團隊一直在持續尋找——持續尋找透過具增益性的交易來擴大我們投資組合的方法。

And as you've seen, we've entered into a stable jurisdiction. We've looked at -- in Australia, we were looking at several other jurisdictions. Obviously, North America, a lot's going on there. So we're very excited about the way things are looking here over the next little while.

而且如你所見，我們已經進入一個穩定的司法管轄區。我們也在澳洲——我們也在看其他幾個司法管轄區。很明顯，北美那邊也有很多事情在發生。所以對於接下來一段時間的發展態勢，我們感到非常振奮。

Great. Thank you. Have a nice weekend.

很好。謝謝。週末愉快。

Thank you, Jane.

謝謝你，Jane。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行（Scotiabank）。

Great. Good morning, everyone. Thank you so much for taking my questions. Congrats on the strong quarter as well. Can I come back to just the second half of the year, you're going to see stronger production mainly from the operating assets. Maybe some guidance on the sales because sales came in higher than we expected. So I'm kind of wondering how sales and production is going to look for the second half of the year.

很好。各位早安。非常感謝讓我提問。也恭喜本季表現強勁。我想回到下半年：你們將主要從營運中資產看到更強的產量。能否也提供一些銷售量的指引？因為銷售量高於我們預期。所以我有點想了解，下半年銷售與產量會呈現什麼樣的走勢。

Tanya, it's Vince here. Yes. So our PBND balance really drives that. At the end of Q2, we're sitting at about 2.6 months. We typically see it range anywhere between 2.5 to 3.5 months. So I would say there is a higher likelihood that there will be a little bit of a buildup in the PBND towards year-end than a drawdown. So I would forecast it to be flat or rising a little bit, but nothing dramatic.

Tanya，我是 Vince。是的。這主要是由我們的 PBND 餘額所驅動。在第二季末，我們大約在 2.6 個月。通常我們會落在 2.5 到 3.5 個月之間。所以我會說，相較於回落（drawdown），年底 PBND 稍微累積（buildup）的可能性更高一些。因此我預期它會持平或小幅上升，但不會有什麼劇烈變化。

Okay. If that's the case, then you're thinking that production and sales could be close to each other. Is that how we should be thinking about it?

好的。如果是這樣，那你們的意思是產量和銷售量可能會彼此接近。我們應該這樣理解嗎？

That's how I would think about it.

我會這樣看。

That's helpful. Maybe I can get my numbers right next time with that guidance. Just turning over to just the deal pipeline. I have two questions on the deal pipeline and whoever wants to take that and maybe Haytham as well. From understanding this pipeline -- the opportunities out there, it appears to me, Haytham, that you mentioned that the big opportunities, the plus $1 billion range seem to be further out like that three- to eight-year time frame.

這很有幫助。也許下次有了這個指引，我就能把數字算得更準。接著回到交易管線。我對交易管線有兩個問題，誰想回答都可以，也許 Haytham 也可以。就我對這個管線——市場上機會的理解來看，Haytham，你提到規模超過 10 億美元的重大機會似乎更偏向較後面，例如三到八年的時間範圍。

Would that be a fair statement?

那會是一個公平的說法嗎？

I would say the larger copper opportunities that were asked about would be further out. There are other opportunities, Tanya, in the pipeline that I would say could be in excess of $1 billion, could be as high as $2 billion. But again, those take time to gestate. And so it will be, I would say, majority of opportunities are focused on sub-$500 million, but there is the odd $1 billion or $2 billion transaction that could come out sooner than the three- to seven-year time line I mentioned.

我會說，先前被問到的較大型銅相關機會會更偏後段。不過，Tanya，管線中還有其他機會，我會說可能超過10億美元，最高可能達到20億美元。但同樣地，這些都需要時間醞釀。因此我會說，多數機會聚焦在5億美元以下，但也會有零星的10億或20億美元交易，可能會比我提到的三到七年時間軸更早出現。

Okay. And are those in gold or silver?

好的。那那些是在黃金或白銀嗎？

Those are primarily focused towards gold.

那些主要聚焦在黃金。

And then, Haytham, are you seeing any changes to the structure of the deals in that $200 million to $500 million range? Is it still the same sort of project financing that requires either a stream plus an equity and a debt component? Has anything changed in that?

接著，Haytham，你是否看到在2億到5億美元區間的交易結構有任何變化？是否仍是同樣類型的專案融資，需要串流（stream）加上股權與債務組合？這方面有改變嗎？

Yes. That's about right, Tanya. I would say that as we're looking at these things, we're trying to provide more of a financing package going forward. Like you've seen us put in working capital facilities. You've seen us put in equity where needed.

是的。差不多就是那樣，Tanya。我會說，當我們在看這些案子時，我們正嘗試在未來提供更完整的一揽子融資方案。就像你看到我們提供營運資金額度。你也看到我們在需要時投入股權。

What we're trying to do is do what's best for the company, provide the company with the flexibility to structure the transaction that is most efficient for them without diluting their existing shareholders. That creates a win-win transaction.

我們想做的是做對公司最有利的事，讓公司有彈性去安排對他們而言最有效率、且不稀釋既有股東的交易結構。這會創造雙贏的交易。

Okay. And then my last question really comes back to just people. When I look out in the industry and you look at project build and you look at expertise and contractors out there, unfortunately, quality of contractors isn't what it used to be. So maybe, Haytham, can you talk a little bit about what you're doing internally to beef up your technical expertise? Obviously, trying to bake in contractors is not optimal at this point anymore.

好的。那我最後一個問題其實回到「人」這件事。當我放眼產業、看專案建置、看外部的專業與承包商時，不幸的是，承包商的品質已不如以往。所以也許，Haytham，你能談談你們內部正在做些什麼來強化技術專業嗎？顯然，在這個時間點再把承包商納入（作為主要依賴）已不再是最佳選項。

Yes, absolutely. Internally, we're a total of 45, 46 people, and we have two new hires coming on to expand our engineering team and our operations team. The more opportunities and more streams we lock in, obviously, the more there is to do. And it's important for us to stay on top of everything. Also want to ensure that our team is able to look at all these opportunities without burning themselves out.

是的，當然。內部方面，我們總共45、46人，並且有兩位新進人員即將加入，以擴充我們的工程團隊與營運團隊。我們鎖定的機會越多、串流案越多，顯然要做的事情也越多。對我們來說，保持掌握一切很重要。也希望確保團隊能夠評估所有這些機會，而不至於把自己操到過勞。

So we are adding -- it doesn't sound like a lot, but we're adding two to three people over the next three or four months. And we probably, over the next five years, as needed, as portfolios expand, have the capacity to add another 10% on top of that if needed. And I'm sorry.

所以我們正在增員——聽起來不多，但未來三到四個月會增加兩到三個人。而在未來五年內，視需要、隨著投資組合擴大，我們也有能力在此基礎上再增加約10%的編制（如有需要）。抱歉。

We do the majority of our reviews and opportunities with internally. So we're not relying on externals.

我們大多數的審查與機會評估都是由內部完成。所以我們不依賴外部人員。

And can you just remind me of the technical expertise that you currently have in-house and the one that you --

你能否提醒我一下，你們目前內部具備哪些技術專長，以及你們--

That absolutely. You bet.

當然可以。沒問題。

Yeah.

對。

We're all mining engineers, geologists, processing engineers, geological engineers, civil engineers. I don't think I've missed anything. Geotechnical engineers, social scientists. So we have a wide variety of expertise internally.

我們有採礦工程師、地質學家、選冶/處理工程師、地質工程師、土木工程師。我想我沒有漏掉什麼。岩土工程師、社會科學家。所以我們內部有非常多元的專業。

I can tell you, we haven't used an external consultant in -- it's got to be at least a couple of years.

我可以告訴你，我們已經——至少有好幾年——沒有使用外部顧問了。

And what areas do you need to add, Haytham?

那你們還需要補強哪些領域，Haytham？

We're just adding additional capacity on engineering in order to actually be able to look at more opportunities. So that size doesn't matter. We're not restricted to looking at small risk, we can look at everything and operations to assist Wes in monitoring our development projects.

我們只是要在工程端增加額外產能，才能實際評估更多機會。所以規模大小不是問題。我們不會被限制只能看低風險的小案子，我們可以看所有案子；另外也會在營運端增員，協助Wes監控我們的開發中專案。

Okay. Thank you so much for taking my question.

好的。非常感謝你回答我的問題。

Thank you, Tanya. Have a great weekend.

謝謝你，Tanya。週末愉快。

Yeah, you as well.

你也是。

Cosmos Chiu, CIBC.

Cosmos Chiu，CIBC。

Great, thanks. Hey, Tim, how you doing? Thanks for taking my questions. And that's a lot of engineers. I guess you're missing an aerospace engineer. But beyond that, so maybe my question is on Antamina. As you mentioned, Q2 was a bit impacted by the split between copper and copper-zinc concentrate. So how does it work usually?

太好了，謝謝。嗨，Tim，你好嗎？謝謝你回答我的問題。而且那是一大堆工程師。我猜你們少了一位航太工程師。不過除此之外，我的問題可能是關於Antamina。如你提到的，第二季受到銅精礦與銅鋅精礦之間的分配影響了一些。所以通常它是怎麼運作的？

Is it based on -- was that due to higher copper prices? So there was preference in terms of the Antamina selling more copper-only concentrate? Or is that not correlated? And Wes, as you mentioned, it seems like there is going to be a bit more copper, zinc concentrate in Q3. So that's going to help.

這是基於——是因為銅價較高嗎？所以Antamina在銷售上會偏好賣更多純銅精礦？還是這兩者其實不相關？另外，Wes，如你提到的，看起來第三季會有更多銅鋅精礦。所以這會有幫助。

But usually, how much visibility do you have? Do you have any visibility beyond what's happening in Q3?

但通常你們能掌握到多少能見度？除了第三季正在發生的事情之外，你們還有任何更往後的能見度嗎？

Thanks for the question, Cosmos. I would say there isn't really the ability to selectively feed ore based on what's happening in the commodity prices. This really is truly pit sequencing. So we were just on site at the end of June and got a great review with the team down there. And really, the copper-zinc ore tends to be just in different areas of the pit and it just depends on where they're going.

謝謝你的問題，Cosmos。我會說，其實沒有辦法根據商品價格的變化去選擇性地進料（餵礦）。這真的完全取決於露天礦坑的採掘順序（pit sequencing）。我們在六月底剛到現場，並與那邊的團隊做了很好的檢視。而且實際上，銅鋅礦石往往位於礦坑的不同區域，取決於他們目前推進到哪裡。

And the primary area where you're going to see that higher silver grade come out, and we've been talking about this for the last year or so here is around where that old primary crusher was in the bottom of the pit.

而你會看到較高銀品位產出的主要區域——我們過去一年左右一直在談——是在礦坑底部、舊的主破碎機所在位置附近。

And there's quite a bit of not just copper-zinc, but copper bornite ore in that area as well. And that's taken a little bit longer to kind of get to than what was expected. We were expecting to see that kind of earlier in the year. But they are well progressed on that, and we'll see that come in over the next little while here and into next year as well. But we're certainly expecting to see those higher silver grades come in later in the year and kind of continue over the next kind of 12 to 18 months.

那個區域不僅有相當多的銅鋅礦，還有銅的斑銅礦（bornite）礦石。而要推進到那裡所花的時間比原先預期稍微久一些。我們原本預期會在年初較早時看到那一段。但他們在那方面進展良好，我們會在接下來一段時間以及明年陸續看到它反映出來。不過我們確實預期在今年稍晚會看到那些較高的銀品位出現，並在接下來約12到18個月持續。

Good. That's good to hear. Maybe sticking with Antamina and certainly great to see that you've added to that stream. But I guess my question is the latest transaction was transacted when silver prices were slightly higher. It's come down a little bit now.

好的。很高興聽到。也許繼續專注於 Antamina，而且很棒的是看到你們確實增加了那條串流的比例。但我想我的問題是，最新這筆交易是在白銀價格稍微更高的時候完成的。現在價格又回落了一點。

It's gone back up again, but it's still lower than where you had it when you transacted the acquisition. So I guess my question is, are there any concerns in terms of potential write-downs? Or are you able to, for accounting purposes, look at the entire 67.5% stream as one holistic stream, whereby the risk of any kind of write-down will be much less?

它後來又反彈了，但仍低於你們完成收購交易時的水準。所以我想問的是，在潛在減記方面是否有任何疑慮？或者就會計目的而言，你們是否能把整個 67.5% 的串流視為一個整體串流來看待，如此任何減記風險就會小很多？

Hey, Cosmos, it is Vince here.

嗨，Cosmos，我是 Vince。

Hi, Vince.

嗨，Vince。

From an accounting perspective, the Glencore and the BHP streams are separate, what's called CGUs. So we need to look at them separately. But from a value perspective, when we did the Antamina transaction with BHP, spot prices were higher, but we definitely did not use the spot prices at that time from a long-term perspective, the value of that stream. And from our perspective, long-term silver prices still have strong fundamentals, and there's no indicators of impairment at this point.

從會計角度來看，Glencore 的串流和 BHP 的串流是分開的，也就是所謂的 CGU（現金產生單位）。所以我們必須分別評估。但從價值角度來看，我們與 BHP 進行 Antamina 交易時，現貨價格確實較高，但我們在評估該串流的長期價值時，絕對沒有採用當時的現貨價格。而且就我們的觀點，長期白銀價格的基本面仍然強勁，目前沒有任何減損跡象。

So we're comfortable with the carrying value at where it is. Yes, that's kind of what we are looking at.

所以我們對目前的帳面價值水準感到安心。是的，這大致就是我們的看法。

Yes. And there's no triggering event at this point, as you mentioned?

是。而且目前也沒有你提到的任何觸發事件，對嗎？

No. I mean -- the asset is performing as expected. Prices are going to be volatile, but we take a long-term view in terms of what the value is.

沒有。我的意思是——資產表現符合預期。價格會波動，但我們在評估價值時採取長期觀點。

Understood. And maybe one last question. Haytham, as you mentioned, you've made your first investment into Australia. But I guess my question is more on Japan. I see that you've made your first investment or maybe not your first, but one of a few investments into Japan.

了解。也許最後一個問題。Haytham，如你提到的，你們已經在澳洲做了第一筆投資。但我想問的其實是日本。我看到你們已經在日本做了第一筆投資——或許不是第一筆，但至少是少數幾筆之一。

I didn't think it was a big sort of mining jurisdiction, but now you've made investment to Cipango. So maybe if you can talk about that investment and how you see Japan as a jurisdiction.

我原本不覺得那是一個很大的礦業司法管轄區，但你們現在投資了 Cipango。所以也許你可以談談這筆投資，以及你們如何看待日本作為一個司法管轄區。

I will pass it over to Neil. Go ahead, sir.

我把問題交給 Neil。先生，請。

Good morning, Cosmos.

早安，Cosmos。

Yeah, good question.

是的，問得很好。

Thanks for the question. Japan is quite unique in both geology with its location along several plate margins. It's great breeding ground for creating great ore bodies and also the fact that there's been very little exploration. During World War I, the workforce really shifted over to the Army from the mines. And they never really got back to mining.

謝謝你的提問。日本非常獨特，無論在地質上——因為它位於多個板塊邊界沿線——這是孕育優質礦體的絕佳環境；同時也因為勘探非常少。在第一次世界大戰期間，勞動力確實從礦山大量轉向軍隊。而且之後也沒有真正回到採礦業。

Their focus shifted towards smelting and refining. So it remains to be a jurisdiction that has great potential and extremely underexplored. Cipango has got a number of projects, which our NSR applies to, 5 of their current ones they have 100% ownership on and 2 that they're earning into. And the ROFR that Haytham mentioned earlier covers actually 16 projects in the country. So we have huge optionality on discovery.

他們的重心轉向冶煉與精煉。因此，日本仍是一個潛力很大、且勘探程度極低的司法管轄區。Cipango 擁有多個專案，我們的 NSR 適用於其中一些：他們目前有 5 個專案是 100% 持有，另有 2 個是透過賺取權益方式取得。而 Haytham 先前提到的 ROFR（優先購買權）實際上涵蓋該國 16 個專案。所以我們在發現方面有很大的選擇權。

Great. Yes. I know it's not producing yet, but if you ever have a mine tour going to Japan, let me know, I'm in.

很好。是的。我知道目前還沒投產，但如果你們哪天有去日本的礦山參訪行程，告訴我一聲，我一定參加。

But have a good weekend. I will go hang out but have a good weekend and thanks for answering all my questions.

祝你們週末愉快。我先去旁聽了，但祝週末愉快，也謝謝你們回答我所有問題。

Thanks, Cosmos. Have a great weekend.

謝謝你，Cosmos。祝你週末愉快。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Good morning. My questions have to do with the early deposits because I haven't actually looked at these in detail. I see Toroparu, Cotabambas, the deals were done a long time ago. But when I look at when you expect to spend on these, it's post 2030. So I have a couple of questions. One, the way these things work that those payments you have left, are those onetime payments or at a stage?

早安。我的問題與早期的礦床有關，因為我其實還沒有仔細研究這些。我看到 Toroparu、Cotabambas，這些交易是在很久以前做的。但當我看你們預計在這些項目上的支出時，是在 2030 年之後。所以我有幾個問題。第一，依照這類安排的運作方式，你們剩下的那些付款，是一次性付款，還是分階段付款？

And my second question is, do you think you'll be paying those sooner than that 2030 period as we move forward? And three, there's all these buydown options in here. Are those just onetime things that basically kicked this whole process? If you can just go through how you're thinking about those, specifically the Toroparu and Cotabambas, which are two of the bigger ones that look like you're making some progress now.

第二個問題是，隨著時間推進，你們是否認為會比 2030 年那個時間點更早支付這些款項？第三，這裡有很多回購降比例（buydown）選項。那些是否只是一次性的安排，基本上用來啟動整個流程？如果你能說明一下你們如何看待這些，特別是 Toroparu 和 Cotabambas——這兩個看起來是較大的項目，而且現在似乎有一些進展。

Sure. Why don't I just answer your first question first. So these payments for starters, we put up very, very little at the time. So we've committed very little dollars initially. And so the majority of the actual capital goes in as these projects are derisked.

當然。我先回答你的第一個問題。首先，這些付款在一開始我們投入得非常、非常少。所以我們初期承諾的金額很小。而大部分實際資本投入，是在這些專案逐步去風險化之後才投入。

And to answer your second question, the payments are staged based on levels of completion. So as they complete 20 -- we put in some capital as they complete the first 25%, we put additional capital, et cetera. That's the majority of the structures look like that. Trying to remember the third question.

回答你的第二個問題，付款是依完成程度分期的。所以當他們完成 20——例如完成前 25% 時我們投入一部分資金，之後再完成下一個 25% 時我們再投入額外資金，如此類推。大多數結構都是長這樣。我在想你第三個問題是什麼。

Well, more importantly, we don't provide any capital until it's permitted and in construction. And that's how we derisk it. And this allows us to achieve a significantly higher ROCE. We're not committing capital until they're actually in construction, which is very different than the royalty.

更重要的是，在取得許可並進入建設之前，我們不會提供任何資金。這就是我們去風險化的方式。這也讓我們能達成顯著更高的 ROCE（投入資本報酬率）。我們不會在它們真正進入建設之前承諾資本，這與權利金模式非常不同。

I think the other point is just that both of those are currently outside of our 10-year guidance, so both Cotabambas and Toroparu. So as you mentioned, I mean, both do seem to be getting some traction right now, and we're keeping a close eye on the traction on those. And should they start to develop further, then we would bring them into that guidance. But at this point, they're not in there.

我想另一點是，這兩個項目目前都在我們的 10 年指引之外，也就是 Cotabambas 和 Toroparu。所以如你所說，兩者現在看起來確實都有一些動能，我們也在密切關注它們的進展。如果它們開始進一步開發，那我們就會把它們納入指引。但目前還沒有。

Right. Prior to delivering a feasibility, do you put money in before the feasibility and then there's these options that kick in? Or is it like once you start, you can't reverse this whole gold stream percentage change and everything. Are these like triggered the first time you put the next payment in? Or are they sort of triggered along the way?

了解。在提交可行性研究之前，你們會先投入資金嗎？然後那些選項才會被觸發？還是說一旦開始之後，就無法再逆轉整個黃金串流比例變更等安排？這些是你們第一次支付下一筆款項時就觸發嗎？還是會在過程中分段觸發？

Yes. So it's very much like a normal stream. You can't change the stream percentage. It's baked. Every deal is different.

是的。所以它非常像一般的金屬流（stream）。你無法更改流量比例。這是固定寫死的。每筆交易都不一樣。

Some of these deals, they actually have to deliver us a feasibility study and then we can decide whether we want to move forward in those scenarios. In each of these cases, we're still very much -- I think the projects are very robust, and we'll likely move forward with them. And when that happens, when they have the permits and they're in construction and full financing, that's when we provide our capital to contribute to our stream.

其中一些交易，他們其實必須向我們提交可行性研究，然後我們才能決定在那些情境下是否要繼續推進。在每一個案例中，我們仍然非常——我認為這些專案都非常穩健，我們很可能會繼續推進。而當那發生時，當他們取得許可、進入施工並完成全額融資時，那就是我們提供資金、以投入我們金屬流的時點。

Maybe just to answer your last question, Brian, you asked about change of control, buybacks, et cetera. Typically, on the more recent transactions, in the event of a change of control, we have allowed a partial only one third buyback. I don't recall, but I don't think either of those two transactions had any buyback options in them in the event of change of control or otherwise.

也許回覆你最後一個問題，Brian，你問到控制權變更、回購等等。通常在較近期的交易中，若發生控制權變更，我們允許部分回購，且僅限三分之一。我不太記得，但我想那兩筆交易在控制權變更或其他情況下，應該都沒有任何回購選項。

Right.

對。

Okay. So in very simple terms, they basically work the same as a stream, if I think of it in simple terms, they have similar securities and stuff.

好的。所以用非常簡單的說法，它們基本上和金屬流的運作方式一樣；如果我用簡化的角度來看，它們有類似的擔保品之類的安排。

Oh, absolutely. Absolutely. Okay.

喔，當然。當然。好的。

Thank you very much.

非常感謝。

Thank you, Brian.

謝謝你，Brian。

Jack Baxter, Bloomberg Intelligence.

Jack Baxter，彭博情報（Bloomberg Intelligence）。

Good morning, team. I just want to shift the focus to the long-term outlook. So it seems like we're still pretty much sticking to the 1.2 million GEOs by 2030. But obviously, at the same time, we've got new deals and there's been some positive milestones across the portfolio. I'm just wondering if there's a bias towards that GEO outlook? Is it more positive?

各位早安，團隊。我想把焦點轉到長期展望。看起來我們仍大致維持到2030年達到120萬GEO的目標。但顯然同時我們也有新交易，而且整個投資組合也出現一些正面的里程碑。我想請問，對於那個GEO展望是否有偏向？是否更偏正面？

Or is it still broadly neutral? But if it is positive, are we -- should we be expecting a refresher in the near term?

還是整體仍大致中性？但如果是偏正面，我們——是否應該預期近期會更新指引？

Well, if you look at our current forecast, you mentioned the 1.2 million ounces. That is based on projects that we have in the pipeline that are currently permitted, financed and all the 3 are in construction. Those 3 are expected to start construction within the next 12 months. So we're fairly comfortable with that number. But as you so accurately highlighted, we're a growth company.

嗯，如果你看我們目前的預測，你提到的120萬盎司。那是基於我們管線中的專案：目前都已取得許可、完成融資，而且其中3個都在施工中。這3個預期會在未來12個月內開始施工。所以我們對這個數字相當有信心。但正如你非常精準地指出，我們是一家成長型公司。

We're continuing to generate strong cash flow every year, and we're going to continue to deploy that capital into accretive transactions. So I would like to hopefully believe that, that forecast is conservative. But until we do transactions, we're going to stick with our 1.2 million ounce forecast.

我們每年持續產生強勁的現金流，並且會持續把資本部署到具增值性的交易上。所以我希望可以相信，這個預測是保守的。但在我們完成交易之前，我們會維持120萬盎司的預測。

Got you. And maybe a follow-up. It's a bit of a niche one, but curious to get some color on your discussions with Equinox, specifically focusing on Los Filos and given the land rights resolution. But at the same time, that stream from what I can tell is due to expire in 2029. Now there's plans for a sizable development on that asset sometime in the near future.

了解。再追問一下。這問題有點小眾，但我想了解你們與Equinox的討論情況，特別聚焦在Los Filos，以及土地權利問題已解決的背景。但同時，據我所知，那個金屬流合約將在2029年到期。而該資產在不久的將來似乎有一個相當大型的開發計畫。

I'm just wondering if there's been any discussions on extending the time line of that contract or potentially participating in any other funding opportunities that arise, obviously, noting the challenges that, that asset has had.

我想請問，是否有討論延長該合約的期限，或是參與任何其他可能出現的融資機會？當然也注意到該資產過去面臨的一些挑戰。

Yes. I would say, Jack, that there haven't been any significant discussions around those deals. This is a very small stream in our portfolio right now and not really material. At the same point, should Equinox require help in moving forward with that sulfide plant or any of that, then we're always more than willing to help out with it. But at this point, I would say we don't have any -- we haven't had any significant discussions with them around it.

是的。我會說，Jack，針對那些交易目前沒有任何重大的討論。這在我們的投資組合中目前是一個非常小的金屬流，並不算重要。同時，如果Equinox在推進那座硫化物工廠或相關事項時需要協助，我們一向非常願意提供幫助。但就目前而言，我會說我們沒有——我們尚未就此與他們進行任何重大的討論。

I would say -- I would add, Jack, that is only one of two assets in our entire portfolio that has a finite date on it. Everything else is life of mine, and that was an early structured transaction.

我會說——我補充一下，Jack，那是我們整個投資組合中僅有兩項具有到期日的資產之一。其他全部都是礦山全壽命（life of mine），而那是一筆早期的結構性交易。

Thank you. All clear and look forward to talking again in September.

謝謝。都清楚了，也期待9月再聊。

Thanks, Jack. Have a great weekend. Thank you, everyone, for your time today. Wheaton's record-breaking results in the first half of 2026 reinforces our position as the premier low-risk option for exposure to gold and silver.

謝謝，Jack。週末愉快。也謝謝各位今天撥冗參與。Wheaton在2026年上半年創紀錄的業績，強化了我們作為投資人取得黃金與白銀曝險的首選低風險選項之地位。

Our strong balance sheet, diversified portfolio and compelling growth pipeline position us to continue executing on accretive opportunities and delivering long-term value for all stakeholders. I want to thank all of our stakeholders for their continued support as we build on this record first half and continue to execute on the next phase of growth for the company. Thank you again, and we look forward to speaking with you all soon.

我們強健的資產負債表、多元化的投資組合以及具吸引力的成長管線，使我們得以持續把握具增值性的機會，並為所有利害關係人創造長期價值。我要感謝所有利害關係人在我們以這個創紀錄的上半年為基礎、並持續執行公司下一階段成長之際，給予我們持續的支持。再次感謝，也期待很快再與各位交流。

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。感謝各位參與。請掛斷您的線路。