WPM - Earnings call transcript Q3 2020 | Wheaton Precious Metals Corp.

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Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2020 Third Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator to on that at Tuesday, like is XX conference being recorded November remind would this everyone call a.m. I XX, XXXX Time. Eastern would to conference turn I Mr. now the over Vice of Senior Drouin, Patrick Investor Relations. President ahead. go Please

Patrick Drouin

I’d Vice and Operator. Haytham and participating bring the today’s your Corporate Randy statements. President; Senior statements. that for commentary President, those and Smallwood, assurances prove attention Gary in be results events you, thank today forward-looking actual will Metals’ that Hodaly, Precious President future am in Good gentlemen, can from like Brown, call. anticipated and contain to Thank could to and in Chief to as ladies Chief and materially some be you forward-looking statements such Wheaton joined today’s Senior of I call Financial There Officer; by morning, Development. accurate no Executive may differ Vice Officer

figures cautionary together X-K, differ, section MD&A, the Form risk to Business please financial and that statements, Wheaton’s SEDAR note Uncertainties that under Wheaton’s of satisfy and It our changes a the forward-looking operations to Wheaton any was the Risk COVID-XX the Wheaton be U.S. obligations in assumptions Factors on precious unless in the noted the in or related epidemic, Risk including Description and counterparty call These QX risks out today’s impact from addition fact, ability purchase Wheaton’s to results entitled agreements, material from the last available others, Form, in purchases the release risks Wheaton’s should operations fluctuations to on could on Annual CRA identified Discussion referred actual available metal are result the in Analysis, and results or press factors under the the Form material impacts XX-F Settlement. among on EDGAR. on In all documents, the QX in commodities, including, both dollars XXXX and and cause precious with continued regarding and the and noted. Information metals, which XXXX mining of both the law, MD&A to night, of metals of otherwise set precious from of Management purchase to refer the as pandemic, mining price jurisprudence

as Wheaton or this to reference call Corp. Precious Metals addition, on Precious In subsidiaries, includes Metals applicable. Wheaton and/or its Wheaten wholly-owned

call Chief to Now, I’d President like our turn Smallwood, to Randy Officer. over the and Executive

Randy Smallwood

ladies quarter our joining gentlemen. Thank and discuss employees and us XXXX. Wheaton’s our in keeping for healthy top call. the operate. conference our since and everyone remains I priority At safety to Wheaton, has and of and health you, Thank morning, communities which been you safe good quarterly today we third Patrick, the results last of hope

Wheaton’s regard quarter in operating very assets that to the with a unique given for fourth policy, XX% flow resulted a nine the dividend has And paid dividend be in in Wheaton’s quarter third our in flow our of months quarter. high of cash in of million announce over strong Now, million to pleased portfolio $XXX this first to nearly $XXX XXXX. alone, in the third results, cash generated I record resulting increase quality am

for to shareholders of that it listing hope easier we new addition, Exchange based internationally invest entry In into Wheaton. the Stock make announced provide we the and recently London point will on another

on to discusses I to focus all Wheaton’s We provide our of quarter Gary updates after to will our continue third COVID-XX value response results. delivering on stakeholders.

Vice more and Officer, President our the who So Gary now, to I’d provide Financial like will results. to over call on Senior details turn Gary? Chief Brown,

Gary Brown

of gold to morning, X,XXX the and Thank equivalent to in This X%, silver interesting production comprised operation. production to lower XXXX, interests the represents expected XX,XXX XXX,XXX of Salobo, virtually sales primarily precious increased silver quarter the in Gold the with with third XXXX produced year, than to of of company’s ounces million COVID-XX Relative comparable gold, quarter. ounces gold third produced volumes of and in gentlemen. XXX,XXX was quarter to X quarter the The with that good metal royalty due of that X% palladium. ounces the equivalent and mines is returned our by ounces in or the delivered. grade ladies unchanged. other sales due of increase palladium company Randy, but GEO ounces the you, and prior It XX% prior quarter to XX%, a decreasing sales the any the a production buildup ounces reported by that quarter mining relative at note of suspended having were while decreased not was prior QX temporarily of by in relative volume production volumes in higher to third year to reflecting streaming material XX%

increase for of representing third $XXX As representing buildup and to months’ to average relative to payable a from in increased flow cash to in decreasing but representing XXXX. per the debt outstanding compares amounted QX million, $XXX associated a million, increase XXX% of royalty company. and an X.X QX the related with quarter model $X.XX, representing or provides of Basic gold Net with expenses quarters X.XX% is it QX effective gold average $XXX XX% increase a realized the to million, Again, being for primarily million margins PBND X% possible of XX% million than other to Revenue compared in million compared the precious of quarter of and during share equivalent any the $XXX million balance related interest of XXXX a worth earnings that and Operating amounted or support fund in quarter is X.XX%, to increase on per of $X.XX XXXX, approximately quarter $XX Cash higher average increase incurred million share or $XX could -- ounces year, rate by to ounces costs to it of performance amounted units over PBND, streaming announced XX% the relative with this prices. previously the crude costs future. million to quarter that in the $X in four gold ounces, approximately XXXX, approximately the the XXXX to equivalent to due adjusted with million XX% of $X.XX outstanding donating in to occur to payable preceding PSUs third metal or in in based effective and a PBND $X palladium. XXXX, on share for $XX share, interest $X company $X the of QX higher not the of XX, XXXX our to to third leverage XXXX to business noting increases primarily September for year. setting prior our amounted record to XXX,XXX revenue, highlighting response prices. basis. an $XXX revenue third earnings compared million the over XX% a the delivered XXXX, in million XX%. pandemic. per share XXXX, donations community in of the as XXXX, worth QX an quarter equivalent balance to the compared XXX,XXX of produced per COVID-XX charitable QX resulting per G&A XXXX Of This a higher debt was prior the increased third gold XX% to third amounted share production. attribute to Gross silver Interest an interest costs XX% was $X.XX or rate sales, attributable the

directly unique other the This a was rally has the share XXXX. of flow relative XX, Although, shares did dividend to the royalty paid a X% than company Plan, newly to a Based of a and the XX% declared Board issued Reinvestment policy, of represent Dividend the the in elected shareholders company for precious shareholders November prior dividend it or reinvested efficiently having their metal common the our record market. Under of quarter. has not $X.XX option on participate company’s and this how to shareholders to at offer level policy. any of highlights higher represents increase cash any dividend Board payable pricing company’s generated under record operating in dividend the the in on streaming the quarter a discount in dividends X% company,

stock $XX to XXXX. estimate continues value expenses, For to $XX for non-stock-based and the relating that XXXX, to expenses options which to exclude the million of will amount PSUs G&A million company

long-term $XX on million $XXX dividends During quarter disbursed investments. the company million invested facility, repaid of in $XX and in the XXXX, revolving third the million

of million. September generated equity to XXth With $XX totaling offset flexibility the XX% operating commitments streaming cash million Wheaton to time, million XXXX, the that, the outstanding $X of reap and the will of records resulting outflows only cash they and not over to volume, accretive back policy, precious while with in consummate having any of its the on from the combined the metal in high by of at funding company revenue dividend summary, to additional in XXth instruments, as Randy. well under only sustain as increase million cash I in partially a world, in of This various turn dividend in quality the $XXX proceeds the net accretive the of our portfolio benefits well-positioned the and as revolving at $XXX streaming satisfy As or cash position royalty increased is the stock set in With agreements. growth $XXX and company of million. company extremely strategy. GEO such, prices, these debt by its call well new amount metal to assets a purchase exercise options cash In positioning sales being net Overall, to and helped execute million $XX in facility, QX resulted QX continuation its of same XXXX, highest the precious sale its the of equivalents flow September rally leading any

Randy Smallwood

and to a of community, measures company initiatives. development well update developments guidance, you, activities COVID-XX on employees general The the to to our protect and and as keep provide to as health I the steps impacts safety will business. minimize our has our up-to-date on community Thank taken Gary. now surrounding corporate continues any and

following We company are quarter is higher Production quarter pleased due rebounded guidance. in suspensions on third partner partner’s the COVID-XX have that prior the temporary all the of suspended end strongly and operations temporarily to meet -- our track that in were of our the resumed mining operations. the to

basis, equivalent XXX,XXX equivalent and to Wheaton’s ounces XXXX. in to expect long-term gold a XXXX gold XXXX. we on XXX,XXX between unchanged average As produce forecast on equivalent a per ounces reminder, production year XXX,XXX remains gold between at

the purchase remain X.X% the corporate Precious the Project the XXX% announced had development in continue that active. production to Gold Metals very from Caldas stream to located Subsequent front, quarter, Colombia. silver finalized with the On we we the announced and production of Marmato previously we of gold to

to and through We project success community is are the opportunities Wheaton, exploration organic a We established Marmato. difference. to shareholders budget impacts ability focus financial base, this accretive of measured on also unwavering and in positive are to terms this excited than continued results success. more strong in the Precious encouraged highest profile year, growth Metals our as our In doubling we make partner growth the and accretive top our remain but asset only help regard, advancing delivering US$X in such a acquisition earlier dedicated, quality very to by of strong portfolio, tier not acquisitions, in fund in our address with for At Caldas our production COVID-XX, we of million support. that our

as benefits. Mexico, in Brazil, and Peru, only our of dedicated an of help those We have opportunities to leave but impacts are need. has ambulance to our various majority dollars fund communities alleviate of in and response positive these in economic operations to the provide the food approximately such globally. for sustainable the COVID-XX and million mining near-term medical the helped security, In $X partner’s now fund those programs supplies, ventilators The services deployed not around funds pandemic, support also and and of to

product entrepreneurs. Specifically the the in female have to of while supporting face Brazil, help COVID-XX, of funded production we masks local spread

their continue partners efforts. that additional work We with to to our identify programs COVID-XX support relief

be curves. additional we life able listing a the add new audience London And peers and cash model impact scale. through first to record to company invest our Now production more and optimistic nine that operations, lead to but now the appealing to must new urge only recent regard. a than a to in the offers shutdowns revenue Not cost follow continue in of and in from excited of are believe continue our to growing streaming XXXX half in in second in a together our Stock summary, the we positive opportunity despite we the to make ever, In this assets, company help streaming has producing business this respective of our gain our Exchange, resulted the that, And we and U.K. opportunity and has some we temporary increase to year. and investors months come of support precious Wheaton. we exposure our dividend metals their communities most will the the with Wheaton long remained that flow, space

the and be and continue business bullish precious royalty to we our sustainable confident the of in the Given metals can to leaders high stakeholders portfolio create our assets, space. value strength for we and quality streaming of that all of markets, continue our model remained

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

Operator

ahead. Instructions] [Operator from you. Profiti Please Ralph from here Capital. first the Thank of And go question your Eight comes line

Your is line open. now

Ralph Profiti

there. morning, Hi Good everyone.

Randy Smallwood

Ralph. Hey,

Ralph Profiti

XXXX. strong and terms in comfort Thank are confident operations, talked taking QX to in the guidance was well-telegraphed going I you Peñasquito morning. you of been most and that questions, is Good the your for feeling higher you quarter-over-quarter the Randy. MD&A, it’s end very my of Randy, for commentary with about think be in Where strong.

the some source, so, operations, and that other comfort ones? is feeling the of if in primary So are you greater which

Randy Smallwood

respect Peñasquito site. that, to grades and of Well, definitely recoveries And at on great surprise doing is with and top work is seeing throughput. to us the continues Newmont best there

we so in And the within group combination a strength But it’s the strongest Peñasquito itself. asset. every of just probably is seeing are

I the that good is felt so put suspension into happened, restart restart strong up the when where slow combination And was had lot from actually fact a strong revised really of -- comfort operators had the well. we sure originally the that think we with from that of operations of when guidance, that to higher came coming the the is rebounded everyone production numbers. we rapidly, the were absenteeism relatively and the appears it down. things effort suspended But going and making that happened our the had it

on think, the in overall, across bit it outperforming and way Board. Board So, that then, from yeah, have the of I sense was -- -- Peñasquito all just impacts a pandemic on all the And a operations they rebounded across the just recoveries. grades the the stronger

Ralph Profiti

XX% of little right, And London the appreciate we that. lot an industry of Yeah. context sort a higher? Great. of competitive answer. are right? in higher? I place becoming a on And are go Could how the in years. couple Good of would Would you new a that dividend that have It’s of source for particular increases, and as you seen one-upmanship. been terms about you ratio, feeling in be bit thoughts it’s go the and in more of listing capital, appreciated? You

Randy Smallwood

growth choice. higher. have into so It’s dividend, rest in timing. back the and We the go organic have good and strong course, we strong of very cash of We, will of our just flows it very, matter We but ground. portfolio a goes a the fund

we that dividend back. chest back a war the quarter be chest will should disappear put to ground. we investments, further make But building if it war the Now, too year we fit first of next our by if increasing big, to and gets any the up into start don’t debt

money like And so, it ground put now, is to the the But back shareholders to the return the pay grow. as to opportunity company. to see are I’d right growing first a like our don’t say, if dividend good into objective our healthy but and right the then strong will continue we dividend we we

So time. think a it’s I it’s all of matter --

will growth to we -- and got get over for that us advantage linked which tougher the real all flows the fruition. the as As into our that into have our grows, prices. the five is to directly can’t cash years of ground, invest that tougher of directly back I scheduled of to means to the commodity and But dividend the next grow. course, company mechanism flows, linked our see cash is dividend comes XX to it that going our fact years organic cash flow it’s are

share a precious see. beyond higher shareholders the we in increase that with reaping the actually benefit so And these prices price metal are

And fourth quarters. a good it’s over that do strong we averages so system the previous

it next much understand So to there’s even quarter that. take this after for doesn’t the pressure on and dividend the quarter upward that still

prices are going as continue to we growing it a per right long As on stay basis. up share where now, it’s

Ralph Profiti

Great. said, Thank Randy. you. Well

Randy Smallwood

Thank you, Ralph.

Operator

[Operator ahead. the of comes with line CIBC. Chiu Cosmos Please go next from Instructions] Your question

line is now Your open.

Cosmos Chiu

Randy. Thanks, Maybe… Hi. thanks and for and Gary, Haytham questions Patrick, my here. taking

Randy Smallwood

always pleasure. Cosmos, a

Cosmos Chiu

Precious and production Metals. it higher Thanks, ounces XXXX? usually COVID-XX. not is that result was here QX, produce expect again we Randy. there with big should delivered. inventory and but for QX will in in sales on time, Clearly, But the question an it’s this a point drawdown then once -- tell my in the Maybe first early unusual past, big in year a to year be Maybe of were for terms and in in too yet XXXX Wheaton at

Gary Brown

Gary. Hi, It’ Cosmos.

Cosmos Chiu

Hi, Gary.

Gary Brown

than QX being. to that balance ended it had, been difficult have would the of PBND end think, at expected predict. very the I It’s higher We up

in were amount the of And yeah, generally have we minimize unsold good will try doing concentrate anticipate to companies, flowing. and of very doré they year So, keeping job concentrated that do doré that mining our general, a at end. partners and

are a over few past so that regard. if build there we look anticipating significant years, have But the And not in you surprises in QX. up been

And hard that that, sales up translates anticipate. would quarter. so, build there it’s to a if into I the next was highlight

long-term difficult like not It’s It’s it’s predict. to short-term a issue. very So very issue. a just

Cosmos Chiu

opportunity as not Maybe gears cancel Barrick I and course. your and to option a they was MD&A, little QX Pascua-Lama the I mentioned, elected stream, guess, exercise reading bit. Of the to in on you switching you is Could comment preferred? PMPA. And to the of that? that? that is us, remind sort maybe expected last you outcome this this and had cancel Could you their on the that,

Randy Smallwood

Cosmos, you had the had opportunity stream? It that backwards? that cancel us was to the

Cosmos Chiu

Oh! Okay.

Randy Smallwood

Yeah. Yeah.

they I So, a would time have it long actually. think canceled ago

Cosmos Chiu

Yeah.

Randy Smallwood

No. The -- opportunity. the it us. was had We

to So the point. up ask that was structured the of could We back. the money remainder way a deal was certain our for

from And the We the at think are silver of in so amount September. back already. still we believers substantial we that And compensation was essentially -- receive point Barrick that project. a did of end

the the million of So, million for it’s we we feel ended it’s is although, more project million, are from of the that mines sometime invested and time Pascua-Lama, the work it community sustainable in find compensation -- still has South think both benefits $XXX think and working wait will into and and way the some we Pascua-Lama to worth with its -- the we that challenges the for because are think the shareholders know the to are $XXX in originally, But silver We silver we into believer at be on is But a only future right that America. Argentina to definitely we project and that. are I to we we -- do the strong we Barrick going it’s think has the the that a a project. It try it now, the in $XXX and challenges. other about Chile that. and Barrick than and in XX% on patient around future deliver

our not invested stay do and and to the take So refund it to to chose was that into we Pascua-Lama. choice

Cosmos Chiu

ounces your included XXX,XXX in And projecting you that GEOs, number, Pascua-Lama in of that��s is terms not that right? are

Randy Smallwood

for next is No. I XXXX. years, the XXX,XXX ounces including five that’s not. Definitely

if equivalent There in that, next production I we average means if no and going are look think XXX,XXX gold Pascua-Lama four there. it’s forecast in There pretty to would maintain about XXXX important ounces. you is there. Salobo at on on conservative no is have that also. that There our that the And in It’s years I no to approach there. that only is highlight will are that we in a Navidad say, in taken Rosemont schedule. projects fact,

updated sometime -- there’s are a from plan the for we So next expected Vale, year. always mining

next there’s years. definitely we XXX,XXX some in So over that upside four the think

Cosmos Chiu

Maybe was on Pampacancha Constancia, you quickly Okay. in delayed mentioned, as XXXX.

a As to a able year. X,XXX result, -- about were ounces additional you in receive

start is compensation was Now, remind it to there’s happen. much you us, on are sort is other up if could Nothing receive kind for they track ounces seems or there XXXX. of you like further any the that pretty in early will But of going in? ounces delays, X,XXX

Randy Smallwood

terms The extension have did in on of government of because pandemic a respect an approval in had give Peru basis. agencies with -- giving impact they go-forward we down to them

been did job extension or of in whether next adjust and that of So we supportive Hudbay the doing and forward the to end a we June this look get thing, stream partner are stream we to go-forward. at has refresh sort through we a decide and of the itself, to it theirs. great them year, moving an point, at give

will So, it am we they of up a make will sure But confident that June. to it to have the very with work before and that comes them I satisfactory running arrangement. end

Cosmos Chiu

Once the a answering lot. have. questions all Thanks I Great. again, questions. are my Thanks for those

Randy Smallwood

you, Thank Cosmos.

Operator

the from from John line comes Tumazos Tumazos Please go question John Independent Very of next Research. ahead. Your

now Your line is open.

John Tumazos

taking I Thank question. you for my noticed…

Randy Smallwood

John. you, expecting was I

John Tumazos

the companies have bit operating their the dividend mind philosophy dividend are operating You Could large the a lot to risk in of strong XX% about us raised more a percentages. hike? by dividend the that financially times more many little raise priority tell have it putting some noticed don’t enough the I you repaying reinvestments? or other quickly? cut for money Are your slow more? want too a going to quickly raise search on your it and little a Rosemont accumulating to gradual, payment just and Are Salobo payment because debt too and you you you

Randy Smallwood

say, -- able bring to actually the -- are into we have that we some it’s I it’s would opportunities the will still new be a portfolio. we confident

active development very the are We on John. front, corporate

fact, are that We as would argue as we we almost in front. have got busy have lots been I of -- on ever that lots,

And so we doubt we can percentage dividend the over -- are eventually more new a actually so the up will company assets But yield will basically that that few The add hopeful building a it’s yield that few capital. to next -- portfolio months. grow. as a no into we I grow focused overall have

per I formula. sort the think the highlight of, it’s fact was as important that again, scheduled XX% to our

So it was predictable.

three below XX% the for think The could round depending to pretty look remainder over on dividends. do that, won’t establish the you scheduled. price months sorry, we the the average sit upward course be it we going you we of reference. year quarters. there’s that course, that pressure just previous that that -- drop or prices it, confident next the cash I have it of precious of and and next how a four everyone, every We too the the next year of of basement or for use a the am quarter floor on then increase this flows quarter, XX% we and know the I over metal had at our

But if a first of grow. that ground, can still the will right that as dividend net will debt into I you then money the back we in have put tell now, of don’t quarter. bit the disappear Now we

put it too the big are in and probably will be chest We war up a if rather we bank. little We don’t in it won’t in to in then money. let the we a ounces because have of chest, and ground believers back of the build cash ground would really we in bit it war get a not

too the And if that turn chest -- the big. around it a so we war it put dividend that’s gets back and if into point will

John Tumazos

a outsiders two? the as the project we you large can’t you naturally or horizon project in the have. evaluation that billion is Randy the or $XXX see But that year on $X think flow there’s million likelihood of next do

Randy Smallwood

Haytham line our He’s going answer one. what the know leads corporate is he development… You let -- to I that on here. him am

John Tumazos

pretty girls romancing you Oh! Sure. The are Haytham. [ph],

Haytham Hodaly

Good morning, John. How are you?

John Tumazos

Fine.

Haytham Hodaly

you bit pleasantly We busy. lots we are and of with John, we are couple idea, looking amount which long at. time that mentioned have take been majority I got we a we give there’s, packages, been to think a we earlier, also been of of it -- Randy an to earlier, new Just come guess come that incredibly and I they have of fall non-precious are I don’t opportunities quarters make they to into Randy out as million there The John. category saying -- busy deals fit opportunities. stage as sub-$XXX large some we opportunities yeah, There’s significant three are that fruition, have structure, But the early last are those expansion development deposit a royalty primarily as At billion as metals. out our still seeing and sense pleasantly dollar well the going. for as into mentioned there. them time, been really probably in But keeps they have Wheaton a don’t but some there. from a perspective, because least mostly

John Tumazos

week COVID month does a Can team at one to physically go project project in a sites as the due look -- you or and world is how rigorously tough diligence have long on How capacity one do or it can as project it? much evaluate you to the last?

Haytham Hodaly

-- Sure. transactions. consummate due not diligence great has question. I streaming and advance pandemic really should The affected our to ability

because by telephone And just evaluating -- last reasons office, looking the with visits of a than quarantine those sites of two-week I and completed in site I because specifically. one rather and constantly were at period, those actually am actually the of we consultants with four two a one at team We our the external opportunities. alone, doing were this of new am When are in from myself. those I have some back two month got

active. very very, still are we So

probably using very employees, at the they a definitely can least got on. still have alone they next three rely active. visits using month half are may be and be very, We schedule we in and But may we site Wheaton another consultants

Randy Smallwood

jurisdiction every is comes John, what terms investing are we being minimizing we so into what in different of in down we or risk of to all terms and confident at. manage are how it and the looking that

there’s act every so look we respect to with asset And a that balancing at.

John Tumazos

you. Thank

Randy Smallwood

you, Thank John.

Operator

comes Jackie Markets. Your the ahead. Capital of line BMO next from go from question Please Przybylowski

open. now is line Your

Jackie Przybylowski

follow Thanks. He’s Thanks pipeline Are these just maybe Good up deals an give you asking you us meaningful of Sure. question. very John’s on much. deals of seeing. about indication? I a morning, guess the size? about in are that Are of everyone. changed any smaller? an sort Is $XXX to deals talking be that is you million, are that color terms upfront you of there million in payment give can or would deals that distinction? Can $XXX

Randy Smallwood

hand over you will I it again. to Haytham,

Haytham Hodaly

Yeah.

You bet. How you? Jackie. Hey, Yeah. are

Jackie Przybylowski

Fine.

Haytham Hodaly

of to No. say, Listen, the they $X million range a Jackie, array up $XXX to whole billion. deals, from way to there’s million anywhere $XXX all million $XXX

probably a or the and few. them $XXX That’s a there’s $XXX and million range. So would between $XXX The better million are, of I majority quite say, XXX million billion. range

of still at So we out opportunities are lot definitely a looking there.

Jackie Przybylowski

gears just And much. to switching very your MD&A. Thanks

from that talked you cobalt are of Voisey’s receiving start months. to I guess, about couple in You scheduled Bay, a mine,

because the any Is affect to cobalt is Now, almost In expecting? are here. that of MD&A potential the you that it’s talked Does slowed implementation you of underground being there is believe COVID. pace hard of delays the delivery? Thanks. the about at XXXX deliveries project for to that

Haytham Hodaly

Yeah.

Randy Smallwood

think, would are to be in stuff during up fact, of I some behind at that, have going underground, and Not. If essentially was operations transitioning pit and going years they starts mined in have period we push The to to of open to it’s the is, which all into open transition. it them in front gradual but XXXX that XXXX. with a But still very streaming from in always did suspend us. of of anything, production they in be did Bay Voisey’s happy -- reserves beauty the mine year suspend see our XXXX several they a pit XXXX been

a slight advantage. there’s So

probably transition and don’t there being in full. We tran be planned have pit had some keep make get number as the open any years open of over of got mill we -- as always processing available production and will keep open stays -- that more mill the was to just a bit It pit have that the and from up. they It’s the will expect phased very the the full a underground mineable always profile. sourcing so change backup of a material they the sure pit the reserves

Jackie Przybylowski

very my Thanks. all Thanks helpful. That’s much. That’s questions. Okay. really

Randy Smallwood

Thank you, Jackie.

Jackie Przybylowski

you. Thank

Operator

Please And your the of go comes from question line next ahead. Gibson Charles Edison. from

is line Your now open.

Charles Gibson

Hello. if may quarter, Good morning and I wonder on excellent an if I… Randy. I congratulations

Randy Smallwood

Thank you, Charles.

Charles Gibson

I that ask all. third just suppose two congratulations quarters wonder means wonder see quarter. closing to going of results, that the the Marmato are having to like, you if how I question at comes no the forwards. just fourth saw Not Gary in going And quarter could you to it what or this a backdated fourth are restate if ask. in the have Marmato on again third you you going going and are I just deal. for of July. quarter could There’s I to it of When … terms in be or just treat quarter accounting, I was to -- I quickly. the might about sign Xst it contributed that? is the of

Randy Smallwood

the so still with satisfied There’s to Charles. cross to some conditions here barrel question, to silver, that be Good need order Yeah. head in speak.

production so and that any are those we as well. would that satisfied from in would And the be In QX QX result would conditions sales attributed July. to report we assuming QX,

Charles Gibson

Minto might you been And to but an not could idea to of ask which when contributing follow do sense. to Minto I give nothing a course, I has Can of that, question, up you. That perfect makes quarters, the wonder you just Okay. if of production, us has start just last contributing just sales? with I couple sales? Thank but to noticed think

Randy Smallwood

Yeah. that, converted expect be though, We would in production sales QX. to that will

Charles Gibson

Okay.

Gary Brown

materials that fourth cleaned working quarter. we in and that will all process. new It operators out are and our so up have and they we by are But it way recent was a moving startup the there, it’s through are

Charles Gibson

that. Thank again. very forward you for me Look right. congratulations All and Excellent. That’s much indeed. to everything

Randy Smallwood

Operator? please, call, more One Charles. Thanks,

Operator

Certainly.

Your Brian ahead. comes line of next Please question go Raymond from James. a MacArthur from

Your line open. now is

Brian MacArthur

morning. Hi. Good

the MD&A evolving five-year you through you the your before? versus how sort looked mentioned in go thing of Mill you how the Can Blitz. is with just what then of other looks The that it and just see delay Fill in the that

Randy Smallwood

it both to just scheduled that. it’s and are phases of number is like a turning not gradual Well, Boulder the switch are -- gain like operation. on a the was East so in they and out originally something coming and They be mean, or increasing working -- it’s in Blitz I it

to absenteeism in they seems And this required they challenges is of risk have seeing operations entirely one not But risk. because minimize minimize a to that’s all impacted as more extra by to on the It higher to is be the or going problem. lower of that mines of on measures safely surprises the work more this the the move their back in at time sort been doesn’t actually biggest sort underground from talked it’s we and actually But to be has get impact it about industry. end and -- headline shift terms everyone of the sides. new done is the get pandemic phase. the Productivity the on But to operations. seen have in the a of both have away of the that of the definitely So phase takes underground is the per and efforts we of basis are are having mines. we underground it’s project. like, that we in lot And a minimize Stillwater Stillwater to it are efforts seen -- But on the whole pandemic don’t because and to just seems impact also are productivity. extra they also -- response capturing our that it’s what’s manship I by a impact, productivity an dealing risk a with underground think -- rates, bit

to And the is being sort production is what’s that expansion of levels sort -- the so their into the project priority after over and that of challenges of expansion that. maintain are efforts all required on Because an Blitz current of and first to spills Blitz.

years now came before And that they guidance to so full new their up be to level. expect out to its believe two

they they running levels. been course, the so would had -- when Of full original delayed up the already first that -- the have were XXXX and original expecting in be at it expected and completion date to date. But was

to the over time. and around pandemic. as I industry to issues ways to am a there that seeing, productivity a industry this have continue impact the be work get that So of will some broader on And have these to at time, work we increase course. They gradual find way does that hopeful address because of risk, minimizing result a it’s find to that, we to same are

Brian MacArthur

very Thanks Great. Randy. much,

Randy Smallwood

you, you Thank dialing you. to we Thank well-positioned is a And reasons. believe delivering shareholders in our everyone different today. number Brian. for Wheaton thank value closing, of In for continue to

metal sustainability fund I and track through entire through proven portfolio Thank offering steady highest leading the of result as partners do and again initiatives CSR such cost being thirdly, quality long to the of and in in Firstly, of accretive all organic speaking the operating some by our margins record that safe. soon. lastly, forward a by having profile quality and leader with and low to costs stay some live precious the you world communities space growth and flows, look of highest the you. exposure and shareholders acquisitions, through our assets, our life secondly, our which in sector by streamers low operate. and predictable supporting amongst Stay in mines cash metal precious healthy, we the

Operator

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

Wheaton Precious Metals (WPM) 10 Nov 202020 Q3 Earnings call transcript