WPM Wheaton Precious Metals

Patrick Drouin SVP of IR
Randy Smallwood President and CEO
Gary Brown SVP and CFO
Haytham Hodaly SVP, Corporate Development
Tyler Langton JP Morgan
Ralph Profiti Eight Capital
Josh Wolfson Capital Markets
Cosmos Chiu CIBC
Brian MacArthur Raymond James
Richard Hatch Berenberg
Trevor Turnbull Scotiabank
Call transcript
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Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2020 Fourth Quarter and Full Year 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 XX March Time. like is AM conference being recorded XX, remind would this everyone call Eastern I XXXX at will Mr. over I the to turn now conference Relations. Patrick Vice Drouin, President Investor Senior of Please go ahead.

Patrick Drouin

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

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

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

Randy Smallwood

us Thank safe everyone good fourth hope you, and and Patrick. of And discuss ladies results thank today last healthy keeping Wheaton's joining for since gentlemen, call. been conference you year-end to I morning, and XXXX. quarterly our quarter do has

flow welfare pandemic, successful shareholders our Despite was XXXX Wheaton operate. the posed top mark near our our in communities at minimum has I of XXXX, by of Wheaton's quality records This billion million, strong to am a dividend last resulted And pleased to given flow $XXX and relative quarterly the this fronts. we on were year challenges Wheaton company. cash over of to value for year. delivering in cash innovative the portfolio remains one-year and $X both high of back and to priority revenue assets employees, COVID-XX operating a we many mining dividend we the so As announce which the increase over that of partners the policy. productive pandemic, very in our our XX% in generated

and in located on strategy in the Colombia, two Marmato the In mine amounting Cozamin Mexico. pleased mine execute located accretive in our addition, were transactions growth we on to XXXX,

five will President later profile provide and call more to Brown, like will has year guidance deliver But over Officer our ability organic forecasts. on year in continued to led would usual our turn Our first the the in addition to details production our from this one Vice XX Gary results. I us who confidence introduce also Gary. time, growth our I on long call. to term growth details for more to Senior provide in Chief portfolio and our first Financial

Gary Brown

million the morning mine December Thank X.X and of XXXX in from as ounces suspension you, of silver, XX% XXX was with site of Salobo of a the to Relative but XXXX to announced on fourth has dividend was and on quarter approximately in to response COVID-XX The market. to lower support in fourth of of by temporary the million On equivalent XXXX, amounted quarter $XXX higher-grade at equivalent XXXX, $X.XX for Good fund shares palladium. amounted per million the the having Reinvestment $X of of reinvested $X the Dividend ounces of ounces to distributions dividend of of million Interest completed for a per in Relative shareholders fourth a XXXX. $X.XX our and to interest increase company X% cash $XXX per basis, metal material XXXX production board and to share sales shareholders increased of production. Net approximately XXXX XXXX in share, double million, or primarily average volumes XXXX. amounted in prior rate basis. targeted to Operating policy, an earnings elected fourth Basic interests donating is to $X.XX fourth being quarter by gold on this XX, per highlighting gold rate once quarter $X record decreased costs with XX% XXXX, payable company XX% generated gold, PBND $X Under community fourth that produced PBND units partially Randy X% the in was each dividend Gross balance gold share, the fourth Antamina. and X.X benefits the outstanding company's a the in in a policy, the the of at the share months that the cash in Plan, XX% $XXX levels, X% at increase to represented four mining sales gold dividend whereby offset recently of amounted gold, operations X.XX% of a adjusted which being setting Cash the balance on again $X XXX,XXX the of XXX,XXX or representing and Of quarter dividend cash XX,XXX Based flows XXX,XXX prior lower amount XXXX, expenses precious XX% to resulting and strength $X.XX most increase this of a gentlemen. discount by production payable for the quarters. with decreasing million increasing year, XX% an silver, are common on the lower to flow. Revenue quarter in higher relative charitable based approximately from to share earnings XXXX. donations, at XXXX the primarily operating a in as to board ounces quarter at of outstanding was to relative the metal the March to pandemic. a prices. accrued share debt XXXX floor an $X produced to increase of with ladies it line equivalent comprised from newly declared effective to the previously at the established the of year, of representing PSUs representing the model compared fourth to company's of XXX% QX XX% the prior of leverage XXXX effective with operating performance PBND decrease lower relative the per and to XX, XX% with the related not $X.XX of company's provides continued This of G&A X% amounted partially over equivalent costs of or a company than ounces dividends consistent costs basis of during debt margin floor to QX average delivered compared in XX% equivalent associated to compared X% precious ounces offset the than to $X.XX is due has palladium. XX% issued option X% year. per highlighting to the of company's $XXX their the average the to business flow gold to quarter equivalent the price nearly quarter for share, to $XXX the gold the X.X% million QX per amounted the XXXX of million QX offer million XXXX increased share decrease million payable preceding incurred interest a of prior or due fourth the of quarter unique compared and quarter volumes. company's ounces increase the at partially interest realized million, attributable million, the offset revenue, representing more decrease resulting

XXXX, and $XX quarter fourth million. payments the the the $XXX repaid made of dividend company During on facility million revolving of

of million. in being outflows amount cash $XXX from QX resulting million $XX Overall, proceeds of the net outflows sale these First Majestic of in cash With to net offset the and amounted $XXX debt XXXX, the shares combined partially outstanding by in the in as with resulted the at December million. revolving XXst $XXX of This, only $X cash million. under equivalents December XXst a million at position cash facility,

expenses of to various gold resulting realized pandemic, virtually silver XX% relative the the Of this within X% Cash gold the million $XX gross $X.X broken despite the For and the produced sales, to equivalent an to company's guidance to donations. the that related delivered. the XXXX XX% and production a rose year from increase higher year by primarily the to on ounces in palladium. from the the Revenue the to in primarily PSUs $X changes second time shutdowns XXXX prices crude amounted original associated not XXXX, COVID-XX with first unchanged costs and increase billion record in being amounted due leading XX%. the basis quarter a average ended company's met was history of we've $XX representing to gold XXXX, On XXXX, X% an million, pandemic. to charitable for the based equivalent in Despite sales XX% relative of basis, attributable to with revised volumes revenue, margin in billion, G&A commodity December the but increase higher XX, mark. were was to guidance, a

share cash $X.XX back a Interest For of share XXXX, million, I $XX company in flexibility into net amount to XXXX agreement. the position, of flows, that $XX to additional XXXX strong million million expenses, while at Having $X exclude the same resulting the the options per to well That and XXX% translated having operating from $X.XX, company its $X.XX This commitments compared turn $XX earnings $XX primarily to policy, for flow financial estimates funding decrease prices. that effective the and commodity purchase combined operating X.XX%. of XX% value positions to very to concludes prior forecast an million. the accretive a debt share to metal billion expenses Cash per precious facility, time an interest XXXX. a the increased year. debt the stock on the dividend $XXX rate neutral satisfy and XXXX, adjusted which in relative call relating higher amounted to million, XXXX, Randy. per non-stock-based cash sustain the to of the capacity revolving due its ended costs credit consummate compared amounted PSUs with a G&A summary, to will as outstanding with of Basic to over in to to in $X.XX to compared by a increase flow the provided operations

Randy Smallwood

Thank you, Gary.

XXXX and February. previously We long-term in announced our guidance are pleased production to reiterate

of ounces production For already Cozamin by XXXX, the XX,XXX XX and forecast increase and forecast of is production gold gold is Dimas, amounting attributable between time, in of XXX,XXX and ounces growth mine XXX,XXX and Wheaton’s approximately are February. our Constancia. to to first driven to XXX,XXX equivalent to from expected. is stable cobalt of total In Palladium forecast XXXX, million production ounces having for Kino estimated gold, ounces. cobalt equivalent to XX,XXX silver, production to from in production gold mainly and palladium, to XXX,XXX ounces at Bay to range Hill Salobo, million remain production with Silver received expected is first XX we Voisey’s increase San XXXX have the additional shipments to as been

next XX-year XX the over five expected growth Looking production steady with we as building growing continued years production and to incremental a to forward, the years from years ounces streams. Salobo, Peñasquito gold to per year Cozamin averaging XXX,XXX over time horizon. Constancia, organic production ounces per due anticipate and Stillwater Marmato, XXX,XXX five growth and Average increase over equivalent next is primarily the Voisey’s as Bay from ounces year, well

While not advance lastly, the appears Wheaton Hudbay’s a Rosemont reflected on from is not these continues project XX any Pascua-Lama review forecast. timing long-term of progress on year Wheaton projects project although Navidad, Barrick comprehensive in continues the but framework five production does forecast. its year American is promising, in currently on the discussions without in And included Rosemont Pan to the any production and include advancing from guidance

in announcing our our project provide shareholders in XXXX. both asset upside Marmato travel silver located previously Cozamin despite back other new the potential portfolio, We Mexico, which opportunities. environment gold we’re acquisitions. believe Cozamin were further stream mine new these review our front, team stream in methods high in quality quickly two welcoming On for pleased organic projects adapted opportunities numerous was XXXX and alternative reviewing diligence to ended and a the the to busier on and due our allowing than to assets two strong to growth. continue us our will ever on new development with demonstrates and for developed thoroughly add the to corporate a agreements into after potential and streaming restrictions We base We silver Colombia

and stronger shareholder importance value focus our recognized XXXX. local on streams The looking we metal evident Our we in corporate robust And accretive acquiring complement of our while pipeline more continue ahead, remains are. company, impacts minimizing as quality our supporting stronger development and the will communities the to partners precious that a portfolio. delivering our we streaming than was that never are high

recently, significantly increased in disclosure ESG frontline be which and release space partners we and streaming that X leader and risk of over We rating sectors. was of this has launched our more area mining mining over $X million impacts initiatives of partners providers a pandemic, alleviate company. our been organizations support with shelters metals to And in through metal around support than our and the a food and perhaps Wheaton our million in all doubled this sustainable ESG leading Most XXXX, global year in investment more as with help performance our report. we had always honored sustainability companies of hospitals. At end the to So, our to top be precious including sector deployed out strived inaugural fund scores. XX,XXX the banks, the management were ranked to Sustainalytics across precious local community budget. this communities, top address several XX, recognized of existing impressively by the for Wheaton the by of

importance. grow we work forward, our in only will look in arena this As

guidance proud to taken flow unprecedented far, the steps the levels foundation are that sustainability journey challenges consecutive achieved cash While recognize have both a thus and Wheaton and the ensuring year, emerged sustainable continual and we promising estimated production we and very of constant than improvement record positive this as impact. summary, and for revenue ever a our we ninth with midpoint stronger of future. we year. a leave In we of We has a exceeded the the is despite ever and are

our quality order production the broaden to another growth XX-year Stock steady expected and in our model operating continue long-term responsibility vehicle to to privilege, our base the from metals. of be With the guidance, entry time, listed of importance, like in business we most invest consider high for London those It portfolio. our for thing on to assisting citizens it into Wheaton. internationally shareholders investors new We provide looking precious the needed these, For we best exposure metals, I when to based vulnerable the commitment assets, with point good to to the and focus Exchange for on of provide most. the our as precious investment investing organic where demonstrating do. is simply it first our And we provide in corporate introduced responsibly times to creating on uncertainty, our global to to right to finally, what the utmost is value belief support is consider continue backdrop is

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


a go and comes conduct gentlemen, with now question Please JP you, from instructions] will Langton first ladies Tyler Thank Your question-and-answer [Operator session. we ahead. Morgan.

Tyler Langton

Yeah. question. my Thanks taking morning. for Good

started sort for kind just and profile year. it's you the you production next about of maybe this little you're a of normal levels this expect mentioned with sort the you relative Salobo. year we in I Just couple that talk saw of to bit of sort higher know more just XXXX? expecting Can the maybe years,

Randy Smallwood

again on thanks family. appreciate team Sure, coverage you the and of or up picking Tyler. the for having And Wheaton, joining board

very completion the On they're the sort Salobo mi-XX%, XXXX. by expected years turn next mechanically on completed of what sometime the think end on see I all expansion. test the Salobo, third of And phase satisfied XXXX. XX%, on switches exciting in year the of the get the hopeful at we over Salobo. And they're that's that it's X end to expansion the to Phase the Obviously, of few about

as incentives decision around processing mines that's in hopefully approach higher made I the common is pit haven't that lot makes sense lower so, lower continue and that in a in decision down current of the it made stockpile and stockpile mill, to they throughput, their they open world. valet of a the at grade approach. we've They a to haven't site fact, focus increase grade the for large third terms push Economically, stockpiling phase the grade yet through to approach They yet. on some mine continuing once in a practice. opens-up. material But copper provided material material with said, final as the got XX% practice And the path that current stockpiled

So, Phase it's few the how of impact us to going for an a forecast little next accurate over bit years production. terms in is give X to tough

going we've not that production things Our is to to they're through. that approach in push our going We're stockpile forecast that. assumed

in them it a has an We own that it announced that's pretty with inverse are by take We've It's tonnes approach. to for up it to think the publicly. back think continue capacity, per that expansion. stockpiling that through though, which And and publicly. aspect running them the beyond. first sense materials or grade on discussed equal particular again Vale XX,XXX would XXXX higher obviously expectations materials and X setting of in Phase conservative forecast pushing grade per this, the do conservative extensively they've day. A increase make but they've economically, from it aside they would tonnes we of another discussed this And day involve had time XXX,XXX lower on the to think does our it, it that XXXX. mill. discussions for that increase would released have production up December, approach in So, we is Because and excitement top

released resources and lots of that Salobo, lots our you and see deliver continues at resource, the we updated so for of And can lots deposit to so, growth The at on growth have of side us. this activity Salobo.

Tyler Langton

sort looking just to And of you there mean sort bit metal metal of of some then mentioned be size whether Okay. the of and you're precious remains That's switching base just just a M&A. more you the great. metal terms will in deals of helpful. talk little types about color or pipeline Can precious it's streams, to robust. seeing do side, on the producers I any

Randy Smallwood

let that our Haytham corporate one. answer development front. Tyler leads I'm He to going

So Haytham, you're on the line?

Haytham Hodaly

you? Thanks, And How good Sure. are Tyler. Ryan. morning

Tyler Langton

Yup, morning.

Haytham Hodaly

because that that can stage as new a we've you provide. of streaming started, year out lot say We're of it's being busy early look seen stage give that There's to fit because for The new and the a streaming where These Just they pretty mine. highlights a we're past. been a well, Wheaton lots part is focus a as expansion cost are at so that's capital competitive nothing expanses. the size byproduct tell to opportunities there some sheet to overview, of they're our we've times. opportunities royalty and into larger, all focus we revenues. sense factors bit But a best. where seeing now. with that come basement areas where metal works there of a the But Thanks. into perspective, of from there's the in primarily few also development large continue some of from fact deposit stage I their take of to smells significant going actually these development non-precious or would as And considered an obviously, actually which you, streams can on structure, opportunities, opportunities opportunities is streaming further right I opportunity on since amount repair, precious that fundamentals stage done in types made expansion balance

Randy Smallwood

ground. of just putting in prices add the with lot other lot a seeing copper metals metals, would we're is companies companies base are that back I base that base and into of kick there's what the looking a metal up at growth, now

biggest companies to that that's lot precious of capital then, the help so a will probably And And of metal provide these assets streams grow. competitive course good a those changes. have of byproduct source

Tyler Langton

Great, thanks so much.


Your Ralph ahead. Capital. comes next Eight question from Please go Profiti

Ralph Profiti

even is I that be an I and per just as thinking I just to Salobo. And that investment operation which the when of agreement, back to potential for come think the this inclined to question that one then And Randy, about about wanted X. we a we cave? in you guess perhaps is, annum pursue. Phase Good say systemic, incremental of Or old more would, XX my be contribution? block morning, had for Thanks extra tonnes around second taking XXX being everyone. sort million questions. underground sort take sort and to moving tacked Should come of Should just on? Wheaton the million of would a

Randy Smallwood

that so ultimately, block wouldn't be is Yeah, the can would with is side. XX for but underground to related XX there's tell expansion us, we for within long cave expansion potential potential there that Phase we that be of actually does throughput to I in think, still even to you I reserves -- of any, the years But front open believe of personally term be pit mean, there. to I reserves related that are operations the that open Salobo of expansion going the any Salobo X I that just blockade plus have doubt pit plus no operations, exist, got

open And And pit open X so, I related part very think very, it'll second question. pit sorry, time. of And to production. Phase is then, be an long a the for

Gary Brown

that it’s reiterate, one-time to collect Vale to have just Yeah, payment. option expansion and

or time. X. of their it the increases it’s collect payment decreases X as so And course, reserve with Phase it to but to end of with the scale, end at of The the choice phase

on the at we they fully to expect it's, the X. that satisfy end phase option be the so once And completion test of onetime exercising phase, them

Ralph Profiti

got now. Much I clearer it.

Okay. very much. Thanks

Randy Smallwood

Great, Ralph. Thanks.


question RBC Wolfson, Your Josh from Capital Please comes go next Markets. ahead.

Randy Smallwood

Hey Josh.

Josh Wolfson

there and that in before from making sort technical update ingest is at this provide is and the this prevent anything timeline on finished. later opportunity there here, theme the with expect the Salobo you expansion can a could perspective, a from decision is morning. of of company next stockpiling date maybe terms at versus to hi when good Continuing any we Thanks, the on

Randy Smallwood

a driving Well that. size get itself to have both preparation that adjusted. would would as site the find all from critical Caterpillar timeline perspective, XXXX real And Komatsu takes a my way but it’s in the fleet bit experience, mobile at to that a the equipment of difference so be the only surface be

obviously, doesn’t some a a of a critical, adjustments that stockpiling take more feeding is And material time so, the to mobile fleet. material not mobile lot being basis. versus on all daily moved of the larger of in It that’s be just it make the to fleet the mill. slightly But to means going size terms the to of

so, And that’s coming other the end of back. path from kind the critical

yet, final going now sort We have down is the their group in the really their don’t we decision position. haven’t reserve means of technical updated have what engineering public. of because forward. to But as is made the it’s matter the teams, fact entire to place, the teams, we resource But resource actually updated plan which is the coming the that that

dangled We’re of area more course, definitely incentives make. better And happen there hopeful that that it go the the that we much in discussion us the basis. gives payments we a forward sometime from the on clarity different the expansion

this of year. this confident be that And sometime it it in in first the year we’re the will sometime that half be year. so, But it’s this we’re of first should hopeful half

Josh Wolfson

question the we’re that ramping today And would and on the look up in. you just follow Bay that how up the if cobalt opportunities here. on going views with jurisdiction been the then on end Okay, operates production a marketing course interest? to that for I historically cited given commencing, year along asset an has have the get could you other to operation the fits of be on for but the of will you’re guess any material given over maybe one of pit ramp like this Vale, provide Voisey’s update And operations or the an that open

Randy Smallwood


Well, start Okay. let's off with the itself. asset actual

a site the year, a a result weird on of this way, been meaning mined some they a had mean, delayed last would start underground of a So, pandemic. is the In production you're suspensions year that the of it us, correct. pushed result underground. was because that I year, in the for have the material little it's last but into delayed positive bit has was of as

up, open not are us, to it's really underground terms material. production pit pretty consistent because levels the in a the For from ramp of

the underground. from already open flows production or of irrespective open it's Xst, of good pretty January pit. from it comes pit as getting we're So, whether And

underground sure And so, we dampening it'll to come offset, into make obviously the itself. that the pit got does as open have pit device there play, production as we've the from consistent a and been

marketing From product marketing looking we through So, in marketing demand time that's tell This produced are we from can things is working the ultimately product. long went been I interest that cobalt and the Voisey's product a for good and a it's agent very very, known, We a a request select is so great had for our high for is side, proposals, there. through. well did Bay. strong there you,

and the sort us pretty happy for very elsewhere happy of that's some seen to The and in with we've first recent world the with receiving around -- sales seen we've now handling. we're production really so, way in timed the our from well pretty pricing what has that we've action start terms And other of production seen challenges cobalt, here. of our cobalt itself we're

bulk marketing it's new method product is this story us versus of for or And metals. in terms so, of a product for a a And us. new being precious

can see opportunity this these we're if learn to as really so, optimize there's about more we of further market it. at an first ways looking years and couple And

Josh Wolfson

Great, thank you.

Randy Smallwood

Josh. Thanks


go next ahead. comes Cosmos Please CIBC. question from from Chiu Your

Cosmos Chiu

of the first here. million, my follow Hi. first but asset? I'll Thanks, million, just a And not And the then that those Marmato. Randy, you payment. are the on. $X payment would questions start then, yet. questions Gary is that as been from Is I'm payment? see Maybe, $XX when have increase they dividend also, great I receiving on the later on, pay two wondering, team. that that is Maybe on second ask see in payment and when first my production new off to you it paid terms acquisitions timing And here.

Randy Smallwood

Great. Appreciate the of time. little bit of at questions a pile

remember does which here there. So, from date, yeah, to And It back will which haven't is clarified very, going upper but production of very that in because a last there year. we tenure it's made down to happening can’t no, back be is dates now. like yes, looks right the to that production. issues payments soon yet the been It bit And some in currently process. is I date get to zone, be had

And that Haytham. production so, once the that go ‘ has payments of inventory will of a up over Sorry, bit built get time, we ahead. an made.

Haytham Hodaly

back. date Xst, July

Randy Smallwood

July Xst. Yeah.

to So, Xst. July date back

nice you look history the about think go. little new excited that is not management coming it's is good that it'll Marmato. We're potential for a a reason like achieve the of bump. is then projects that really all drilling we project, to where being where a results But dethrones. project there lower at was with when actually there. geological takes the The the at long build companies that's the it not And in, reason team So, be this. can in look And and Marmato, that able from

about excited pretty we're that so, And project.

Haytham Hodaly

debt, we those make July Cosmos, sure for foreclosed not built chewed you're up QX any built not production a both are XXXX to back once We've Marmato. even And just yet, production accrues to made. in will have though payments Xst. aware. Nor We've be it in any

Cosmos Chiu

yes, that entire follow-on QX, it's to Cozamin, was well. terms my when made also that's production the coming so Okay, you've see in going as Cozamin be and maybe QX we likely -- but because in for Marmato in question that payment slightly so already, QX of both actually higher Marmato

Randy Smallwood

do can we're all question T's prepped dotted. that As long that anticipate I tell getting I's the of a to as payment, you make just final crossed, It's we we payment. do make

Cozamin yes. weeks and that long as as few So so of as accrued as not it's next Xst, the is happens long. December in And

Cosmos Chiu

think But think again, in sort of you two terms XXXX it's factored of I And assets can huge, here, that have I us? that or how MD&A. don't that share For don't Randy. these guidance then, with from the in in, But saw sure. is much something I you

Randy Smallwood

we Those announced are deep Marmato acquisition Marmato. it. include did get Randy certainly that is to in. to. that we small, we did We zone, in until as alluded both -- that the December, Cozamin factored very Again, had

Capstone be included but further in would grow approach. XXXX, though, do maybe can use on a not will we production. in XXXX. certainly We did that I tell So you, think conservative

So, guidance. is upside our in and year in there we current think But sure five for guidance. the XX it there's

underway that production Cozamin the and definitely initiatives number improve will got of Some there. Capstone's

couple years. So, and coming to we expect of next the that over see

Cosmos Chiu

timing? And in at of potential could us of deep terms zone Randy, you the remind Marmato, the timing

Randy Smallwood

have Haytham, line, it's think on you the you're XXXX. But I do that?

Haytham Hodaly

bet. you Yeah,

I think early it XXXX, expected the is is late XXXX, timing.

Cosmos Chiu

that here, Great. I'm And seeing November XXXX. Hill Keno stream another maybe commissioning in then the mills started

is given from Just startup And should we start the to the expecting your and that timing and knowledge, stream? then going? when concentrate how contribution whatnot,

Randy Smallwood

mainly through. of November, wave because was a was little sort bit So, COVID management. the second a of October, challenged, there risk came startup

for definitely first little start-up And protocols, that the challenging successful That’s high them then management that them there and risk concentrate restrictions, for up terms were get so, staff increase made bit it in getting an in getting there more running that But production in shipped were and making it for they to smoothly. us off. challenging a maintaining definitely gets sure they of that safely, was it a in made through. and

of and that wave, for And out be They impressive grades we terms it bit very some to to underground. will speed. seem so, this of up of lighten very, the we're that are out hopeful good, things getting in as second full a getting Electrico up coming

from fully things that very should And and coming getting front. we that But closer look be do expect production the full they promising so, to spring, levels. closer so,

Patrick Drouin


starting production reason start have in we any for quarter. production But in Cosmos, in don't So, Keno a you'll first see didn't first the crude any probably a we why I Hill. book XXXX quarter. to production the wouldn't see

Cosmos Chiu

see a reverse COVID-XX Great. of sales going production. didn't to of like exceeding of that in that producers quarter? year, really versus that point Thanks, in terms this in question maybe in In usually, Any kind in this insight Is production Patrick. there guess And any in at when I time? might impact. later QX due XXXX sales insight catch-up of QX to terms to QX, be then we one here. it maybe more QX,

Randy Smallwood

sold. a numbers second because yet quarter average the the first third in off But expansions the sorry, the right, of to of of not Well, we it second odd in where normal of and we quarter the in places some year, into on are not last far had expect quarterly an some produce but basis. a and you're quarter places, quarter – and effect too into bit part

always And so, sales experience year get to to where because it try is the that inventory end results. of pushed, It's and the we do our one been expect squeezes normalize. the boost sort pipeline everyone the fourth quarter

the for usually typically see reasons we one that's that's incentive And that in the why it. so, the do of quarter. And fourth

just a not now, hazard again, So, we I quarter normal close levels, right that, make would something to probably we get like a Right. again, which think once a yearend pretty going until that continual guess to sort I to be the the it's see incentive back look results to we the little better fourth probably, of objective, Cosmos, that bit is are

Cosmos Chiu

Haytham. Thanks, have again, have, safe stay Patrick, weekend. those I a Randy, And Gary, questions good are everyone the and for and


comes next with Raymond MacArthur go ahead. Brian question Your from James. Please

Brian MacArthur

return in a lot of morning, the talk rate going there's industry a There's good on lot -- of about morning. of Good forward. screens

look what do about if that rate call just have First the got have already sale sort math, I'm my you return of you right curious sold wrong, you of return standard kind now XXXX at look just I that, correct in when I'm at a put and me of cash. think But how and philosophically to you rate you of First significance deal, do may of of I given the how your give XXX sell got you go position? $XXX I've about this, down Majestic So, you of when still because those million million. First calculations? think would back First Majestic the you math out XX on with I'm the do So, you've stream? the curious you count also Majestic and take more or Majestic, shares, or

Patrick Drouin

good recovery Dimas this the optimization mill, into and just also, potential reserves. going exploration and look even terms flagship. But First back some Majestic holes the continued I ways with at resources sort first good morning, out is of shares a which We're than in think and to asset. They've money to close it rates doing it. into you've the Majestic San make in, supporters asset them improvements that sell him to initiatives had always Silver just of and what perfectly that ground, as got they're that the philosophically pulls San was We it first is investing into is is life the that Look, now. and throughput back off in of focus of First is to ground, do of Capstone And in stream, the opportunity suited they've to the the First Majestic. is convert in that stronger after of for think drill putting which what San on terms the got sure the currently strong underway is in I requirement long we that pay asset of of and First that the for even strong an put of one that making and some Dimas. got Dimas Majestic

of comfortable shareholders But investment. on of were supportive with silver. it's a very be always them. to And also stay to we're saw opportunity focused core going shareholders bullish an we so, that. also and We and we're comfortable their very, focus But, very

Gary. So, in rate terms of return, of

Gary Brown

Dimas in Yeah. million XX% the gave the asset done One with benefited Look, stream, we shares. very we we to up, received wonderful we view original we we a were of Brian, about transaction, Majestic current -- and realize First the $XXX success you that stream, the San win-win what with the has the But modified and XX% that had. they've who's job were that back successful XXXX, of exploration and the transaction. that so Majestic received as a a getting, did the have that stream, current First stream, restructuring previously we getting we real

take to that into so, And account. you have in

So, relative asset. we that Gold rid got then us million $XXX to the get Corp to $XX their gave million, and guarantee of

original $XXX for So, stream. we received million the

selling we from the million end. in so proceeds million December about XXXX on far shares $XXX Majestic at of XX, First $XXX Majestic year shares, had received First we've Now, and

to original relative call million. let's valuation our million, So, of it $XXX $XXX

that's generated with, fantastic have of at reflective a December we the about that Dimas. on job the you are to XXXX gold First and XX% shares, done First a San environment combined that dealing price consummated with we when And So, XX, that Majestic as return has deal. we've remember, about Majestic with $XXXX

since The combination XX%, in two with resulted significant a then. return. being So, up of things gold very over has those

over have we that life million with stream, Majestic mine there extended exploration received First the the $XX has has had. significantly been success amended On stream. to-date the the on And,

way think I successful we're a the that that with very that And asset very performing. happy was is restructuring. So,

Brian MacArthur

Thanks. Great.

is technically had there mean, a we can't technically post I two-tiered to I second Or is potential? actually situation or certain with technically on reference a remember, is question to just and you've it's a some reference, the the you premium the a talk market price marketing? Is maybe mentioned if So and where cobalt a this as for price Voisey’s you're something. is just into get deal, it Bay the price? product. It what going defined get about all reference marketing, that --

Randy Smallwood

currently Brian, with prices it agency over period. we we have an where agreement, the sell block Yeah,

price at And so a transaction the assigned basis. the on a monitor go market itself, forward but that gets obviously, the we time prices, is block spot each of sold

for and moves reference So, to prices those how agency just reference in not related terms agent or there. but that we that reference. obviously, our points monitor number it's And there's out that a forward, out It's there But of prices. directly there, different monitors of

Gary Brown

but applicable because proxy, their most the or going that reference directional name. difficult you but to you bullets great a Brian, think the LME a look give proportional may Was isn't if it's be -- movement. metals it Yeah, LME at they price, was changed to used what will have I there’s be

from and LME LME, mid-XXs. see can at look into you can prices well to have You gone mid-teens

past, until be a and we've to improved. XXXX, going it's from exact to as first move had very starting product, to the far so unfortunately. our sell pricing But as tough first were our than made directional we an over So, sale, late LME, just much as other number, forecast

Brian MacArthur

is cast get I Africa. stuff a in philosophical mean, thing. there do be if wanted It's be discussion just would a worth would it like the that and three-year you a from could market. mark let's negotiated technically And than would stone the it's premium It the Canada, clients more not premium cobalt be But in you I'm market Right. places for in cobalt from, might there if so clear to that, a say, to a pay And negotiated from Canada agency reference existed price your that. point that out anything?

Randy Smallwood

Bay, from well as Exactly. it's unique comes that -- product the and It's got, has the marketplace known Voisey's it's a been it in in marketplace.

the are And stepping so, up. this there's like they're people product that and ones that really

good Bay someone that a for time, sale using and has cobalt been a was first it Voisey's long to for price. Our happened

Brian MacArthur

Great, all you all questions. thank for answering my

Randy Smallwood

you, Brian. Thank


from Your ahead. from Richard Please go next Hatch Berenberg. question comes

Richard Hatch

And and and few team congrats numbers. detailed much. questions. better very morning, good a I management on got Thanks

four kind to realize to? of a you be give just three just bones appreciate, meals. production might to necessarily levels a to the stare it's expansion, first us terms potentially But picture that Voisey's production wonder quite meat put the kind more levels, sort able what of he on full take I of one Bay, could be what you The any difficult of able on the in have just on bit would various if various I there. could of sort of and

Randy Smallwood

the tonnes is tell it of XX,XXX tonne tonnes any to. XX,XXX from one by yet XX,XXX of up Currently, amount And Well, will day. shaping per sure take it it's to Phase per Phase the mine relates the another each those you definite the it's XX,XXX expansions X a proposed not The X, day. around But at Phase per like be X, will means. capacity. can running that tonnes is what looks I day

around is to similar ultimately per from we it's world, per world at where operating to tonnes look by mine fact, take the world, in when rate. what that's still, XX,XXX mines open even pit not pretty you is a around it currently very Peñasquito strip see in tonnes at means there's large any day, So, copper largest the ratios. will which normal higher the the the XXX,XXX day And a copper mines

is, will have So since, the setting that stockpiling that. stockpiling it's started a and now at they been are very the building the XXXX. in They we the question And mill. material. lower lower and life grade of now, through back are choose do grade they currently, mine end up the aside be the what ever mean, and grade which up processed very stockpile, right ultimately material low-grade they I know doing tough. they And

And so of do current stockpiling approach. production reflect sort levels the

for we the stockpiling. what easy included us definitely assuming do fact, there's our forecast feel conservative outside they of that's we it’s and have and that that, through that. know long-term mill is feel case, that forward in very we a in to forecasts and over process mined all that's base and Now ore not we stockpiling stop And above

of of they now, you amount you imply possibility scale sort of quantum same as capacity a a XX% would to crossover that. higher capacity that there's the mill. they will stockpiling to using they like of But not it's grades time you in around. terms a practices of if just material the for have some this bit the any going on throughputs However, to of right Typically, drop up stockpile, increase that when be keep the adapt there's that

mentioned But our how move to really through put they just, what so, that incentive aside for do in guidance the they if for but is more over a forecast. does results. to healthy there continued on we're it'll it spectrum makes I economic tough $XXX higher decide the reinforces corporate got much it stockpiling quantum payment sense to to as entire stockpiling us mill. it's broad they above on expensive is material, on, confident their an a that and What other it pretty we've it's that not fact campaign be earlier in mill. continuous stockpiling, higher million But our incentive, spectrum set they flexible than of program the any And but fact material and only the side. very very of through the possible Gary the it's decided materials come And to down than commit again, feel results, that we the it their focus grade can,

just we so, that I it's wish that of plus more can't. that, approach And incentive, the make guidance they stronger but combination there. you decision, give I so hope economic but And economics the I to do as strong on Vale’s -- the their in could end, decision

Richard Hatch

helpful. That's No.

Just into quick on Randy, guidance? coming your push do you long-term a new in mentioned Rosemont. on online numbers? that you you that your When one that have

Randy Smallwood

of to a in or announce that But good years we here haven't Well, to decision, they sometime appeal fact, expect hopefully of on that's, now. on making actually, six actually months, within progress we Hudbay’s discussions point year, in few is this get think about I coming own next, Hudbay think their that with, and terms within decision it's guidance is definitely. the the a

X.X the But and forward. reasonable sense could shift confident a owned there. five-year felt, five to guidance, five-year we're again, you year, have see we operations the these that on a pretty be the and if so, to order chance, successful to appealing it in in X not decision, doesn't there progress conservative forward, event, sometimes But given smaller wouldn't they the come they'll scale move that the they are try think, in around don't that do with build even definitely get operation recent it there's, make we on just about we’re And good until forced that opportunity the do successful. wasn't a fifth on sense. confident get guidance. but there's it happy And that it is years, the it'll time would to be And chance even really be a making that land, on they're front. make move we side, year that things privately and But they if challenges. probably to good And that are our they'll

And it years chance, really going something think, be I years old, that's is, And old. six so, seven out. to be good it'll it's

years -- of through And production the XX-year the got so, we've sort XX of six to six supplying guidance.

Richard Hatch


X.X% give we think you have year dividend pushed do Or X% again, yield two is hike? move dividend. give suppose, a into My a expect flow terms to yield X%, I QX. higher and quickly whether extra deal give for tight, your to Do cash just on sheet it you maybe in that balance dividends in in you'd to see mean, bit head so could maybe spreadsheet increasing, shape a more a the another grade out states CVO yourself to Okay, it numbers, free X%, of of push. just the I going a a dividend XX-months? got bit material cash Where's firepower? giving at you're you've it or think to net see

Randy Smallwood

over previous do to that cash the dividend important in average, mind keep four it's we our quarters Well, of flows.

prices, that few growth see of virtue metal pressure if And we cash this know put by be strength that to pressure there's going to we fact see tie on upward And that on that'll years, this as also we precious discussed, flows. over we the dividend. upward renewed in just that just do we've organic some our so the it next dividend,

rate Richard, And that, our And that high terms you at, in projects that, we're it's quality, so, tell very ones it and it's of no, And I if successful, a can very, close where accretive. versus tell on only portfolio. if XXX to can on. do we trying look I to one hit focused we you into add our we're is to about selective, we're that we naturally there. be going

terms growing what But means cash strong that's our And But XX. the payout this potential very, ground, in with have the we curvy, not that in next we see going And company we're right, we made successful, when it XX% that's ratio natural incredible, putting into back money I shareholders, any be our is will if possibly end XX. not cash an ground. as year, to of be haven't to would up we only if of like very into. to And you're that don't I'd going the ounces on the where the It to selective build balance step year, be. significant then give definitely going not is would from that, the to And entertaining to so, to XX% come, back to the give our given invest to be, are this means jumping other we're back the increasing about acquisitions of shareholders. that XX%. as continue objective balance what we the borrow to or to we're high sheet.

will see borrow opportunities will back acquire the to money come to good on ground, We can't the to ounces the shareholders. our company, is but our growing if grow in then focus company. the But we

Richard Hatch

or not. consideration in dividend special Yeah,

Randy Smallwood

too hand, can if we large to things we this much have those If get done be cash year. of tell Unlikely, but balance sheet. on time start likely then will a too

Richard Hatch

last you. is just And one Thank my [Indiscernible]. that Okay. absolute

is to we kind there's paper? there's is work slow the lot the the If deals But kind that still on. it -- are and to on quite confident to of pipeline seen of kind the you pen touched pipeline one moment, the that at with the of were you Or I of these case look the look do at guys of over bit moment, how kind on it deals? guess a of have hovering other earlier ones a of the before at

Gary Brown

successful a couple going How we're $XXX at, we'll say, we constantly opportunities of in and to everything to do we're million the fairly would XX to to Richard, hope line. And that confident that add, pipeline have looking answer we to make accretive to those do question, I? Just that confident that I get to be across think XXXX. in I $XXX can we be the million I'm probably XX able sure am we transactions.

Richard Hatch

Much Thanks helpful. time, your appreciated. for That's guys.

Randy Smallwood

One you, question, Thank more please. Richard.


Trevor comes question ahead. Scotiabank. Please last from Turnbull, Your go

Randy Smallwood

Trevor, good to hear you.

Trevor Turnbull

the towards see me question. copper copper terms little and in about Good prices, just relationship talk to maybe so sustained way if how forgive to syllable you're a ultimate and the Randy, say, a between decision the making either the work bit the last for briefly expansion? And that other Could you the one on going Vale or issue higher does stockpiling of gold? the

Randy Smallwood

that doubt an XXX% the on they XX% gold it get impact no revenue. copper and revenue of the has about because There's of

Vale continually them of it’s a has copper a where that panel very exposure this where to their it to focused iron around Salobo continual double is expectation you they're basis on is constantly referenced. if more the discussion So, a the presence and to there, the Salobo, They a continually have at base metals every definitely expand And ore I higher global corporate from the referenced. present, the trying was prices BDAC ever them metals. incentivize is will forward. time Vale. push contribution try on week, down There message that in see was X and to base lot of division a

provide them reap for of some today. the benefits think that down copper go of these copper try do more incentive stronger and path we to prices prices this And and even so,

Trevor Turnbull

gold simplest correlate just so sorry, grades the with does the on higher copper level, And grades. higher

in same it direction. So, the all works

Randy Smallwood

that it? beautiful isn't way, It's

Trevor Turnbull

Randy. Thanks, right. All Yeah.

Randy Smallwood

In do Thank a closing, believe reasons. you, Wheaton we everyone. to for number very different shareholders well to Trevor. is you continue And positioned thank delivering value our of

having margins entire costs cash the operating low and results in that highest by of precious the flows. some in space, Firstly, strong predictable very resulting metal in

proven the steady profile quality and our growth through acquisitions. record Secondly, track organic of accretive

through speaking CSR the safe. with look partners in the operate. And a being soon. we exposure the such live our as of metal precious Stay portfolio healthy. our quality do of mines and and our fund, of assets. in some you support shareholders you. of cost and our forward which Stay to communities world, Thirdly, I by strong highest again lastly, Thank sustainability, in all streamers through long offering to by amongst initiatives low life leader


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