Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of approximately $2.3 billion, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [20][22] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [20] - Operating cash flow reached $746 million, a 134% increase compared to the fourth quarter of 2024 [20][21] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [21] Business Line Data and Key Metrics Changes - Overall production in Q4 2025 was 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [11] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record, representing a 5% increase compared to the prior year [11] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow from levels achieved in 2025, driven by contributions from newly acquired operating streams at Antamina and Hemlo [14] - Attributable production at Peñasquito is expected to increase in 2026, while production at Constancia is anticipated to decline due to the depletion of the Pampacancha pit [15] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4][22] - The company is focused on acquiring high-quality assets and maintaining attractive margins with long-term growth potential [6] - The company expects production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and the ability to support future growth, emphasizing the importance of disciplined capital allocation [5][10] - The management highlighted the strong cash flow profile, expecting to generate over $10 billion in operating cash flow through the end of 2028 at current spot prices [24] Other Important Information - The company announced the largest fresh metal streaming transaction ever completed, expanding its exposure to the Antamina mine in partnership with BHP [6][26] - The company has a robust pipeline of opportunities, with a focus on both larger and smaller transactions [78] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and this estimate includes returning to a net cash position [30] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and their high-quality operations [31] Question: What is the key source of upside for Antamina? - Management believes Antamina is a generational asset with significant potential for mine life extension and ongoing resource replenishment [36] Question: How does the company view its leverage in relation to new transactions? - The company is comfortable with its current cash and debt position, expecting to generate around $3 billion in free cash flow over the next 12 months [38] Question: How is the dividend related to gold prices? - The current dividend represents just over 10% of operating cash flows, and management believes it is sustainable even with a significant drop in gold prices [49] Question: What is the expected timing for the last Koné payment? - The last payment of $156 million for Koné is expected to occur sometime in 2026 [89] Question: What is the status of accounts receivable? - Accounts receivable is expected to decrease over time as it is a mark-to-market item related to concentrate sales [92]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of approximately $2.3 billion, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [20][21] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [20] - Operating cash flow reached approximately $746 million, a 134% increase compared to the same quarter in 2024 [20][21] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [21] Business Line Data and Key Metrics Changes - Overall production in Q4 2025 was 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [11] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record, representing a 5% increase compared to the prior year [11] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with the startup of several development projects [14] - Attributable production at Peñasquito is expected to increase in 2026, while production at Constancia is anticipated to decline due to the depletion of the Pampacancha pit [15] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][16] - The company is focused on acquiring high-quality assets and structuring agreements with strong counterparties to maintain attractive margins and long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and the ability to support future growth, emphasizing the importance of maintaining a robust cash flow profile [10][29] - The management team highlighted the challenges in sourcing quality silver production while demand continues to rise, positioning Wheaton as one of the largest silver producers globally [7] Other Important Information - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its expectation to return to a net cash position within one year [32] - The company expects to generate over $10 billion in operating cash flow through the end of 2028 at current spot prices [24] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and this estimate includes returning to a net cash position [32] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [33] Question: What is the key source of upside for Antamina? - Management believes Antamina is a generational asset with significant upside potential due to ongoing reserve replenishment and various expansion methodologies [39] Question: How does the company view its leverage and ability to compete for new transactions? - The company is comfortable with its current cash and debt position, generating over $3 billion in free cash flow over the next 12 months, allowing it to fund transactions in the $1.5-$3 billion range [41] Question: How is the dividend related to gold prices? - The current dividend policy represents just over 10% of operating cash flows, and management believes it is sustainable even with a significant drop in gold prices [52][54]

Financial Data and Key Metrics Changes - The company reported record revenue of approximately $2.3 billion for the full year of 2025, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [21][24] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [21] - Operating cash flow for Q4 2025 reached $746 million, a 134% increase compared to the same quarter in 2024 [21][22] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [22] Business Line Data and Key Metrics Changes - In Q4 2025, overall production totaled 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [12][19] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record and a 5% increase compared to the prior year [12] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase, driven by higher grades and improved throughput [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with several development projects [14][15] - The estimated attributable production in 2026 is forecasted to be 400-430 thousand ounces of gold and 27-29 million ounces of silver, resulting in total production of approximately 860-940 thousand GEOs [16] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4][24] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][17] - The company is focused on acquiring high-quality assets and maintaining attractive margins with long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash flow generation, forecasting over $10 billion in operating cash flow through the end of 2028 at current spot prices [26] - The transition in leadership was highlighted, with Haytham Hodaly set to assume the role of CEO, indicating continuity in strategic direction [5][29] Other Important Information - The company completed the largest fresh metal streaming transaction ever, expanding its exposure to the Antamina mine in partnership with BHP [6][28] - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its cash flow projections [33] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and it expects to return to a net cash position within one year while paying dividends at the current level [32][33] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [34] Question: What is the expected depletion rate for Antamina? - The depletion rate for Antamina going forward will be combined between the legacy Glencore stream and the new BHP stream, estimated at around $27 an ounce [72] Question: When should the last $156 million payment for Koné be expected? - The Koné payment is expected to occur sometime in 2026, either in Q1 or Q2 [90] Question: What is the status of the Santo Domingo $30 million refund? - The refund is due to the project not coming online, allowing the partner to repay the amount and defer additional interest payments [91]

Core Viewpoint - ExGen Resources Inc. has signed a Silver Stream Agreement with Sol de Oro Mining Ltd. to purchase a significant portion of silver produced at the Andacollo Oro Gold Project in Chile, marking a strategic move towards becoming a high-growth streaming and royalty company [1][2][14]. Silver Stream Agreement - The agreement allows ExGen to purchase 66.67% of the silver produced at the Andacollo Oro Gold Project for 20% of the monthly average spot price of silver until 666,667 ounces are delivered, after which the percentage drops to 33.33% for further production [2][13]. - ExGen has made cash payments totaling US$1,000,000 as part of the agreement [13]. - Sol is required to deliver a minimum of 8,400 ounces of silver each calendar quarter starting from Q2 2027, with provisions for any shortfall to be compensated with gold [13]. Project Overview - The Andacollo Oro Gold Project is located in the Coquimbo Region of Chile and has a historical mineral resource estimate of 2.02 million ounces of gold, with inferred resources of 5.06 million ounces [5][6]. - The project has a history of production, having operated as a heap leach operation from 1998 to 2018, producing a cumulative 1.12 million ounces of gold [6][8]. - The project includes existing infrastructure, valid permits, and a skilled workforce, which could facilitate a quicker path to potential production [10][14]. Acquisition and Future Prospects - Galantas Gold Corporation has entered into a share purchase agreement to acquire Sol, thereby gaining control of the Andacollo Oro Project [4]. - The project has a substantial permitted footprint and includes mining concessions, land title, and water rights, which are critical for future development [4][10]. - ExGen's strategy focuses on reducing technical and financial risks while maintaining exposure to potential cash flow through its streaming and royalty model [16].