Wheaton Precious Metals (WPM) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 12, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals 2022 Second Quarter 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. [Operator Instructions] Thank you.

I would like to remind everyone that this conference call is being recorded on Friday, August 12, 2022 at 11:00 a.m. Eastern Time.

I will now turn the conference over to Mr. Patrick Drouin, Senior Vice President of Investor Relations and Sustainability. Please go ahead, sir.

Patrick Drouin

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today’s call. I’m joined today by Randy Smallwood, Wheaton Precious Metals’ President and Chief Executive Officer; Gary Brown, Senior Vice President and Chief Financial Officer; Haytham Hodaly, Senior Vice President, Corporate Development; and Wes Carson, Vice President, Mining Operations.

Please note that for those not currently on the webcast, the slide presentation accompanying this conference call is available in PDF format on the presentation page of the Wheaton Precious Metals website.

I’d like to bring to your attention that some of the commentary on today’s call may contain forward-looking statements, and I would direct everyone to review slide 2 of the presentation, which contains important cautionary notes regarding forward-looking statements. I should note that all figures referred to on today’s call are in U.S. dollars unless otherwise noted. In addition, reference to Wheaton or Wheaton Precious Metals on this call includes Wheaton Precious Metals Corp. and its wholly owned subsidiaries as applicable.

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

Randy Smallwood

Thank you, Patrick, and good morning, everyone. Thank you for joining us today to discuss Wheaton’s second quarter results of 2022.

I am pleased to say that our portfolio once again delivered solid revenue, earnings and cash flow in the first half of 2022, as Gary will discuss later. This solid performance reflects the resiliency of the streaming model to inflationary pressures currently being felt across the global economy and especially amongst the traditional miners. In fact, our average cash cost per gold equivalent ounce actually decreased in the first half of 2022 relative to the first half of 2021.